# EDGAR Filing Document

**Accession Number:** 0001970751
**File Stem:** 0001133228-26-003359
**Filing Date:** 2026-3
**Character Count:** 168578
**Document Hash:** c5b8dfb08638bc5728fa4e7b3f57c805
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-003359.hdr.sgml**: 20260309

**ACCESSION NUMBER**: 0001133228-26-003359

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 45

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260309

**DATE AS OF CHANGE**: 20260309

**EFFECTIVENESS DATE**: 20260309

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23859
- **FILM NUMBER:** 26735096

**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

### Patient Opportunity Trust (Series ID: S000082973)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000246405 | Class R      | LMORX           |
| C000246406 | Class FI     | LMOFX           |
| C000246407 | Class A      | LGOAX           |
| C000246408 | Class I      | LMNOX           |
| C000246409 | Class C      | LMOPX           |
| C000246410 | Class IS     | MVISX           |

?xml version='1.0' encoding='ASCII'? 2025-10-06195292_PatientOpportunityTrust_ClassA_TSRAnnual

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>**

**<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, President</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>December 31</u>**

Date of reporting period: **<u>December 31. 2025</u>**

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

(a) ---

| | | |
|:---|:---|:---|
| ![image](img97866_202408121942529.jpg) | **Patient Opportunity Trust**  | ![image](img62558_202502211013467.jpg) |
| ![image](img97866_202408121942529.jpg) | Class A \| LGOAX  | ![image](img62558_202502211013467.jpg) |
| ![image](img97866_202408121942529.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img62558_202502211013467.jpg) |

---

This annual shareholder report contains important information about the Patient Opportunity Trust for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://patientcapitalmanagement.com/opportunity-trust. You can also request this information by contacting us at 800-655-0324.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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** |
| Class A | $192 | 1.69% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

In 2025, the Patient Opportunity Trust (Class A) ended the year up 27.37%, 949 basis points ahead of the S&P 500 Index's 17.88%. This was the Fund's second best three year performance on record, compounding at 30.87% vs. the S&P 500s, 23.01%.

**WHAT FACTORS INFLUENCED PERFORMANCE**

The market finished another strong year, posting returns of 17.88% and marking the seventh best three-year period in market history. 2025 was the year of AI, with beneficiaries spanning hardware, energy, and component suppliers across the ecosystem. Seven stocks represented more than half the S&P 500's returns, creating a challenging environment for active managers. Despite this, our Fund performed well, outperforming the S&P 500 for the third consecutive year with a return of 27.37%.

Our top sector contributor was Health Care, only the sixth best performing sector in the S&P 500. We often describe ourselves as bottom-up stock pickers focused on idiosyncratic opportunities, and this is exactly what we mean, strong returns coming from non-obvious places. Health Care was our worst performing sector last year, but we began adding exposure in early 2024, finding attractive value as the sector traded near historically low valuations. While it was painful at the time to reinvest gains into names that continued to underperform, that discipline paid off this year as those positions rebounded sharply. We still see additional upside ahead.

We've monetized volatility by paring back names closer to intrinsic value and adding to those with better risk reward. Our cyclicals weight continues to decline, along with our leverage. Our primary work consists of doing the bottom-up analysis of companies' prospects, comparing those to market prices, and positioning the portfolio for strong returns. Being contrarian and long term, the opposite of how most behave, helps our opportunity set.

The Fund's use of leverage allows it to hold incrementally more assets and contributed positively to this year's returns. The Fund's net expense ratio includes interest expense related to the use of leverage. Excluding this interest expense, the adjusted expense ratio totaled 1.23%.

**POSITIONING**

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Alphabet, Inc. (GOOGL) - We continue to believe that Google is well positioned to take advantage of the AI revolution and continue to find the company attractive when considering all its market leading assets. |
| ↑ | Precigen, Inc. (PGEN) - A top contributor to the Fund for the year following the early approval of Papziemos, the only FDA approved treatment for recurrent respiratory papillomatosis (RRP), addressing a very high unmet medical need. We continue to see attractive assets across the pipeline. |
| ↑ | Citigroup, Inc. (C) - The company is successfully executing on operational and structural improvements to the business under the leadership of CEO Jane Fraser, providing a long runway for continued growth in revenue, profits, and ROTCE (return on tangible common equity). |

---

Patient Opportunity Trust PAGE 1 TSR-AR-00777X652

------

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Dave & Buster's Entertainment, Inc. (PLAY) - The company is in the midst of a multi-year transformation that, following disappointing 2024 results, led to the abrupt departure of their CEO. We believe that as the turnaround takes hold under new and experienced leadership that the valuation gap will close over time. |
| ↓ | Kosmos Energy, Ltd. (KOS) - Kosmos Energy was exited in the 3rd quarter as the company continued to face production growth headwinds, which coupled with falling oil prices and a high debt load led to deteriorating fundamentals. |
| ↓ | New Fortress Energy, Inc. (NFE) - New Fortress was exited in the 2nd quarter as the company struggled to deliver on volume growth and elevated capital spend created concern about the company's ability to service its debt. |

---

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10000 chart reflects a hypothetical $10000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10000)

![image](ts6421img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A (without sales charge)**  | 27.37 | 6.74 | 11.29 |
| **Class A (with sales charge)**  | 20.03 | 5.49 | 10.64 |
| **S&P 500 TR**  | 17.88 | 14.42 | 14.82 |

---

Visit https://patientcapitalmanagement.com/opportunity-trust for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1863751229 |
| **Number of Holdings** | 38 |
| **Net Advisory Fee** | $11993556 |
| **Portfolio Turnover** | 27% |

---

Patient Opportunity Trust PAGE 2 TSR-AR-00777X652

------

**WHAT DID THE FUND INVEST IN?** (% of net assets as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Health Care  | 27.6% |
|  Consumer Discretionary  | 22.7% |
|  Financials  | 16.4% |
|  Communication Services  | 15.7% |
|  Industrials  | 10.1% |
|  Energy  | 7.9% |
|  Information Technology  | 5.0% |
|  Cryptocurrency  | 2.6% |
|  Cash  | -8.0% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Alphabet Inc.  | 7.6% |
|  Precigen Inc.  | 6.4% |
|  Citigroup Inc.  | 6.3% |
|  Amazon.com Inc.  | 5.4% |
|  Royalty Pharma PLC  | 5.2% |
|  QXO, Inc.  | 5.2% |
|  NVIDIA Corp.  | 5.0% |
|  UnitedHealth Group, Inc.  | 4.9% |
|  Norwegian Cruise Line Holdings Ltd.  | 4.8% |
|  Meta Platforms Inc.  | 4.0% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://patientcapitalmanagement.com/opportunity-trust.

**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 Patient Capital Management, LLC documents not be householded, please contact Patient Capital Management, LLC at 800-655-0324, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Patient Capital Management, LLC or your financial intermediary.

Patient Opportunity Trust PAGE 3 TSR-AR-00777X652

------

---

| | | |
|:---|:---|:---|
| ![image](img97866_202408121942529.jpg) | **Patient Opportunity Trust**  | ![image](img62558_202502211013467.jpg) |
| ![image](img97866_202408121942529.jpg) | Class C \| LMOPX  | ![image](img62558_202502211013467.jpg) |
| ![image](img97866_202408121942529.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img62558_202502211013467.jpg) |

---

This annual shareholder report contains important information about the Patient Opportunity Trust for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://patientcapitalmanagement.com/opportunity-trust. You can also request this information by contacting us at 800-655-0324.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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** |
| Class C | $276 | 2.44% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

In 2025, the Patient Opportunity Trust (Class C) ended the year up 26.41%, 853 basis points ahead of the S&P 500 Index's 17.88%. This was the Fund's second best three year performance on record, compounding at 29.85% vs. the S&P 500s, 23.01%.

**WHAT FACTORS INFLUENCED PERFORMANCE**

The market finished another strong year, posting returns of 17.88% and marking the seventh best three-year period in market history. 2025 was the year of AI, with beneficiaries spanning hardware, energy, and component suppliers across the ecosystem. Seven stocks represented more than half the S&P 500's returns, creating a challenging environment for active managers. Despite this, our Fund performed well, outperforming the S&P 500 for the third consecutive year with a return of 26.41%.

Our top sector contributor was Health Care, only the sixth best performing sector in the S&P 500. We often describe ourselves as bottom-up stock pickers focused on idiosyncratic opportunities, and this is exactly what we mean, strong returns coming from non-obvious places. Health Care was our worst performing sector last year, but we began adding exposure in early 2024, finding attractive value as the sector traded near historically low valuations. While it was painful at the time to reinvest gains into names that continued to underperform, that discipline paid off this year as those positions rebounded sharply. We still see additional upside ahead.

We've monetized volatility by paring back names closer to intrinsic value and adding to those with better risk reward. Our cyclicals weight continues to decline, along with our leverage. Our primary work consists of doing the bottom-up analysis of companies' prospects, comparing those to market prices, and positioning the portfolio for strong returns. Being contrarian and long term, the opposite of how most behave, helps our opportunity set.

The Fund's use of leverage allows it to hold incrementally more assets and contributed positively to this year's returns. The Fund's net expense ratio includes interest expense related to the use of leverage. Excluding this interest expense, the adjusted expense ratio totaled 1.97%.

**POSITIONING**

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Alphabet, Inc. (GOOGL) - We continue to believe that Google is well positioned to take advantage of the AI revolution and continue to find the company attractive when considering all its market leading assets. |
| ↑ | Precigen, Inc. (PGEN) - A top contributor to the Fund for the year following the early approval of Papziemos, the only FDA approved treatment for recurrent respiratory papillomatosis (RRP), addressing a very high unmet medical need. We continue to see attractive assets across the pipeline. |
| ↑ | Citigroup, Inc. (C) - The company is successfully executing on operational and structural improvements to the business under the leadership of CEO Jane Fraser, providing a long runway for continued growth in revenue, profits, and ROTCE (return on tangible common equity). |

---

Patient Opportunity Trust PAGE 1 TSR-AR-00777X645

------

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Dave & Buster's Entertainment, Inc. (PLAY) - The company is in the midst of a multi-year transformation that, following disappointing 2024 results, led to the abrupt departure of their CEO. We believe that as the turnaround takes hold under new and experienced leadership that the valuation gap will close over time. |
| ↓ | Kosmos Energy, Ltd. (KOS) - Kosmos Energy was exited in the 3rd quarter as the company continued to face production growth headwinds, which coupled with falling oil prices and a high debt load led to deteriorating fundamentals. |
| ↓ | New Fortress Energy, Inc. (NFE) - New Fortress was exited in the 2nd quarter as the company struggled to deliver on volume growth and elevated capital spend created concern about the company's ability to service its debt. |

---

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10000 chart reflects a hypothetical $10000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10000)

![image](ts6420img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C (without sales charge)**  | 26.41 | 5.93 | 10.45 |
| **Class C (with sales charge)**  | 25.41 | 5.93 | 10.45 |
| **S&P 500 TR**  | 17.88 | 14.42 | 14.82 |

---

Visit https://patientcapitalmanagement.com/opportunity-trust for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1863751229 |
| **Number of Holdings** | 38 |
| **Net Advisory Fee** | $11993556 |
| **Portfolio Turnover** | 27% |

---

Patient Opportunity Trust PAGE 2 TSR-AR-00777X645

------

**WHAT DID THE FUND INVEST IN?** (% of net assets as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Health Care  | 27.6% |
|  Consumer Discretionary  | 22.7% |
|  Financials  | 16.4% |
|  Communication Services  | 15.7% |
|  Industrials  | 10.1% |
|  Energy  | 7.9% |
|  Information Technology  | 5.0% |
|  Cryptocurrency  | 2.6% |
|  Cash  | -8.0% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Alphabet Inc.  | 7.6% |
|  Precigen Inc.  | 6.4% |
|  Citigroup Inc.  | 6.3% |
|  Amazon.com Inc.  | 5.4% |
|  Royalty Pharma PLC  | 5.2% |
|  QXO, Inc.  | 5.2% |
|  NVIDIA Corp.  | 5.0% |
|  UnitedHealth Group, Inc.  | 4.9% |
|  Norwegian Cruise Line Holdings Ltd.  | 4.8% |
|  Meta Platforms Inc.  | 4.0% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://patientcapitalmanagement.com/opportunity-trust.

**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 Patient Capital Management, LLC documents not be householded, please contact Patient Capital Management, LLC at 800-655-0324, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Patient Capital Management, LLC or your financial intermediary.

Patient Opportunity Trust PAGE 3 TSR-AR-00777X645

------

---

| | | |
|:---|:---|:---|
| ![image](img97866_202408121942529.jpg) | **Patient Opportunity Trust**  | ![image](img62558_202502211013467.jpg) |
| ![image](img97866_202408121942529.jpg) | Class FI \| LMOFX  | ![image](img62558_202502211013467.jpg) |
| ![image](img97866_202408121942529.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img62558_202502211013467.jpg) |

---

This annual shareholder report contains important information about the Patient Opportunity Trust for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://patientcapitalmanagement.com/opportunity-trust. You can also request this information by contacting us at 800-655-0324.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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** |
| Class FI | $198 | 1.74% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

In 2025, the Patient Opportunity Trust (Class FI) ended the year up 27.32%, 944 basis points ahead of the S&P 500 Index's 17.88%. This was the Fund's second best three year performance on record, compounding at 30.80% vs. the S&P 500s, 23.01%.

**WHAT FACTORS INFLUENCED PERFORMANCE**

The market finished another strong year, posting returns of 17.88% and marking the seventh best three-year period in market history. 2025 was the year of AI, with beneficiaries spanning hardware, energy, and component suppliers across the ecosystem. Seven stocks represented more than half the S&P 500's returns, creating a challenging environment for active managers. Despite this, our Fund performed well, outperforming the S&P 500 for the third consecutive year with a return of 27.32%.

Our top sector contributor was Health Care, only the sixth best performing sector in the S&P 500. We often describe ourselves as bottom-up stock pickers focused on idiosyncratic opportunities, and this is exactly what we mean, strong returns coming from non-obvious places. Health Care was our worst performing sector last year, but we began adding exposure in early 2024, finding attractive value as the sector traded near historically low valuations. While it was painful at the time to reinvest gains into names that continued to underperform, that discipline paid off this year as those positions rebounded sharply. We still see additional upside ahead.

We've monetized volatility by paring back names closer to intrinsic value and adding to those with better risk reward. Our cyclicals weight continues to decline, along with our leverage. Our primary work consists of doing the bottom-up analysis of companies' prospects, comparing those to market prices, and positioning the portfolio for strong returns. Being contrarian and long term, the opposite of how most behave, helps our opportunity set.

The Fund's use of leverage allows it to hold incrementally more assets and contributed positively to this year's returns. The Fund's net expense ratio includes interest expense related to the use of leverage. Excluding this interest expense, the adjusted expense ratio totaled 1.28%.

**POSITIONING**

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Alphabet, Inc. (GOOGL) - We continue to believe that Google is well positioned to take advantage of the AI revolution and continue to find the company attractive when considering all its market leading assets. |
| ↑ | Precigen, Inc. (PGEN) - A top contributor to the Fund for the year following the early approval of Papziemos, the only FDA approved treatment for recurrent respiratory papillomatosis (RRP), addressing a very high unmet medical need. We continue to see attractive assets across the pipeline. |
| ↑ | Citigroup, Inc. (C) - The company is successfully executing on operational and structural improvements to the business under the leadership of CEO Jane Fraser, providing a long runway for continued growth in revenue, profits, and ROTCE (return on tangible common equity). |

---

Patient Opportunity Trust PAGE 1 TSR-AR-00777X637

------

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Dave & Buster's Entertainment, Inc. (PLAY) - The company is in the midst of a multi-year transformation that, following disappointing 2024 results, led to the abrupt departure of their CEO. We believe that as the turnaround takes hold under new and experienced leadership that the valuation gap will close over time. |
| ↓ | Kosmos Energy, Ltd. (KOS) - Kosmos Energy was exited in the 3rd quarter as the company continued to face production growth headwinds, which coupled with falling oil prices and a high debt load led to deteriorating fundamentals. |
| ↓ | New Fortress Energy, Inc. (NFE) - New Fortress was exited in the 2nd quarter as the company struggled to deliver on volume growth and elevated capital spend created concern about the company's ability to service its debt. |

---

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10000 chart reflects a hypothetical $10000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10000)

![image](ts6419img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class FI (without sales charge)**  | 27.32 | 6.67 | 11.23 |
| **S&P 500 TR**  | 17.88 | 14.42 | 14.82 |

---

Visit https://patientcapitalmanagement.com/opportunity-trust for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1863751229 |
| **Number of Holdings** | 38 |
| **Net Advisory Fee** | $11993556 |
| **Portfolio Turnover** | 27% |

---

Patient Opportunity Trust PAGE 2 TSR-AR-00777X637

------

**WHAT DID THE FUND INVEST IN?** (% of net assets as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Health Care  | 27.6% |
|  Consumer Discretionary  | 22.7% |
|  Financials  | 16.4% |
|  Communication Services  | 15.7% |
|  Industrials  | 10.1% |
|  Energy  | 7.9% |
|  Information Technology  | 5.0% |
|  Cryptocurrency  | 2.6% |
|  Cash  | -8.0% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Alphabet Inc.  | 7.6% |
|  Precigen Inc.  | 6.4% |
|  Citigroup Inc.  | 6.3% |
|  Amazon.com Inc.  | 5.4% |
|  Royalty Pharma PLC  | 5.2% |
|  QXO, Inc.  | 5.2% |
|  NVIDIA Corp.  | 5.0% |
|  UnitedHealth Group, Inc.  | 4.9% |
|  Norwegian Cruise Line Holdings Ltd.  | 4.8% |
|  Meta Platforms Inc.  | 4.0% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://patientcapitalmanagement.com/opportunity-trust.

**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 Patient Capital Management, LLC documents not be householded, please contact Patient Capital Management, LLC at 800-655-0324, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Patient Capital Management, LLC or your financial intermediary.

Patient Opportunity Trust PAGE 3 TSR-AR-00777X637

------

---

| | | |
|:---|:---|:---|
| ![image](img97866_202408121942529.jpg) | **Patient Opportunity Trust**  | ![image](img62558_202502211013467.jpg) |
| ![image](img97866_202408121942529.jpg) | Class I \| LMNOX  | ![image](img62558_202502211013467.jpg) |
| ![image](img97866_202408121942529.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img62558_202502211013467.jpg) |

---

This annual shareholder report contains important information about the Patient Opportunity Trust for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://patientcapitalmanagement.com/opportunity-trust. You can also request this information by contacting us at 800-655-0324.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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** |
| Class I | $158 | 1.39% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

In 2025, the Patient Opportunity Trust (Class I) ended the year up 27.73%, 985 basis points ahead of the S&P 500 Index's 17.88%. This was the Fund's second best three year performance on record, compounding at 31.21% vs. the S&P 500s, 23.01%.

**WHAT FACTORS INFLUENCED PERFORMANCE**

The market finished another strong year, posting returns of 17.88% and marking the seventh best three-year period in market history. 2025 was the year of AI, with beneficiaries spanning hardware, energy, and component suppliers across the ecosystem. Seven stocks represented more than half the S&P 500's returns, creating a challenging environment for active managers. Despite this, our Fund performed well, outperforming the S&P 500 for the third consecutive year with a return of 27.73%.

Our top sector contributor was Health Care, only the sixth best performing sector in the S&P 500. We often describe ourselves as bottom-up stock pickers focused on idiosyncratic opportunities, and this is exactly what we mean, strong returns coming from non-obvious places. Health Care was our worst performing sector last year, but we began adding exposure in early 2024, finding attractive value as the sector traded near historically low valuations. While it was painful at the time to reinvest gains into names that continued to underperform, that discipline paid off this year as those positions rebounded sharply. We still see additional upside ahead.

We've monetized volatility by paring back names closer to intrinsic value and adding to those with better risk reward. Our cyclicals weight continues to decline, along with our leverage. Our primary work consists of doing the bottom-up analysis of companies' prospects, comparing those to market prices, and positioning the portfolio for strong returns. Being contrarian and long term, the opposite of how most behave, helps our opportunity set.

The Fund's use of leverage allows it to hold incrementally more assets and contributed positively to this year's returns. The Fund's net expense ratio includes interest expense related to the use of leverage. Excluding this interest expense, the adjusted expense ratio totaled 0.93%.

**POSITIONING**

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Alphabet, Inc. (GOOGL) - We continue to believe that Google is well positioned to take advantage of the AI revolution and continue to find the company attractive when considering all its market leading assets. |
| ↑ | Precigen, Inc. (PGEN) - A top contributor to the Fund for the year following the early approval of Papziemos, the only FDA approved treatment for recurrent respiratory papillomatosis (RRP), addressing a very high unmet medical need. We continue to see attractive assets across the pipeline. |
| ↑ | Citigroup, Inc. (C) - The company is successfully executing on operational and structural improvements to the business under the leadership of CEO Jane Fraser, providing a long runway for continued growth in revenue, profits, and ROTCE (return on tangible common equity). |

---

Patient Opportunity Trust PAGE 1 TSR-AR-00777X611

------

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Dave & Buster's Entertainment, Inc. (PLAY) - The company is in the midst of a multi-year transformation that, following disappointing 2024 results, led to the abrupt departure of their CEO. We believe that as the turnaround takes hold under new and experienced leadership that the valuation gap will close over time. |
| ↓ | Kosmos Energy, Ltd. (KOS) - Kosmos Energy was exited in the 3rd quarter as the company continued to face production growth headwinds, which coupled with falling oil prices and a high debt load led to deteriorating fundamentals. |
| ↓ | New Fortress Energy, Inc. (NFE) - New Fortress was exited in the 2nd quarter as the company struggled to deliver on volume growth and elevated capital spend created concern about the company's ability to service its debt. |

---

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10000 chart reflects a hypothetical $10000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10000)

![image](ts6417img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class I (without sales charge)**  | 27.73 | 7.02 | 11.59 |
| **S&P 500 TR**  | 17.88 | 14.42 | 14.82 |

---

Visit https://patientcapitalmanagement.com/opportunity-trust for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1863751229 |
| **Number of Holdings** | 38 |
| **Net Advisory Fee** | $11993556 |
| **Portfolio Turnover** | 27% |

---

Patient Opportunity Trust PAGE 2 TSR-AR-00777X611

------

**WHAT DID THE FUND INVEST IN?** (% of net assets as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Health Care  | 27.6% |
|  Consumer Discretionary  | 22.7% |
|  Financials  | 16.4% |
|  Communication Services  | 15.7% |
|  Industrials  | 10.1% |
|  Energy  | 7.9% |
|  Information Technology  | 5.0% |
|  Cryptocurrency  | 2.6% |
|  Cash  | -8.0% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Alphabet Inc.  | 7.6% |
|  Precigen Inc.  | 6.4% |
|  Citigroup Inc.  | 6.3% |
|  Amazon.com Inc.  | 5.4% |
|  Royalty Pharma PLC  | 5.2% |
|  QXO, Inc.  | 5.2% |
|  NVIDIA Corp.  | 5.0% |
|  UnitedHealth Group, Inc.  | 4.9% |
|  Norwegian Cruise Line Holdings Ltd.  | 4.8% |
|  Meta Platforms Inc.  | 4.0% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://patientcapitalmanagement.com/opportunity-trust.

**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 Patient Capital Management, LLC documents not be householded, please contact Patient Capital Management, LLC at 800-655-0324, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Patient Capital Management, LLC or your financial intermediary.

Patient Opportunity Trust PAGE 3 TSR-AR-00777X611

------

---

| | | |
|:---|:---|:---|
| ![image](img97866_202408121942529.jpg) | **Patient Opportunity Trust**  | ![image](img62558_202502211013467.jpg) |
| ![image](img97866_202408121942529.jpg) | Class IS \| MVISX  | ![image](img62558_202502211013467.jpg) |
| ![image](img97866_202408121942529.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img62558_202502211013467.jpg) |

---

This annual shareholder report contains important information about the Patient Opportunity Trust for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://patientcapitalmanagement.com/opportunity-trust. You can also request this information by contacting us at 800-655-0324.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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** |
| Class IS | $152 | 1.33% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

In 2025, the Patient Opportunity Trust (Class IS) ended the year up 27.82%, 994 basis points ahead of the S&P 500 Index's 17.88%. This was the Fund's second best three year performance on record, compounding at 31.29% vs. the S&P 500s, 23.01%.

**WHAT FACTORS INFLUENCED PERFORMANCE**

The market finished another strong year, posting returns of 17.88% and marking the seventh best three-year period in market history. 2025 was the year of AI, with beneficiaries spanning hardware, energy, and component suppliers across the ecosystem. Seven stocks represented more than half the S&P 500's returns, creating a challenging environment for active managers. Despite this, our Fund performed well, outperforming the S&P 500 for the third consecutive year with a return of 27.82%.

Our top sector contributor was Health Care, only the sixth best performing sector in the S&P 500. We often describe ourselves as bottom-up stock pickers focused on idiosyncratic opportunities, and this is exactly what we mean, strong returns coming from non-obvious places. Health Care was our worst performing sector last year, but we began adding exposure in early 2024, finding attractive value as the sector traded near historically low valuations. While it was painful at the time to reinvest gains into names that continued to underperform, that discipline paid off this year as those positions rebounded sharply. We still see additional upside ahead.

We've monetized volatility by paring back names closer to intrinsic value and adding to those with better risk reward. Our cyclicals weight continues to decline, along with our leverage. Our primary work consists of doing the bottom-up analysis of companies' prospects, comparing those to market prices, and positioning the portfolio for strong returns. Being contrarian and long term, the opposite of how most behave, helps our opportunity set.

The Fund's use of leverage allows it to hold incrementally more assets and contributed positively to this year's returns. The Fund's net expense ratio includes interest expense related to the use of leverage. Excluding this interest expense, the adjusted expense ratio totaled 0.88%.

**POSITIONING**

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Alphabet, Inc. (GOOGL) - We continue to believe that Google is well positioned to take advantage of the AI revolution and continue to find the company attractive when considering all its market leading assets. |
| ↑ | Precigen, Inc. (PGEN) - A top contributor to the Fund for the year following the early approval of Papziemos, the only FDA approved treatment for recurrent respiratory papillomatosis (RRP), addressing a very high unmet medical need. We continue to see attractive assets across the pipeline. |
| ↑ | Citigroup, Inc. (C) - The company is successfully executing on operational and structural improvements to the business under the leadership of CEO Jane Fraser, providing a long runway for continued growth in revenue, profits, and ROTCE (return on tangible common equity). |

---

Patient Opportunity Trust PAGE 1 TSR-AR-00777X595

------

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Dave & Buster's Entertainment, Inc. (PLAY) - The company is in the midst of a multi-year transformation that, following disappointing 2024 results, led to the abrupt departure of their CEO. We believe that as the turnaround takes hold under new and experienced leadership that the valuation gap will close over time. |
| ↓ | Kosmos Energy, Ltd. (KOS) - Kosmos Energy was exited in the 3rd quarter as the company continued to face production growth headwinds, which coupled with falling oil prices and a high debt load led to deteriorating fundamentals. |
| ↓ | New Fortress Energy, Inc. (NFE) - New Fortress was exited in the 2nd quarter as the company struggled to deliver on volume growth and elevated capital spend created concern about the company's ability to service its debt. |

---

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10000 chart reflects a hypothetical $10000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10000)

![image](ts6416img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(08/22/2018)** |
| **Class IS (without sales charge)**  | 27.82 | 7.09 | 9.31 |
| **S&P 500 TR**  | 17.88 | 14.42 | 14.42 |

---

Visit https://patientcapitalmanagement.com/opportunity-trust for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1863751229 |
| **Number of Holdings** | 38 |
| **Net Advisory Fee** | $11993556 |
| **Portfolio Turnover** | 27% |

---

Patient Opportunity Trust PAGE 2 TSR-AR-00777X595

------

**WHAT DID THE FUND INVEST IN?** (% of net assets as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Health Care  | 27.6% |
|  Consumer Discretionary  | 22.7% |
|  Financials  | 16.4% |
|  Communication Services  | 15.7% |
|  Industrials  | 10.1% |
|  Energy  | 7.9% |
|  Information Technology  | 5.0% |
|  Cryptocurrency  | 2.6% |
|  Cash  | -8.0% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Alphabet Inc.  | 7.6% |
|  Precigen Inc.  | 6.4% |
|  Citigroup Inc.  | 6.3% |
|  Amazon.com Inc.  | 5.4% |
|  Royalty Pharma PLC  | 5.2% |
|  QXO, Inc.  | 5.2% |
|  NVIDIA Corp.  | 5.0% |
|  UnitedHealth Group, Inc.  | 4.9% |
|  Norwegian Cruise Line Holdings Ltd.  | 4.8% |
|  Meta Platforms Inc.  | 4.0% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://patientcapitalmanagement.com/opportunity-trust.

**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 Patient Capital Management, LLC documents not be householded, please contact Patient Capital Management, LLC at 800-655-0324, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Patient Capital Management, LLC or your financial intermediary.

Patient Opportunity Trust PAGE 3 TSR-AR-00777X595

------

---

| | | |
|:---|:---|:---|
| ![image](img97866_202408121942529.jpg) | **Patient Opportunity Trust**  | ![image](img62558_202502211013467.jpg) |
| ![image](img97866_202408121942529.jpg) | Class R \| LMORX  | ![image](img62558_202502211013467.jpg) |
| ![image](img97866_202408121942529.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img62558_202502211013467.jpg) |

---

This annual shareholder report contains important information about the Patient Opportunity Trust for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://patientcapitalmanagement.com/opportunity-trust. You can also request this information by contacting us at 800-655-0324.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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** |
| Class R | $220 | 1.94% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

In 2025, the Patient Opportunity Trust (Class R) ended the year up 27.05%, 917 basis points ahead of the S&P 500 Index's 17.88%. This was the Fund's second best three year performance on record, compounding at 30.51% vs. the S&P 500s, 23.01%.

**WHAT FACTORS INFLUENCED PERFORMANCE**

The market finished another strong year, posting returns of 17.88% and marking the seventh best three-year period in market history. 2025 was the year of AI, with beneficiaries spanning hardware, energy, and component suppliers across the ecosystem. Seven stocks represented more than half the S&P 500's returns, creating a challenging environment for active managers. Despite this, our Fund performed well, outperforming the S&P 500 for the third consecutive year with a return of 27.05%.

Our top sector contributor was Health Care, only the sixth best performing sector in the S&P 500. We often describe ourselves as bottom-up stock pickers focused on idiosyncratic opportunities, and this is exactly what we mean, strong returns coming from non-obvious places. Health Care was our worst performing sector last year, but we began adding exposure in early 2024, finding attractive value as the sector traded near historically low valuations. While it was painful at the time to reinvest gains into names that continued to underperform, that discipline paid off this year as those positions rebounded sharply. We still see additional upside ahead.

We've monetized volatility by paring back names closer to intrinsic value and adding to those with better risk reward. Our cyclicals weight continues to decline, along with our leverage. Our primary work consists of doing the bottom-up analysis of companies' prospects, comparing those to market prices, and positioning the portfolio for strong returns. Being contrarian and long term, the opposite of how most behave, helps our opportunity set.

The Fund's use of leverage allows it to hold incrementally more assets and contributed positively to this year's returns. The Fund's net expense ratio includes interest expense related to the use of leverage. Excluding this interest expense, the adjusted expense ratio totaled 1.47%.

**POSITIONING**

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Alphabet, Inc. (GOOGL) - We continue to believe that Google is well positioned to take advantage of the AI revolution and continue to find the company attractive when considering all its market leading assets. |
| ↑ | Precigen, Inc. (PGEN) - A top contributor to the Fund for the year following the early approval of Papziemos, the only FDA approved treatment for recurrent respiratory papillomatosis (RRP), addressing a very high unmet medical need. We continue to see attractive assets across the pipeline. |
| ↑ | Citigroup, Inc. (C) - The company is successfully executing on operational and structural improvements to the business under the leadership of CEO Jane Fraser, providing a long runway for continued growth in revenue, profits, and ROTCE (return on tangible common equity). |

---

Patient Opportunity Trust PAGE 1 TSR-AR-00777X629

------

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Dave & Buster's Entertainment, Inc. (PLAY) - The company is in the midst of a multi-year transformation that, following disappointing 2024 results, led to the abrupt departure of their CEO. We believe that as the turnaround takes hold under new and experienced leadership that the valuation gap will close over time. |
| ↓ | Kosmos Energy, Ltd. (KOS) - Kosmos Energy was exited in the 3rd quarter as the company continued to face production growth headwinds, which coupled with falling oil prices and a high debt load led to deteriorating fundamentals. |
| ↓ | New Fortress Energy, Inc. (NFE) - New Fortress was exited in the 2nd quarter as the company struggled to deliver on volume growth and elevated capital spend created concern about the company's ability to service its debt. |

---

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10000 chart reflects a hypothetical $10000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10000)

![image](ts6418img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R (without sales charge)**  | 27.05 | 6.47 | 10.99 |
| **S&P 500 TR**  | 17.88 | 14.42 | 14.82 |

---

Visit https://patientcapitalmanagement.com/opportunity-trust for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1863751229 |
| **Number of Holdings** | 38 |
| **Net Advisory Fee** | $11993556 |
| **Portfolio Turnover** | 27% |

---

Patient Opportunity Trust PAGE 2 TSR-AR-00777X629

------

**WHAT DID THE FUND INVEST IN?** (% of net assets as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Health Care  | 27.6% |
|  Consumer Discretionary  | 22.7% |
|  Financials  | 16.4% |
|  Communication Services  | 15.7% |
|  Industrials  | 10.1% |
|  Energy  | 7.9% |
|  Information Technology  | 5.0% |
|  Cryptocurrency  | 2.6% |
|  Cash  | -8.0% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Alphabet Inc.  | 7.6% |
|  Precigen Inc.  | 6.4% |
|  Citigroup Inc.  | 6.3% |
|  Amazon.com Inc.  | 5.4% |
|  Royalty Pharma PLC  | 5.2% |
|  QXO, Inc.  | 5.2% |
|  NVIDIA Corp.  | 5.0% |
|  UnitedHealth Group, Inc.  | 4.9% |
|  Norwegian Cruise Line Holdings Ltd.  | 4.8% |
|  Meta Platforms Inc.  | 4.0% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://patientcapitalmanagement.com/opportunity-trust.

**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 Patient Capital Management, LLC documents not be householded, please contact Patient Capital Management, LLC at 800-655-0324, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Patient Capital Management, LLC or your financial intermediary.

Patient Opportunity Trust PAGE 3 TSR-AR-00777X629

------

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

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

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

*A copy of the registrant's Code of Ethics is filed herewith.*

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

The registrant's board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee. Brian S. Ferrie is the "audit committee financial expert" and is considered to be "independent" as each term is defined in Item 3 of Form N-CSR.

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

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning There were no "other services" provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

---

| | | |
|:---|:---|:---|
| | Patient Opportunity Trust | |
| | Cohen & Company, Ltd. | |
| | FYE 12/31/2025 | FYE 12/31/2024 |
| (a) Audit Fees | $22200 | $22200 |
| (b) Audit-Related Fees | N/A | N/A |
| (c) Tax Fees | 6100 | 3100 |
| (d) All Other Fees | N/A | N/A |

---

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) The percentage of fees billed by Cohen & Company, Ltd. applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
| | Patient Opportunity Trust | |
| | FYE 12/31/2025 | FYE 12/31/2024 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

(f) N/A

(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.

---

| | | |
|:---|:---|:---|
| | Patient Opportunity Trust | |
| Non-Audit Related Fees | FYE 12/31/2025 | FYE 12/31/2024 |
| Registrant | N/A | N/A |
| Registrant's Investment Adviser | N/A | N/A |

---

(h) The audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

(i) Not applicable

(j) Not applicable

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

Not applicable

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included as part of the report to shareholders filed under
 Item 7 of this Form.

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

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

(a) ![](pcmlogo.jpg)

**Patient Opportunity Trust** 

Consolidated Annual Financial Statements

December 31, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Consolidated Schedule of Investments](#tsoi) | [1](#tsoi) |
| [Consolidated Statement of Assets and Liabilities](#tsal) | [3](#tsal) |
| [Consolidated Statement of Operations](#tsop) | [5](#tsop) |
| [Consolidated Statements of Changes in Net Assets](#tscna) | [6](#tscna) |
| [Consolidated Statement of Cash Flows](#tscf) | [8](#tscf) |
| [Financial Highlights](#tfihi) | [9](#tfihi) |
| [Notes to Consolidated Financial Statements](#tnotes) | [15](#tnotes) |
| [Report of Independent Registered Public Accounting Firm](#report) | [25](#report) |
| [Additional Information](#taddinf) | [26](#taddinf) |

---

------

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

**PATIENT OPPORTUNITY TRUST** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 104.1%**<br>|  |  |
| **Communication Services - 15.7%**<br>|  |  |
| **Interactive Media & Services - 15.3%**<br>|  |  |
| Alphabet Inc. - Class A<sup>(f)</sup> | 450000 | $140850000  |
| IAC, Inc.<sup>(a)(f)</sup> | 1800000 | 70380000  |
| &nbsp;&nbsp;&nbsp; Meta Platforms Inc. - <br>Class A<sup>(f)</sup> | 112000 | 73930080  |
|  |  | 285160080  |
| **Media - 0.4%**<br>|  |  |
| S4 Capital Plc | 26000000 | 7149500  |
| &nbsp;&nbsp;&nbsp; **Total Communication** <br>**Services** |  | 292309580  |
| **Consumer Discretionary - 22.6%**<br>|  |  |
| **Automobiles - 2.5%**<br>|  |  |
| General Motors Co.<sup>(f)</sup> | 580000 | 47165600  |
| **Broadline Retail - 6.9%**<br>|  |  |
|  Alibaba Group Holding Ltd. - ADR | 45000 | 6596100  |
| Amazon.com Inc.<sup>(a)(f)</sup> | 440000 | 101560800  |
| JD.com, Inc. - ADR | 700000 | 20090000  |
|  |  | 128246900  |
| **Hotels, Restaurants & Leisure - 7.9%**<br>|  |  |
|  Dave & Buster's Entertainment, Inc.<sup>(a)</sup> | 1350000 | 21883500  |
| Expedia Group Inc.<sup>(f)</sup> | 130000 | 36830300  |
|  Norwegian Cruise Line Holdings Ltd.<sup>(a)</sup> | 4000000 | 89280000  |
|  |  | 147993800  |
| **Leisure Products - 2.7%**<br>|  |  |
| Mattel Inc.<sup>(a)</sup> | 2100000 | 41664000  |
|  Peloton Interactive Inc. - Class A<sup>(a)</sup> | 1300000 | 8008000  |
|  |  | 49672000  |
|  **Textiles, Apparel & Luxury Goods - 2.6%**<br>|  |  |
| Crocs, Inc.<sup>(a)</sup> | 575000 | 49174000  |
| &nbsp;&nbsp;&nbsp; **Total Consumer** <br>**Discretionary** |  | 422252300  |
| **Energy - 7.9%**<br>|  |  |
| **Energy Equipment & Services - 4.3%**<br>|  |  |
| Noble Corp. PLC | 900000 | 25416000  |
| Seadrill Ltd.<sup>(a)</sup> | 1600000 | 55360000  |
|  |  | 80776000  |
| **Oil, Gas & Consumable Fuels - 3.6%**<br>|  |  |
| Energy Transfer LP<sup>(f)</sup> | 4000000 | 65960000  |
| **Total Energy** |  | 146736000  |
| **Financials - 18.9%**<br>|  |  |
| **Banks - 6.3%**<br>|  |  |
| Citigroup Inc.<sup>(f)</sup> | 1000000 | 116690000  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Capital Markets - 3.9%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Coinbase Global Inc. - <br>Class A<sup>(a)</sup> | 135000 | $30528900  |
| UBS Group AG<sup>(f)</sup> | 900000 | 41679000  |
|  |  | 72207900  |
| **Consumer Finance - 3.5%**<br>|  |  |
| OneMain Holdings Inc.<sup>(f)</sup> | 620000 | 41881000  |
| SoFi Technologies Inc.<sup>(a)</sup> | 880000 | 23038400  |
|  |  | 64919400  |
| **Cryptocurrency - 2.5%**<br>|  |  |
|  Fidelity Wise Origin Bitcoin Fund<sup>(a)(g)</sup> | 625000 | 47643750  |
| **Financial Services - 2.7%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Chime Financial, Inc. - <br>Class A<sup>(a)</sup> | 1500000 | 37755000  |
| Fiserv Inc.<sup>(a)</sup> | 200000 | 13434000  |
|  |  | 51189000  |
| **Total Financials** |  | 352650050  |
| **Health Care - 23.9%**<br>|  |  |
| **Biotechnology - 5.9%**<br>|  |  |
| Biogen, Inc.<sup>(a)(f)</sup> | 290000 | 51037100  |
| Precigen Inc.<sup>(a)(b)</sup> | 14017612 | 58593619  |
|  |  | 109630719  |
|  **Health Care Providers & Services - 8.8%**<br>|  |  |
| CVS Health Corp.<sup>(f)</sup> | 925000 | 73408000  |
| UnitedHealth Group, Inc. | 275000 | 90780250  |
|  |  | 164188250  |
| &nbsp;&nbsp;&nbsp; **Life Sciences Tools &** <br>**Services - 4.0%**<br>|  |  |
| Illumina, Inc.<sup>(a)</sup> | 440000 | 57710400  |
| Tempus AI, Inc.<sup>(a)</sup> | 285000 | 16829250  |
|  |  | 74539650  |
| **Pharmaceuticals - 5.2%**<br>|  |  |
| Royalty Pharma PLC - Class A | 2500000 | 96600000  |
| **Total Health Care** |  | 444958619  |
| **Industrials - 10.1%**<br>|  |  |
| **Passenger Airlines - 4.9%**<br>|  |  |
| Delta Air Lines Inc.<sup>(f)</sup> | 510000 | 35394000  |
| United Airlines Holdings Inc.<sup>(a)</sup> | 500000 | 55910000  |
|  |  | 91304000  |
|  **Trading Companies & Distributors - 5.2%**<br>|  |  |
| QXO, Inc.<sup>(a)(f)</sup> | 5000000 | 96450000  |
| **Total Industrials** |  | 187754000  |
| **Information Technology - 5.0%**<br>|  |  |
|  **Semiconductors & Semiconductor Equipment - 5.0%**<br>|  |  |
| NVIDIA Corp.<sup>(f)</sup> | 500000 | 93250000  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $1,233,021,600)** |  | 1939910549 |

---

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

1<br>

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

**PATIENT OPPORTUNITY TRUST** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Contracts** | **Value**  |
| **WARRANTS - 3.2%**<br>|  |  |  |
|  Precigen Warrant Restricted, Expires 12/30/2034, Exercise Price $0.75 (Acquired 12/30/2024, Cost $9,022,725)<sup>(a)(b)(c)(h)</sup> |  | 13600000 | $60520000  |
| &nbsp;&nbsp;&nbsp; **TOTAL WARRANTS** <br>**(Cost $9,022,725)** |  |  | 60520000  |
|  | **Notional**<br>**Amount** |  |  |
| **PURCHASED OPTIONS - 0.5%<sup>(a)</sup>**<br>|  |  |  |
| **Call Options - 0.5%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Biogen, Inc., <br>Expiration: 01/21/2028; <br>Exercise Price: <br>$150.00<sup>(d)(e)</sup> | $26768079 | 1521 | 8684910  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $5,829,199)** |  |  | 8684910  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 107.8%** <br>**(Cost $1,247,873,524)** |  |  | $2009115459  |
|  Liabilities in Excess of Other Assets - (7.8)%) |  |  | (145364230)  |
| &nbsp;&nbsp;&nbsp; **TOTAL NET** <br>**ASSETS - 100.0%** |  |  | $1863751229 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

ADR - American Depositary Receipt

LP - Limited Partnership

PLC - Public Limited Company

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

<sup>(b)</sup> Affiliated security as defined by the Investment Company Act of 1940.

<sup>(c)</sup> Security considered restricted. The total market value of these securities was $60,520,000 which represented 3.2% of net assets as of December 31, 2025.

<sup>(d)</sup> Exchange-traded.

<sup>(e)</sup> 100 shares per contract.

<sup>(f)</sup> All or a portion of this security is pledged as collateral pursuant to the loan agreement.

<sup>(g)</sup> Position held in Cayman Subsidiary.

<sup>(h)</sup> Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Advisor, acting as Valuation Designee. These securities represented $60,520,000 or 3.2% of net assets as of December 31, 2025. 

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

2<br>

------

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

**PATIENT OPPORTUNITY TRUST** 

**CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES** 

**December 31, 2025** 

---

| | |
|:---|:---|
| **ASSETS:**<br>|  |
| Investments in unaffiliated securities, at value | $1890001840  |
| Investments in affiliated securities, at value | 119113619  |
| Receivable for investments sold | 10110039  |
| Receivable for fund shares sold | 591760  |
| Dividend tax reclaims receivable | 349500  |
| Prepaid expenses and other assets | 53927  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 2020220685  |
| **LIABILITIES:**<br>|  |
| Loans payable | 146500000  |
| Payable for investments purchased | 4660715  |
| Payable to custodian | 1677573  |
| Payable to Advisor | 1191259  |
| Payable for capital shares redeemed | 716269  |
| Payable for distribution and shareholder servicing fees | 600571  |
| Interest payable | 584920  |
| Payable for fund administration and accounting fees | 304173  |
| Payable for transfer agent fees and expenses | 99268  |
| Payable for custodian fees | 24717  |
| Payable for compliance fees | 4888  |
| Payable for expenses and other liabilities | 105103  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 156469456  |
| **NET ASSETS** | $1863751229  |
| **Net Assets Consists of:**<br>|  |
| Paid-in capital | $1179536725  |
| Total distributable earnings | 684214504  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $1863751229  |
| **Class A**<br>|  |
| Net assets | $872910371  |
| Shares issued and outstanding<sup>(a)</sup> | 17985555  |
| Net asset value (and redemption price per share) | $48.53  |
| Max offering price per share (net asset value per share dividend by 0.9425)<sup>(1)</sup> | $51.49  |
| **Class C**<br>|  |
| Net assets | $67163869  |
| Shares issued and outstanding<sup>(a)</sup> | 1573431  |
| Net asset value (redemption price and offering price per share) | $42.69  |
| **Class FI**<br>|  |
| Net assets | $10185380  |
| Shares issued and outstanding<sup>(a)</sup> | 202966  |
| Net asset value (redemption price and offering price per share) | $50.18 |

---

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

3<br>

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

**PATIENT OPPORTUNITY TRUST** 

**CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES** 

**December 31, 2025(Continued)** 

---

| | |
|:---|:---|
| **Class I**<br>|  |
| Net assets | $906152172  |
| Shares issued and outstanding<sup>(a)</sup> | 16763773  |
| Net asset value (redemption price and offering price per share) | $54.05  |
| **Class IS**<br>|  |
| Net assets | $3377110  |
| Shares issued and outstanding<sup>(a)</sup> | 62324  |
| Net asset value (redemption price and offering price per share) | $54.19  |
| **Class R**<br>|  |
| Net assets | $3962327  |
| Shares issued and outstanding<sup>(a)</sup> | 82865  |
| Net asset value (redemption price and offering price per share) | $47.82  |
| **Cost:**<br>|  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities, at cost | $1227608866  |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities, at cost | $20264658 |

---

<sup>(1)</sup> Reflects a maximum sales charge of 5.75%. 

<sup>(a)</sup> Unlimited shares authorized.

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

4<br>

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

**Patient Opportunity Trust** 

**Consolidated Statement of Operations** 

**For the Year Ended December 31, 2025** 

---

| | |
|:---|:---|
| **INVESTMENT INCOME:**<br>|  |
| Dividend income | $17050162  |
| Less: issuance fees | (28099)  |
| Less: dividend withholding taxes | (108000)  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 16914063  |
| **EXPENSES:**<br>|  |
| Investment advisory fee | 12250357  |
| Interest expense | 7583678  |
| Distribution expenses - Class A | 1928239  |
| Distribution expenses - Class C | 628987  |
| Distribution expenses - Class FI | 21573  |
| Distribution expenses - Class R | 18082  |
| Shareholder service costs - Class A | 734572  |
| Shareholder service costs - Class C | 59113  |
| Shareholder service costs - Class FI | 12944  |
| Shareholder service costs - Class I | 771557  |
| Shareholder service costs - Class R | 3277  |
| Fund administration and accounting fees | 1091483  |
| Transfer agent fees | 407905  |
| Fees recaptured by Advisor | 114184  |
| Reports to shareholders | 100374  |
| Federal and state registration fees | 92959  |
| Custodian fees | 89430  |
| Legal fees | 55022  |
| Audit fees | 25550  |
| Compliance fees | 19487  |
| Trustees' fees | 14438  |
| Other expenses and fees | 91442  |
| &nbsp;&nbsp;&nbsp; Total expenses | 26114653  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement by Advisor | (370985)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 25743668  |
| **Net investment loss** | (8829605)  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |
| Net realized gain (loss) from:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities | 31414359  |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities | 2552161  |
| &nbsp;&nbsp;&nbsp; Written options expired or closed | (2592318)  |
| &nbsp;&nbsp;&nbsp; Foreign currency transactions | (1115)  |
| Net realized gain | 31373087  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities | 244614569  |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities | 142669138  |
| Net change in unrealized appreciation (depreciation) | 387283707  |
| **Net realized and unrealized gain** | 418656794  |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $409827189 |

---

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

5<br>

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

**PATIENT OPPORTUNITY TRUST** 

**CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment loss | $(8829605) | $(7681372)  |
| &nbsp;&nbsp;&nbsp; Net realized gain | 31373087 | 151248825  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 387283707 | 200121199  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from operations** | 409827189 | 343688652  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Class A |  | (407386)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class I | (1399678) | (1668461)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class IS | (6475) | (2586)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (1406153) | (2078433)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A | 23111625 | 18505068  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class A |  | 389695  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A | (93677633) | (79885891)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class C | 3553734 | 3744310  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class C | (17887283) | (22762418)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class FI | 1595868 | 415442  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class FI | (1892234) | (1861319)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I | 73151155 | 53908818  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class I | 1363022 | 1608116  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I | (118780951) | (111805008)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class IS | 2256183 | 296818  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class IS | 6108 | 2480  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class IS | (270729) | (36616)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class R | 211337 | 140563  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class R | (628737) | (1140625)  |
| &nbsp;&nbsp;&nbsp; **Net decrease in net assets from capital transactions** | (127888535) | (138480567)  |
| **NET INCREASE IN NET ASSETS** | 280532501 | 203129652  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 1583218728 | 1380089076  |
| &nbsp;&nbsp;&nbsp; End of the year | $1863751229 | $1583218728  |
| **SHARES TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A | 577021 | 576716  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class A |  | 10242  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A | (2351501) | (2380422)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class C | 98101 | 128888  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class C | (508489) | (794031)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class FI | 35459 | 11787  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class FI | (44331) | (55129)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I | 1643876 | 1424584  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class I | 25311 | 38008  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I | (2608202) | (3029569)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class IS | 44048 | 7449  |

---

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

6<br>

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

**PATIENT OPPORTUNITY TRUST** 

**CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024**  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class IS | 113 | 58  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class IS | (5311) | (997)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class R | 5117 | 4261  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class R | (14854) | (34138)  |
| &nbsp;&nbsp;&nbsp; **Total decrease in shares outstanding** | (3103642)  | (4092293) |

---

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

7<br>

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

**PATIENT OPPORTUNITY TRUST** 

**CONSOLIDATED STATEMENT OF CASH FLOWS** 

**December 31, 2025** 

---

| | |
|:---|:---|
| **CASH FLOWS FROM OPERATING ACTIVITIES:**<br>|  |
| Net increase in net assets resulting from operations | $409827189  |
|  Adjustments to reconcile net increase/(decrease) in net assets from operations to net cash provided by operating activities:<br>|  |
| &nbsp;&nbsp;&nbsp; Purchases of investment in unaffiliated securities | (514695117)  |
| &nbsp;&nbsp;&nbsp; Purchases to cover written option contracts | (13072958)  |
| &nbsp;&nbsp;&nbsp; Sales of investments in unaffiliated securities | 587482950  |
| &nbsp;&nbsp;&nbsp; Sales of investments in affiliated securities | 52592413  |
| &nbsp;&nbsp;&nbsp; Premiums from written option contracts | 10480640  |
| &nbsp;&nbsp;&nbsp; Net realized (gain) loss on written option contracts expired or closed | 2592318  |
| &nbsp;&nbsp;&nbsp; Net realized (gain) loss investments in affiliated securities | (2552161)  |
| &nbsp;&nbsp;&nbsp; Net realized (gain) loss investments in unaffiliated securities | (31414359)  |
| &nbsp;&nbsp;&nbsp; Change in unrealized (appreciation) depreciation on investments in affiliated securities | (142669138)  |
| &nbsp;&nbsp;&nbsp; Change in unrealized (appreciation) depreciation on investments in unaffiliated securities | (244614569)  |
| &nbsp;&nbsp;&nbsp; Increase in receivable for investment securities sold | (10110039)  |
| &nbsp;&nbsp;&nbsp; Increase in dividend tax reclaims receivable | (144000)  |
| &nbsp;&nbsp;&nbsp; Increase in prepaid expenses and other assets | (6938)  |
| &nbsp;&nbsp;&nbsp; Increase in payable for investments purchased | 4660715  |
| &nbsp;&nbsp;&nbsp; Increase in payable to advisor | 238469  |
| &nbsp;&nbsp;&nbsp; Increase in payable for distribution and shareholder servicing fees | 143807  |
| &nbsp;&nbsp;&nbsp; Increase in interest payable | 113326  |
| &nbsp;&nbsp;&nbsp; Increase in payable for custodian fees | 3475  |
| &nbsp;&nbsp;&nbsp; Increase in payable for compliance fees | 1691  |
| &nbsp;&nbsp;&nbsp; Increase in payable for fund administration and accounting fees | 120911  |
| &nbsp;&nbsp;&nbsp; Decrease in payable for expenses and other liabilities | (5680)  |
| &nbsp;&nbsp;&nbsp; Decrease in payable for transfer agent fees and expenses | (84400)  |
| &nbsp;&nbsp;&nbsp; **Net cash provided by in operating activities** | 108888545  |
| **CASH FLOWS FROM FINANCING ACTIVITIES:**<br>|  |
| Net loan proceeds | 11500000  |
| Cash proceeds from shares sold | 103697436  |
| Cash payment for shares redeemed | (233427706)  |
| Cash distributions paid to shareholders | (37023)  |
| Cash proceeds from transaction fees | —  |
| &nbsp;&nbsp;&nbsp; **Net cash used in financing activities** | (118267293)  |
| **Net change in cash**  | (9378748)  |
| **CASH AND RESTRICTED CASH:**<br>|  |
| Cash at beginning balance | 7701175  |
| Cash at ending balance - Payable to Custodian | $(1677573)  |
| **SUPPLEMENTAL DISCLOSURES AND NON-CASH INFORMATION:**<br>|  |
| Reinvested distributions paid | $(1369130)  |
| Interest paid | 7697004 |

---

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

8<br>

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

**Patient Opportunity Trust** 

**Financial Highlights** 

**Class A** 

**For a Capital share outstanding throughout each year presented:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** <br>**Consolidated** | **2024** <br>**Consolidated** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $38.11 | $30.18 | $21.67 | $38.25 | $39.99  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment loss<sup>(a)</sup> | (0.27) | (0.21) | (0.15) | (0.17) | (0.07)  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 10.69 | 8.16 | 8.66 | (13.53) | (1.22)  |
| **Total from investment operations** | 10.42 | 7.95 | 8.51 | (13.70) | (1.29)  |
| Net investment income |  | (0.02) |  | (0.06) | —  |
| Net realized gains |  |  |  | (2.82) | (0.45)  |
| **Total distributions** |  | (0.02) |  | (2.88) | (0.45)  |
| **Net asset value, end of year** | $48.53 | $38.11 | $30.18 | $21.67 | $38.25  |
| TOTAL RETURN | 27.37% | 26.34% | 39.27% | (36.09)% | (3.24)%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $872910 | $753061 | $650429 | $512731 | $874473  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 1.69% | 1.76% | 2.12% | 1.53% | 1.21%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 1.69% | 1.74% | 2.11% | 1.52% | 1.21%  |
| Ratio of interest expense to average net assets | 0.46% | 0.55% | 0.92% | 0.33% | 0.05%  |
|  Ratio of operational expenses to average net assets excluding interest | 1.23% | 1.19% | 1.19% | 1.19% | 1.16%  |
|  Ratio of net investment income (loss) to average net assets | (0.65)% | (0.61)% | (0.60)% | (0.59)% | (0.17)%  |
| Portfolio turnover rate | 27% | 31% | 35% | 40% | 55% |

---

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

<sup>(a)</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 years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years. 

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

9<br>

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

**Patient Opportunity Trust** 

**Financial Highlights** 

**Class C** 

**For a Capital share outstanding throughout each year presented:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** <br>**Consolidated** | **2024** <br>**Consolidated** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | &nbsp;&nbsp; $33.77 | &nbsp;&nbsp; $26.93 | $19.50 | $35.02 | $36.92  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment loss<sup>(a)</sup> | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.41) | (0.31) | (0.37) | (0.37)  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9.42 | &nbsp;&nbsp;&nbsp;&nbsp;7.25 | 7.74 | (12.33) | (1.08)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;8.92 | &nbsp;&nbsp;&nbsp;&nbsp;6.84 | 7.43 | (12.70) | (1.45)  |
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  | (2.82) | (0.45)  |
| **Total distributions** | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  | (2.82) | (0.45)  |
| **Net asset value, end of year** | &nbsp;&nbsp; $42.69 | &nbsp;&nbsp; $33.77 | $26.93 | $19.50 | $35.02  |
| TOTAL RETURN | &nbsp;&nbsp; 26.41% | &nbsp;&nbsp; 25.40% | 38.10% | (36.57)% | (3.95)%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | &nbsp;&nbsp; $67164 | &nbsp;&nbsp; $66994 | $71345 | $71844 | $152662  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | &nbsp;&nbsp; 2.44% | &nbsp;&nbsp; 2.53% | 2.88% | 2.26% | 1.95%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | &nbsp;&nbsp; 2.44% | &nbsp;&nbsp; 2.52% | 2.87% | 2.26% | 1.95%  |
| Ratio of interest expense to average net assets | &nbsp;&nbsp; 0.47% | &nbsp;&nbsp; 0.55% | 0.92% | 0.33% | 0.05%  |
|  Ratio of operational expenses to average net assets excluding interest | &nbsp;&nbsp; 1.97% | &nbsp;&nbsp; 1.97% | 1.95% | 1.93% | 1.90%  |
|  Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; (1.40)% | &nbsp;&nbsp; (1.38)% | (1.37)% | (1.35)% | (0.89)%  |
| Portfolio turnover rate | &nbsp;&nbsp; 27% | &nbsp;&nbsp; 31% | 35% | 40% | 55% |

---

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

<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 years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years. 

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

10<br>

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

**Patient Opportunity Trust** 

**Financial Highlights** 

**Class FI** 

**For a Capital share outstanding throughout each year presented:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** <br>**Consolidated** | **2024** <br>**Consolidated** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | &nbsp;&nbsp; $39.42 | &nbsp;&nbsp;&nbsp; $31.22 | $22.43 | $39.38 | $41.19  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment loss<sup>(a)</sup> | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp;&nbsp; (0.24) | (0.17) | (0.21) | (0.11)  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;11.06 | &nbsp;&nbsp;&nbsp;&nbsp;8.44 | 8.96 | (13.92) | (1.25)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;10.76 | &nbsp;&nbsp;&nbsp;&nbsp;8.20 | 8.79 | (14.13) | (1.36)  |
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |  | (2.82) | (0.45)  |
| **Total distributions** | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |  | (2.82) | (0.45)  |
| **Net asset value, end of year** | &nbsp;&nbsp; $50.18 | &nbsp;&nbsp;&nbsp; $39.42 | $31.22 | $22.43 | $39.38  |
| TOTAL RETURN | &nbsp;&nbsp; 27.32% | &nbsp;&nbsp;&nbsp; 26.27% | 39.19% | (36.15)% | (3.32)%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | &nbsp;&nbsp; $10185 | &nbsp;&nbsp;&nbsp; $8351 | $7967 | $7033 | $14291  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | &nbsp;&nbsp; 1.74% | &nbsp;&nbsp;&nbsp; 1.83% | 2.17% | 1.60% | 1.29%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | &nbsp;&nbsp; 1.74% | &nbsp;&nbsp;&nbsp; 1.82% | 2.16% | 1.60% | 1.29%  |
| Ratio of interest expense to average net assets | &nbsp;&nbsp; 0.46% | &nbsp;&nbsp;&nbsp; 0.55% | 0.92% | 0.33% | 0.05%  |
|  Ratio of operational expenses to average net assets excluding interest | &nbsp;&nbsp; 1.28% | &nbsp;&nbsp;&nbsp; 1.27% | 1.24% | 1.27% | 1.24%  |
|  Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; (0.71)% | &nbsp;&nbsp;&nbsp; (0.69)% | (0.65)% | (0.67)% | (0.24)%  |
| Portfolio turnover rate | &nbsp;&nbsp; 27% | &nbsp;&nbsp;&nbsp; 31% | 35% | 40% | 55% |

---

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

<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 years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years. 

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

11<br>

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

**Patient Opportunity Trust** 

**Financial Highlights** 

**Class I** 

**For a Capital share outstanding throughout each year presented:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** <br>**Consolidated** | **2024** <br>**Consolidated** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $42.38 | $33.53 | $24.02 | $41.95 | $43.73  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | (0.16) | (0.13) | (0.10) | (0.11) | 0.02  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 11.91 | 9.07 | 9.61 | (14.85) | (1.33)  |
| **Total from investment operations** | 11.75 | 8.94 | 9.51 | (14.96) | (1.31)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.08) | (0.09) |  | (0.15) | (0.02)  |
| Net realized gains |  |  |  | (2.82) | (0.45)  |
| **Total distributions** | (0.08) | (0.09) |  | (2.97) | (0.47)  |
| **Net asset value, end of year** | $54.05 | $42.38 | $33.53 | $24.02 | $41.95  |
| TOTAL RETURN | 27.73% | 26.71% | 39.59% | (35.92)% | (3.01)%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $906152 | $750331 | $646120 | $535204 | $1135832  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 1.44% | 1.52% | 1.88% | 1.27% | 0.98%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 1.39% | 1.48% | 1.85% | 1.25% | 0.98%  |
| Ratio of interest expense to average net assets | 0.46% | 0.55% | 0.92% | 0.33% | 0.05%  |
|  Ratio of operational expenses to average net assets excluding interest | 0.93% | 0.93% | 0.93% | 0.92% | 0.93%  |
|  Ratio of net investment income (loss) to average net assets | (0.36)% | (0.35)% | (0.34)% | (0.33)% | 0.05%  |
| Portfolio turnover rate | 27% | 31% | 35% | 40% | 55% |

---

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

<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 years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years. 

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

12<br>

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

**Patient Opportunity Trust** 

**Financial Highlights** 

**Class IS** 

**For a Capital share outstanding throughout each year presented:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** <br>**Consolidated** | **2024** <br>**Consolidated** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | &nbsp;&nbsp;&nbsp; $42.47 | &nbsp;&nbsp;&nbsp; $33.59 | $24.04 | $42.05 | $43.82  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp; (0.13) | (0.10) | (0.07) | 0.07  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;12.00 | &nbsp;&nbsp;&nbsp;&nbsp;9.12 | 9.65 | (14.92) | (1.35)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;11.82 | &nbsp;&nbsp;&nbsp;&nbsp;8.99 | 9.55 | (14.99) | (1.28)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp; (0.11) |  | (0.20) | (0.04)  |
| Net realized gains | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |  | (2.82) | (0.45)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp; (0.11) |  | (3.02) | (0.49)  |
| **Net asset value, end of year** | &nbsp;&nbsp;&nbsp; $54.19 | &nbsp;&nbsp;&nbsp; $42.47 | $33.59 | $24.04 | $42.05  |
| TOTAL RETURN | &nbsp;&nbsp;&nbsp; 27.82% | &nbsp;&nbsp;&nbsp; 26.77% | 39.73% | (35.90)% | (2.93)%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | &nbsp;&nbsp;&nbsp; $3377 | &nbsp;&nbsp;&nbsp; $997 | $570 | $1146 | $795  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | &nbsp;&nbsp;&nbsp; 1.32% | &nbsp;&nbsp;&nbsp; 1.44% | 1.78% | 1.30% | 0.90%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | &nbsp;&nbsp;&nbsp; 1.33% | &nbsp;&nbsp;&nbsp; 1.42% | 1.77% | 1.29% | 0.90%  |
| Ratio of interest expense to average net assets | &nbsp;&nbsp;&nbsp; 0.45% | &nbsp;&nbsp;&nbsp; 0.54% | 0.89% | 0.33% | 0.05%  |
|  Ratio of operational expenses to average net assets excluding interest | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp; 0.88% | 0.88% | 0.96% | 0.85%  |
|  Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp; (0.37)% | &nbsp;&nbsp;&nbsp; (0.33)% | (0.34)% | (0.23)% | 0.14%  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 27% | &nbsp;&nbsp;&nbsp; 31% | 35% | 40% | 55% |

---

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

<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 years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years. 

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

13<br>

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

**Patient Opportunity Trust** 

**Financial Highlights** 

**Class R** 

**For a Capital share outstanding throughout each year presented:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** <br>**Consolidated** | **2024** <br>**Consolidated** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | &nbsp;&nbsp;&nbsp; $37.64 | &nbsp;&nbsp;&nbsp; $29.87 | $21.50 | $37.99 | $39.82  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment loss<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; (0.36) | &nbsp;&nbsp;&nbsp; (0.28) | (0.22) | (0.27) | (0.20)  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10.54 | &nbsp;&nbsp;&nbsp;&nbsp;8.05 | 8.59 | (13.40) | (1.18)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;10.18 | &nbsp;&nbsp;&nbsp;&nbsp;7.77 | 8.37 | (13.67) | (1.38)  |
| Net realized gains | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |  | (2.82) | (0.45)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |  | (2.82) | (0.45)  |
| **Net asset value, end of year** | &nbsp;&nbsp;&nbsp; $47.82 | &nbsp;&nbsp;&nbsp; $37.64 | $29.87 | $21.50 | $37.99  |
| TOTAL RETURN | &nbsp;&nbsp;&nbsp; 27.05% | &nbsp;&nbsp;&nbsp; 26.01% | 38.93% | (36.27)% | (3.48)%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | &nbsp;&nbsp;&nbsp; $3962 | &nbsp;&nbsp;&nbsp; $3485 | $3658 | $3254 | $8055  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | &nbsp;&nbsp;&nbsp; 1.94% | &nbsp;&nbsp;&nbsp; 2.02% | 2.38% | 1.76% | 1.47%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | &nbsp;&nbsp;&nbsp; 1.94% | &nbsp;&nbsp;&nbsp; 2.01% | 2.37% | 1.76% | 1.47%  |
| Ratio of interest expense to average net assets | &nbsp;&nbsp;&nbsp; 0.47% | &nbsp;&nbsp;&nbsp; 0.55% | 0.92% | 0.33% | 0.05%  |
|  Ratio of operational expenses to average net assets excluding interest | &nbsp;&nbsp;&nbsp; 1.47% | &nbsp;&nbsp;&nbsp; 1.46% | 1.45% | 1.43% | 1.42%  |
|  Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp; (0.90)% | &nbsp;&nbsp;&nbsp; (0.85)% | (0.87)% | (0.90)% | (0.44)%  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 27% | &nbsp;&nbsp;&nbsp; 31% | 35% | 40% | 55% |

---

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

<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 years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years. 

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

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**Patient Opportunity Trust** 

**Notes to Consolidated Financial Statements** 

**December 31, 2025** 

**Note 1 – Organization** 

Patient Opportunity Trust, formerly known as Miller Opportunity Trust and Opportunity Trust, (the "Fund") is a separate diversified investment series of Advisor Managed Portfolios (the "Trust"), a Delaware Statutory Trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Fund seeks to provide long-term growth of capital.

The Fund is the successor to the Patient Opportunity Trust (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 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 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 Fund adopted the performance history of the
 Predecessor Fund.

In order to achieve its investment objective, the Fund invests up to 25% of its total assets (measured at the time of purchase) in a wholly-owned and controlled Cayman Islands subsidiary, the Patient Opportunity Cayman (the "Subsidiary"). The Subsidiary acts as an investment vehicle that enables the Fund to gain exposure to certain investments consistent with its investment objectives and policies specified in the Prospectus and Statement of Additional Information. At December 31, 2025 the Fund's investment in the Subsidiary represented 3% of the Fund's net assets. The results from operations of the Subsidiary were as follows:

---

| | |
|:---|:---|
| Net investment loss | $(67758)  |
| Net realized gain | —  |
| Net change in unrealized appreciation (depreciation) | (2880357)  |
| Net decrease in net assets resulting from Operations | $(2948115) |

---

The consolidated financial statements of the Fund include the financial statements of the Subsidiary. All intercompany accounts and transactions have been eliminated in consolidation. Because the Fund may invest a substantial portion of its assets in the Subsidiary, the Fund may be considered to be indirectly investing in said investments. As such, references to the Fund may also include its Subsidiary. When viewed on a consolidated basis, the Subsidiary will be subject to the same investment restrictions and limitations and follow the same compliance policies and procedures as the Fund.

At December 31, 2025, the investment held in the Subsidiary was $47,643,750; there was $(3,237,653) of unrealized depreciation in the Subsidiary.

**Note 2 – Significant accounting policies** 

The following is a summary of significant accounting policies consistently followed by the Fund in preparation of its financial statements. These policies are in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") for investment companies. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board Accounting Standards Topic 946. The presentation of financial statements in conformity with U.S. 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. Actual results may differ from those estimates.

&nbsp;&nbsp;&nbsp;&nbsp;(A) *Investment valuation.* The valuation of the Fund's investments is 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-

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**Patient Opportunity Trust** 

**Notes to Consolidated Financial Statements** 

**December 31, 2025(Continued)** 

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 quoted. 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. These investments are categorized as Level 1 of the fair value hierarchy. Long-term 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 and other analytical models as well as market transactions and dealer quotations. The Board has designated Patient Capital Management, LLC (the "Advisor") as the valuation designee of the Fund. In its capacity as valuation designee, the Advisor has adopted procedures and methodologies to fair value Fund investments whose market prices are not "readily available" or are deemed to be unreliable.

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

---

| | |
|:---|:---|
| Level 1 –<br>| Unadjusted quoted prices in active markets for identical investments. An active market for a 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.<br>|

---

---

| | |
|:---|:---|
| Level 2 –<br>| Other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.). Other 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. <br>|

---

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

The inputs or methodologies 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 fair values of the Fund's investments in each category investment type as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Quoted Prices** <br>**(Level 1)** | **Other Significant**<br>**Observable Inputs**<br>**(Level 2)** | **Significant**<br>**Unobservable** <br>**Inputs** <br>**(Level 3)** | **Total**  |
| **Investments\***<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $1939910549 | &nbsp;&nbsp;&nbsp; $—  | $— | $1939910549  |
| &nbsp;&nbsp;&nbsp; Convertible Preferred Stock |  | &nbsp;&nbsp;&nbsp; — |  |  |
| &nbsp;&nbsp;&nbsp; Warrants |  | &nbsp;&nbsp;&nbsp; — | 60520000 | 60520000  |
| &nbsp;&nbsp;&nbsp; Purchased Options |  | &nbsp;&nbsp;&nbsp; 8684910 |  | 8684910  |
| **Total Investments** | $1939910549 | &nbsp;&nbsp;&nbsp; $8684910  | $60520000 | $2009115459 |

---

\* See Schedule of Investments for additional detailed categorizations.

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

**Patient Opportunity Trust** 

**Notes to Consolidated Financial Statements** 

**December 31, 2025(Continued)** 

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

---

| | | | |
|:---|:---|:---|:---|
| **Investments in Securities**  | **Convertible** <br>**Preferred** <br>**Stocks**  | **Warrants** | **Private** <br>**Investments**  |
| Balance at December 31, 2024 | $14305704  | $12920000 | $1664507  |
| Conversion of Preferred Stock | (11377275) |  | —  |
| Realized loss |  |  | (27065330)  |
| Sales |  |  | (350000)  |
| Change in unrealized appreciation | (2928429)<sup>1</sup> | 47600000 | 25750823<sup>1</sup>  |
| Balance at December 31, 2025 | $— | $60520000 | $—  |
|  Change in unrealized appreciation for Level 3 securities held at December 31, 2025 | $— | $47600000 | $— |

---

<sup>1</sup> This amount is included in the net change in unrealized appreciation (depreciation) in affiliates in the accompanying Statement of Operations. Change in unrealized appreciation (depreciation) includes net unrealized appreciation (depreciation) resulting from changes in investment values during the reporting period and the reversal of previously recorded unrealized appreciation (depreciation) when gains or losses are realized. 

The following table summarizes the valuation techniques and unobservable inputs used to determine the fair value of Level 3 investments:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment Type** | **Value at**<br>**December 31, 2025** | **Valuation** <br>**Technique(s)** | **Unobservable** <br>**Input(s)** | **Range** <br>**Weighted** <br>**Average** | **Impact to** <br>**Valuation** <br>**from an** <br>**Increase in** <br>**Input\***  |
| Warrants | $60520000 | Black Scholes <br>with Probability <br>Adjustment | Going Concern Probability | 15% | Decrease |

---

\* This column represents the directional change in the fair value of the Level 3 investments that would result in an increase from the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect. Significant increases and decreases in these unobservable inputs in isolation could result in significantly higher or lower fair value measurements.

&nbsp;&nbsp;&nbsp;&nbsp;(B) *Derivatives*.
 The Fund invests in derivatives, as detailed below, to meet its investment objectives.

Derivatives are generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative. The value of a derivative may fluctuate more than the underlying assets, rates, indices or other indicators to which it relates. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Use of derivatives may have different tax consequences for the Fund than an investment in the underlying security, and those differences may affect the amount, timing and character of income distributed to shareholders. Options on securities may be subject to greater fluctuations in value than an investment in the underlying securities. Purchasing and writing put and call options are highly specialized activities and entail greater than ordinary investment risks.

Options Contracts – The Fund may write call and put options on securities, derivative instruments, or currencies. When the 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 Statement 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 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 Fund may not be able to enter into a closing transaction because of an illiquid market. There were no written options held by the Fund as of December 31, 2025.

17<br>

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

**Patient Opportunity Trust** 

**Notes to Consolidated Financial Statements** 

**December 31, 2025(Continued)** 

The Fund purchases call and put options. The Fund pays a premium which is included in the Statement 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.

The following table sets forth the Fund's derivative instruments as of December 31, 2025.

**Statement of Assets and Liabilities Location** 

---

| | |
|:---|:---|
| **Risk Exposure Category**  | **Investments<sup>(1)</sup>**  |
| Equity | $8684910  |
| **Total** | $8684910 |

---

<sup>(1)</sup> Includes purchased options

The following table sets forth the Fund's realized and unrealized gain (loss), as reflected in the Statement of Operations, by primary risk exposure and by type of derivative contract for the year ended December 31, 2025:

**Amount of Realized Gain (Loss) on Derivatives** 

---

| | | |
|:---|:---|:---|
| **Risk Exposure Category**  | **Investments<sup>(1)</sup>** | **Written Options**  |
| Equity | $(721134) | $(2592318)  |
| **Total** | $(721134) | $(2592318) |

---

**Change in Unrealized Appreciation (Depreciation) on Derivatives** 

---

| | |
|:---|:---|
| **Risk Exposure Category**  | **Investments<sup>(1)</sup>**  |
| Equity | $2855711  |
| **Total** | $2855711 |

---

<sup>(1)</sup> Includes purchased options

The average monthly volume of derivatives held by the Fund during the year ended December 31, 2025 is set forth below:

---

| | | | |
|:---|:---|:---|:---|
| **Derivative Type**  | **Unit of Measure**  | **Average Quantity** | **Average Notional**  |
| Purchased Options  | &nbsp;&nbsp;&nbsp; Contracts  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2772 | &nbsp;&nbsp;&nbsp; 7548597  |
| Written Options  | &nbsp;&nbsp;&nbsp; Contracts  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (833) | &nbsp;&nbsp;&nbsp; (966667) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(C) *Security transactions and investment income.* Security transactions are accounted for on a trade date basis. Interest income, adjusted for amortization
 of premium and accretion of discount, is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date. Paid in-kind
 dividends are received as additional shares having value equal to the specified dividend rate. Foreign dividend income is recorded on
 the ex-dividend date or as soon as practicable after the Fund determines the existence of a dividend declaration after exercising reasonable
 due diligence. Withholding taxes on foreign dividends has been provided for in accordance with the Fund's understanding of the applicable
 tax rules and regulations. The cost of investments sold is determined by use of the specific identification method.

&nbsp;&nbsp;&nbsp;&nbsp;(D) *Distributions to shareholders.* Distributions from net investment income and distributions of net realized gains, if any, are declared at least
 annually. Distributions to shareholders of the Fund are recorded on the ex-dividend date and are determined in accordance with income
 tax regulations, which may differ from U.S. GAAP.

18<br>

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

**Patient Opportunity Trust** 

**Notes to Consolidated Financial Statements** 

**December 31, 2025(Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;(E) *Share class accounting.* Investment income, common expenses and realized/unrealized gains (losses) on investments are allocated to the various
 classes of the Fund based on the daily net assets of each class. Fees relating to a specific class are charged directly to that share
 class.

&nbsp;&nbsp;&nbsp;&nbsp;(F) *Indemnifications.* In the normal course of business, the Fund enters into contracts that contain a variety of representations, which provide general indemnifications.
 The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the
 Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;(G) *Federal and other taxes.* It is the Fund's policy to comply with the federal income and excise tax requirements of the Internal Revenue
 Code of 1986 (the "Code"), as amended, applicable to regulated investment companies. Accordingly, the Fund intends to distribute
 its taxable income and net realized gains, if any, to shareholders in accordance with timing requirements imposed by the Code. Therefore,
 no federal or state income tax provision is required in the Fund's financial statements.

Management has analyzed the Fund's tax positions taken on income tax returns for all open tax years and has concluded that as of December 31, 2025, no provision for income tax is required in the Fund's financial statements. The Fund's federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

The Fund holds interests in certain securities that are treated as partnerships for Federal income tax purposes. These entities may be subject to audit by the Internal Revenue Service or other applicable tax authorities. The Fund's taxable income or tax liability for prior taxable years could be adjusted as a result of such an audit. The Fund may be required to pay a fund-level tax as a result of such an adjustment or may pay a "deficiency dividend" to its current shareholders in order to avoid a fund-level tax associated with the adjustment. The Fund could also be required to pay interest and penalties in connection with such an adjustment. Under the applicable foreign tax laws, a withholding tax may be imposed on interest, dividends, and capital gains at various rates.

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

**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 Fund.

The Predecessor Fund's shareholders approved Patient Capital Management, LLC as the new investment advisor to the Predecessor Fund effective May 26, 2023. Prior to May 26, 2023, Miller Value Partners, LLC, served as the Predecessor Fund's investment advisor (the "Previous Advisor"). The Fund's portfolio managers are the same portfolio managers who served the Predecessor Fund as employees of Patient Capital Management, LLC, and prior to that, as employees of the Previous Advisor.

Under the investment management agreement, the Fund pays an investment management fee, calculated daily and paid monthly, in accordance with the following breakpoint schedule:

---

| | |
|:---|:---|
| **Average Daily Net Assets** | **Annual Rate**  |
| First $100.0 million | &nbsp;&nbsp;&nbsp; 1.000%  |
| Next $1.4 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.750  |
| Over $1.5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.600 |

---

During 2025, the Fund's average daily net assets exceeded $1.5 billion and reached the highest breakpoint tier on the investment management fee schedule, which resulted in a lower annual rate fee for a portion of the year.

19<br>

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

**Patient Opportunity Trust** 

**Notes to Consolidated Financial Statements** 

**December 31, 2025(Continued)** 

Prior to January 1, 2024, the Predecessor Fund paid an investment management fee in accordance with the following breakpoint schedule:

---

| | |
|:---|:---|
| **Average Daily Net Assets** | **Annual Rate**  |
| First $100.0 million | &nbsp;&nbsp;&nbsp; 1.000%  |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.750  |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.700  |
| Next $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.675  |
| Over $7.6 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.650 |

---

The Advisor has contractually agreed to reduce fees and pay expenses, (other than front-end or contingent deferred loads, taxes, interest expense, brokerage commissions, acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization, portfolio transaction expenses, dividends paid on short sales, extraordinary expenses such as litigation, Rule 12b-1 fees, intermediary servicing fees, or any other class-specific expenses) through April 30, 2026, so that such annual operating expenses will not exceed 0.88%. Separately, with respect to Class I only, the Advisor has agreed to waive fees and/or reimburse operating expenses such that the previously described annual operating expenses, plus intermediary servicing fees and other class-specific expenses, will not exceed 0.93%. During the year ended December 31, 2025, fees waived and/or expenses reimbursed amounted to $370,985.

The Advisor is permitted to recapture amounts waived and/or reimbursed to a class within 36 months of the reimbursement date if the class's 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 Fund, in the class's total annual operating expenses exceeding the expense cap or any other lower limit then in effect.

Pursuant to these arrangements, at December 31, 2025, the Fund had remaining fee waivers and/or expense reimbursements subject to recapture by the Advisor and respective dates of expiration as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class FI** | **Class I** | **Class IS** | **Class R** | **Total**  |
| Expires December 31, 2026 | $18760  | $5943  | $385  | $171494  | $— | $238 | $196820  |
| Expires December 31, 2027 | 109298  | 9921  | 1204  | 305887  |  | 536 | 426846  |
| Expires December 31, 2028 | 41157  | 3401  | 464  | 325686  | 64  | 203 | 370975  |
| **Total** | $169215  | $19265  | $2053  | $803067  | $64  | $977 | $994641 |

---

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services"), serves as the Fund's administrator and fund accountant and transfer agent. The officers of the Trust are employees of Fund Services. U.S. Bank serves as the Fund's custodian and provides compliance services to the Funds. Quasar Distributors, LLC ("Quasar" or the "Distributor") acts as the Fund's distributor and principal underwriter. For the year ended December 31, 2025, the Fund incurred expenses for administration and fund accounting, transfer agent, custody, and compliance fees as detailed on the Consolidated Statement of Operations.

At December 31, 2025, the Fund had payables for administration and fund accounting, transfer agent, custody, and compliance fees as detailed on the Consolidated Statement of Assets and Liabilities.

The Independent Trustees were paid $14,438 for their services and reimbursement of travel expenses during the year ended December 31, 2025. The Fund pays no compensation to the Interested Trustee or officers of the Trust.

There is a maximum initial sales charge of 5.75% for Class A shares. There is a contingent deferred sales charge ("CDSC") of 1.00% on Class C shares, which applies if redemption occurs within 12 months from purchase payment. In certain cases, the Fund's Class A shares have a 1.00% CDSC, which applies if redemption occurs within 18 months from purchase payment. This CDSC only applied to those purchases of Class A shares in excess of $1,000,000 and the initial sales charge is waived.

For the year ended December 31, 2025, CDSCs for Class C shares totaled $3,019.

20<br>

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

**Patient Opportunity Trust** 

**Notes to Consolidated Financial Statements** 

**December 31, 2025(Continued)** 

**Note 4 – Investments** 

For the year ended December 31, 2025, the aggregate cost of purchases and proceeds from sales of investments (excluding short-term investments) were as follows:

---

| | |
|:---|:---|
| Purchases  | $482131631  |
| Sales | $601984272 |

---

**Note 5 – Class specific expenses** 

The Fund has adopted a Rule 12b-1 shareholder services and distribution plan and under that plan the Fund pays service and/or distribution fees with respect to its Class A, Class C, Class FI and Class R shares calculated at the annual rate of 0.25%, 1.00%, 0.25% and 0.50% of the average daily net assets of each class, respectively.

The Fund also has arrangements with various parties to provide ongoing sub-transfer agent services for each share class. Service and/or distribution fees and sub-transfer agent fees are accrued daily and paid monthly or quarterly.

For the year ended December 31, 2025, class specific expenses are detailed on Consolidated Statement of Operations.

**Note 6 – Lines of Credit** 

The Fund may borrow for investment purposes, also known as "leveraging" from a $150,000,000 line of credit ("Leveraging Credit Agreement") with the Bank of Nova Scotia. This Leveraging Credit Agreement renews daily for a 180-day term unless notice to the contrary is given to the Fund. Leverage is the ability to earn a return on a capital base that is larger than the Fund's net assets. Use of leverage can magnify the effects of changes in the value of the Fund's investments and makes such investments more volatile. Leveraging could cause investors to lose more money in adverse environments. The Fund pays a monthly commitment fee at an annual rate of 0.10% on the unutilized portion of the Leveraging Credit Agreement. The interest on the borrowings under this Leveraging Credit Agreement is calculated at variable rates based on the prevailing Secured Overnight Financing Rate plus a spread. To the extent of the borrowing outstanding, the Fund is required to maintain collateral in a special custody account at the Fund's custodian on behalf of the Bank of Nova Scotia. The Fund's Leveraging Credit Agreement contains customary covenants that, among other things, may limit the Fund's ability to pay distributions in certain circumstances, incur additional debt, change its fundamental investment policies and engage in certain transactions, including mergers and consolidations, and require asset coverage ratios in addition to those required by the 1940 Act. In addition, the Leveraging Credit Agreement may be subject to early termination under certain events and may contain other provisions that could limit the Fund's ability to utilize borrowing under the agreement.

The Fund also has access to a $65 million line of credit through an agreement with U.S. Bank. The Fund may temporarily draw on the line of credit to satisfy redemption requests or settle investment transactions. Interest is charged to the Fund based on its borrowings at a rate per annum equal to the Prime Rate, to be paid monthly.

---

| | | |
|:---|:---|:---|
|  | **Bank of Nova Scotia** | **U.S. Bank**  |
| Maximum available credit | &nbsp;&nbsp; $150000000 | $65000000  |
| Largest amount outstanding on an individual day | &nbsp;&nbsp; 149000000 | 8611000  |
| Average daily loan outstanding | &nbsp;&nbsp; 144623288 | 1469207  |
| Interest expense | &nbsp;&nbsp; 7514773 | 68905  |
| Loan outstanding as of December 31, 2025 | &nbsp;&nbsp; 146500000 | 0  |
| Average Interest rate | &nbsp;&nbsp; 5.20% | 7.40% |

---

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

**Patient Opportunity Trust** 

**Notes to Consolidated Financial Statements** 

**December 31, 2025(Continued)** 

**Note 7 – Transactions with affiliated companies** 

An "Affiliated Company", as defined in the 1940 Act, includes a company in which the Fund owns 5% or more of the company's outstanding voting securities or partnership interests at any time during the year. The following transactions were affected in shares of such companies for the year ended December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Pangaea** <br>**One, LP** | **Canada Goose** <br>**Holdings Inc**  | **Precigen** <br>**Inc.** | **Precigen 8%** <br>**Convertible** <br>**Perpetual** <br>**Preferred Stock**  | **Precigen** <br>**Warrant** | **Total**  |
| Value at December 31, 2024 | $1664507 | $29087000  | $16128000 | $14305704 | $12920000 | $74105211  |
| Conversion of Preferred Stock |  |  | 11377275 | (11377275) |  | —  |
| Sales | (350000) | (26795636) | (52242412) |  |  | (79388048)  |
|  Change in Unrealized Gain (Loss) | 25750823 | 18533479 | 53713265 | (2928429) | 47600000 | 142669138  |
|  Realized Gain (Loss) on Sales/ Distributions | (27065330) | (20824843) | 29617491 |  |  | (18272682)  |
| Value at December 31, 2025 | $— | $— | $58593619 | $— | $60520000 | $119113619  |
| Shares at December 31, 2025 |  |  | 14017612 |  | 13600000 |  |
|  Amortization, Dividend, Interest Income | $— | $— | $— | $— | $— | $— |

---

**Note 8 – Restricted securities** 

The following Fund investments are restricted as to resale and, in the absence of readily ascertainable market values, are valued in good faith in accordance with procedures approved by the Board of Trustees.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **Cost** | **Value at** <br>**December 31, 2025** | **Percent of** <br>**Net Assets** | **Open** <br>**Commitments**  |
| Precigen (Warrant) <sup>1</sup> | $9022725 | &nbsp;&nbsp; $60520000 | &nbsp;&nbsp;&nbsp;&nbsp; 3.2% | &nbsp;&nbsp;&nbsp;&nbsp; N/A |

---

<sup>1</sup> Acquisition date was 12/24.

**Note 9 – Income tax information and distributions to shareholders** 

The Fund made distributions during the year ended December 31, 2025, and the year ended December 31, 2024:

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,**  | **Year Ended December 31,**  |
| <br>**Ordinary Income:** | **2025** | **2024**  |
| Class A | $— | $407386  |
| Class C |  | —  |
| Class FI |  | —  |
| Class I | 1399678 | 1668461  |
| Class IS | 6475 | 2586  |
| Class R |  | —  |
| **Total** | $1406153 | $2078433 |

---

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

**Patient Opportunity Trust** 

**Notes to Consolidated Financial Statements** 

**December 31, 2025(Continued)** 

At December 31, 2025, the components of accumulated earnings for income tax purposes were as follows:

---

| | |
|:---|:---|
| Tax cost of investments | $1281212591  |
| Unrealized appreciation | 871286779  |
| Unrealized depreciation | (143383911)  |
| Net unrealized appreciation | $727902868  |
| Undistributed Ordinary Income | 17423322  |
| Capital loss carryforwards | (35961866)  |
| Other accumulated gain/(loss)<sup>(a)</sup> | (25149820)  |
| Total distributable earnings | $684214504 |

---

<sup>(a)</sup> Other book/tax temporary differences are attributable to wash sales and differences in the tax treatment of PFICs and partnerships.

GAAP requires that certain components of net assets be reclassified to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year ended December 31, 2025, the following reclassifications have been made:

---

| | |
|:---|:---|
| **Distributable**<br>**Earnings<sup>(a)</sup>** | **Paid In** <br>**Capital<sup>(a)</sup>**  |
| $(873739) | $873739 |

---

<sup>(a)</sup> Reclassifications are due to the difference between the estimated and actual tax return of capital amount and subsidiary reversals. 

The Fund is required to measure and distribute annually, net capital gains realized during the twelve-month period ending October 31 in order to meet certain excise tax requirements. In connection with this requirement, the Fund is 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. As of December 31, 2025, the Fund had no post-October late-year losses or post October capital losses.

At December 31, 2025, the 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**  |
| $(35961866) | $— | $(35961866) |

---

**Note 10 – 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 December 31, 2025, Morgan Stanley Wealth Management held approximately 41%, in aggregate for the benefit of others, of the outstanding shares of the Fund.

**Note 11 – Subsequent Events** 

Management has evaluated events and transactions that occurred subsequent to December 31, 2025, through the date the financial statements have been issued and has determined there were no significant subsequent events that would require adjustment to or additional disclosure in these financial statements.

23<br>

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

**Patient Opportunity Trust** 

**Notes to Consolidated Financial Statements** 

**December 31, 2025(Continued)** 

**NOTE 12 – ACCOUNTING PRONOUNCEMENTS**

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"). ASU 2023-09 is intended to provide transparency and enhanced details for taxes paid and is designed to help investors better understand an entity's exposure to taxes by type and jurisdiction. Management has evaluated the impact of adopting ASU 2023-09 with respect to the financial statements and disclosures and determined there is no material impact for the Fund.

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

**PATIENT OPPORTUNITY TRUST** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Shareholders of Patient Opportunity Trust and

Board of Trustees of Advisor Managed Portfolios

<u>Opinion on the Financial Statements</u>

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments of Patient Opportunity Trust, a series of Advisor Managed Portfolios (the "Fund") as of December 31, 2025, the related consolidated statements of operations and cash flows for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, the financial highlights (consolidated for 2025 and 2024) for each of the three years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the consolidated financial position of the Fund as of December 31, 2025, the results of its consolidated operations and its cash flows for the year then ended, the consolidated changes in net assets for each of the two years in the period then ended, and the financial highlights (consolidated for 2025 and 2024) for each of the three years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

The Fund's financial highlights for the years ended December 31, 2022 and prior, were audited by other auditors whose report dated March 1, 2023, expressed an unqualified opinion on those financial highlights.

<u>Basis for Opinion</u>

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, brokers, transfer agent, and private company; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor for one or more investment companies within the Trust since 2023.

![](14670_.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

February 27, 2026

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

**Patient Opportunity Trust** 

**Additional Information** 

**December 31, 2025 (Unaudited)** 

**Tax Information** 

For the period ended December 31, 2025, certain dividends paid by the Fund may be subject to a maximum tax rate of 23.8%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was 100%.

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the period ended December 31, 2025 was 100%.

The Percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(C) for the Fund was 0%.

**Approval of Investment Advisory Agreement**

At a meeting held on December 3-4, 2025, the Board of Trustees (the "Board" or "Trustees") of Advisor Managed Portfolios (the "Trust"), which was composed entirely of Trustees who were not "interested persons" of the Trust, as that term is defined in the Investment Company Act of 1940, considered and approved the continuance of the investment advisory agreement (the "Agreement") with Patient Capital Management (the "Advisor") for the Patient Opportunity Trust (the "Fund").

In advance of the meeting, the Board received, reviewed, and discussed substantial information regarding the Fund, the Advisor, and the services provided by the Advisor to the Fund under the Agreement, including information about the portfolio managers, the resources of the Advisor, and the Fund's performance and advisory fee. The Trustees considered the review of the Agreement to be an ongoing process and employed the accumulated information, knowledge, and experience they had gained with the Advisor. The information prepared specifically for the annual review of the Agreement supplemented the information provided to the Trustees throughout the year related to the Advisor and the Fund. The Board and its committees met regularly during the year and the information provided and topics discussed at such meetings were relevant to the Board's review of the Agreement. Some of these reports and other data included, among other things, materials that outlined the investment performance of the Fund; compliance, regulatory, and risk management matters; the trading practices of the Advisor; valuation of investments; fund expenses; and overall market and regulatory developments. The Trustees were advised by independent legal counsel during the review process and met in executive session with such counsel without representatives from the Advisor present. In connection with their review, the Trustees also received a memorandum from independent legal counsel outlining their fiduciary duties and the legal standards applicable to their review of the Agreement.

In considering the Agreement, the Board considered the following factors and made the following determinations. In its deliberations, the Board did not identify any single factor or piece of information as all important, controlling, or determinative of its decision, and each Trustee may have attributed different weights to the various factors and information.

&nbsp;&nbsp;&nbsp;&nbsp;• In considering the nature, extent and quality
 of the services provided by the Advisor, the Trustees considered the Advisor's specific responsibilities in all aspects of the day-to-day
 management of the Fund, as well as the qualifications, experience and responsibilities of the portfolio managers and other key personnel
 who are involved in the day-to-day activities of the Fund. The Board considered the Advisor's resources and compliance structure,
 including information regarding its compliance program, chief compliance officer and compliance record, and disaster recovery/business
 continuity plan. The Board also considered its knowledge of the Advisor's operations, and noted that during the course of the year
 the Trustees met with the Advisor to discuss the Fund's performance, the Advisor's investment outlook, various marketing and
 compliance topics, and the Advisor's risk management process. The Board concluded that the Advisor had sufficient quality and depth
 of personnel, resources, investment methods and compliance policies and procedures essential to performing its duties under the Agreement
 and that, in the Board's view, the nature, overall quality, and extent of the management services provided were satisfactory and
 reliable.

&nbsp;&nbsp;&nbsp;&nbsp;• In assessing the quality of the portfolio management
 delivered by the Advisor, the Board considered the Fund's performance on both an absolute basis and in comparison to its peer groups
 (a larger group category and a smaller, focused group), based on information provided by an independent consulting firm, and to its benchmark
 index. The Board considered that the Fund outperformed the S&P 500 Index for the one- and

26<br>

------

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

**Patient Opportunity Trust** 

**Additional Information** 

**December 31, 2025 (Unaudited)(Continued)** 

three-year periods ended September 30, 2025, and underperformed the Index for the five- and ten-year periods ended September 30, 2025. The Board also considered that the Fund outperformed its peer groups' averages for the one- and three-year periods ended September 30, 2025, underperformed its peer groups' averages for the five-year period ended September 30, 2025, and, for the ten-year period ended September 30, 2025, was in-line with the focused peer group average and slightly outperformed the larger peer group average.

&nbsp;&nbsp;&nbsp;&nbsp;• The Trustees reviewed the cost of the Advisor's
 services, and the structure and level of the advisory fee payable by the Fund, including a comparison of the fee to fees payable by its
 peer groups (a larger group category and a smaller, focused group) based on information provided by an independent consulting firm. The
 Board noted that, to reduce the Fund's expenses, the Advisor had agreed to maintain a contractual annual expense limitation for
 each of the Fund's share classes. The Trustees noted that the advisory fee was above the focused peer group average and was in the
 first quartile of the peer group out of four quartiles (a lower quartile number indicates a higher advisory fee). The Trustees also noted
 that the Fund's total net expense ratio was higher than both the focused peer group average and the larger peer group average and
 was in the first quartile of the focused peer group out of four quartiles (a lower quartile number indicates higher expenses). After reviewing
 the materials that were provided, the Board concluded that the advisory fee was fair and reasonable in light of the services provided.

&nbsp;&nbsp;&nbsp;&nbsp;• The Trustees considered the profitability of
 the Advisor from managing the Fund. In assessing the Advisor's profitability, the Trustees reviewed the analysis provided by the
 Advisor and took into account both the direct and indirect benefits to the Advisor from managing the Fund. The Trustees concluded that
 the Advisor's profit from managing the Fund was not excessive and, after a review of the relevant financial information, that the
 Advisor appeared to have adequate capitalization and/or would maintain adequate profit levels to support the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;• In considering whether economies of scale have
 been achieved, the Trustees reviewed the Fund's fee structure, which includes breakpoints, the Advisor's contractual fee waiver
 and expense reimbursement, and the asset level of the Fund. The Trustees concluded that they will have the opportunity to periodically
 reexamine whether economies of scale have been achieved.

**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** 

See Financial Statements.

27<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>**

See Item 7(a).

**<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.* Filed herewith.](pot-efp22808_ex99code.htm)

 

&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.](pot-efp22808_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](pot-efp22808_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> | <u>Advisor Managed Portfolios</u> |
| By | /s/ Russell B. Simon |
|  | *Russell B. Simon*, President/Principal Executive Officer |
| Date | 03/09/26 |

---

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 | 03/09/26 |
| By | /s/ Eric T. McCormick |
|  | *Eric T. McCormick*, Treasurer/Principal Financial Officer |
| Date | 03/06/26 |

---

## Ex-99.Code

Column A - Policies and Procedures

**ADVISOR MANAGED PORTFOLIOS**

**Code of Ethics For Principal Executive Officer & Principal Financial Officer – May 31, 2023**

**I. Introduction/Covered Persons**

Advisor Managed Portfolios (the "Trust") has been successful in large part by managing its business with honesty and integrity. The principal officers of the Trust have an important and elevated role in corporate governance and in promoting investor confidence. To further the ends of ethical and honest conduct among its officers, the Audit Committee of the Board of Trustees of the Trust has adopted this Code of Ethics. This Code of Ethics is designed to comply with Section 406 of the Sarbanes-Oxley Act of 2002 ("Sarbanes-Oxley") and the rules promulgated by the Securities and Exchange Commission (the "SEC") thereunder. This Code of Ethics applies to the principal executive officer, principal financial officer, controller and other senior financial officers of the Trust, as may be identified from time to time by the Audit Committee (collectively, the "Covered Persons").

The Audit Committee shall be responsible for the overall administration of this Code of Ethics, but has delegated to the Trust's Chief Compliance Officer (the "Chief Compliance Officer") the responsibility to oversee the day-to-day operation of this Code of Ethics. This Code of Ethics is in addition to, not in replacement of, the Trust's Code of Ethics for access persons (the "Investment Company Code of Ethics"), adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940, as amended (the "Investment Company Act"). The Covered Persons may also be subject to the Investment Company Code of Ethics.

II. Code of Ethics Requirements

This Code of Ethics requires each Covered Person to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Act with honesty and integrity, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Provide full, fair, accurate, timely and understandable disclosure in reports submitted to or filed with the SEC and in all other public communications made by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Comply with laws, rules and regulations of the federal government, state governments and other regulatory agencies as they apply to the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Disclose promptly to the Chief Compliance Officer any violations of this Code of Ethics of which the Covered Person may become aware; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Not retaliate against any other Covered Person or any employee of the Trust or their affiliated persons for reports of potential violations that are made in good faith.

III. Conflicts of Interest

A conflict of interest occurs when a Covered Person's private interest interferes in any way—or even appears to interfere—with the interests of the Trust as a whole or with his or her service to the Trust. For example, a conflict of interest would arise if a Covered Person, or a member of his or her family, receives improper personal benefits as a result of his or her position with the Trust.

Certain conflicts of interest arise out of the relationships between Covered Persons and the Trust and already are subject to conflict of interest provisions in the Investment Company Act and the Investment Advisers Act of 1940, as amended (the "Investment Advisers Act"). For example, Covered Persons may not individually engage in certain transactions with the Trust (such as the purchase or sale of securities or other property, except the Trust's own fund shares) because of their status as "affiliated persons" of the Trust. The Trust's and the investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Code of Ethics: Principal Executive Officer & Principal Financial Officers - May 31, 2023

Column A - Policies and Procedures

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Trust and its investment adviser and/or administrator of which the Covered Persons are also officers or employees. As a result, this Code recognizes that the Covered Persons will, in the normal course of their duties (whether formally for the Trust or for the adviser and/or administrator, or for both), be involved in establishing policies and implementing decisions that will have different effects on the adviser and/or administrator and the Trust. The participation of the Covered Persons in such activities is inherent in the contractual relationship between the Trust and its investment adviser and/or administrator and is consistent with the performance by the Covered Persons of their duties as officers of the Trust. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Persons should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Person should not be placed improperly before the interest of the Trust.

Each Covered Person must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Trust whereby the Covered Person would benefit personally to the detriment of the Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not cause the Trust to take action, or fail to take action, for the individual personal benefit of the Covered Person rather than for the benefit of the Trust.

There are some conflict of interest situations that should be discussed with the Chief Compliance Officer if material. Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any ownership interest in, or any consulting or employment relationship with, any of the Trust's service providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Person's employment, such as compensation or equity ownership.

IV. Accurate, Complete, Timely and Understandable Information

The Covered Persons are responsible for ensuring that Trust's shareholders and the public receive financial and other information that is accurate, complete, timely and understandable. Covered Persons are obligated to comply with all laws and regulations governing the public disclosure of Trust information. All public statements, whether oral or written, must be understandable and accurate, with no material omissions.

The books and records of the Trust must be kept accurate and current to ensure that the public receives information that is full, fair, accurate, complete and timely. The Covered Persons must ensure that transactions are completely and accurately recorded on the Trust's books and records in accordance with generally accepted accounting principles. Economic evaluations must fairly represent all information relevant to the evaluation being made. No secret or unrecorded cash funds or other assets may be established or maintained for any purpose. Each Covered Person shall also comply with the Trust's disclosure controls and procedures and the Trust's internal controls and procedures for financial reporting.

V. Waivers

The Audit Committee may grant a waiver from one or more provisions of this Code of Ethics upon the request of a Covered Person and after a review of the relevant facts and circumstances. The decision by the Audit Committee whether to grant a waiver from this Code of Ethics shall be final.

Code of Ethics: Principal Executive Officer & Principal Financial Officers - May 31, 2023

Column A - Policies and Procedures

"Waiver" shall mean the approval of a material departure from a provision of this Code of Ethics. If an executive officer becomes aware of a material departure from a provision of this Code of Ethics by any Covered Person, he or she shall immediately report such violation to the Chief Compliance Officer or the Audit Committee, as appropriate. The Chief Compliance Officer shall promptly report the violation to the Audit Committee. If the Audit Committee fails to take action with respect to the violation within ten business days, the Trust shall be deemed to have made an "implicit waiver" from this Code of Ethics.

If a waiver from one or more provisions of Section II of this Code of Ethics is granted by the Audit Committee to any Covered Person, including an implicit waiver, the Audit Committee shall direct the Trust to (a) post a notice and description of the waiver on the each applicable Fund's website within five business days following the waiver, including the name of the person to whom the Trust granted the waiver and the date of the waiver, maintain such notice on the website for at least 12 months, and retain such notice for a period of at least 6 years following the end of the fiscal year in which the waiver occurred; or (b) include a description of the waiver in the Trust's next report on Form N-CSR relating to the applicable Fund. If the waiver will be disclosed via a Fund's website, the Trust must have first disclosed in its most recent Form NCSR relating to the applicable Fund that it intends to disclose these events on the Fund's website and website's address.

VI. Amendments

This Code of Ethics may be amended by the Audit Committee as it deems appropriate. If a provision of the Code of Ethics that applies to any Covered Person and that relates to one or more provisions of Section II of this Code is amended, the Audit Committee shall direct the applicable Fund to (a) post a notice and description of the amendment on the Fund's website within five business days following the amendment, maintain such notice on the website for at least 12 months, and retain such notice for a period of at least 6 years following the end of the fiscal year in which the amendment occurred; or (b) include a description of the amendment in the Trust's next report on Form N-CSR relating to the applicable Fund. If the amendment will be disclosed via a Fund's website, the rules applicable to website postings of waivers, discussed in Section V above, apply. Technical, administrative or other non-substantive amendments to the Code of Ethics need not be disclosed.

VII. Violations

If the Audit Committee becomes aware of an actual or potential violation of this Code of Ethics, it shall direct an investigation into the facts and circumstances surrounding the violation. If a violation is found, the Audit Committee may impose on the Covered Person found to be in violation of this Code of Ethics any of a wide range of consequences as it deems appropriate, including warnings or letters of reprimand for less significant, first-time offenses, fines, reduced professional duties, suspension without pay and, in the most serious cases, termination.

VIII. Disclosure

The Audit Committee shall direct the Trust to make this Code of Ethics publicly available through one of the following three methods: (1) filing the Code as an exhibit to the Trust's annual report on Form N-CSR relating to each Fund; (2) posting the text of the Code on the applicable Fund's website, provided that the Fund has first disclosed the website's address and intent to provide disclosure in this manner in its most report on Form N-CSR and provided further that the text of the Code remains on the applicable Fund's website for as long as the Trust remains subject to the SEC's rules promulgated under Section 406 of Sarbanes-Oxley ; or (3) providing an undertaking in its most recent report on Form N-CSR relating to each applicable Fund to provide a copy of the Code of Ethics to any person without charge upon request.

Code of Ethics: Principal Executive Officer & Principal Financial Officers - May 31, 2023

Column A - Policies and Procedures

IX. Acknowledgement

Each Covered Person shall, in the form attached hereto as Appendix A, acknowledge receipt of and compliance with the Code of Ethics upon adoption of this Code of Ethics or when initially hired, whichever occurs later. Each Covered Person shall annually, in the form attached hereto as Appendix B, acknowledge receipt of and compliance with this Code of Ethics.

X. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code or in the course of investigating any alleged violation of this Code, such matters shall not be disclosed to anyone other than the Board, its counsel, the Trust, its counsel, the investment adviser, and its counsel.

XI. Internal Use

The Code is intended solely for the internal use by the Trust and does not constitute an admission, by or on behalf of any Trust, as to any fact, circumstance, or legal conclusion.

**Adopted by the Board of Trustees on May 31, 2023**

Code of Ethics: Principal Executive Officer & Principal Financial Officers - May 31, 2023

## Ex-99.Cert

**EX.99.CERT**

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

I, Russell B. Simon, certify that:

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

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;

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;

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;

(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;

(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

(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

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):

(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

(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: | 03/09/26 | /s/ Russell B. Simon |
|  |  | Russell B. Simon |
|  |  | President and Principal Executive Officer |

---

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

I, Eric T. McCormick, certify that:

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

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;

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;

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;

(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;

(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

(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

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):

(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

(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: | 03/06/26 | /s/ Eric T. McCormick |
|  |  | Eric T. McCormick, |
|  |  | 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 year ended December 31, 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/ Russell B. Simon | /s/ Eric T. McCormick | /s/ Eric T. McCormick |
| Russell B. Simon | Russell B. Simon | Eric T. McCormick | Eric T. McCormick |
| President and Principal Executive Officer, | President and Principal Executive Officer, | Treasurer and Principal Financial Officer, | Treasurer and Principal Financial Officer, |
| Advisor Managed Portfolios | Advisor Managed Portfolios | Advisor Managed Portfolios | Advisor Managed Portfolios |
| Dated: | 03/09/26 | Dated: | 03/06/26 |

---

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.