# EDGAR Filing Document

**Accession Number:** 0001970751
**File Stem:** 0001133228-25-009648
**Filing Date:** 2025-9
**Character Count:** 111961
**Document Hash:** 4b9538dc43560c091e93acf606226d63
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-009648.hdr.sgml**: 20250909

**ACCESSION NUMBER**: 0001133228-25-009648

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 25

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250909

**DATE AS OF CHANGE**: 20250908

**EFFECTIVENESS DATE**: 20250909

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23859
- **FILM NUMBER:** 251301260

**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'? 2025-07-03195292_PatientOpportunityTrust_ClassA_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR** 

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **<u>811-23859</u>**

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

(Exact name of registrant as specified in charter)

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

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

(Address of principal executive offices) (Zip code)

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

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

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

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

(Name and address of agent for service)

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

Registrant's telephone number, including area code

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

Date of reporting period: **<u>June 30, 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) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img62558_202502211013467.jpg) |

---

This semi-annual shareholder report contains important information about the Patient Opportunity Trust for the period of January 1, 2025, to June 30, 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.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class A | $87 | 1.72% |

---

\* Annualized

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

---

| | |
|:---|:---|
| **Net Assets** | $1584139210 |
| **Number of Holdings** | 41 |
| **Portfolio Turnover** | 15% |

---

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

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

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Consumer Discretionary  | 26.6% |
|  Health Care  | 18.8% |
|  Financials  | 17.7% |
|  Communication Services  | 14.9% |
|  Industrials  | 11.4% |
|  Energy  | 8.8% |
|  Information Technology  | 5.0% |
|  Consumer Staples  | 0.3% |
|  Cash & Other  | -3.5% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  QXO, Inc.  | 6.8% |
|  Amazon.com Inc.  | 6.1% |
|  Citigroup Inc.  | 5.5% |
|  Alphabet Inc.  | 5.3% |
|  Meta Platforms Inc.  | 5.2% |
|  Royalty Pharma PLC  | 5.1% |
|  NVIDIA Corp.  | 5.0% |
|  Norwegian Cruise Line Holdings Ltd.  | 4.5% |
|  CVS Health Corp.  | 4.0% |
|  Energy Transfer LP  | 3.5% |

---

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 1 TSR-SAR-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) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img62558_202502211013467.jpg) |

---

This semi-annual shareholder report contains important information about the Patient Opportunity Trust for the period of January 1, 2025, to June 30, 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.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class C | $125 | 2.47% |

---

\* Annualized

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

---

| | |
|:---|:---|
| **Net Assets** | $1584139210 |
| **Number of Holdings** | 41 |
| **Portfolio Turnover** | 15% |

---

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

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

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Consumer Discretionary  | 26.6% |
|  Health Care  | 18.8% |
|  Financials  | 17.7% |
|  Communication Services  | 14.9% |
|  Industrials  | 11.4% |
|  Energy  | 8.8% |
|  Information Technology  | 5.0% |
|  Consumer Staples  | 0.3% |
|  Cash & Other  | -3.5% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  QXO, Inc.  | 6.8% |
|  Amazon.com Inc.  | 6.1% |
|  Citigroup Inc.  | 5.5% |
|  Alphabet Inc.  | 5.3% |
|  Meta Platforms Inc.  | 5.2% |
|  Royalty Pharma PLC  | 5.1% |
|  NVIDIA Corp.  | 5.0% |
|  Norwegian Cruise Line Holdings Ltd.  | 4.5% |
|  CVS Health Corp.  | 4.0% |
|  Energy Transfer LP  | 3.5% |

---

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 1 TSR-SAR-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) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img62558_202502211013467.jpg) |

---

This semi-annual shareholder report contains important information about the Patient Opportunity Trust for the period of January 1, 2025, to June 30, 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.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class FI | $90 | 1.77% |

---

\* Annualized

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

---

| | |
|:---|:---|
| **Net Assets** | $1584139210 |
| **Number of Holdings** | 41 |
| **Portfolio Turnover** | 15% |

---

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

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

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Consumer Discretionary  | 26.6% |
|  Health Care  | 18.8% |
|  Financials  | 17.7% |
|  Communication Services  | 14.9% |
|  Industrials  | 11.4% |
|  Energy  | 8.8% |
|  Information Technology  | 5.0% |
|  Consumer Staples  | 0.3% |
|  Cash & Other  | -3.5% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  QXO, Inc.  | 6.8% |
|  Amazon.com Inc.  | 6.1% |
|  Citigroup Inc.  | 5.5% |
|  Alphabet Inc.  | 5.3% |
|  Meta Platforms Inc.  | 5.2% |
|  Royalty Pharma PLC  | 5.1% |
|  NVIDIA Corp.  | 5.0% |
|  Norwegian Cruise Line Holdings Ltd.  | 4.5% |
|  CVS Health Corp.  | 4.0% |
|  Energy Transfer LP  | 3.5% |

---

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 1 TSR-SAR-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) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img62558_202502211013467.jpg) |

---

This semi-annual shareholder report contains important information about the Patient Opportunity Trust for the period of January 1, 2025, to June 30, 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.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class I | $72 | 1.42% |

---

\* Annualized

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

---

| | |
|:---|:---|
| **Net Assets** | $1584139210 |
| **Number of Holdings** | 41 |
| **Portfolio Turnover** | 15% |

---

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

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

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Consumer Discretionary  | 26.6% |
|  Health Care  | 18.8% |
|  Financials  | 17.7% |
|  Communication Services  | 14.9% |
|  Industrials  | 11.4% |
|  Energy  | 8.8% |
|  Information Technology  | 5.0% |
|  Consumer Staples  | 0.3% |
|  Cash & Other  | -3.5% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  QXO, Inc.  | 6.8% |
|  Amazon.com Inc.  | 6.1% |
|  Citigroup Inc.  | 5.5% |
|  Alphabet Inc.  | 5.3% |
|  Meta Platforms Inc.  | 5.2% |
|  Royalty Pharma PLC  | 5.1% |
|  NVIDIA Corp.  | 5.0% |
|  Norwegian Cruise Line Holdings Ltd.  | 4.5% |
|  CVS Health Corp.  | 4.0% |
|  Energy Transfer LP  | 3.5% |

---

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 1 TSR-SAR-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) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img62558_202502211013467.jpg) |

---

This semi-annual shareholder report contains important information about the Patient Opportunity Trust for the period of January 1, 2025, to June 30, 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.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class IS | $70 | 1.37% |

---

\* Annualized

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

---

| | |
|:---|:---|
| **Net Assets** | $1584139210 |
| **Number of Holdings** | 41 |
| **Portfolio Turnover** | 15% |

---

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

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

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Consumer Discretionary  | 26.6% |
|  Health Care  | 18.8% |
|  Financials  | 17.7% |
|  Communication Services  | 14.9% |
|  Industrials  | 11.4% |
|  Energy  | 8.8% |
|  Information Technology  | 5.0% |
|  Consumer Staples  | 0.3% |
|  Cash & Other  | -3.5% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  QXO, Inc.  | 6.8% |
|  Amazon.com Inc.  | 6.1% |
|  Citigroup Inc.  | 5.5% |
|  Alphabet Inc.  | 5.3% |
|  Meta Platforms Inc.  | 5.2% |
|  Royalty Pharma PLC  | 5.1% |
|  NVIDIA Corp.  | 5.0% |
|  Norwegian Cruise Line Holdings Ltd.  | 4.5% |
|  CVS Health Corp.  | 4.0% |
|  Energy Transfer LP  | 3.5% |

---

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 1 TSR-SAR-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) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img62558_202502211013467.jpg) |

---

This semi-annual shareholder report contains important information about the Patient Opportunity Trust for the period of January 1, 2025, to June 30, 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.

***This report describes changes to the Fund that occurred during the reporting period.***

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class R | $99 | 1.95% |

---

\* Annualized

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

---

| | |
|:---|:---|
| **Net Assets** | $1584139210 |
| **Number of Holdings** | 41 |
| **Portfolio Turnover** | 15% |

---

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

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

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Consumer Discretionary  | 26.6% |
|  Health Care  | 18.8% |
|  Financials  | 17.7% |
|  Communication Services  | 14.9% |
|  Industrials  | 11.4% |
|  Energy  | 8.8% |
|  Information Technology  | 5.0% |
|  Consumer Staples  | 0.3% |
|  Cash & Other  | -3.5% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  QXO, Inc.  | 6.8% |
|  Amazon.com Inc.  | 6.1% |
|  Citigroup Inc.  | 5.5% |
|  Alphabet Inc.  | 5.3% |
|  Meta Platforms Inc.  | 5.2% |
|  Royalty Pharma PLC  | 5.1% |
|  NVIDIA Corp.  | 5.0% |
|  Norwegian Cruise Line Holdings Ltd.  | 4.5% |
|  CVS Health Corp.  | 4.0% |
|  Energy Transfer LP  | 3.5% |

---

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 1 TSR-SAR-00777X629

------

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

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

Not applicable.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&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 Semi Annual Financial Statements

June 30, 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) |
| [Consolidated Financial Highlights](#tfihi) | [9](#tfihi) |
| [Notes to Consolidated Financial Statements](#tnotes) | [15](#tnotes) |
| [Additional Information](#taddinf) | [23](#taddinf) |

---

------

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

**PATIENT OPPORTUNITY TRUST** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 106.2%**<br>|  |  |
| **Communication Services - 14.9%**<br>|  |  |
| **Interactive Media & Services - 14.3%**<br>|  |  |
| Alphabet Inc. - Class A<sup>(a)</sup> | 475000 | $83709250  |
| Angi, Inc.<sup>(a)(b)</sup> | 607572 | 9271549  |
| IAC, Inc.<sup>(a)(b)</sup> | 1350000 | 50409000  |
| &nbsp;&nbsp;&nbsp; Meta Platforms Inc. - <br>Class A<sup>(a)</sup> | 112000 | 82666080  |
|  |  | 226055879  |
| **Media - 0.6%**<br>|  |  |
| S4 Capital Plc | 30000000 | 10459562  |
| &nbsp;&nbsp;&nbsp; **Total Communication** <br>**Services** |  | 236515441  |
| **Consumer Discretionary - 26.6%<sup>(c)</sup>**<br>|  |  |
| **Automobiles - 2.2%**<br>|  |  |
| General Motors Co.<sup>(a)</sup> | 700000 | 34447000  |
| **Broadline Retail - 10.1%**<br>|  |  |
|  Alibaba Group Holding Ltd. - ADR | 365000 | 41394650  |
| Amazon.com Inc.<sup>(a)(b)</sup> | 440000 | 96531600  |
| JD.com, Inc. - ADR | 650000 | 21216000  |
|  |  | 159142250  |
| **Hotels, Restaurants & Leisure - 9.5%**<br>|  |  |
|  Dave & Buster's Entertainment, Inc.<sup>(b)</sup> | 1600000 | 48128000  |
| Expedia Group Inc.<sup>(a)</sup> | 190000 | 32049200  |
| &nbsp;&nbsp;&nbsp; Norwegian Cruise Line <br>Holdings Ltd.<sup>(b)</sup> | 3500000 | 70980000  |
|  |  | 151157200  |
| **Leisure Products - 2.1%**<br>|  |  |
| Mattel Inc.<sup>(b)</sup> | 1050000 | 20706000  |
|  Peloton Interactive Inc. - Class A<sup>(b)</sup> | 1900000 | 13186000  |
|  |  | 33892000  |
|  **Textiles, Apparel & Luxury Goods - 2.7%**<br>|  |  |
| Canada Goose Holdings Inc.<sup>(b)</sup> | 300000 | 3357000  |
| Crocs, Inc.<sup>(b)</sup> | 390000 | 39499200  |
|  |  | 42856200  |
| &nbsp;&nbsp;&nbsp; **Total Consumer** <br>**Discretionary** |  | 421494650  |
| **Energy- 8.8%**<br>|  |  |
| **Energy Equipment & Services - 3.6%**<br>|  |  |
| Noble Corp. PLC | 500000 | 13275000  |
| Seadrill Ltd.<sup>(b)</sup> | 1700000 | 44625000  |
|  |  | 57900000  |
| **Oil, Gas & Consumable Fuels - 5.2%**<br>|  |  |
| Energy Transfer LP<sup>(a)</sup> | 3100000 | 56203000  |
| Kosmos Energy Ltd.<sup>(b)</sup> | 15000000 | 25800000  |
|  |  | 82003000  |
| **Total Energy**  |  | 139903000  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Financials- 20.7%**<br>|  |  |
| **Banks - 5.5%**<br>|  |  |
| Citigroup Inc.<sup>(a)</sup> | 1025000 | $87248000  |
| **Capital Markets - 6.6%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Coinbase Global Inc. - <br>Class A<sup>(b)</sup> | 155000 | 54325950  |
| UBS Group AG<sup>(a)</sup> | 1500000 | 50730000  |
|  |  | 105055950  |
| **Consumer Finance - 5.6%**<br>|  |  |
| OneMain Holdings Inc.<sup>(a)</sup> | 775000 | 44175000  |
| SoFi Technologies Inc.<sup>(b)</sup> | 2400000 | 43704000  |
|  |  | 87879000  |
| **Crytocurrency - 3.0%**<br>|  |  |
|  Fidelity Wise Origin Bitcoin Fund<sup>(b)(e)</sup> | 500000 | 46995000  |
| **Total Financials** |  | 327177950  |
| **Health Care- 18.8%**<br>|  |  |
| **Biotechnology - 3.1%**<br>|  |  |
| Biogen, Inc.<sup>(a)(b)</sup> | 240000 | 30141600  |
| Precigen Inc.<sup>(b)(d)</sup> | 12800000 | 18176000  |
|  |  | 48317600  |
|  **Health Care Providers & Services - 6.8%**<br>|  |  |
| CVS Health Corp.<sup>(a)</sup> | 925000 | 63806500  |
| UnitedHealth Group, Inc. | 140000 | 43675800  |
|  |  | 107482300  |
| &nbsp;&nbsp;&nbsp; **Life Sciences Tools &** <br>**Services - 3.8%**<br>|  |  |
| Illumina, Inc.<sup>(b)</sup> | 440000 | 41980400  |
| Tempus AI, Inc.<sup>(b)</sup> | 285000 | 18108900  |
|  |  | 60089300  |
| **Pharmaceuticals - 5.1%**<br>|  |  |
| Royalty Pharma PLC - Class A | 2250000 | 81067500  |
| **Total Health Care**  |  | 296956700  |
| **Industrials- 11.4%**<br>|  |  |
| **Passenger Airlines - 4.6%**<br>|  |  |
| Delta Air Lines Inc.<sup>(a)</sup> | 675000 | 33196500  |
| United Airlines Holdings Inc.<sup>(b)</sup> | 500000 | 39815000  |
|  |  | 73011500  |
|  **Trading Companies & Distributors - 6.8%**<br>|  |  |
| QXO, Inc.<sup>(a)(b)</sup> | 5000000 | 107700000  |
| **Total Industrials** |  | 180711500  |
| **Information Technology - 5.0%**<br>|  |  |
|  **Semiconductors & Semiconductor Equipment - 5.0%**<br>|  |  |
| NVIDIA Corp.<sup>(a)</sup> | 500000 | 78995000  |
| **Software - 0.0%<sup>(f)</sup>**<br>|  |  |
| Clear Secure, Inc. - Class A | 14700 | 408072  |
| **Total Information Technology** |  | 79403072  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $1,221,017,593)** |  | 1682162313 |

---

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

1<br>

------

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

**PATIENT OPPORTUNITY TRUST** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

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

---

| | | |
|:---|:---|:---|
|  | **Contracts** | **Value** |
| **WARRANTS - 1.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Precigen Warrant Restricted, Expires 12/30/2034, Exercise Price $0.75 (Acquired 12/30/2024, <br>Cost $9,022,725)<sup>(b)(d)(g)(h)</sup> | 13600000 | $20400000  |
| &nbsp;&nbsp;&nbsp; **TOTAL WARRANTS** <br>**(Cost $9,022,725)** |  | 20400000  |
|  | **Shares** |  |
|  **CONVERTIBLE PREFERRED STOCKS - 1.2%**<br>|  |  |
|  Precigen 8% Convertible Perpetual Preferred Stock, 0.00% (Acquired 12/30/2024, Cost $11,377,275)<sup>(d)(g)(h)(i)</sup> | 20400 | 19911828  |
| &nbsp;&nbsp;&nbsp; **TOTAL CONVERTIBLE PREFERRED STOCKS** <br>**(Cost $11,377,275)** |  | 19911828 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 0.3%<sup>(b)</sup>**<br>|  |  |  |
| **Put Options - 0.3%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Costco Wholesale Corp., Expiration: 01/16/2026; Exercise Price: <br>$965.00<sup>(j)(k)</sup> | $98994000 | 1000 | 4805000  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $7,985,255)** |  |  | 4805000  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 109.0%** <br>**(Cost $1,249,402,848)** |  |  | $1727279141  |
|  Liabilities in Excess of Other Assets - (9.0)% |  |  | (143139931)  |
| &nbsp;&nbsp;&nbsp; **TOTAL NET** <br>**ASSETS - 100.0%** |  |  | $1584139210 |

---

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> All or a portion of this security is pledged as collateral pursuant to the loan agreement.

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

<sup>(c)</sup> To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

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

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

<sup>(f)</sup> Represents less than 0.05% of net assets.

<sup>(g)</sup> Security considered restricted. The total market value of these securities was $40,311,828 which represented 2.5% of net assets as of June 30, 2025.

<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 $40,311,828 or 2.5% of net assets as of June 30, 2025.

<sup>(i)</sup> Paid in kind.

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

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

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** 

**June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **ASSETS:**<br>|  |
| Investments in unaffiliated securities, at value | $1668791313  |
| Investments in affiliated securities, at value | 58487828  |
| Cash | 4480615  |
| Dividends receivable | 1146794  |
| Dividend tax reclaims receivable | 349500  |
| Receivable for fund shares sold | 338849  |
| Prepaid expenses and other assets | 27574  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 1733622473  |
| **LIABILITIES:**<br>|  |
| Loans payable (Note 6) | 146500000  |
| Payable to advisor | 896253  |
| Payable for capital shares redeemed | 706878  |
| Interest payable | 387587  |
| Payable for distribution and shareholder servicing fees | 335807  |
| Payable for transfer agent fees and expenses | 261425  |
| Payable for fund administration and accounting fees | 250621  |
| Payable for custodian fees | 26979  |
| Payable for compliance fees | 5426  |
| Payable for expenses and other liabilities | 112287  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 149483263  |
| **NET ASSETS** | $1584139210  |
| **Net Assets Consists of:**<br>|  |
| Paid-in capital | $1237757194  |
| Total distributable earnings | 346382016  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $1584139210  |
| **Class A**<br>|  |
| Net assets | $748288517  |
| Shares issued and outstanding<sup>(a)</sup> | 18761392  |
| Net asset value per share | $39.88  |
| Max offering price per share (Net asset value per share dividend by 0.9425)<sup>(1)</sup> | $42.32  |
| **Class C**<br>|  |
| Net assets | $61018881  |
| Shares issued and outstanding<sup>(a)</sup> | 1732949  |
| Net asset value per share<sup>(2)</sup> | $35.21  |
| **Class FI**<br>|  |
| Net assets | $8473110  |
| Shares issued and outstanding<sup>(a)</sup> | 205422  |
| Net asset value per share | $41.25  |
| **Class I**<br>|  |
| Net assets | $761563585  |
| Shares issued and outstanding<sup>(a)</sup> | 17143120  |
| Net asset value per share | $44.42 |

---

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

3<br>

------

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

**PATIENT OPPORTUNITY TRUST** 

**CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES** 

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

---

| | |
|:---|:---|
| **Class IS**<br>|  |
| Net assets | $1166056  |
| Shares issued and outstanding<sup>(a)</sup> | 26188  |
| Net asset value per share | $44.53  |
| **Class R**<br>|  |
| Net assets | $3629061  |
| Shares issued and outstanding<sup>(a)</sup> | 92244  |
| Net asset value per share | $39.34  |
| **Cost:**<br>|  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities, at cost | $1209309555  |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities, at cost | $40093293 |

---

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

<sup>(2)</sup>

Redemption price per share of Class C shares is NAV reduced by a 1.00% CDSC if shares are redeemed within one year of purchase

(See Note 3).

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

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

4<br>

------

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

**Patient Opportunity Trust** 

**Consolidated Statement of Operations** 

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

---

| | |
|:---|:---|
| **INVESTMENT INCOME:**<br>|  |
| Dividend income | $9202752  |
| Less: Dividend withholding taxes | (108000)  |
| Less: Issuance fees | (20800)  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 9073952  |
| **EXPENSES:**<br>|  |
| Investment advisory fee (Note 3) | 5641038  |
| Interest expense (Note 6) | 3641454  |
| Distribution expenses - Class A | 879398  |
| Distribution expenses - Class C | 301683  |
| Distribution expenses - Class FI | 9778  |
| Distribution expenses - Class R | 8365  |
| Shareholder service fees - Class A | 339815 |
| Shareholder service fees - Class C | 28720 |
| Shareholder service fees - Class FI  | 5867  |
| Shareholder service fees - Class I | 381534 |
| Shareholder service fees - Class R | 1381 |
| Fund administration and accounting fees | 506848  |
| Transfer Agent fees | 202480  |
| Federal and state registration fees | 50700  |
| Reports to shareholders | 49775  |
| Custodian fees | 43429  |
| Legal fees | 29883  |
| Trustees' fees | 27230  |
| Audit fees | 12670  |
| Compliance fees | 9504  |
| Other expenses and fees | 21004  |
| &nbsp;&nbsp;&nbsp; Total expenses | 12192556  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement by Advisor | (284956)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 11907600  |
| **Net investment loss** | (2833648)  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |
| Net realized loss from:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities | (1403681)  |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities | (27379008)  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | (2592317)  |
| Net realized loss | (31375006)  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities | 41703353  |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities | 62214711  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | 5400  |
| Net change in unrealized appreciation (depreciation) | 103923464  |
| **Net realized and unrealized gain** | 72548458  |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $69714810 |

---

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

5<br>

------

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

**PATIENT OPPORTUNITY TRUST** 

**CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended** <br>**December 31,** <br>**2024**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment loss | $(2833648) | $(7681372)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (31375006) | 151248825  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 103923464 | 200121199  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from operations** | 69714810 | 343688652  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Class A |  | (407386)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class I |  | (1668461)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class IS |  | (2586)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** |  | (2078433)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A\* | 11871659 | 18505068  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class A |  | 389695  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A | (47165686) | (79885891)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class C | 1433765 | 3744310  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class C\* | (9556756) | (22762418)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class FI | 521972 | 415442  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class FI | (749000) | (1861319)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I | 34920493 | 53908818  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class I |  | 1608116  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I | (60176197) | (111805008)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class IS | 121931 | 296818  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class IS |  | 2480  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class IS | (7311) | (36616)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class R | 53772 | 140563  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class R | (62970) | (1140625)  |
| &nbsp;&nbsp;&nbsp; **Net decrease in net assets from capital transactions** | (68794328) | (138480567)  |
| **NET INCREASE IN NET ASSETS** | 920482 | 203129652  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 1583218728 | 1380089076  |
| &nbsp;&nbsp;&nbsp; End of the period | $1584139210 | $1583218728  |
| **SHARES TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A | 325002 | 576716  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class A |  | 10242  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A | (1323645) | (2380422)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class C | 44725 | 128888  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class C | (295595) | (794031)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class FI | 13351 | 11787  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class FI | (19767) | (55129)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I | 886881 | 1424584  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class I |  | 38008  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I | (1446549) | (3029569)  |

---

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

6<br>

------

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

**PATIENT OPPORTUNITY TRUST** 

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

---

| | | |
|:---|:---|:---|
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended** <br>**December 31,** <br>**2024**  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class IS | 2880 | 7449  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class IS |  | 58  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class IS | (165) | (997)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class R | 1463 | 4261  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class R | (1821) | (34138)  |
| &nbsp;&nbsp;&nbsp; **Total decrease in shares outstanding** | (1813240) | (4092293) |

---

<sup>\*</sup> 16,417 Class C shares converted into 14,520 Class A shares, amounting to $511,222, during the period ended June 30, 2025. 158,030 Class C shares converted into 140,941 Class A shares, amounting to $4,179,373, during the year ended December 31, 2024. Class C shares of the Fund automatically convert to Class A shares after they have been held for 8 years.

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

7<br>

------

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

**PATIENT OPPORTUNITY TRUST** 

**CONSOLIDATED STATEMENT OF CASH FLOWS** 

**June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **CASH FLOWS FROM OPERATING ACTIVITIES:**<br>|  |
| Net increase in net assets resulting from operations | $69714810  |
| &nbsp;&nbsp;&nbsp; Adjustments to reconcile net increase/(decrease) in net assets from operations <br>to net cash from operating activities:<br>|  |
| &nbsp;&nbsp;&nbsp; Purchases of investment in unaffiliated securities | (283975380)  |
| &nbsp;&nbsp;&nbsp; Purchases to cover written option contracts | (13072958)  |
| &nbsp;&nbsp;&nbsp; Sales of investment in unaffiliated securities | 342244482  |
| &nbsp;&nbsp;&nbsp; Sales of investment in affiliated securities | 2832610  |
| &nbsp;&nbsp;&nbsp; Premiums from written option contracts | 10480640  |
| &nbsp;&nbsp;&nbsp; Net realized (gain) loss investments on affiliated securities | 27379008  |
| &nbsp;&nbsp;&nbsp; Net realized (gain) loss on written option contracts expired or closed | 2592317  |
| &nbsp;&nbsp;&nbsp; Net realized (gain) loss investments in unaffiliated securities | 1403681  |
| &nbsp;&nbsp;&nbsp; Change in unrealized (appreciation) depreciation on investments in unaffiliated securities | (41703353)  |
| &nbsp;&nbsp;&nbsp; Change in unrealized (appreciation) depreciation on investments in affiliated securities | (62214711)  |
| &nbsp;&nbsp;&nbsp; Decrease in receivable for fund shares sold | 70445  |
| &nbsp;&nbsp;&nbsp; Increase in dividend receivable | (1146794)  |
| &nbsp;&nbsp;&nbsp; Increase in dividend tax reclaims receivable | (144000)  |
| &nbsp;&nbsp;&nbsp; Decrease in prepaid expenses and other assets | 19415  |
| &nbsp;&nbsp;&nbsp; Decrease in payable for fund shares repurchased | (299530)  |
| &nbsp;&nbsp;&nbsp; Decrease in payable to advisor | (56538)  |
| &nbsp;&nbsp;&nbsp; Decrease in payable for distribution and shareholder servicing fees | (120957)  |
| &nbsp;&nbsp;&nbsp; Increase in payable for transfer agent fees and expenses | 77757  |
| &nbsp;&nbsp;&nbsp; Increase in payable for fund administration and accounting fees | 67359  |
| &nbsp;&nbsp;&nbsp; Increase in payable for custodian fees | 5737  |
| &nbsp;&nbsp;&nbsp; Increase in payable for compliance fees | 2230  |
| &nbsp;&nbsp;&nbsp; Increase in payable for expenses and other liabilities | 1504  |
| &nbsp;&nbsp;&nbsp; **Net cash used in operating activities** | 54157774  |
| **CASH FLOWS FROM FINANCING ACTIVITIES:**<br>|  |
| Increase in loan payable | 11500000  |
| Decrease in interest payable | (84007)  |
| Cash proceeds from shares sold | 48923592  |
| Cash payment for shares redeemed | (117717919)  |
| &nbsp;&nbsp;&nbsp; **Net cash provided by financing activities** | (57378334)  |
| **Net change in cash** | (3220560)  |
| **CASH AND RESTRICTED CASH:**<br>|  |
| Beginning balance | 7701175  |
| Ending balance | $4480615  |
| **SUPPLEMENTAL DISCLOSURES AND NON-CASH INFORMATION:**<br>|  |
| Cash paid in Interest expense | $3641453 |

---

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

8<br>

------

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

**Patient Opportunity Trust** 

**Financial Highlights** 

**Class A** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**June 30, 2025** <br>**Consolidated** <br>(Unaudited) | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Period Ended** <br>**June 30, 2025** <br>**Consolidated** <br>(Unaudited) | **2024** <br>**Consolidated** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $38.11 | &nbsp;&nbsp; $30.18 | $21.67 | $38.25 | $39.99 | $28.85  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment loss<sup>(a)</sup> | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.21) | (0.15) | (0.17) | (0.07) | (0.01)  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.86 | 8.16 | 8.66 | (13.53) | (1.22) | 11.15  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.77 | 7.95 | 8.51 | (13.70) | (1.29) | 11.14  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02) |  | (0.06) |  | —  |
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  | (2.82) | (0.45) | —  |
| **Total distributions** | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02) |  | (2.88) | (0.45) | —  |
| **Net asset value, end of period** | &nbsp;&nbsp; $39.88 | &nbsp;&nbsp; $38.11 | $30.18 | $21.67 | $38.25 | $39.99  |
| Total return<sup>(c)</sup> | &nbsp;&nbsp; 4.64% | &nbsp;&nbsp; 26.34% | 39.27% | -36.09% | -3.24% | 38.61%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $748289 | &nbsp;&nbsp; $753061 | $650429 | $512731 | $874473 | $941942  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/ recoupment<sup>(d)</sup> | &nbsp;&nbsp; 1.73% | &nbsp;&nbsp; 1.76% | 2.12% | 1.53% | 1.21% | 1.28%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/ recoupment<sup>(d)</sup> | &nbsp;&nbsp; 1.72% | &nbsp;&nbsp; 1.74% | 2.11% | 1.52% | 1.21% | 1.28%  |
|  Ratio of interest expense to average net assets<sup>(d)</sup> | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 0.55% | 0.92% | 0.33% | 0.05% | 0.10%  |
|  Ratio of operational expenses to average net assets excluding interest<sup>(d)</sup> | &nbsp;&nbsp; 1.23% | &nbsp;&nbsp; 1.19% | 1.19% | 1.19% | 1.16% | 1.18%  |
|  Ratio of net investment income (loss) to average net assets<sup>(d)</sup> | &nbsp;&nbsp; (0.50)% | &nbsp;&nbsp; (0.61)% | (0.60)% | (0.59)% | (0.17)% | (0.04)%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 31% | 35% | 40% | 55% | 64% |

---

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

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

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

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

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

9<br>

------

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

**Patient Opportunity Trust** 

**Financial Highlights** 

**Class C** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**June 30, 2025** <br>**Consolidated** <br>(Unaudited) | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Period Ended** <br>**June 30, 2025** <br>**Consolidated** <br>(Unaudited) | **2024** <br>**Consolidated** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $33.77 | &nbsp;&nbsp;&nbsp; $26.93 | $19.50 | $35.02 | $36.92 | $26.84  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment loss<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp; (0.41) | (0.31) | (0.37) | (0.37) | (0.23)  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;7.25 | 7.74 | (12.33) | (1.08) | 10.31  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;6.84 | 7.43 | (12.70) | (1.45) | 10.08  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| 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 period** | &nbsp;&nbsp;&nbsp; $35.21 | &nbsp;&nbsp;&nbsp; $33.77 | $26.93 | $19.50 | $35.02 | $36.92  |
| Total return<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 4.26% | &nbsp;&nbsp;&nbsp; 25.40% | 38.10% | -36.57% | -3.95% | 37.56%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $61019 | &nbsp;&nbsp;&nbsp; $66994 | $71345 | $71844 | $152662 | $204214  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursement/ <br>recoupment<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 2.48% | &nbsp;&nbsp;&nbsp; 2.53% | 2.88% | 2.26% | 1.95% | 2.03%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursement/ <br>recoupment<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 2.47% | &nbsp;&nbsp;&nbsp; 2.52% | 2.87% | 2.26% | 1.95% | 2.03%  |
|  Ratio of interest expense to average net assets<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 0.49% | &nbsp;&nbsp;&nbsp; 0.55% | 0.92% | 0.33% | 0.05% | 0.10%  |
|  Ratio of operational expenses to average net assets excluding interest<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 1.98% | &nbsp;&nbsp;&nbsp; 1.97% | 1.95% | 1.93% | 1.90% | 1.93%  |
|  Ratio of net investment income (loss) to average net assets<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; (1.25)% | &nbsp;&nbsp;&nbsp; (1.38)% | (1.37)% | (1.35)% | (0.89)% | (0.88)%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 15% | &nbsp;&nbsp;&nbsp; 31% | 35% | 40% | 55% | 64% |

---

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

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

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

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

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

10<br>

------

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

**PATIENT OPPORTUNITY TRUST** 

**FINANCIAL HIGHLIGHTS** 

**Class FI** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**June 30, 2025** <br>**Consolidated** <br>(Unaudited) | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Period Ended** <br>**June 30, 2025** <br>**Consolidated** <br>(Unaudited) | **2024** <br>**Consolidated** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $39.42 | &nbsp;&nbsp;&nbsp; $31.22 | $22.43 | $39.38 | $41.19 | $29.74  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment loss<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp; (0.24) | (0.17) | (0.21) | (0.11) | (0.05)  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.93 | &nbsp;&nbsp;&nbsp;&nbsp;8.44 | 8.96 | (13.92) | (1.25) | 11.50  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;8.20 | 8.79 | (14.13) | (1.36) | 11.45  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |  | (2.82) | (0.45) | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |  | (2.82) | (0.45) | —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $41.25 | &nbsp;&nbsp;&nbsp; $39.42 | $31.22 | $22.43 | $39.38 | $41.19  |
| Total return<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4.64% | &nbsp;&nbsp;&nbsp; 26.27% | 39.19% | -36.15% | -3.32% | 38.50%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $8473 | &nbsp;&nbsp;&nbsp; $8351 | $7967 | $7033 | $14291 | $14458  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursement/ <br>recoupment<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.78% | &nbsp;&nbsp;&nbsp; 1.83% | 2.17% | 1.60% | 1.29% | 1.35%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursement/ <br>recoupment<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.77% | &nbsp;&nbsp;&nbsp; 1.82% | 2.16% | 1.60% | 1.29% | 1.35%  |
|  Ratio of interest expense to average net assets<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.49% | &nbsp;&nbsp;&nbsp; 0.55% | 0.92% | 0.33% | 0.05% | 0.10%  |
|  Ratio of operational expenses to average net assets excluding interest<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.28% | &nbsp;&nbsp;&nbsp; 1.27% | 1.24% | 1.27% | 1.24% | 1.25%  |
|  Ratio of net investment income (loss) to average net assets<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.55)% | &nbsp;&nbsp;&nbsp; (0.69)% | (0.65)% | (0.67)% | (0.24)% | (0.19)%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 15% | &nbsp;&nbsp;&nbsp; 31% | 35% | 40% | 55% | 64% |

---

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

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

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

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

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

11<br>

------

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

**Patient Opportunity Trust** 

**Financial Highlights** 

**Class I** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**June 30, 2025** <br>**Consolidated** <br>(Unaudited) | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Period Ended** <br>**June 30, 2025** <br>**Consolidated** <br>(Unaudited) | **2024** <br>**Consolidated** | **2023** | **2022** | **2021** | **2020** |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $42.38 | &nbsp;&nbsp; $33.53 | $24.02 | $41.95 | $43.73 | $31.48  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.13) | (0.10) | (0.11) | 0.02 | 0.07  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.08 | 9.07 | 9.61 | (14.85) | (1.33) | 12.18  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;2.04 | 8.94 | 9.51 | (14.96) | (1.31) | 12.25  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.09) |  | (0.15) | (0.02) | —  |
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  | (2.82) | (0.05) | —  |
| **Total distributions** | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.09) |  | (2.97) | (0.47) | —  |
| **Net asset value, end of period** | &nbsp;&nbsp; $44.42 | &nbsp;&nbsp; $42.38 | $33.53 | $24.02 | $41.95 | $43.73  |
| Total return<sup>(c)</sup> | &nbsp;&nbsp; 4.79% | &nbsp;&nbsp; 26.71% | 39.59% | -35.92% | -3.01% | 38.91%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $761564 | &nbsp;&nbsp; $750331 | $646120 | $535204 | $1135832 | $1077438  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursement/ <br>recoupment<sup>(d)</sup> | &nbsp;&nbsp; 1.49% | &nbsp;&nbsp; 1.52% | 1.88% | 1.27% | 0.98% | 1.04%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursement/ <br>recoupment<sup>(d)</sup> | &nbsp;&nbsp; 1.42% | &nbsp;&nbsp; 1.48% | 1.85% | 1.25% | 0.98% | 1.03%  |
|  Ratio of interest expense to average net assets<sup>(d)</sup> | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 0.55% | 0.92% | 0.33% | 0.05% | 0.10%  |
|  Ratio of operational expenses to average net assets excluding interest<sup>(d)</sup> | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 0.93% | 0.93% | 0.92% | 0.93% | 0.93%  |
|  Ratio of net investment income (loss) to average net assets<sup>(d)</sup> | &nbsp;&nbsp; (0.19)% | &nbsp;&nbsp; (0.35)% | (0.34)% | (0.33)% | 0.05% | 0.23%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 31% | 35% | 40% | 55% | 64% |

---

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

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

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

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

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

12<br>

------

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

**Patient Opportunity Trust** 

**Financial Highlights** 

**Class IS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**June 30, 2025** <br>**Consolidated** <br>(Unaudited) | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Period Ended** <br>**June 30, 2025** <br>**Consolidated** <br>(Unaudited) | **2024** <br>**Consolidated** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $42.47 | &nbsp;&nbsp;&nbsp; $33.59 | $24.04 | $42.05 | $43.82 | $31.52  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp; (0.13) | (0.10) | (0.07) | 0.07 | 0.08  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp;&nbsp;9.12 | 9.65 | (14.92) | (1.35) | 12.22  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;2.05 | &nbsp;&nbsp;&nbsp;&nbsp;8.99 | 9.55 | (14.99) | (1.28) | 12.30  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.11) |  | (0.20) | (0.04) | —  |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |  | (2.82) | (0.45) | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.11) |  | (3.02) | (0.49) | —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $44.52 | &nbsp;&nbsp;&nbsp; $42.47 | $33.59 | $24.04 | $42.05 | $43.82  |
| Total return<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4.85% | &nbsp;&nbsp;&nbsp; 26.77% | 39.73% | -35.90% | -2.93% | 39.02%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $1166 | &nbsp;&nbsp;&nbsp; $997 | $570 | $1146 | $795 | $734  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursement/ <br>recoupment<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.39% | &nbsp;&nbsp;&nbsp; 1.44% | 1.78% | 1.30% | 0.90% | 0.97%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursement/ <br>recoupment<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.37% | &nbsp;&nbsp;&nbsp; 1.42% | 1.77% | 1.29% | 0.90% | 0.96%  |
|  Ratio of interest expense to average net assets<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.49% | &nbsp;&nbsp;&nbsp; 0.54% | 0.89% | 0.33% | 0.05% | 0.10%  |
|  Ratio of operational expenses to average net assets excluding interest<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp; 0.88% | 0.88% | 0.96% | 0.85% | 0.86%  |
|  Ratio of net investment income (loss) to average net assets<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.13)% | &nbsp;&nbsp;&nbsp; (0.33)% | (0.34)% | (0.23)% | 0.14% | 0.25%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 15% | &nbsp;&nbsp;&nbsp; 31% | 35% | 40% | 55% | 64% |

---

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

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

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

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

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

13<br>

------

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

**Patient Opportunity Trust** 

**Financial Highlights** 

**Class R** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**June 30, 2025** <br>**Consolidated** <br>(Unaudited) | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Period Ended** <br>**June 30, 2025** <br>**Consolidated** <br>(Unaudited) | **2024** <br>**Consolidated** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $37.64 | &nbsp;&nbsp;&nbsp; $29.87 | $21.50 | $37.99 | $39.82 | $28.81  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment loss<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp; (0.28) | (0.22) | (0.27) | (0.20) | (0.09)  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;8.05 | 8.59 | (13.40) | (1.18) | 11.10  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;7.77 | 8.37 | (13.67) | (1.38) | 11.01  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |  | (2.82) | (0.45) | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |  | (2.82) | (0.45) | —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $39.34 | &nbsp;&nbsp;&nbsp; $37.64 | $29.87 | $21.50 | $37.99 | $39.82  |
| Total return<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4.52% | &nbsp;&nbsp;&nbsp; 26.01% | 38.93% | -36.27% | -3.48% | 38.22%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $3629 | &nbsp;&nbsp;&nbsp; $3485 | $3658 | $3254 | $8055 | $8195  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursement/ <br>recoupment<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.97% | &nbsp;&nbsp;&nbsp; 2.02% | 2.38% | 1.76% | 1.47% | 1.53%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursement/ <br>recoupment<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.95% | &nbsp;&nbsp;&nbsp; 2.01% | 2.37% | 1.76% | 1.47% | 1.53%  |
|  Ratio of interest expense to average net assets<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.49% | &nbsp;&nbsp;&nbsp; 0.55% | 0.92% | 0.33% | 0.05% | 0.10%  |
|  Ratio of operational expenses to average net assets excluding interest<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.46% | &nbsp;&nbsp;&nbsp; 1.46% | 1.45% | 1.43% | 1.42% | 1.43%  |
|  Ratio of net investment income (loss) to average net assets<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.73)% | &nbsp;&nbsp;&nbsp; (0.85)% | (0.87)% | (0.90)% | (0.44)% | (0.32)%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 15% | &nbsp;&nbsp;&nbsp; 31% | 35% | 40% | 55% | 64% |

---

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

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

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

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

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

14<br>

------

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

**Patient Opportunity Trust** 

**Notes to Consolidated Financial Statements** 

**June 30, 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 June 30, 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 | $(33042)  |
| Net realized gain | —  |
| Net change in unrealized appreciation (depreciation) | 5822741  |
| Net decrease in net assets resulting from Operations | $5789699 |

---

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 June 30, 2025, the investment held in the Subsidiary was $46,995,000; there was $5,822,741 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").

15<br>

------

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

**Patient Opportunity Trust** 

**Notes to Consolidated Financial Statements** 

**June 30, 2025(Continued)** 

Exchange-traded securities for which no sale was reported and NASDAQ securities for which there is no NOCP are valued at the mean of the most recent quoted bid and ask prices 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. |

---

---

| | |
|:---|:---|
| 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. |

---

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 June 30, 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 | $1682162313 | $— | $—  | $1682162313  |
| &nbsp;&nbsp;&nbsp; Convertible Preferred Stocks |  |  | 19911828 | 19911828  |
| &nbsp;&nbsp;&nbsp; Warrants |  |  | 20400000 | 20400000  |
| &nbsp;&nbsp;&nbsp; Purchased Options |  | 4805000 |  | 4805000  |
| **Total Investments** | $1682162313 | $4805000 | $40311828 | $1727279141 |

---

\* See Schedule of Investments for additional detailed categorizations.

16<br>

------

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

**Patient Opportunity Trust** 

**Notes to Consolidated Financial Statements** 

**June 30, 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  |
| Realized gain |  |  | (27065330)  |
| Sales |  |  | (350000)  |
| Change in unrealized appreciation | 5606124 | 7480000 | 25750823<sup>1</sup>  |
| Balance at June 30, 2025 | $19911828 | $20400000 | $—  |
|  Change in unrealized appreciation for Level 3 securities held at June 30, 2025 | $5606124 | $7480000 | $— |

---

<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>**June 30, 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\***  |
|  Convertible Preferred Stocks | $19911828 | Probability-Weighted <br>Model | Going Concern Probability  | &nbsp;&nbsp;&nbsp;&nbsp; 15%  | Decrease  |
| Warrants  | $20400000 | Black Scholes <br>with Probability <br>Adjustment | Going Concern Probability  | &nbsp;&nbsp;&nbsp;&nbsp; 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) *Purchased options.* When the Fund purchases an option, an amount equal to the premium paid by the Fund is recorded as an investment on the
 Statement of Assets and Liabilities, the value of which is marked-to-market to reflect the current market value of the option purchased.
 If the purchased option expires, the Fund realizes a loss equal to the amount of premium paid. When an instrument is purchased or sold
 through the exercise of an option, the related premium paid is added to the basis of the instrument acquired or deducted from the proceeds
 of the instrument sold. The risk associated with purchasing put and call options is limited to the premium paid.

&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.

17<br>

------

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

**Patient Opportunity Trust** 

**Notes to Consolidated Financial Statements** 

**June 30, 2025(Continued)** 

&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.

&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 June 30, 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 was notified in 2017 of a tax lien filed by the Internal Revenue Service related to a previous holding. No liability for the lien has been recorded as it is currently under appeal. If the appeal is unsuccessful, the Fund has also received indemnification from previous management for any tax, penalties, or interest related to the matter.

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.* Management has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment
 Disclosures with respect to the financial statements and disclosures and determined there is no material impact for the Fund. The Fund
 operates as a single segment entity. The Fund's income, expenses, assets, and performance are regularly monitored and assessed by
 the Advisor, 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.

18<br>

------

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

**Patient Opportunity Trust** 

**Notes to Consolidated Financial Statements** 

**June 30, 2025(Continued)** 

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 |

---

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 |

---

Effective April 30, 2020, 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, 2025, 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%.

Prior to April 30, 2020, the limit on annual operating expenses was established at a class level and inclusive of 12b-1 fees and shareholder servicing fees and did not exceed the class levels set forth below. The Predecessor Fund did not have expense limitations.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class A** | **Class C** | **Class FI** | **Class I** | **Class IS** | **Class R**  |
| 1.20% | 1.97% | &nbsp;&nbsp; 1.26% | 0.93% | &nbsp;&nbsp; 0.83% | 1.55% |

---

During the period ended June 30, 2025, fees waived and/or expenses reimbursed amounted to $284,956.

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 June 30, 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**  |
| Expires December 31, 2025 | $37581 | $5138 | $525 | $114198 | $68 | $240  |
| Expires December 31, 2026 | 85691 | 9711 | 1087 | 170830 | 71 | 499  |
| Expires December 31, 2027 | 109298 | 9917 | 1204 | 305887 | 124 | 536  |
| Expires June 30, 2028 | 38014 | 3118 | 423 | 243149 | 63 | 189  |
| **Total** | $270584 | $27884 | $3239 | $834064 | $326 | $1464 |

---

19<br>

------

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

**Patient Opportunity Trust** 

**Notes to Consolidated Financial Statements** 

**June 30, 2025(Continued)** 

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 period ended June 30, 2025, the Fund incurred expenses for administration and fund accounting, transfer agent, custody, and compliance fees as detailed on the Statement of Operations.

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

The Independent Trustees were paid $27,230 for their services and reimbursement of travel expenses during the period ended June 30, 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 period ended June 30, 2025, CDSCs for Class C shares totaled $1,108.

**Note 4 – Investments** 

For the period ended June 30, 2025, the aggregate cost of purchases and proceeds from sales of investments (excluding short-term investments) were as follows:

---

| | |
|:---|:---|
| Purchases | $251386038  |
| Sales | $314472263 |

---

**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 period ended June 30, 2025, class specific expenses are detailed on 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 SOFR 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.

20<br>

------

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

**Patient Opportunity Trust** 

**Notes to Consolidated Financial Statements** 

**June 30, 2025(Continued)** 

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; 142715470 | 708000  |
| Interest expense | &nbsp;&nbsp; 3635515 | 5939  |
| Loan outstanding as of June 30, 2025 | &nbsp;&nbsp; 146500000 | 708000  |
| Average Interest rate | &nbsp;&nbsp; 5.18% | 7.50% |

---

**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 period. The following transactions were affected in shares of such companies for the period ended June 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Pangaea** <br>**One, LP** | **Precigen** <br>**Inc.** | **Precigen 8%** <br>**Convertible** <br>**Perpetual** <br>**Preferred Stock** | **Precigen** <br>**Warrant** | **Total**  |
| Value at December 31, 2024 | $1664507 | $16128000 | $14305704 | $12920000 | $45018211  |
| Sales | (350000) | (2482610) |  |  | (2832610)  |
| Change in Unrealized Gain (Loss) | 25750823 | 4844287 | 5606124 | 7480000 | 43681234  |
|  Realized Gain (Loss) on Sales/ Distributions | (27065330) | (313677) |  |  | (27379007)  |
| Value at June 30, 2025 | $— | $18176000 | $19911828 | $20400000 | $58487828  |
|  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>**June 30, 2025** | **Percent of** <br>**Net Assets** | **Open** <br>**Commitments**  |
| Precigen 8% Convertible Perpetual Preferred Stock<sup>1</sup> | $11377275 | $19911828 | &nbsp;&nbsp;&nbsp; 1.26% | &nbsp;&nbsp;&nbsp;&nbsp; N/A  |
| Precigen (Warrant)<sup>1</sup> | $9022725 | $20400000 | &nbsp;&nbsp;&nbsp; 1.29% | &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 no distributions during the period ended June 30, 2025. See below for classification of distributions paid during the year ended December 31, 2024:

---

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

---

21<br>

------

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

**Patient Opportunity Trust** 

**Notes to Consolidated Financial Statements** 

**June 30, 2025(Continued)** 

At December 31, 2024, the components of accumulated earnings for income tax purposes were as follows:

---

| | |
|:---|:---|
| Tax cost of investments | $1334039418  |
| Unrealized appreciation | 599083637  |
| Unrealized depreciation | (219877577)  |
| Net unrealized appreciation | $379206060  |
| Capital loss carryforwards | (78893573)  |
| Other accumulated gain/(loss)<sup>(a)</sup> | (23645280)  |
| Total distributable earnings | $276667207 |

---

<sup>(a)</sup> Other book/tax temporary differences are attributable to book/tax differences in the timing of the deductibility of various expenses.

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, 2024, the following reclassifications have been made:

---

| | |
|:---|:---|
| **Distributable** <br>**Earnings<sup>(a)</sup>** | **Paid In** <br>**Capital<sup>(a)</sup>**  |
| $1009354 | $(1009354) |

---

<sup>(a)</sup> Reclassifications are due to the difference between the estimated and actual tax return of capital amount and book/tax differences in the treatment of various items.

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, 2024, the Fund had post-October late-year losses of $169,030.

At December 31, 2024, 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**  |
| $(78893573) | $— | $(78893573) |

---

**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 June 30, 2025, Morgan Stanley Smith Barney 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 June 30, 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.

22<br>

------

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

**Patient Opportunity Trust** 

**Additional Information** 

**June 30, 2025 (Unaudited)** 

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

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

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

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

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

See Financial Statements.

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

Not applicable.

23<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>**

See item 7(a)

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

See item 7(a).

**<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.* Not Applicable

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).* Filed herewith.](pot-efp17371_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-efp17371_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.

(Registrant) Advisor Managed Portfolios

---

| | |
|:---|:---|
| By (Signature and Title) | */s/ Russell B. Simon* |
|  | Russell B. Simon, President/Principal Executive Officer |

---

Date <u>09/08/25</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title) | */s/ Russell B. Simon* |
|  | Russell B. Simon, President/Principal Executive Officer |

---

Date <u>09/08/25</u>

---

| | |
|:---|:---|
| By (Signature and Title) | */s/ Eric T. McCormick* |
|  | Eric T. McCormick, Treasurer/Principal Financial Officer |

---

Date <u>09/08/25</u>

## Ex-99.Cert

**EX.99.CERT**

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

I, Russell B Simon, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 09/08/25 | */s/ Russell B. Simon* |
|  |  | <br> Russell B. Simon,<br> President and Principal Executive Officer |

---

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

I, Eric T. McCormick, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 09/08/25 | */s/ Eric T. McCormick* |
|  |  | <br> Eric T. McCormick,<br> Treasurer and Principal Financial Officer |

---

## Exhibit 99.906

**EX.99.906CERT**

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

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

---

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

---

Dated: <u>09/08/25</u> Dated: <u>09/08/25</u>

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