# EDGAR Filing Document

**Accession Number:** 0001970751
**File Stem:** 0001133228-25-006250
**Filing Date:** 2025-6
**Character Count:** 131088
**Document Hash:** 5fb5f3f1f6bb2ffc9b07e8e68fdb02a4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-006250.hdr.sgml**: 20250609

**ACCESSION NUMBER**: 0001133228-25-006250

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 28

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250609

**DATE AS OF CHANGE**: 20250609

**EFFECTIVENESS DATE**: 20250609

**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:** 251033733

**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

### Miller Income Fund (Series ID: S000082977)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000246420 | Class IS     | LMCMX           |
| C000246421 | Class I      | LMCLX           |
| C000246422 | Class A      | LMCJX           |
| C000246423 | Class C      | LCMNX           |
| C000246424 | Class FI     | LMCKX           |

### Miller Value Partners Leverage ETF (Series ID: S000083083)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000246597 | Miller Value Partners Leverage ETF | MVPL            |

### Miller Value Partners Appreciation ETF (Series ID: S000083084)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000246598 | Miller Value Partners Appreciation ETF | MVPA            |

?xml version='1.0' encoding='ASCII'? 2025-04-08195293_MillerIncomeFund_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, President</u>**

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

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

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

(Name and address of agent for service)

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

Registrant's telephone number, including area code

Date of fiscal year end: **<u>September 30</u>**

Date of reporting period: **<u>March 31, 2025</u>**

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

(a) ---

| | | |
|:---|:---|:---|
| ![image](i202410040816365.jpg) | **Miller Income Fund**  | ![image](i202410040815405.jpg) |
| ![image](i202410040816365.jpg) | Class A \| LMCJX  | ![image](i202410040815405.jpg) |
| ![image](i202410040816365.jpg) | Semi-Annual Shareholder Report \| March 31, 2025  | ![image](i202410040815405.jpg) |

---

This semi-annual shareholder report contains important information about the Miller Income Fund for the period of October 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://millervaluefunds.com/miller-income-fund/. You can also request this information by contacting us at 1-888-593-5110.

**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 | $63 | 1.24% |

---

\* Annualized

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

---

| | |
|:---|:---|
| **Net Assets** | $160039472 |
| **Number of Holdings** | 34 |
| **Portfolio Turnover** | 21% |
| **30-Day SEC Yield** | 7.18% |
| **30-Day SEC Yield Unsubsidized** | 7.10% |

---

Visit https://millervaluefunds.com/miller-income-fund/ for more recent performance information.

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

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Common Stocks  | 86.6% |
|  Corporate Bonds  | 11.0% |
|  Real Estate Investment Trusts - Common  | 2.4% |
|  Cash & Other  | 0.0% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Financials  | 27.5% |
|  Health Care  | 11.5% |
|  Industrials  | 9.6% |
|  Consumer Discretionary  | 9.5% |
|  Communication Services  | 8.9% |
|  Real Estate  | 7.0% |
|  Energy  | 6.2% |
|  Utilities  | 6.0% |
|  Consumer Staples  | 4.3% |
|  Cash & Other  | 9.5% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://millervaluefunds.com/miller-income-fund/.

**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 Miller Value Partners, LLC documents not be householded, please contact Miller Value Partners, LLC at 1-888-593-5110, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Miller Value Partners, LLC or your financial intermediary.

Miller Income Fund PAGE 1 TSR-SAR-00777X728

------

---

| | | |
|:---|:---|:---|
| ![image](i202410040816365.jpg) | **Miller Income Fund**  | ![image](i202410040815405.jpg) |
| ![image](i202410040816365.jpg) | Class C \| LCMNX  | ![image](i202410040815405.jpg) |
| ![image](i202410040816365.jpg) | Semi-Annual Shareholder Report \| March 31, 2025  | ![image](i202410040815405.jpg) |

---

This semi-annual shareholder report contains important information about the Miller Income Fund for the period of October 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://millervaluefunds.com/miller-income-fund/. You can also request this information by contacting us at 1-888-593-5110.

**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 | $100 | 1.98% |

---

\* Annualized

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

---

| | |
|:---|:---|
| **Net Assets** | $160039472 |
| **Number of Holdings** | 34 |
| **Portfolio Turnover** | 21% |
| **30-Day SEC Yield** | 6.85% |
| **30-Day SEC Yield Unsubsidized** | 6.76% |

---

Visit https://millervaluefunds.com/miller-income-fund/ for more recent performance information.

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

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Common Stocks  | 86.6% |
|  Corporate Bonds  | 11.0% |
|  Real Estate Investment Trusts - Common  | 2.4% |
|  Cash & Other  | 0.0% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Financials  | 27.5% |
|  Health Care  | 11.5% |
|  Industrials  | 9.6% |
|  Consumer Discretionary  | 9.5% |
|  Communication Services  | 8.9% |
|  Real Estate  | 7.0% |
|  Energy  | 6.2% |
|  Utilities  | 6.0% |
|  Consumer Staples  | 4.3% |
|  Cash & Other  | 9.5% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://millervaluefunds.com/miller-income-fund/.

**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 Miller Value Partners, LLC documents not be householded, please contact Miller Value Partners, LLC at 1-888-593-5110, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Miller Value Partners, LLC or your financial intermediary.

Miller Income Fund PAGE 1 TSR-SAR-00777X710

------

---

| | | |
|:---|:---|:---|
| ![image](i202410040816365.jpg) | **Miller Income Fund**  | ![image](i202410040815405.jpg) |
| ![image](i202410040816365.jpg) | Class FI \| LMCKX  | ![image](i202410040815405.jpg) |
| ![image](i202410040816365.jpg) | Semi-Annual Shareholder Report \| March 31, 2025  | ![image](i202410040815405.jpg) |

---

This semi-annual shareholder report contains important information about the Miller Income Fund for the period of October 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://millervaluefunds.com/miller-income-fund/. You can also request this information by contacting us at 1-888-593-5110.

**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 | $68 | 1.35% |

---

\* Annualized

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

---

| | |
|:---|:---|
| **Net Assets** | $160039472 |
| **Number of Holdings** | 34 |
| **Portfolio Turnover** | 21% |
| **30-Day SEC Yield** | 7.59% |
| **30-Day SEC Yield Unsubsidized** | 7.50% |

---

Visit https://millervaluefunds.com/miller-income-fund/ for more recent performance information.

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

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Common Stocks  | 86.6% |
|  Corporate Bonds  | 11.0% |
|  Real Estate Investment Trusts - Common  | 2.4% |
|  Cash & Other  | 0.0% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Financials  | 27.5% |
|  Health Care  | 11.5% |
|  Industrials  | 9.6% |
|  Consumer Discretionary  | 9.5% |
|  Communication Services  | 8.9% |
|  Real Estate  | 7.0% |
|  Energy  | 6.2% |
|  Utilities  | 6.0% |
|  Consumer Staples  | 4.3% |
|  Cash & Other  | 9.5% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://millervaluefunds.com/miller-income-fund/.

**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 Miller Value Partners, LLC documents not be householded, please contact Miller Value Partners, LLC at 1-888-593-5110, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Miller Value Partners, LLC or your financial intermediary.

Miller Income Fund PAGE 1 TSR-SAR-00777X694

------

---

| | | |
|:---|:---|:---|
| ![image](i202410040816365.jpg) | **Miller Income Fund**  | ![image](i202410040815405.jpg) |
| ![image](i202410040816365.jpg) | Class I \| LMCLX  | ![image](i202410040815405.jpg) |
| ![image](i202410040816365.jpg) | Semi-Annual Shareholder Report \| March 31, 2025  | ![image](i202410040815405.jpg) |

---

This semi-annual shareholder report contains important information about the Miller Income Fund for the period of October 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://millervaluefunds.com/miller-income-fund/. You can also request this information by contacting us at 1-888-593-5110.

**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 | $49 | 0.97% |

---

\* Annualized

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

---

| | |
|:---|:---|
| **Net Assets** | $160039472 |
| **Number of Holdings** | 34 |
| **Portfolio Turnover** | 21% |
| **30-Day SEC Yield** | 7.90% |
| **30-Day SEC Yield Unsubsidized** | 7.82% |

---

Visit https://millervaluefunds.com/miller-income-fund/ for more recent performance information.

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

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Common Stocks  | 86.6% |
|  Corporate Bonds  | 11.0% |
|  Real Estate Investment Trusts - Common  | 2.4% |
|  Cash & Other  | 0.0% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Financials  | 27.5% |
|  Health Care  | 11.5% |
|  Industrials  | 9.6% |
|  Consumer Discretionary  | 9.5% |
|  Communication Services  | 8.9% |
|  Real Estate  | 7.0% |
|  Energy  | 6.2% |
|  Utilities  | 6.0% |
|  Consumer Staples  | 4.3% |
|  Cash & Other  | 9.5% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://millervaluefunds.com/miller-income-fund/.

**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 Miller Value Partners, LLC documents not be householded, please contact Miller Value Partners, LLC at 1-888-593-5110, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Miller Value Partners, LLC or your financial intermediary.

Miller Income Fund PAGE 1 TSR-SAR-00777X686

------

---

| | | |
|:---|:---|:---|
| ![image](i202410040816365.jpg) | **Miller Income Fund**  | ![image](i202410040815405.jpg) |
| ![image](i202410040816365.jpg) | Class IS \| LMCMX  | ![image](i202410040815405.jpg) |
| ![image](i202410040816365.jpg) | Semi-Annual Shareholder Report \| March 31, 2025  | ![image](i202410040815405.jpg) |

---

This semi-annual shareholder report contains important information about the Miller Income Fund for the period of October 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://millervaluefunds.com/miller-income-fund/. You can also request this information by contacting us at 1-888-593-5110.

**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 | $46 | 0.91% |

---

\* Annualized

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

---

| | |
|:---|:---|
| **Net Assets** | $160039472 |
| **Number of Holdings** | 34 |
| **Portfolio Turnover** | 21% |
| **30-Day SEC Yield** | 7.97% |
| **30-Day SEC Yield Unsubsidized** | 7.89% |

---

Visit https://millervaluefunds.com/miller-income-fund/ for more recent performance information.

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

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Common Stocks  | 86.6% |
|  Corporate Bonds  | 11.0% |
|  Real Estate Investment Trusts - Common  | 2.4% |
|  Cash & Other  | 0.0% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Financials  | 27.5% |
|  Health Care  | 11.5% |
|  Industrials  | 9.6% |
|  Consumer Discretionary  | 9.5% |
|  Communication Services  | 8.9% |
|  Real Estate  | 7.0% |
|  Energy  | 6.2% |
|  Utilities  | 6.0% |
|  Consumer Staples  | 4.3% |
|  Cash & Other  | 9.5% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://millervaluefunds.com/miller-income-fund/.

**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 Miller Value Partners, LLC documents not be householded, please contact Miller Value Partners, LLC at 1-888-593-5110, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Miller Value Partners, LLC or your financial intermediary.

Miller Income Fund PAGE 1 TSR-SAR-00777X678

------

---

| | | |
|:---|:---|:---|
| ![image](i202410040817809.jpg) | **Miller Value Partners Appreciation ETF**  | ![image](i202410040815405.jpg) |
| ![image](i202410040817809.jpg) | MVPA (Principal U.S. Listing Exchange: NYSE) | ![image](i202410040815405.jpg) |
| ![image](i202410040817809.jpg) | Semi-Annual Shareholder Report \| March 31, 2025  | ![image](i202410040815405.jpg) |

---

This semi-annual shareholder report contains important information about the Miller Value Partners Appreciation ETF for the period of October 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://etf.millervaluefunds.com/mvpa. You can also request this information by contacting us at 1-888-593-5110.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Miller Value Partners Appreciation ETF | $30 | 0.60% |

---

\* Annualized

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

---

| | |
|:---|:---|
| **Net Assets** | $65261793 |
| **Number of Holdings** | 37 |
| **Portfolio Turnover** | 40% |
| **30-Day SEC Yield** | 0.84% |
| **30-Day SEC Yield Unsubsidized** | 0.84% |

---

Visit https://etf.millervaluefunds.com/mvpa for more recent performance information.

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

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Common Stocks  | 99.7% |
|  Warrants  | 0.1% |
|  Cash & Other  | 0.2% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Financials  | 25.3% |
|  Consumer Discretionary  | 24.8% |
|  Communication Services  | 10.5% |
|  Health Care  | 9.8% |
|  Industrials  | 8.6% |
|  Information Technology  | 8.4% |
|  Energy  | 5.2% |
|  Real Estate  | 3.7% |
|  Consumer Staples  | 3.5% |
|  Cash & Other  | 0.2% |

---

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

**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 Miller Value Partners, LLC documents not be householded, please contact Miller Value Partners, LLC at 1-888-593-5110, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Miller Value Partners, LLC or your financial intermediary.

Miller Value Partners Appreciation ETF PAGE 1 TSR-SAR-00777X561

------

---

| | | |
|:---|:---|:---|
| ![image](i202410040819510.jpg) | **Miller Value Partners Leverage ETF**  | ![image](i202410040815405.jpg) |
| ![image](i202410040819510.jpg) | MVPL (Principal U.S. Listing Exchange: NYSE) | ![image](i202410040815405.jpg) |
| ![image](i202410040819510.jpg) | Semi-Annual Shareholder Report \| March 31, 2025  | ![image](i202410040815405.jpg) |

---

This semi-annual shareholder report contains important information about the Miller Value Partners Leverage ETF for the period of October 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://etf.millervaluefunds.com/mvpl. You can also request this information by contacting us at 1-888-593-5110.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Miller Value Partners Leverage ETF | $42 | 0.88% |

---

\* Annualized

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

---

| | |
|:---|:---|
| **Net Assets** | $6104842 |
| **Number of Holdings** | 1 |
| **Portfolio Turnover** | 867% |
| **30-Day SEC Yield** | 0.17% |
| **30-Day SEC Yield Unsubsidized** | 0.17% |

---

Visit https://etf.millervaluefunds.com/mvpl for more recent performance information.

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

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Exchange Traded Funds  | 99.6% |
|  Cash & Other  | 0.4% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Cash & Other  | 100.0% |

---

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

**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 Miller Value Partners, LLC documents not be householded, please contact Miller Value Partners, LLC at 1-888-593-5110, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Miller Value Partners, LLC or your financial intermediary.

Miller Value Partners Leverage ETF PAGE 1 TSR-SAR-00777X553

------

&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 for semi-annual reports.

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

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

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

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

(a) ![](millervaluepartnerslogonew.jpg)

**Miller Income Fund** 

---

| | |
|:---|:---|
| **Class A**  | **LMCJX** |
| **Class C**  | **LCMNX** |
| **Class FI**  | **LMCKX** |
| **Class I**  | **LMCLX** |
| **Class IS**  | **LMCMX** |

---

**Miller Value Partners Appreciation ETF - MVPA** 

**Miller Value Partners Leverage ETF - MVPL** 

Semi-Annual Financial Statements

March 31, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page**  |
| [Schedules of Investments](#tsoi) | [1](#tsoi) |
| [Statements of Assets and Liabilities](#tsal) | [8](#tsal) |
| [Statements of Operations](#MillerFunds_EFP-16003_106_SOP_pg1) | [10](#tsop) |
| [Statements of Changes in Net Assets](#scna11) | [11](#scna11) |
| [Financial Highlights](#tfihi1) | [14](#tfihi1) |
| [Notes to Financial Statements](#tnote1) | [21](#tnote1) |
| [Additional Information](#tadd1) | [30](#tadd1) |

---

------

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

**MILLER INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 89.0%**<br>|  |  |
| **Communication Services - 7.7%**<br>|  |  |
| **Diversified Telecommunication Services - 7.7%**<br>|  |  |
| AT&T, Inc. | &nbsp;&nbsp; 116000 | $3280480  |
| Verizon Communications, Inc. | &nbsp;&nbsp; 198000 | 8981280  |
|  |  | 12261760  |
| **Total Communication Services** |  | 12261760  |
| **Consumer Discretionary - 7.6%**<br>|  |  |
| **Automobiles - 2.7%**<br>|  |  |
| Stellantis NV | &nbsp;&nbsp; 390000 | 4371900  |
| **Specialty Retail - 4.9%**<br>|  |  |
| Buckle Inc/The | &nbsp;&nbsp; 105000 | 4023600  |
| Build-A-Bear Workshop, Inc. | &nbsp;&nbsp; 100000 | 3717000  |
|  |  | 7740600  |
| **Total Consumer Discretionary** |  | 12112500  |
| **Consumer Staples - 4.3%**<br>|  |  |
| **Tobacco - 4.3%**<br>|  |  |
| British American Tobacco Plc | &nbsp;&nbsp; 168000 | 6905418  |
| **Diversified Financial Services - 11.0%**<br>|  |  |
| **Financial Services - 5.2%**<br>|  |  |
| Jackson Financial, Inc. - Class A | &nbsp;&nbsp; 98800 | 8277464  |
| **Insurance - 5.8%**<br>|  |  |
| Lincoln National Corp. | &nbsp;&nbsp; 260000 | 9336600  |
| **Total Diversified Financial Services** |  | 17614064  |
| **Energy - 6.2%**<br>|  |  |
| **Oil, Gas & Consumable Fuels - 6.2%**<br>|  |  |
| Alliance Resource Partners LP | &nbsp;&nbsp; 127000 | 3464560  |
| Chord Energy Corp. | &nbsp;&nbsp; 52766 | 5947784  |
| TotalEnergies SE - ADR | &nbsp;&nbsp; 7650 | 494878  |
|  |  | 9907222  |
| **Total Energy** |  | 9907222  |
| **Financials - 16.5%**<br>|  |  |
| **Banks - 3.8%**<br>|  |  |
| Sberbank of Russia PJSC<sup>(a)</sup> | &nbsp;&nbsp; 2532000 | 0  |
| Western Alliance Bancorp | &nbsp;&nbsp; 79700 | 6123351  |
|  |  | 6123351  |
| **Capital Markets - 1.9%**<br>|  |  |
| Carlyle Group, Inc. | &nbsp;&nbsp; 70000 | 3051300  |

---

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

1<br>

------

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

**MILLER INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Consumer Finance - 10.8%**<br>|  |  |
| Bread Financial Holdings, Inc. | &nbsp;&nbsp; 197700 | $9900816  |
| OneMain Holdings, Inc. | &nbsp;&nbsp; 149000 | 7283120  |
|  |  | 17183936  |
| **Total Financials** |  | 26358587  |
| **Health Care - 8.7%**<br>|  |  |
| **Health Care Equipment & Supplies - 1.2%**<br>|  |  |
| Semler Scientific, Inc.<sup>(c)</sup> | &nbsp;&nbsp; 53000 | 1918600  |
| **Pharmaceuticals - 7.5%**<br>|  |  |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp; 108000 | 6586920  |
| Viatris, Inc. | &nbsp;&nbsp; 619000 | 5391490  |
|  |  | 11978410  |
| **Total Health Care** |  | 13897010  |
| **Industrials - 7.1%**<br>|  |  |
| **Commercial Services & Supplies - 1.6%**<br>|  |  |
| Quad/Graphics, Inc. | &nbsp;&nbsp; 472800 | 2576760  |
| **Marine Transportation - 2.5%**<br>|  |  |
| Hoegh Autoliners ASA | &nbsp;&nbsp; 565000 | 4105644  |
| **Professional Services - 3.0%**<br>|  |  |
| Public Policy Holding Co., Inc. | &nbsp;&nbsp; 2708345 | 4775481  |
| **Total Industrials** |  | 11457885  |
| **Information Technology - 2.7%**<br>|  |  |
| **Software - 2.7%**<br>|  |  |
| MicroStrategy, Inc. - Class A<sup>(c)</sup> | &nbsp;&nbsp; 15250 | 4396117  |
| **Materials - 4.1%**<br>|  |  |
| **Chemicals - 1.7%**<br>|  |  |
| LyondellBasell Industries NV - Class A | &nbsp;&nbsp; 38000 | 2675200  |
| **Metals & Mining - 0.0%<sup>(d)</sup>**<br>|  |  |
| Alrosa PJSC<sup>(a)</sup> | &nbsp;&nbsp; 2978100 | 0  |
| **Trading Companies & Distributors - 2.4%**<br>|  |  |
| Boise Cascade Co. | &nbsp;&nbsp; 40000 | 3923600  |
| **Total Materials** |  | 6598800  |
| **Real Estate - 7.1%**<br>|  |  |
| **Diversified REITs - 4.7%**<br>|  |  |
| CTO Realty Growth, Inc. | &nbsp;&nbsp; 383900 | 7413109  |

---

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

2<br>

------

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

**MILLER INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Office REITs - 2.4%**<br>|  |  |
| Easterly Government Properties, Inc. | 367000 | $3890200  |
| **Total Real Estate** |  | 11303309  |
| **Utilities - 6.0%**<br>|  |  |
| **Gas Utilities - 6.0%**<br>|  |  |
| UGI Corp. | 292000 | 9656440  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $135,964,471)** |  | 142469112  |
|  | **Par** |  |
| **CORPORATE BONDS - 11.0%**<br>|  |  |
| **Communication Services - 1.2%**<br>|  |  |
| **Media - 1.2%**<br>|  |  |
| Gray Escrow II, Inc., 5.38%, 11/15/2031<sup>(e)</sup> | $3000000 | 1845000  |
| **Consumer Discretionary - 1.9%**<br>|  |  |
| **Specialty Retail - 1.9%**<br>|  |  |
| Carvana Co., 10.25%, 05/01/2030<sup>(e)</sup> | 3000000 | 3105000  |
| **Health Care - 2.8%**<br>|  |  |
| **Pharmaceuticals - 2.8%**<br>|  |  |
| Cannabist Co. Holdings, Inc., 9.50%, 02/03/2026 | 8000000 | 4480000  |
| **Manufacturing - 2.7%**<br>|  |  |
| JELD-WEN, Inc., 7.00%, 09/01/2032<sup>(e)</sup> | 4900000 | 4354875  |
| **Retail Trade - 2.4%**<br>|  |  |
| HLF Financing Sarl LLC / Herbalife International, Inc., 12.25%, 04/15/2029<sup>(e)</sup> | 3500000 | 3775625  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $20,812,517)** |  | 17560500  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%**<br>**(Cost $156,776,988)** |  | $160029612  |
| Other Assets in Excess of Liabilities - 0.0%<sup>(f)</sup> |  | 9860  |
| **TOTAL NET ASSETS - 100.0%** |  | $160039472 |

---

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

ASA - Advanced Subscription Agreement

LLC - Limited Liability Company

LP - Limited Partnership

PJSC - Public Joint Stock Company

PLC - Public Limited Company

REIT - Real Estate Investment Trust

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

3<br>

------

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

**MILLER INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

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

<sup>(a)</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 $0 or 0.0% of net assets as of March 31, 2025.

<sup>(b)</sup> Rounds to zero.

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

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

<sup>(e)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of March 31, 2025, the value of these securities total $13,080,500 or 8.2% of the Fund's net assets.

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

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

4<br>

------

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

**MILLER VALUE PARTNERS APPRECIATION ETF** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.7%**<br>|  |  |
| **Communication Services - 10.5%**<br>|  |  |
| AT&T, Inc. | 86898 | $2457475  |
| Pinterest, Inc. - Class A<sup>(a)</sup> | 72016 | 2232496  |
| Ziff Davis, Inc.<sup>(a)</sup> | 58032 | 2180843  |
|  |  | 6870814  |
| **Consumer Discretionary - 24.7%**<br>|  |  |
| Airbnb, Inc. - Class A<sup>(a)</sup> | 10215 | 1220284  |
| Buckle Inc/The | 14135 | 541653  |
| Citi Trends, Inc.<sup>(a)</sup> | 97098 | 2149264  |
| Coupang, Inc.<sup>(a)</sup> | 130161 | 2854431  |
| Crocs, Inc.<sup>(a)</sup> | 41201 | 4375546  |
| GameStop Corp. - Class A<sup>(a)</sup> | 20830 | 464926  |
| Lithia Motors, Inc. | 3144 | 922890  |
| Perdoceo Education Corp. | 67186 | 1691743  |
| Vroom, Inc.<sup>(a)</sup> | 63942 | 1885010  |
|  |  | 16105747  |
| **Consumer Staples - 3.5%**<br>|  |  |
| Maplebear, Inc.<sup>(a)</sup> | 56823 | 2266670  |
| **Energy - 5.2%**<br>|  |  |
| Alliance Resource Partners LP | 54910 | 1497945  |
| Chord Energy Corp. | 605 | 68196  |
| TechnipFMC PLC | 58180 | 1843724  |
|  |  | 3409865  |
| **Financials - 25.3%<sup>(b)</sup>**<br>|  |  |
| Bread Financial Holdings, Inc. | 67198 | 3365276  |
| Federal Home Loan Mortgage Corp.<sup>(a)</sup> | 252738 | 1352148  |
| Federal National Mortgage Association<sup>(a)</sup> | 244822 | 1547275  |
| Jackson Financial, Inc. - Class A | 22867 | 1915797  |
| Lincoln National Corp. | 76622 | 2751496  |
| PayPal Holdings, Inc.<sup>(a)</sup> | 23323 | 1521826  |
| Shift4 Payments, Inc. - Class A<sup>(a)</sup> | 16709 | 1365292  |
| Toast, Inc. - Class A<sup>(a)</sup> | 44628 | 1480311  |
| Western Alliance Bancorp | 15567 | 1196013  |
|  |  | 16495434  |
| **Health Care - 9.8%**<br>|  |  |
| Centene Corp.<sup>(a)</sup> | 54254 | 3293760  |
| Semler Scientific, Inc.<sup>(a)</sup> | 58069 | 2102098  |
| Viatris, Inc. | 115944 | 1009872  |
|  |  | 6405730  |
| **Industrials - 8.6%**<br>|  |  |
| Builders FirstSource, Inc.<sup>(a)</sup> | 12993 | 1623345  |
| JELD-WEN Holding, Inc.<sup>(a)</sup> | 169000 | 1008930  |
| Masterbrand, Inc.<sup>(a)</sup> | 123828 | 1617194  |
| Quad/Graphics, Inc. | 249696 | 1360843  |
|  |  | 5610312  |

---

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

5<br>

------

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

**MILLER VALUE PARTNERS APPRECIATION ETF** 

**SCHEDULE OF INVESTMENTS** 

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Information Technology - 8.4%**<br>|  |  |
| Dropbox, Inc. - Class A<sup>(a)</sup> | 94848 | $2533390  |
| Expensify, Inc. - Class A<sup>(a)</sup> | 303837 | 923664  |
| MicroStrategy, Inc. - Class A<sup>(a)</sup> | 6906 | 1990793  |
|  |  | 5447847  |
| **Real Estate - 3.7%**<br>|  |  |
| CTO Realty Growth, Inc. | 126035 | 2433736  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $59,259,128)** |  | 65046155  |
|  | **Contracts** |  |
| **WARRANTS - 0.1%** | **WARRANTS - 0.1%** | **WARRANTS - 0.1%** |
| **Consumer Discretionary *-* 0.1%**<br>|  |  |
| Vroom, Inc., Expires 01/14/2030, Exercise Price $60.95<sup>(a)</sup> | 6126 | 96239  |
| &nbsp;&nbsp;&nbsp; **TOTAL WARRANTS** <br>**(Cost $68,659)** |  | 96239  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.8%**<br>**(Cost $59,327,787)** |  | $65142394  |
| Other Assets in Excess of Liabilities - 0.2% |  | 119399  |
| **TOTAL NET ASSETS - 100.0%** |  | $65261793 |

---

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.

LP - Limited Partnership

PLC - Public Limited Company

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

<sup>(b)</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.

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

6<br>

------

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

**Miller Value Partners Leverage ETF** 

**Schedule of Investments** 

**March 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **EXCHANGE TRADED FUNDS - 99.6%**<br>|  |  |
| SPDR S&P 500 ETF Trust<sup>(a)</sup> | 10870 | $6080569  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $6,063,219)** |  | 6080569  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.6%** <br>**(Cost $6,063,219)** |  | $6080569  |
| Other Assets in Excess of Liabilities - 0.4% |  | 24273  |
| **TOTAL NET ASSETS - 100.0%** |  | $6104842 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Fair value of this security exceeds 25% of the Fund's net assets. Additional information for this security, including the financial statements, is available from the SEC's EDGAR database at www.sec.gov. 

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

7<br>

------

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

**Miller Funds** 

**Statements of Assets and Liabilities** 

**March 31, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Miller** <br>**Income** <br>**Fund** | **Miller Value** <br>**Partners** <br>**Appreciation** <br>**ETF** | **Miller Value** <br>**Partners** <br>**Leverage** <br>**ETF**  |
| **ASSETS:**<br>|  |  |  |
| Investments, at value | $160029612 | $65142394 | $6080569  |
| Interest receivable | 538387 | 178 | 23  |
| Dividends receivable | 266606 | 2909 | 12216  |
| Dividend tax reclaims receivable | 41109 | 15214 | —  |
| Cash - interest bearing deposit account | 866 | 132948 | 6612  |
| Receivable for investments sold |  |  | 6073366  |
| Prepaid expenses and other assets | 52822 |  | —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 160929402 | 65293643 | 12172786  |
| **LIABILITIES:**<br>|  |  |  |
| Loans payable | 641000 |  | —  |
| Payable to advisor | 84450 | 31850 | 4725  |
| Payable for transfer agent fees and expenses | 30693 |  | —  |
| Payable for capital shares redeemed | 29576 |  | —  |
| Payable for fund administration and accounting fees | 28092 |  | —  |
| Payable for distribution and shareholder servicing fees | 22075 |  | —  |
| Payable for compliance fees | 3914 |  | —  |
| Payable for custodian fees | 3378 |  | —  |
| Interest payable | 878 |  | —  |
| Payable for investments purchased |  |  | 6063219  |
| Payable for expenses and other liabilities | 45874 |  | —  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 889930 | 31850 | 6067944  |
| **NET ASSETS** | $160039472 | $65261793 | $6104842  |
| **Net Assets Consists of:**<br>|  |  |  |
| Paid-in capital | $175831123 | $56191494 | $5870202  |
| Total distributable earnings/(accumulated losses) | (15791651) | 9070299 | 234640  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $160039472 | $65261793 | $6104842  |
| &nbsp;&nbsp;&nbsp; Net assets | $— | $65261793 | $6104842  |
| &nbsp;&nbsp;&nbsp; Shares issued and outstanding<sup>(a)</sup> |  | 2086000 | 230000  |
| &nbsp;&nbsp;&nbsp; **Net asset value per share** | $— | $31.29 | $26.54  |
| **Class A**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets | $24677301 | $— | $—  |
| &nbsp;&nbsp;&nbsp; Shares issued and outstanding<sup>(a)</sup> | 2985576 |  | —  |
| &nbsp;&nbsp;&nbsp; **Net asset value per share** | $8.27 | $— | $—  |
| &nbsp;&nbsp;&nbsp; **Max offering price per share<sup>(1)</sup>** | $8.77 | $— | $—  |
| **Class C**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets | $14280582 | $— | $—  |
| &nbsp;&nbsp;&nbsp; Shares issued and outstanding<sup>(a)</sup> | 1726830 |  | —  |
| &nbsp;&nbsp;&nbsp; **Net asset value per share** | $8.27 | $— | $—  |
| **Class FI**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets | $215015 | $— | $—  |
| &nbsp;&nbsp;&nbsp; Shares issued and outstanding<sup>(a)</sup> | 26019 |  | —  |
| &nbsp;&nbsp;&nbsp; **Net asset value per share** | $8.26 | $— | $—  |

---

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

8<br>

------

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

**Miller Funds** 

**Statements of Assets and Liabilities** 

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Miller** <br>**Income** <br>**Fund** | **Miller Value** <br>**Partners** <br>**Appreciation** <br>**ETF** | **Miller Value** <br>**Partners** <br>**Leverage** <br>**ETF**  |
| **Class I**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets | $49863832 | $— | $—  |
| &nbsp;&nbsp;&nbsp; Shares issued and outstanding<sup>(a)</sup> | 6054769 |  | —  |
| &nbsp;&nbsp;&nbsp; **Net asset value per share** | $8.24 | $— | $—  |
| **Class IS**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets | $71002742 | $— | $—  |
| &nbsp;&nbsp;&nbsp; Shares issued and outstanding<sup>(a)</sup> | 8641192 |  | —  |
| &nbsp;&nbsp;&nbsp; **Net asset value per share** | $8.22 | $— | $—  |
| **COST:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $156776988 | $59327787 | $6063219 |

---

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

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

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

9<br>

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

**Miller Funds** 

**Statements of Operations** 

**For the Period Ended March 31, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Miller** <br>**Income** <br>**Fund** | **Miller Value** <br>**Partners** <br>**Appreciation** <br>**ETF** | **Miller Value** <br>**Partners** <br>**Leverage** <br>**ETF**  |
| **INVESTMENT INCOME:**<br>|  |  |  |
| Dividend income | $3981232 | $426149 | $31189  |
| Less: Dividend withholding taxes | (250330) | (10) | —  |
| Less: Issuance fees | (244) | (619) | —  |
| Interest income | 966893 | 78837 | 254  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 4697551 | 504357 | 31443  |
| **EXPENSES:**<br>|  |  |  |
| Investment advisory fee | 598627 | 196228 | 31117  |
| Distribution expenses - Class C | 79644 |  | —  |
| Distribution expenses - Class A | 32399 |  | —  |
| Distribution expenses - Class FI | 300 |  | —  |
| Fund administration and accounting fees | 62409 |  | —  |
| Transfer agent fees | 52896 |  | —  |
| Federal and state registration fees | 41050 |  | —  |
| Shareholder servicing fees | 32293 |  | —  |
| Audit fees | 11121 |  | —  |
| Legal fees | 10697 |  | —  |
| Custodian fees | 9464 |  | —  |
| Trustees' fees | 7970 |  | —  |
| Compliance fees | 7643 |  | —  |
| Reports to shareholders | 5540 |  | —  |
| Interest expense (See Note 8) | 3556 | 1527 | —  |
| Other expenses and fees | 9138 |  | —  |
| &nbsp;&nbsp;&nbsp; Total expenses | 964747 | 197755 | 31117  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement by Advisor | (40732) |  | —  |
| &nbsp;&nbsp;&nbsp; Net expenses | 924015 | 197755 | 31117  |
| &nbsp;&nbsp;&nbsp; **Net investment income** | 3773536 | 306602 | 326  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 17642999 | (3035286) | (428640)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions |  | 6859487 | 645754  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | (482) |  | —  |
| &nbsp;&nbsp;&nbsp; Net realized gain | 17642517 | 3824201 | 217114  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (16374667) | (6700496) | (652778)  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | (1410) | (297) | —  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (16376077) | (6700793) | (652778)  |
| **Net realized and unrealized gain (loss)** | 1266440 | (2876592) | (435664)  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $5039976 | $(2569990) | $(435338) |

---

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

10<br>

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

**Miller Funds** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Miller Income Fund** | **Miller Income Fund** | **Miller Value Partners** <br>**Appreciation ETF**  | **Miller Value Partners** <br>**Appreciation ETF**  |
|  | **Period Ended** <br>**March 31, 2025** <br>(Unaudited) | **Year Ended** <br>**September 30, 2024** | **Period Ended** <br>**March 31, 2025** <br>(Unaudited) | **Period Ended** <br>**September 30, 2024<sup>(a)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $3773536 | &nbsp;&nbsp; $8019704 | $306602 | &nbsp;&nbsp;&nbsp; $458494  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 17642517 | &nbsp;&nbsp; (7283834) | 3824201 | &nbsp;&nbsp;&nbsp; 6414282  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (16376077) | &nbsp;&nbsp; 43299406 | (6700793) | &nbsp;&nbsp;&nbsp; 4249429  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 5039976 | &nbsp;&nbsp; 44035276 | (2569990) | &nbsp;&nbsp;&nbsp; 11122205  |
|  **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings |  | &nbsp;&nbsp; — | (600921) | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; From earnings - Class A | (565432) | &nbsp;&nbsp; (1285132) |  | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; From earnings - Class C | (275396) | &nbsp;&nbsp; (761687) |  | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; From earnings - Class FI | (4949) | &nbsp;&nbsp; (12699) |  | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; From earnings - Class I | (1244297) | &nbsp;&nbsp; (3075785) |  | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; From earnings - Class IS | (1738226) | &nbsp;&nbsp; (3874697) |  | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (3828300) | &nbsp;&nbsp; (9010000) | (600921) | &nbsp;&nbsp;&nbsp; —  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions |  | &nbsp;&nbsp; — | 25893079 | &nbsp;&nbsp;&nbsp; 63984606  |
| &nbsp;&nbsp;&nbsp; Redemptions |  | &nbsp;&nbsp; — | (14621117) | &nbsp;&nbsp;&nbsp; (17946069)  |
| &nbsp;&nbsp;&nbsp; Subscriptions - Class A | 1961628 | &nbsp;&nbsp; 2437773 |  | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Reinvestments - Class A | 549620 | &nbsp;&nbsp; 1246724 |  | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Redemptions - Class A | (1959586) | &nbsp;&nbsp; (6464743) |  | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Subscriptions - Class C | 164123 | &nbsp;&nbsp; 368239 |  | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Reinvestments - Class C | 272493 | &nbsp;&nbsp; 752636 |  | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Redemptions - Class C | (2186169) | &nbsp;&nbsp; (5287489) |  | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Subscriptions - Class FI | 365 | &nbsp;&nbsp; 682 |  | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Reinvestments - Class FI | 4949 | &nbsp;&nbsp; 12699 |  | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Redemptions - Class FI | (34279) | &nbsp;&nbsp; (34005) |  | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Subscriptions - Class I | 2005422 | &nbsp;&nbsp; 5526724 |  | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Reinvestments - Class I | 1126314 | &nbsp;&nbsp; 2805539 |  | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Redemptions - Class I | (6169404) | &nbsp;&nbsp; (17665470) |  | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Reinvestments - Class IS | 1507349 | &nbsp;&nbsp; 3340454 |  | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (2757175) | &nbsp;&nbsp; (12960237) | 11271962 | &nbsp;&nbsp;&nbsp; 46038537  |
| **Net increase (decrease) in net assets** | (1545499) | &nbsp;&nbsp; 22065039 | 8101051 | &nbsp;&nbsp;&nbsp; 57160742  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 161584971 | &nbsp;&nbsp; 139519932 | 57160742 | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | $160039472 | &nbsp;&nbsp; $161584971 | $65261793 | &nbsp;&nbsp;&nbsp; $57160742  |
| **SHARE TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions |  | &nbsp;&nbsp; — | 750000 | &nbsp;&nbsp;&nbsp; 2356000  |
| &nbsp;&nbsp;&nbsp; Redemptions |  | &nbsp;&nbsp; — | (430000) | &nbsp;&nbsp;&nbsp; (590000)  |
| &nbsp;&nbsp;&nbsp; Subscriptions - Class A | 222734 | &nbsp;&nbsp; 338931 |  | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Reinvestments - Class A | 64189 | &nbsp;&nbsp; 161923 |  | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Redemptions - Class A | (226419) | &nbsp;&nbsp; (878077) |  | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Subscriptions - Class C | 18977 | &nbsp;&nbsp; 51238 |  | &nbsp;&nbsp;&nbsp; —  |

---

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

11<br>

------

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

**Miller Funds** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Miller Income Fund** | **Miller Income Fund** | **Miller Value Partners** <br>**Appreciation ETF**  | **Miller Value Partners** <br>**Appreciation ETF**  |
|  | **Period Ended** <br>**March 31, 2025** <br>(Unaudited) | **Year Ended** <br>**September 30, 2024** | **Period Ended** <br>**March 31, 2025** <br>(Unaudited) | **Period Ended** <br>**September 30, 2024<sup>(a)</sup>**  |
| &nbsp;&nbsp;&nbsp; Reinvestments - Class C | 31824 | &nbsp;&nbsp; 97887 |  | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Redemptions - Class C | (249451) | &nbsp;&nbsp; (727735) |  | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Subscriptions - Class FI | 42 | &nbsp;&nbsp; 96 |  | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Reinvestments - Class FI | 578 | &nbsp;&nbsp; 1649 |  | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Redemptions - Class FI | (3892) | &nbsp;&nbsp; (4349) |  | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Subscriptions - Class I | 230177 | &nbsp;&nbsp; 741233 |  | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Reinvestments - Class I | 131885 | &nbsp;&nbsp; 364528 |  | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Redemptions - Class I | (701672) | &nbsp;&nbsp; (2434660) |  | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Reinvestments - Class IS | 177064 | &nbsp;&nbsp; 433602 |  | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (303964)  | &nbsp;&nbsp; (1853734) | 320000 | &nbsp;&nbsp;&nbsp; 1766000 |

---

<sup>(a)</sup> Inception date of the Fund was January 30, 2024.

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

12<br>

------

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

**Miller Funds** 

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

---

| | | |
|:---|:---|:---|
|  | **Miller Value Partners Leverage ETF**  | **Miller Value Partners Leverage ETF**  |
|  | **Period Ended** <br>**March 31, 2025** <br>(Unaudited) | **Period Ended** <br>**September 30, 2024<sup>(a)</sup>**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $326 | &nbsp;&nbsp;&nbsp;&nbsp; $1318  |
| &nbsp;&nbsp;&nbsp; Net realized gain | 217114 | &nbsp;&nbsp;&nbsp;&nbsp; 721701  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (652778) | &nbsp;&nbsp;&nbsp;&nbsp; 670128  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | (435338) | &nbsp;&nbsp;&nbsp;&nbsp; 1393147  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (475541) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (475541) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 6990137 | &nbsp;&nbsp;&nbsp;&nbsp; 12208598  |
| &nbsp;&nbsp;&nbsp; Redemptions | (7118109) | &nbsp;&nbsp;&nbsp;&nbsp; (6458052)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (127972) | &nbsp;&nbsp;&nbsp;&nbsp; 5750546  |
| **Net increase (decrease) in net assets** | (1038851) | &nbsp;&nbsp;&nbsp;&nbsp; 7143693  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 7143693 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | $6104842 | &nbsp;&nbsp;&nbsp;&nbsp; $7143693  |
| **SHARE TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 230000 | &nbsp;&nbsp;&nbsp;&nbsp; 460000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (230000) | &nbsp;&nbsp;&nbsp;&nbsp; (230000)  |
| **Total increase in shares outstanding** |  | &nbsp;&nbsp;&nbsp;&nbsp; 230000 |

---

<sup>(a)</sup> Inception date of the Fund was February 27, 2024.

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

13<br>

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

**Miller Income Fund** 

**Financial Highlights** 

**Class A** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**March 31, 2025** <br>(Unaudited) | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  |
|  | **Period Ended** <br>**March 31, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $8.22 | $6.47 | $6.03 | $9.06 | $6.36 | $7.74  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | 0.39 | 0.35 | 0.39 | 0.44 | 0.39  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | 1.78 | 0.49 | (3.00) | 2.73 | (1.29)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | 2.17 | 0.84 | (2.61) | 3.17 | (0.90)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.19) | (0.42) | (0.40) | (0.39) | (0.44) | (0.34)  |
| Return of capital | &nbsp;&nbsp;&nbsp; — |  |  | (0.03) | (0.03) | (0.14)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.19) | (0.42) | (0.40) | (0.42) | (0.47) | (0.48)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $8.27 | $8.22 | $6.47 | $6.03 | $9.06 | $6.36  |
| Total return<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 2.85% | 34.09% | 14.15% | -29.56% | 50.36% | -11.19%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $24677 | $24032 | $21371 | $25881 | $36250 | $27444  |
| 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; 1.29% | 1.38% | 1.35% | 1.26% | 1.26% | 1.31%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursement/<br>recoupment<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 1.24% | 1.23% | 1.23% | 1.21% | 1.23% | 1.23%  |
|  Ratio of interest expense to average net assets<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 0.00%<sup>(e)</sup> | 0.01% | 0.04% | 0.01% | 0.02% | —%  |
|  Ratio of operational expenses to average net assets excluding interest<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 1.24% | 1.22% | 1.19% | 1.20% | 1.21% | 1.23%  |
|  Ratio of net investment income (loss) to average net assets<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 4.26% | 5.24% | 5.24% | 4.90% | 5.22% | 5.62%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 21% | 38% | 41% | 59% | 65% | 77% |

---

<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.

<sup>(e)</sup> Amount represents less than 0.005%. 

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

14<br>

------

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

**Miller Income Fund** 

**Financial Highlights** 

**Class C** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**March 31, 2025** <br>(Unaudited) | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  |
|  | **Period Ended** <br>**March 31, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $8.22 | $6.47 | $6.03 | $9.05 | $6.36 | $7.73  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | 0.33 | 0.30 | 0.33 | 0.38 | 0.33  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | (1.79) | 0.49 | (3.00) | 2.72 | (1.27)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | 2.12 | 0.79 | (2.67) | 3.10 | (0.94)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.16) | (0.37) | (0.35) | (0.33) | (0.38) | (0.31)  |
| Return of capital | &nbsp;&nbsp;&nbsp; — |  |  | (0.02) | (0.03) | (0.12)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.16) | (0.37) | (0.35) | (0.35) | (0.41) | (0.43)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $8.27 | $8.22 | $6.47 | $6.03 | $9.05 | $6.36  |
| Total return<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 2.45% | 33.20% | 13.24% | -30.07% | 49.13% | -11.80%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $14281 | $15824 | $16212 | $19860 | $34591 | $26784  |
| 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; 2.03% | 2.13% | 2.11% | 2.00% | 2.00% | 2.05%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursement/<br>recoupment<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 1.98% | 1.98% | 2.00% | 1.95% | 1.97% | 1.97%  |
|  Ratio of interest expense to average net assets<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 0.00%<sup>(e)</sup> | 0.01% | 0.04% | 0.01% | 0.02% | —%  |
|  Ratio of operational expenses to average net assets excluding interest<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 1.98% | 1.97% | 1.96% | 1.94% | 1.95% | 1.97%  |
|  Ratio of net investment income (loss) to average net assets<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 3.51% | 4.47% | 4.50% | 4.11% | 4.48% | 4.84%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 21% | 38% | 41% | 59% | 65% | 77% |

---

<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.

<sup>(e)</sup> Amount represents less than 0.005%. 

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

15<br>

------

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

**Miller Income Fund** 

**Financial Highlights** 

**Class FI** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**March 31, 2025** <br>(Unaudited) | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  |
|  | **Period Ended** <br>**March 31, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $8.21 | $6.47 | $6.03 | $9.06 | $6.36 | $7.71  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | 0.38 | 0.34 | 0.40 | 0.43 | 0.38  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | 1.78 | 0.50 | (3.01) | 2.74 | (1.25)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | 2.16 | 0.84 | (2.61) | 3.17 | (0.87)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.18) | (0.42) | (0.40) | (0.39) | (0.44) | (0.34)  |
| Return of capital | &nbsp;&nbsp;&nbsp;&nbsp; — |  |  | (0.03) | (0.03) | (0.14)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.18) | (0.42) | (0.40) | (0.42) | (0.47) | (0.48)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $8.26 | $8.21 | $6.47 | $6.03 | $9.06 | $6.36  |
| Total return<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.79% | 33.97% | 14.07% | -29.57% | 50.25% | -10.82%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $215 | $241 | $206 | $248 | $208 | $118  |
| 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; 1.40% | 1.47% | 1.41% | 1.28% | 1.38% | 1.26%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursement/<br>recoupment<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.35% | 1.32% | 1.29% | 1.24% | 1.35% | 1.20%  |
|  Ratio of interest expense to average net assets<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%<sup>(e)</sup> | 0.01% | 0.04% | 0.01% | 0.02% | —%  |
|  Ratio of operational expenses to average net assets excluding interest<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.35% | 1.31% | 1.25% | 1.23% | 1.33% | 1.20%  |
|  Ratio of net investment income (loss) to average net assets<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4.13% | 5.19% | 5.07% | 4.98% | 5.07% | 5.54%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 21% | 38% | 41% | 59% | 65% | 77% |

---

<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.

<sup>(e)</sup> Amount represents less than 0.005%. 

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

16<br>

------

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

**Miller Income Fund** 

**Financial Highlights** 

**Class I** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**March 31, 2025** <br>(Unaudited) | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  |
|  | **Period Ended** <br>**March 31, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $8.19 | $6.46 | $6.02 | $9.05 | $6.35 | $7.73  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | 0.40 | 0.36 | 0.41 | 0.46 | 0.40  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | 1.79 | 0.50 | (3.00) | 2.73 | (1.27)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | 2.19 | 0.86 | (2.59) | 3.19 | (0.87)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.20) | (0.46) | (0.42) | (0.41) | (0.46) | (0.36)  |
| Return of capital | &nbsp;&nbsp;&nbsp; — |  |  | (0.03) | (0.03) | (0.15)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.20) | (0.46) | (0.42) | (0.44) | (0.49) | (0.51)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $8.24 | $8.19 | $6.46 | $6.02 | $9.05 | $6.35  |
| Total return<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 3.00% | 34.45% | 14.45% | -29.41% | 50.82% | -10.94%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $49864 | $52348 | $49900 | $67042 | $123349 | $80483  |
| 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; 1.02% | 1.13% | 1.12% | 1.00% | 1.01% | 1.05%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursement/<br>recoupment<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 0.97% | 0.97% | 0.99% | 0.96% | 0.98% | 0.95%  |
|  Ratio of interest expense to average net assets<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 0.00%<sup>(e)</sup> | 0.01% | 0.04% | 0.01% | 0.02% | —%  |
|  Ratio of operational expenses to average net assets excluding interest<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 0.97% | 0.96% | 0.95% | 0.95% | 0.96% | 0.95%  |
|  Ratio of net investment income (loss) to average net assets<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 4.51% | 5.49% | 5.45% | 5.09% | 5.48% | 5.89%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 21% | 38% | 41% | 59% | 65% | 77% |

---

<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.

<sup>(e)</sup> Amount represents less than 0.005%. 

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

17<br>

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

**Miller Income Fund** 

**Financial Highlights** 

**Class IS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**March 31, 2025** <br>(Unaudited) | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
|  | **Period Ended** <br>**March 31, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $8.17 | $6.45 | $6.02 | $9.04 | $6.35 | $7.73  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | 0.41 | 0.37 | 0.42 | 0.47 | 0.41  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | 1.78 | 0.48 | (3.00) | 2.72 | (1.28)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | 2.19 | 0.85 | (2.58) | 3.19 | (0.87)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.20) | (0.47) | (0.42) | (0.41) | (0.47) | (0.36)  |
| Return of capital | &nbsp;&nbsp;&nbsp; — |  |  | (0.03) | (0.03) | (0.15)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.20) | (0.47) | (0.42) | (0.44) | (0.50) | (0.51)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $8.22 | $8.17 | $6.45 | $6.02 | $9.04 | $6.35  |
| Total return<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 3.04% | 34.60% | 14.37% | -29.28% | 50.75% | -10.87%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $71003 | $69140 | $51830 | $45277 | $61866 | $41034  |
| 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; 0.96% | 1.06% | 1.05% | 0.94% | 0.94% | 0.99%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursement/<br>recoupment<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 0.91% | 0.91% | 0.93% | 0.90% | 0.91% | 0.88%  |
|  Ratio of interest expense to average net assets<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 0.00%<sup>(e)</sup> | 0.01% | 0.04% | 0.01% | 0.02% | —%  |
|  Ratio of operational expenses to average net assets excluding interest<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 0.91% | 0.90% | 0.89% | 0.89% | 0.89% | 0.88%  |
|  Ratio of net investment income (loss) to average net assets<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 4.59% | 5.56% | 5.55% | 5.23% | 5.55% | 5.92%  |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 21% | 38% | 41% | 59% | 65% | 77% |

---

<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.

<sup>(e)</sup> Amount represents less than 0.005%. 

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

18<br>

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

**Miller Value Partners Appreciation ETF** 

**Financial Highlights** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended** <br>**March 31, 2025** <br>(Unaudited) | **Period Ended** <br>**September 30, 2024<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $32.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.09  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; (0.76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.37  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Net realized gains | &nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $31.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $32.37  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; -2.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29.49%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $65262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $57161  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.60%  |
| Ratio of interest expense to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.00%<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38%  |
| Portfolio turnover rate<sup>(d)(g)</sup> | &nbsp;&nbsp;&nbsp; 40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69% |

---

<sup>(a)</sup> Inception date of the Fund was January 30, 2024.

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

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

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

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

<sup>(f)</sup> Amount represents less than 0.005%. 

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

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

19<br>

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

**Miller Value Partners Leverage ETF** 

**Financial Highlights** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended** <br>**March 31, 2025** <br>(Unaudited) | **Period Ended** <br>**September 30, 2024<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $31.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $25.10  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| Net realized and unrealized gain (loss) on investments<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (2.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp; (2.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.96  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; (2.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (2.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $26.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $31.06  |
| Total return<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; -8.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23.74%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $6105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7144  |
| Ratio of expenses to average net assets<sup>(g)(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88%  |
| Ratio of net investment income (loss) to average net assets<sup>(g)(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.04%  |
| Portfolio turnover rate<sup>(f)(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 867% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 319% |

---

<sup>(a)</sup> Inception date of the Fund was February 27, 2024.

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

<sup>(c)</sup> Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying exchange traded funds in which the Fund invests. The ratio does not include net investment income of the exchange traded funds in which the Fund invests.

<sup>(d)</sup> Amount represents less than $0.005 per share.

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

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

<sup>(h)</sup> These ratios exclude the impact of expenses of the underlying exchange traded funds as represented in the Schedule of Investments. Recognition of net investment income by the Fund is affected by the timing of the underlying exchange traded funds in which the Fund invests.

<sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions.

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

20<br>

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

**Miller Funds** 

**Notes to Financial Statements** 

**March 31, 2025 (Unaudited)** 

**Note 1 – Organization** 

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

The Income Fund's investment objective is to provide a high level of income while maintaining potential for growth. The Appreciation ETF commenced operations on January 30, 2024 and seeks capital appreciation. The Leverage ETF commenced operations on February 27, 2024 and seeks capital appreciation over a multi-year horizon.

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

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

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

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

Shares of the ETFs are listed and traded on NYSE Arca, Inc. ("NYSE" or the "Exchange"). Market prices for the shares may be different from their net asset value ("NAV"). The ETFs issue and redeem shares on a continuous basis at NAV only in large blocks of shares, called "Creation Units," which generally consist of 10,000 shares. Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, shares generally trade in the secondary market at market prices that change throughout the day in amounts less than a Creation Unit. Shares are not redeemable securities of the ETFs except when aggregated in Creation Units.

Shares of the ETFs may only be purchased or redeemed directly from ETFs by certain financial institutions ("Authorized Participants"). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with Quasar Distributors, LLC (the "Distributor"). Most retail investors do not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, most retail investors may purchase shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

A standard transaction fee of $300 will be charged by the ETFs' custodian in connection with the issuance or redemption of Creation Units. The standard fee will be the same regardless of the number of Creation Units issued or redeemed. In addition, a variable fee of up to 2% of the value of a Creation Unit may be charged by the ETFs for cash purchases, non-standard orders, or partial cash purchases, and is designed to cover broker commissions and other transaction costs. Any variable fees received by the ETFs are included in the Capital Transactions on the Statement of Changes in Net Assets.

As part of the Appreciation ETF's commenced operations on January 30, 2024, certain securities of accounts managed by the Advisor were exchanged, at fair value, as in-kind transfers to the Appreciation ETF. The securities were recorded at their current value to align the Appreciation ETF's performance with ongoing financial reporting. The in-kind transfers were not taxable events under relevant provisions of the Internal Revenue Code, and therefore the historical cost basis of those investments was carried forward. The total fair value of the in-kind transfers, included in proceeds from shares issued on the accompanying Statement of Changes in Net Assets, was $32,645,405. The historical cost of the contributed investments was $24,379,507, which was carried forward to align the ongoing reporting of realized and unrealized gains and losses for tax purposes. As a result of the in-kind contribution, the Fund issued 1,306,000 shares at $25.00 per share net asset value.

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**Miller Funds** 

**Notes to Financial Statements** 

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

**Note 2 – Significant Accounting Policies** 

The following is a summary of significant accounting policies consistently followed by the Funds in preparation of their financial statements. These policies are in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") for investment companies. The Funds are considered investment companies under U.S. GAAP and follow 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 Funds' investments are performed in accordance with the

principles found in Rule 2a-5 of the 1940 Act. Investments in securities traded on a national securities exchange are valued at the last reported sales price on the exchange on which the security is principally traded. Securities traded on the NASDAQ exchanges are valued at the NASDAQ Official Closing Price ("NOCP"). Exchange-traded securities for which no sale was reported and NASDAQ securities for which there is no NOCP are valued at the mean of the most recent quoted bid and ask prices. Long-term fixed income securities are valued using prices provided by an independent pricing service approved by the Board of Trustees. Pricing services may use various valuation methodologies, including matrix pricing and other analytical models as well as market transactions and dealer quotations. The Board of Trustees of the Trust (the "Board" or the "Trustees") has designated 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 Funds' investments. These inputs are summarized into three broad levels and described below:

Level 1 – unadjusted quoted prices in active markets for identical investments

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

---

| | |
|:---|:---|
| Level 3 –<br>| significant unobservable inputs, including the Funds' own assumptions in determining the 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 inputs used in valuing the Funds' assets carried at fair value:  |

---

**Miller Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Investments\*:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $142469112 | $— | $—\*\*  | $142469112  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds |  | 17560500 |  | 17560500  |
| **Total Investments** | $142469112 | $17560500 | $— | $160029612 |

---

**Miller Value Partners Appreciation ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Investments\*:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $65046155 | $— | $— | $65046155  |
| &nbsp;&nbsp;&nbsp; Warrants |  | 96239 |  | 96239  |
| **Total Investments** | $65046155 | $96239 | $— | $65142394 |

---

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

**Miller Funds** 

**Notes to Financial Statements** 

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

**Miller Value Partners Leverage ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Investments\*:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Exchange-Traded Funds | $6080569 | $— | $— | $6080569  |
| **Total Investments** | $6080569 | $— | $— | $6080569 |

---

\* See Schedule of Investments for additional detailed categorizations.

\*\* Russia's invasion of Ukraine has led to unprecedented market and policy responses of governments and regulators around the world. There is no functioning or orderly market to the facilitate the liquidation of any Russian-based securities held by the Income Fund. As a result, the fair value of the Russian securities held in the Income Fund has been reduced to zero. 

&nbsp;&nbsp;&nbsp;&nbsp;(b) *Return of capital estimates*. Distributions received from investments in Master Limited Partnerships ("MLPs") generally are comprised
 of income and return of capital. Distributions received from investments in Real Estate Investment Trusts ("REITs") generally
 are comprised of income, realized capital gains and return of capital. It is the policy of the Funds to estimate the character of distributions
 received from underlying REITs and MLPs based on historical information available from each MLP or REIT and other industry sources. These
 estimates may subsequently be revised based on information received from the MLPs and REITs after their tax reporting periods are concluded.

&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 accrual basis. Dividend income is recorded on the ex-dividend date. The cost of investments
 sold is determined by use of the specific identification method. To the extent any issuer defaults or a credit event occurs that impacts
 the issuer, the Funds may halt any additional interest income accruals and consider the realizability of interest accrued up to the date
 of default or credit event.

&nbsp;&nbsp;&nbsp;&nbsp;(d) *Distributions to shareholders*. Distributions are declared and paid by the Income Fund on a quarterly basis, and by the ETFs on an annual basis.
 Distributions of net realized gains, if any, are declared at least annually by the Funds. The character of distributions made to shareholders
 during the year may differ from their ultimate characterization for federal income tax purposes. Distributions to shareholders of the
 Funds 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 Income Fund on the basis of daily net assets of each class. Fees relating to a specific class are charged directly to that
 share class.

&nbsp;&nbsp;&nbsp;&nbsp;(f) *Cash and Cash Equivalents.* Cash and cash equivalents include cash on hand and demand deposits. The Funds sweep uninvested cash into a Money Market
 Deposit Account (MMDA) offered by U.S. Bank. MMDAs are interest-bearing accounts that offer competitive interest rates and limited transactions
 capabilities. These accounts are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per depositor, per bank.

&nbsp;&nbsp;&nbsp;&nbsp;(g) *Federal and other taxes.* It is the Funds' 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 Funds intend to distribute
 any taxable income and net realized gains to shareholders in accordance with timing requirements imposed by the Code. Therefore, no federal
 or state income tax provision is required in the Funds' financial statements.

Management has analyzed the Funds' tax positions taken on income tax returns for all open tax years (prior three fiscal years) and has concluded that as of March 31, 2025, no provision for income tax is required in the Funds' financial statements. The Funds' federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal

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**Miller Funds** 

**Notes to Financial Statements** 

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

Revenue Service and state departments of revenue. The Funds have no examination in progress and are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

**Note 3 – Investment management agreement and other related party transactions.** 

The Trust has an agreement with the Advisor to furnish investment advisory services to the Funds. Under the investment management agreement, the Income Fund pays an investment management fee, calculated daily and paid monthly, in accordance with the following breakpoint schedule:

**Income Fund** 

---

| | |
|:---|:---|
| **Average Daily Net Assets** | **Annual Rate**  |
| First $2.5 billion | &nbsp;&nbsp;&nbsp; 0.700%  |
| Next $5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.675  |
| Over $7.5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.650 |

---

The Advisor has contractually agreed to reduce fees and pay expenses, (other than front-end or contingent deferred loads, taxes, interest expense, brokerage commissions, acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization, portfolio transaction expenses, dividends paid on short sales, extraordinary expenses such as litigation, Rule 12b-1 fees, intermediary servicing fees, or any other class-specific expenses), so that such annual operating expenses of the Income Fund will not exceed 0.89%. Separately, with respect to Class I only, the Advisor has agreed to waive fees and/or Income Fund reimburse operating expenses such that the previously described annual operating expenses, plus intermediary servicing fees and other class- specific expenses, will not exceed 0.95%. These arrangements cannot be terminated prior to January 31, 2026 without the Board of Trustees' consent. The Advisor had same contractual agreement with the Predecessor Fund.

Prior to January 31, 2020, the limit on annual operating expenses for the Predecessor Fund 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.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Class A** | **Class C** | **Class FI** | **Class I** | **Class IS**  |
| 1.25%<br>| 2.00% | 1.25% | 0.95% | 0.85% |

---

During the period ended March 31, 2025, fees waived and/or expenses reimbursed amounted to $40,732.

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 Income Fund, in the class's total annual operating expenses exceeding the expense cap or any other lower limit then in effect.

At March 31, 2025, the Income Fund had remaining fee waivers and/or expense reimbursements subject to be recaptured by the Advisor and respective dates of expiration as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class FI** | **Class I** | **Class IS**  |
| Expires September 30, 2025 | $11465 | $10301 | $115 | $35335 | $20791  |
| Expires September 30, 2026 | 29421 | 22233 | 270 | 79644 | 60807  |
| Expires September 30, 2027 | 33679 | 23725 | 339 | 77985 | 89055  |
| Expires March 31, 2028 | 6155 | 3782 | 57 | 13213 | 17525  |
| **Total** | $80720 | $60041 | $781 | $206177 | $188178 |

---

24<br>

------

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

**Miller Funds** 

**Notes to Financial Statements** 

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

**Appreciation ETF and Leverage ETF** 

Pursuant to the advisory agreement, the Appreciation ETF and Leverage ETF pay unitary management fees of 0.60% and 0.88% per annum of the average daily net assets, respectively. The Advisor has agreed to pay all expenses of the ETFs except the fee paid to the Advisor under the Advisory Agreement, interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses (if any).

Exchange Traded Concepts, LLC (the "Sub-Advisor") serves as the sub-advisor to the ETFs. The Sub-Advisor is majority owned by Cottonwood ETF Holdings LLC. Pursuant to a Sub-Advisory Agreement between the Advisor and the Sub-Advisor (the "Sub-Advisory Agreement"), the Sub-Advisor is responsible for implementing the investment strategy of the ETFs subject to the instruction and oversight of the Advisor. The Sub-Advisor is also responsible for trading portfolio securities for the ETFs, including selecting broker-dealers to execute purchase and sale transactions. For its services, the Sub-Advisor is entitled to a fee paid by the Advisor from its management fee, which fee is calculated daily and paid monthly, at an annual rate based on the accumulative average daily net assets of each fund advised (or sponsored) by the Advisor and sub-advised by the Sub-Advisor, and subject to a minimum annual fee as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Minimum Annual Fee** | **Asset-Based Fee**  |
| **Appreciation ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $20000 | 4 bps (0.04%) on the first $500 million  |
|  |  | 3 bps (0.03%) on assets over $500 million  |
| **Leverage ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $15000 | 3 bps (0.03%) on the first $500 million  |
|  |  | 2 bps (0.02%) on assets over $500 million |

---

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services") serves as the Funds' administrator and transfer agent. The officers of the Trust are employees of Fund Services. U.S Bank, N.A. serves as the Funds' custodian. Quasar Distributors, LLC ("Quasar"), serves as the Funds' distributor and principal underwriter. For the period ended March 31, 2025, the Income Fund incurred expenses for administration and fund accounting, transfer agent, custody, and compliance fees as detailed on the Statement of Operations.

At March 31, 2025, the Income 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 $7,970 by the Income Fund for their services and reimbursement of travel expenses during the period ended March 31, 2025. The Funds pays no compensation to the Interested Trustee or officers of the Trust.

<u>Income Fund Sales Charges</u>

Class A shares have a maximum initial sales charge of 5.75%. Class C share have a contingent deferred sales charge ("CDSC") of 1.00%, which applies if redemption occurs within 12 months from purchase payment. In certain cases, Class A shares have a 1.00% CDSC, which applies if redemption occurs within 18 months from purchase payment.

25<br>

------

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

**Miller Funds** 

**Notes to Financial Statements** 

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

**Note 4 – Investments** 

Purchases and sales of investment securities (excluding short-term securities, in-kind transactions, and U.S. government obligations) for the period ended March 31, 2025, were as follows:

**Income Fund** 

---

| | |
|:---|:---|
| Purchases | $34724784  |
| Sales | $36641096 |

---

**Appreciation ETF** 

---

| | |
|:---|:---|
| Purchases | $29007052  |
| Sales | $26267379 |

---

**Leverage ETF** 

---

| | |
|:---|:---|
| Purchases | $59778675  |
| Sales | $60263395 |

---

Purchases and sales of in-kind transactions associated with creations and redemptions during the period ended March 31, 2025, were as follows:

**Appreciation ETF** 

---

| | |
|:---|:---|
| Purchase In-Kind  | $24304425  |
| Sales In-Kind | $15999719 |

---

**Leverage ETF** 

---

| | |
|:---|:---|
| Purchase In-Kind | $6976059  |
| Sales In-Kind | $7104114 |

---

**Note 5 – Class specific expenses and distributions** 

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

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

For the period ended March 31, 2025, class specific expenses were as follows:

---

| | | |
|:---|:---|:---|
|  | **Service and/or** <br>**Distribution Fees** | **Servicing Fees**  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp; $32399 | &nbsp;&nbsp;&nbsp; $10057  |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp; 79644 | &nbsp;&nbsp;&nbsp; 5402  |
| Class FI | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp; 227  |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 16607  |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp; $112343 | &nbsp;&nbsp;&nbsp; $32293 |

---

26<br>

------

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

**Miller Funds** 

**Notes to Financial Statements** 

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

Distributions by class for the period ended March 31, 2025 and year/periods ended September 30, 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Period Ended**<br>**March 31, 2025** | **Year Ended**<br>**September 30, 2024**  |
| **Income Fund**<br>|  |  |
| **Ordinary Income:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Class A | $565432 | &nbsp;&nbsp;&nbsp;&nbsp; $1285132  |
| &nbsp;&nbsp;&nbsp; Class C | 275396 | &nbsp;&nbsp;&nbsp;&nbsp; 761687  |
| &nbsp;&nbsp;&nbsp; Class FI | 4949 | &nbsp;&nbsp;&nbsp;&nbsp; 12699  |
| &nbsp;&nbsp;&nbsp; Class I | 1244297 | &nbsp;&nbsp;&nbsp;&nbsp; 3075785  |
| &nbsp;&nbsp;&nbsp; Class IS | 1738226 | &nbsp;&nbsp;&nbsp;&nbsp; 3874697  |
| **Total** | $3828300 | &nbsp;&nbsp;&nbsp;&nbsp; $9010000 |

---

---

| | | |
|:---|:---|:---|
|  | **Period Ended**<br>**March 31, 2025** | **Period Ended** <br>**September 30, 2024**  |
| **Appreciation ETF**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Ordinary Income | &nbsp;&nbsp;&nbsp; $489614 | &nbsp;&nbsp;&nbsp;&nbsp; $—  |
| &nbsp;&nbsp;&nbsp; Capital Gain | &nbsp;&nbsp;&nbsp; 111307 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total** | &nbsp;&nbsp;&nbsp; $600921 | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

---

| | | |
|:---|:---|:---|
|  | **Period Ended**<br>**March 31, 2025** | **Period Ended** <br>**September 30, 2024**  |
| **Leverage ETF**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Ordinary Income | &nbsp;&nbsp;&nbsp; $1318 | &nbsp;&nbsp;&nbsp;&nbsp; $—  |
| &nbsp;&nbsp;&nbsp; Capital Gain | &nbsp;&nbsp;&nbsp; 474223 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total** | &nbsp;&nbsp;&nbsp; $475541 | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

**Note 6 – Income tax information** 

At September 30, 2024, the components of accumulated earnings (losses) for federal income tax purposes were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Income Fund** | **Appreciation ETF** | **Leverage ETF**  |
| Tax cost of investments | $142147111 | &nbsp;&nbsp; $45299919 | $6459032  |
| Gross unrealized appreciation | $38062407 | &nbsp;&nbsp; $13189977 | $670128  |
| Gross unrealized depreciation | (19439851) | &nbsp;&nbsp; (1518805) | (150)  |
| Net unrealized appreciation | $18622556 | &nbsp;&nbsp; $11671172 | $669978  |
| Undistributed Ordinary Income |  | &nbsp;&nbsp; 569791 | 475541  |
| Capital loss carryforwards | (35545371) | &nbsp;&nbsp; — | —  |
| Other book/tax temporary differences <sup>(a)</sup> | (80513) | &nbsp;&nbsp; 247 | —  |
| Total accumulated earnings/losses | $(17003328) | &nbsp;&nbsp; $12241210 | $1145519 |

---

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

27<br>

------

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

**Miller Funds** 

**Notes to Financial Statements** 

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

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 September 30, 2024, the reclassifications have been made as follows:

---

| | | |
|:---|:---|:---|
|  | **Accumulated Net**<br>**Earnings/Losses<sup>(a)</sup>** | **Paid-in Capital<sup>(a)</sup>**  |
| Income Fund | &nbsp;&nbsp; $12038 | &nbsp;&nbsp; $(12038)  |
| Appreciation ETF | &nbsp;&nbsp; $(7146917)  | &nbsp;&nbsp; $7146917  |
| Leverage ETF | &nbsp;&nbsp; $(247628) | &nbsp;&nbsp; $247628 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) 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 Funds are required, in order to meet certain excise tax requirements, to measure and distribute annually, net capital gains realized during the twelve month period ending October 31. In connection with this requirement, the Funds are permitted, for tax purposes, to defer into its next fiscal year any net capital losses incurred from November 1 through the end of the fiscal year. Late year losses incurred after December 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. As of September 30, 2024, the Income Fund had late-year or post-October losses of $12,964.

At September 30, 2024, the Income Fund had capital loss carryforwards, which reduce the Income 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**  |
| $(15786754)<br>| $(19758617) | $(35545371) |

---

**Note 7 – 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 March 31, 2025, J.P. Morgan Securities, LLC. held approximately 42%, in aggregate for the benefit of others, outstanding shares of the Income Fund.

**Note 8 – Line of Credit** 

The Income Fund has access to a $15 million and line of credit through an agreement with U.S. Bank. The Income Fund may temporarily draw on the line of credit to satisfy redemption requests or settle investment transactions. Interest is charged to the Income Fund based on its borrowings at a rate per annum equal to the Prime Rate, to be paid monthly. Loan activity for the period ended March 31, 2025 was as follows:

---

| | |
|:---|:---|
| Maximum available credit | $15000000  |
| Largest amount outstanding on an individual day | $2735000  |
| Average daily loan outstanding | $398515  |
| Interest expense | $3556  |
| Loan outstanding as of March 31, 2025 | $641000  |
| Average interest rate | 7.01% |

---

28<br>

------

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

**Miller Funds** 

**Notes to Financial Statements** 

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

The Appreciation ETF has access to a $2.5 million line of credit through an agreement with U.S. Bank. Loan activity for the period ended March 31, 2025 was as follows:

---

| | |
|:---|:---|
| Maximum available credit | $2500000  |
| Largest amount outstanding on an individual day | $1561000  |
| Average daily loan outstanding | $412800  |
| Interest expense | $1527  |
| Loan outstanding as of March 31, 2025 | $0  |
| Average interest rate | 7.22% |

---

**Note 9 – Underlying Investments in Other Investment Companies** 

The Leverage ETF currently invests a portion of its assets in SPDR S&P 500 ETF Trust ("SPY") and Direxion Daily S&P 500 Bull 2X Shares ("SPUU"). The Leverage ETF may redeem its investment from SPY and SPUU at any time if the Advisor determines that it is in the best interest of the Leverage ETF and its shareholders to do so. The performance of the Leverage ETF may be directly affected by the performance of SPY and SPUU. The expense ratios of SPY and SPUU are 0.09% and 0.60%, respectively, of net assets, as reflected in the most current prospectuses of SPY and SPUU. The financial statements of SSO and SPUU, including their portfolio of investments, can be found at the Securities and Exchange Commission's (SEC) website www.sec.gov and should be read in conjunction with the Leverage ETF's financial statements. As of March 31, 2025, the percentage of the Leverage ETF's net assets invested in SPY was 99.6%.

**Note 10 – New Accounting Pronouncement** 

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to

Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker, clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures and providing new disclosure requirements for entities with a single reportable segment, among other new disclosure requirements. The amendments are effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, and early adoption is permitted. Management has evaluated the impact of adopting ASU 2023-07 with respect to the financial statements and disclosures and determined there is no material impact for the Funds.

**Note 11 – Subsequent Events** 

Management has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued and has determined that there were no significant subsequent events that would require adjustment to or additional disclosure in these financial statements.

29<br>

------

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

**Miller Funds** 

**Additional Information (Unaudited)** 

**March 31, 2025** 

**Approval of Investment Advisory Agreement** 

At a meeting held on November 20-21, 2024 (the "Meeting"), the Board of Trustees (the "Board" or "Trustees") of Advisor Managed Portfolios (the "Trust"), including all Trustees who were not "interested persons" of the Trust (the "Independent Trustees"), as that term is defined in the Investment Company Act of 1940, considered and approved the continuance of the investment advisory agreement (the "Advisory Agreement") with Miller Value Partners (the "Advisor") for the Miller Income Fund (the "Fund").

In advance of the Meeting, the Board received and reviewed substantial information regarding the Fund, the Advisor, and the services provided by the Advisor to the Fund under the Advisory Agreement, including information about the portfolio manager, the resources of the Advisor, and the Fund's performance and advisory fee. This information formed the primary (but not exclusive) basis for the Board's determinations. The Trustees considered the review of the Advisory Agreement to be an ongoing process and employed the accumulated information, knowledge, and experience they had gained with the Advisor. The information prepared specifically for the review of the Advisory Agreement supplemented the information provided to the Trustees throughout the year related to the Advisor and the Fund. The Board and its committees met regularly during the year and the information provided and topics discussed at such meetings were relevant to the Board's review of the Advisory Agreement. Some of these reports and other data included, among other things, materials that outlined the investment performance of the Fund; compliance, regulatory, and risk management matters; the trading practices of the Advisor; valuation of investments; fund expenses; and overall market and regulatory developments. The Independent Trustees were advised by independent legal counsel during the review process, including meeting in executive sessions with such counsel without representatives from the Advisor present. In connection with their review, the Independent Trustees also received a memorandum from independent legal counsel outlining their fiduciary duties and legal standards in reviewing the Advisory Agreement.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;• In assessing the quality of the portfolio management
 delivered by the Advisor, the Board considered the Fund's performance on both an absolute basis and in comparison to its peer groups
 (a larger group category and a smaller, focused group), based on information provided by an independent consulting firm, and to its benchmark
 index. The Board considered that the Fund underperformed the S&P 500 Index for the three-, five- and ten-year periods ended June 30,
 2024, but outperformed for the one-year period ended June 30, 2024. The Board also considered that the Fund outperformed both its
 peer groups for the one-year period ended September 30, 2024, and underperformed for the three-, five- and ten-year periods ended
 September 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• The Trustees reviewed the cost of the Advisor's
 services, and the structure and level of the advisory fee payable by the Fund, including a comparison of the fee to fees payable by its
 peer groups (a larger group category and a smaller, focused group) based on information provided by an independent consulting firm. The
 Board noted that, to reduce the Fund's expenses, the Advisor had agreed to maintain a contractual annual expense limitation for
 each of the Fund's share classes. The Trustees noted that the advisory fee was below the

30<br>

------

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

**Miller Funds** 

**Additional Information (Unaudited)** 

**March 31, 2025(Continued)** 

focused peer group average and was in the third quartile of the peer group out of four quartiles (a higher quartile number indicates a lower advisory fee). The Trustees also noted that the Fund's total net expense ratio was higher than both the focused peer group average and the larger peer group average and was in the first quartile of the focused peer group out of four quartiles (a higher quartile number indicates lower expenses). The Trustees also noted that the Fund's gross expense ratio was higher than both peer group averages. After reviewing the materials that were provided, the Board concluded that the advisory fee was fair and reasonable in light of the services provided.

&nbsp;&nbsp;&nbsp;&nbsp;• In considering whether economies of scale have
 been achieved, the Trustees reviewed the Fund's fee structure and the Advisor's contractual fee waiver and expense reimbursement,
 and the asset level of the Fund. The Trustees further considered that the Advisor's fee includes breakpoints, which allow economies
 of scale to be shared with the Fund through reductions in the advisory fee as assets grow.

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

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

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

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

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

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

See Financial Statements.

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

See Financial Statements.

31<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.](mfsar-efp16003_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.](mfsar-efp16003_ex99906cert.htm)

**SIGNATURES**

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

<u>Advisor Managed Portfolios</u>

---

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

---

Date <u>6/06/2025</u>

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

---

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

---

Date <u>6/06/2025</u>

---

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

---

Date <u>6/06/2025</u>

## Ex-99.Cert

**EX.99.CERT**

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

I, Russell B. Simon, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 6/06/2025 | /s/ Russell B. Simon |
|  |  | Russell B. Simon |
|  |  | 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: | 6/06/2025 | /s/ Eric T. McCormick |
|  |  | Eric T. McCormick |
|  |  | Treasurer and Principal Financial Officer |

---

## Exhibit 99.906

**EX.99.906CERT**

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

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Advisor Managed Portfolios, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Advisor Managed Portfolios for the period ended March 31, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Advisor Managed Portfolios for the stated period.

---

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

---

Dated: <u>6/06/2025</u> Dated: <u> 6/06/2025</u>

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