# EDGAR Filing Document

**Accession Number:** 0001970751
**File Stem:** 0001133228-25-013352
**Filing Date:** 2025-12
**Character Count:** 96097
**Document Hash:** f8c080ac8018d68a51df6c986bb5940d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-013352.hdr.sgml**: 20251208

**ACCESSION NUMBER**: 0001133228-25-013352

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 26

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251208

**DATE AS OF CHANGE**: 20251208

**EFFECTIVENESS DATE**: 20251208

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23859
- **FILM NUMBER:** 251556588

**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

### Regan Fixed Rate MBS ETF (Series ID: S000091134)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000258532 | Regan Fixed Rate MBS ETF | MBSX            |

?xml version='1.0' encoding='ASCII'? 2025-07-31192420_ReganFixedRateMBSETF_TF_TSRAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

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

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

(Exact name of registrant as specified in charter)

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

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

(Address of principal executive offices) (Zip code)

**<u>Russell B. Simon, 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>September 30, 2025</u>**

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

(a) ---

| | | |
|:---|:---|:---|
| ![image](img591244_202511181444196.jpg) | **Regan Fixed Rate MBS ETF**  | ![image](img173055_202511181439764.jpg) |
| ![image](img591244_202511181444196.jpg) | MBSX (Principal U.S. Listing Exchange: NYSE) | ![image](img173055_202511181439764.jpg) |
| ![image](img591244_202511181444196.jpg) | Annual Shareholder Report \| September 30, 2025  | ![image](img173055_202511181439764.jpg) |

---

This annual shareholder report contains important information about the Regan Fixed Rate MBS ETF for the period of April 30, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.regancapital.com/mbsx/. You can also request this information by contacting us at 888-447-3426.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Regan Fixed Rate MBS ETF | $17\* | 0.40%\*\* |

---

\* Amount shown reflects the expenses of the Fund from inception date through September 30, 2025. Expenses would be higher if the Fund had been in operation for the full six months.

\*\* Annualized.

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

The Fund was launched in May 2025 and has returned +6.51% since inception through the end of September. The Fund's primary benchmark, the Bloomberg U.S. Aggregate Bond Index ("Agg"), was up +2.86% over this period, underperforming the Fund by 3.65%.

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Fund's outperformance is largely driven by active management and disciplined risk-taking. The Fund will typically seek to take very little interest rate risk (duration) which can lead to significant outperformance over indices like the Agg during periods of interest rate volatility. Additionally, the Fund is almost exclusively focused on Agency Fixed Rate RMBS, all of which have either explicit or implicit guarantees from the U.S. Government and thus have very little credit risk.

**POSITIONING**

At the end of the fiscal year, 91.2% of the NAV is allocated to Agency Fixed Rate RMBS with the remainder of the Fund allocated to U.S. Treasury Bills (3.1%) and Cash & Cash Equivalents (5.7%).

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

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5485img003.jpg)

Regan Fixed Rate MBS ETF PAGE 1 TSR-AR-00777X520

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(05/01/2025)** |
| **Regan Fixed Rate MBS ETF NAV**  | 6.51 |
| **Bloomberg U.S. Aggregate Bond Index**  | 2.86 |
| **Bloomberg U.S. Mortgage-Backed Securities Index**  | 3.30 |

---

Visit https://www.regancapital.com/mbsx/ for more recent performance information.

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

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

---

| | |
|:---|:---|
| **Net Assets** | $13899568 |
| **Net Advisory Fee** | $20070 |
| **Portfolio Turnover** | 114% |
| **30-Day SEC Yield** | 3.78% |
| **30-Day SEC Yield Unsubsidized** | 3.78% |

---

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

**Security Type Breakdown (%)**

![image](ts5485img004.jpg)

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

**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 Regan Capital documents not be householded, please contact Regan Capital at 888-447-3426, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Regan Capital or your financial intermediary.

Regan Fixed Rate MBS ETF PAGE 2 TSR-AR-00777X520

10000106511000010286100001033091.24.53.10.01.2 ------

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| **Regan Fixed Rate MBS ETF** | **Regan Fixed Rate MBS ETF** | **Regan Fixed Rate MBS ETF** |
|  | FYE 09/30/2025 | FYE 09/30/2024 |
| (a) Audit Fees | $22000 | N/A |
| (b) Audit-Related Fees |  | N/A |
| (c) Tax Fees | $3100 | N/A |
| (d) All Other Fees |  | N/A |

---

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

(e)(2) The percentage of fees billed by principal accountant applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
| **Regan Fixed Rate MBS ETF** | **Regan Fixed Rate MBS ETF** | **Regan Fixed Rate MBS ETF** |
|  | FYE 09/30/2025 | FYE 09/30/2024 |
| Audit-Related Fees | 0% | N/A |
| Tax Fees | 0% | N/A |
| All Other Fees | 0% | N/A |

---

(f) N/A

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

 

---

| | | |
|:---|:---|:---|
| Non-Audit Related Fees | FYE 09/30/2025 | FYE 09/30/2024 |
| Registrant | $3100 | N/A |
| Registrant's Investment Adviser |  | N/A |

---

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

(i) Not applicable

(j) Not applicable

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

(a) The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, (the "Act") and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Act. The independent members of the committee are as follows: Russell Emery, Brian Ferrie and Wan-Chong Kung.

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

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

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

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

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

(a) ![](regan_capital_logo.jpg)

**REGAN FIXED RATE MBS ETF (MBSX)**

Annual Financial Statements

September 30, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page**  |
| [Schedule of Investments](#soi) | [1](#soi) |
| [Statement of Assets and Liabilities](#sal) | [4](#sal) |
| [Statement of Operations](#sop) | [5](#sop) |
| [Statement of Changes in Net Assets](#scna) | [6](#scna) |
| [Financial Highlights](#fihi) | [7](#fihi) |
| [Notes to Financial Statements](#notes) | [8](#notes) |
| [Report of Independent Registered Public Accounting Firm](#rep) | [16](#rep) |
| [Additional Information](#add) | [17](#add) |

---

------

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

**Regan Fixed Rate MBS ETF** 

**Schedule of Investments** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **AGENCY MORTGAGE-BACKED SECURITIES - 91.2%**<br>|  |  |
| Fannie Mae Whole Loan<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2003-W16, Class AF5, 4.40%, 11/25/2033<sup>(a)</sup> | $274604 | $268769  |
| &nbsp;&nbsp;&nbsp; Series 2003-W4, Class 1A4, 4.50%, 10/25/2042<sup>(b)(c)</sup> | 410443 | 404427  |
| Federal Home Loan Mortgage Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 4094, Class ME, 2.50%, 08/15/2042 | 97451 | 88221  |
| &nbsp;&nbsp;&nbsp; Series 4096, Class HA, 2.00%, 12/15/2041 | 237727 | 224179  |
| &nbsp;&nbsp;&nbsp; Series 4158, Class TC, 1.75%, 12/15/2042 | 102919 | 97155  |
| &nbsp;&nbsp;&nbsp; Series 4171, Class MN, 3.00%, 02/15/2043 | 98000 | 74572  |
| &nbsp;&nbsp;&nbsp; Series 4183, Class ME, 2.00%, 02/15/2042 | 96936 | 93775  |
| &nbsp;&nbsp;&nbsp; Series 4468, Class EY, 3.25%, 08/15/2044 | 154195 | 150946  |
| &nbsp;&nbsp;&nbsp; Series 4480, Class NA, 3.50%, 03/15/2045 | 112843 | 109283  |
| &nbsp;&nbsp;&nbsp; Series 4550, Class DA, 3.00%, 03/15/2044 | 131048 | 128064  |
| &nbsp;&nbsp;&nbsp; Series 4565, Class NG, 2.00%, 02/15/2046 | 106999 | 90716  |
| &nbsp;&nbsp;&nbsp; Series 4585, Class QA, 3.50%, 04/15/2046 | 168932 | 157247  |
| &nbsp;&nbsp;&nbsp; Series 4631, Class GP, 3.50%, 03/15/2046 | 169094 | 163014  |
| &nbsp;&nbsp;&nbsp; Series 4705, Class MG, 2.50%, 07/15/2047 | 718444 | 626515  |
| &nbsp;&nbsp;&nbsp; Series 4708, Class LM, 3.00%, 08/15/2047<sup>(b)</sup> | 132512 | 93131  |
| &nbsp;&nbsp;&nbsp; Series 4756, Class QB, 3.50%, 02/15/2048 | 513389 | 471515  |
| &nbsp;&nbsp;&nbsp; Series 5041, Class JE, 1.25%, 03/25/2049 | 69983 | 58260  |
| &nbsp;&nbsp;&nbsp; Series 5041, Class MC, 1.50%, 11/25/2050 | 159126 | 81751  |
| &nbsp;&nbsp;&nbsp; Series 5082, Class UA, 2.00%, 03/25/2051 | 636639 | 501588  |
| &nbsp;&nbsp;&nbsp; Series 5124, Class DH, 2.00%, 01/25/2048 | 94024 | 82428  |
| &nbsp;&nbsp;&nbsp; Series 5169, Class YA, 2.00%, 09/25/2051<sup>(b)</sup> | 136807 | 73876  |
| &nbsp;&nbsp;&nbsp; Series 5190, Class LA, 2.50%, 05/25/2049<sup>(b)</sup> | 55358 | 46016  |
| &nbsp;&nbsp;&nbsp; Series 5210, Class DZ, 4.00%, 04/25/2052<sup>(b)(d)</sup> | 111368 | 86658  |
| Federal National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2011-111, Class ME, 4.00%, 11/25/2041<sup>(b)</sup> | 71734 | 64920  |
| &nbsp;&nbsp;&nbsp; Series 2012-146, Class PE, 1.75%, 08/25/2042 | 213749 | 193046  |
| &nbsp;&nbsp;&nbsp; Series 2012-19, Class HB, 4.00%, 01/25/2042<sup>(b)</sup> | 64594 | 62927  |
| &nbsp;&nbsp;&nbsp; Series 2012-56, Class WB, 3.50%, 05/25/2042 | 101953 | 98144  |
| &nbsp;&nbsp;&nbsp; Series 2013-125, Class AD, 3.00%, 11/25/2039 | 81118 | 77047  |
| &nbsp;&nbsp;&nbsp; Series 2013-54, Class PC, 1.10%, 05/25/2043 | 395660 | 342790  |
| &nbsp;&nbsp;&nbsp; Series 2013-58, Class KG, 2.50%, 02/25/2043 | 299357 | 276992  |
| &nbsp;&nbsp;&nbsp; Series 2017-11, Class PH, 2.50%, 03/25/2047 | 83937 | 69668  |
| &nbsp;&nbsp;&nbsp; Series 2017-48, Class PG, 2.75%, 05/25/2047 | 371086 | 334218  |
| &nbsp;&nbsp;&nbsp; Series 2017-53, Class PA, 2.00%, 07/25/2047 | 596470 | 497195  |
| &nbsp;&nbsp;&nbsp; Series 2017-64, Class PD, 2.50%, 07/25/2047 | 114911 | 101376  |
| &nbsp;&nbsp;&nbsp; Series 2017-80, Class GY, 3.50%, 10/25/2047 | 530941 | 488121  |
| &nbsp;&nbsp;&nbsp; Series 2018-16, Class LE, 3.00%, 05/25/2047 | 350749 | 327794  |
| &nbsp;&nbsp;&nbsp; Series 2019-70, Class HA, 2.50%, 12/25/2049 | 98107 | 85956  |
| &nbsp;&nbsp;&nbsp; Series 2020-15, Class EC, 2.50%, 10/25/2049 | 339606 | 298801  |
| &nbsp;&nbsp;&nbsp; Series 2020-48, Class DA, 2.00%, 07/25/2050 | 306349 | 260090  |
| &nbsp;&nbsp;&nbsp; Series 2021-30, Class NC, 1.50%, 03/25/2048 | 170649 | 151522  |
| &nbsp;&nbsp;&nbsp; Series 2021-58, Class KC, 1.50%, 04/25/2051 | 572239 | 494106  |
| Government National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2012-106, Class UD, 1.50%, 09/20/2042 | 346874 | 293366  |
| &nbsp;&nbsp;&nbsp; Series 2012-59, Class MP, 3.50%, 05/20/2042 | 259485 | 247625  |

---

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

1<br>

------

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

**Regan Fixed Rate MBS ETF** 

**Schedule of Investments** 

**September 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **AGENCY MORTGAGE-BACKED SECURITIES - (Continued)**  | **AGENCY MORTGAGE-BACKED SECURITIES - (Continued)**  | **AGENCY MORTGAGE-BACKED SECURITIES - (Continued)**  |
| &nbsp;&nbsp;&nbsp; Series 2012-75, Class PB, 2.50%, 06/20/2042 | $107000 | $84023  |
| &nbsp;&nbsp;&nbsp; Series 2013-24, Class KE, 3.00%, 02/20/2043 | 225000 | 190101  |
| &nbsp;&nbsp;&nbsp; Series 2016-117, Class JE, 3.00%, 08/20/2046 | 149582 | 138599  |
| &nbsp;&nbsp;&nbsp; Series 2017-134, Class BA, 2.50%, 11/20/2046 | 65869 | 60650  |
| &nbsp;&nbsp;&nbsp; Series 2018-124, Class NW, 3.50%, 09/20/2048 | 391687 | 366511  |
| &nbsp;&nbsp;&nbsp; Series 2019-86, Class WC, 2.00%, 03/20/2049<sup>(b)</sup> | 84008 | 69044  |
| &nbsp;&nbsp;&nbsp; Series 2019-23, Class NE, 3.50%, 11/20/2048 | 263101 | 247776  |
| &nbsp;&nbsp;&nbsp; Series 2020-163, Class LG, 1.75%, 04/20/2048 | 641342 | 504560  |
| &nbsp;&nbsp;&nbsp; Series 2021-136, Class BA, 2.00%, 08/20/2051<sup>(b)</sup> | 369460 | 199970  |
| &nbsp;&nbsp;&nbsp; Series 2021-73, Class YK, 1.25%, 04/20/2051 | 685314 | 543454  |
| &nbsp;&nbsp;&nbsp; Series 2021-76, Class NC, 1.00%, 08/20/2050 | 892459 | 691798  |
| &nbsp;&nbsp;&nbsp; Series 2022-189, Class PT, 2.50%, 10/20/2051 | 323560 | 271535  |
| &nbsp;&nbsp;&nbsp; Series 2022-24, Class AH, 2.50%, 02/20/2052 | 142680 | 123172  |
| &nbsp;&nbsp;&nbsp; Series 2022-36, Class C, 1.53%, 02/20/2052<sup>(c)</sup> | 299529 | 246362  |
| &nbsp;&nbsp;&nbsp; **TOTAL AGENCY MORTGAGE-BACKED SECURITIES**<br>**(Cost $12,310,774)** |  | 12675365  |
|  | **Shares** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 4.5%**<br>|  |  |
| First American Treasury Obligations Fund - Class X, 3.98%<sup>(e)</sup> | 623256 | 623256  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS**<br>**(Cost $623,256)** |  | 623256  |
|  | **Par**  |  |
| **U.S. TREASURY BILLS - 3.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.28%, 10/30/2025<sup>(f)</sup> | $440000 | 438564  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS**<br>**(Cost $438,498)** |  | 438564  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.8%**<br>**(Cost $13,372,528)** |  | $13737185  |
| Other Assets in Excess of Liabilities - 1.2% |  | 162383  |
| **TOTAL NET ASSETS - 100.0%** |  | $13899568 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Step coupon bond. The rate disclosed is as of September 30, 2025.

<sup>(b)</sup> Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $1,100,970 or 7.9% of net assets as of September 30, 2025.

<sup>(c)</sup> Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of September 30, 2025.

<sup>(d)</sup> This security accrues interest which is added to the outstanding principal balance. The interest payment will be deferred until all other tranches in the structure are paid off. The rate disclosed is as of September 30, 2025.

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

<sup>(f)</sup> The rate shown is the annualized yield as of September 30, 2025.

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

2<br>

------

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

**Regan Fixed Rate MBS ETF** 

**Schedule of Futures Contracts** 

**September 30, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts** <br>**Sold** | **Expiration** <br>**Date** | **Notional** <br>**Value** | **Value/Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| U.S. Treasury 5 Year Note | &nbsp;&nbsp;&nbsp;&nbsp;(100) | 12/31/2025 | $10919531 | $1186  |
| **Net Unrealized Appreciation (Depreciation)** |  |  |  | $1186 |

---

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

3<br>

------

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

**Regan Fixed Rate MBS ETF** 

**Statement of Assets and Liabilities** 

**September 30, 2025** 

---

| | |
|:---|:---|
| **ASSETS:**<br>|  |
| Investments, at value | $13737185  |
| Receivable for investments sold | 1133463  |
| Deposit at broker for future contracts | 206118  |
| Interest receivable | 29468  |
| Dividends receivable | 3874  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 15110108  |
| **LIABILITIES:**<br>|  |
| Payable for investments purchased | 1203597  |
| Payable to advisor | 6943  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 1210540  |
| **NET ASSETS** | $13899568  |
| **NET ASSETS CONSISTS OF:**<br>|  |
| Paid-in capital | $13231003  |
| Total distributable earnings | 668565  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $13899568  |
| Net assets | $13899568  |
| Shares issued and outstanding<sup>(a)</sup> | 525000  |
| Net asset value per share | $26.48  |
| **COST:**<br>|  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $13372528 |

---

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

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

4<br>

------

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

**REGAN FIXED RATE MBS ETF<sup>(a)</sup>** 

**STATEMENT OF OPERATIONS** 

**FOR THE PERIOD ENDED SEPTEMBER 30, 2025** 

---

| | |
|:---|:---|
| **INVESTMENT INCOME:**<br>|  |
| Dividend income | $16682  |
| Interest income | 270691  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 287373  |
| **EXPENSES:**<br>|  |
| Investment advisory fee | 20070  |
| &nbsp;&nbsp;&nbsp; Total expenses | 20070  |
| **Net investment income** | 267303  |
| **REALIZED AND UNREALIZED GAIN**<br>|  |
| Net realized gain (loss) from:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments | 139826  |
| &nbsp;&nbsp;&nbsp; Futures contracts | (30127)  |
| &nbsp;&nbsp;&nbsp; Net realized gain | 109699  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments | 364657  |
| &nbsp;&nbsp;&nbsp; Future contracts | 1186  |
| Net change in unrealized appreciation (depreciation) | 365843  |
| **Net realized and unrealized gain** | 475542  |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $742845 |

---

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

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

5<br>

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

**REGAN FIXED RATE MBS ETF** 

**STATEMENT OF CHANGES IN NET ASSETS** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025<sup>(a)</sup>**  |
| **OPERATIONS:**<br>|  |
| &nbsp;&nbsp;&nbsp; Net investment income | $267303  |
| &nbsp;&nbsp;&nbsp; Net realized gain | 109699  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 365843  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from operations** | 742845  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |
| &nbsp;&nbsp;&nbsp; From earnings | (74280)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (74280)  |
| **CAPITAL TRANSACTIONS:**<br>|  |
| &nbsp;&nbsp;&nbsp; Shares sold | 14538303  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (1307300)  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from capital transactions** | 13231003  |
| **NET INCREASE IN NET ASSETS** | 13899568  |
| **NET ASSETS:**<br>|  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | —  |
| &nbsp;&nbsp;&nbsp; End of the period | $13899568  |
| **SHARES TRANSACTIONS**<br>|  |
| &nbsp;&nbsp;&nbsp; Shares sold | 575000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (50000)  |
| &nbsp;&nbsp;&nbsp; **Total increase in shares outstanding** | 525000 |

---

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

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

6<br>

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

**REGAN FIXED RATE MBS ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**September 30,** <br>**2025<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 0.58  |
| Net realized and unrealized gain on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 1.05  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.63  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.15)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.15)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $26.48  |
| TOTAL RETURN<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 6.51%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $13900  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.40%  |
| Ratio of net investment income to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 5.33%  |
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 114% |

---

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

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

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

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

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

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

7<br>

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

**Regan Fixed Rate MBS ETF** 

**Notes to Financial Statements** 

**September 30, 2025** 

**NOTE 1 – ORGANIZATION** 

Regan Fixed Rate MBS ETF (the "Fund") is a diversified series of Advisor Managed Portfolios (the "Trust"). 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. Regan Capital LLC (the "Advisor") serves as the investment manager to the Fund. The inception date of the Fund was May 1, 2025. The investment objective of the Fund is to seek current income.

Shares of the Fund are listed and traded on the NYSE Arca, Inc. ("NYSE" or the "Exchange"). Market prices for the shares may be different from their net asset value ("NAV"). The Fund issues and redeems shares on a continuous basis at NAV only in large blocks of shares, called "Creation Units," which generally consist of 25,000 shares. The Fund generally issues and redeems Creation Units for cash. The Fund reserves the right to issue or redeem Creation Units for in-kind securities. Once created, shares generally trade in the secondary market at market prices that change throughout the day in amounts less than a Creation Unit. Except when aggregated in Creation Units, shares are not redeemable securities of a Fund.

Shares of a Fund may only be purchased directly from or redeemed directly to a Fund 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 Fund's 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 Fund 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 Fund are included in the Capital Transactions on the Statement of Changes in Net Assets.

**NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES** 

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

&nbsp;&nbsp;&nbsp;&nbsp;A. *Securities Valuation*. Portfolio securities are valued using current market values or official closing prices, if available. When reliable
 market quotations are not readily available or a pricing service does not provide a valuation (or provides a valuation that in the judgment
 of the Adviser does not represent the security's fair value) or when, in the judgment of the Adviser, events have rendered the market
 value unreliable, a security is fair valued in good faith by the Adviser under procedures approved by the Board. Valuing securities at
 fair value is intended to ensure that the Fund is accurately priced and involves reliance on judgment. There can be no assurance that
 the Fund will obtain the fair value assigned to a security if it were to sell the security at approximately the time at which the Fund
 determines its NAV per share.

The Fund follows a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs) and the Fund's own market assumptions (unobservable inputs). The inputs or methodology used in determining the value of each Fund's investments are not necessarily an indication of the risk associated with investing in those securities.

8<br>

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

**Regan Fixed Rate MBS ETF** 

**Notes to Financial Statements** 

**September 30, 2025(Continued)** 

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

---

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

---

---

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

---

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

Equity securities that are traded on a national securities exchange are stated at the last reported sales price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

Short-term investments classified as money market instruments are valued at net asset value ("NAV"). These investments are categorized as Level 1 of the fair value hierarchy.

Debt securities, including corporate, convertible, U.S. government agencies, U.S. treasury obligations, and sovereign issues, are normally valued by pricing service providers that use broker dealer quotations or valuation estimates from their internal pricing models. The service providers' internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risk/spreads and default rates. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Mortgage- and asset-backed securities are securities issued as separate tranches, or classes, of securities within each deal. These securities are normally valued by independent pricing service providers that use broker-dealer quotations or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows and market-based yield spreads for each tranche, current market data and incorporate deal collateral performance, as available.

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

Depending on the relative significance of the valuation inputs, fair valued securities may be classified in either level 2 or level 3 of the fair value hierarchy.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Agency Mortgage-Backed Securities | $— | $11574395 | $1100970 | $12675365  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 623256 |  |  | 623256  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 438564 |  | 438564  |
| &nbsp;&nbsp;&nbsp; **Total Investments** | $623256 | $12012959 | $1100970 | $13737185  |
| <u>Other Financial Instruments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts\* | 1186 |  |  | 1186  |
| &nbsp;&nbsp;&nbsp; **Total Other Financial Instruments** | 1186 |  |  | 1186 |

---

\* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of September 30, 2025.

9<br>

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

**Regan Fixed Rate MBS ETF** 

**Notes to Financial Statements** 

**September 30, 2025(Continued)** 

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

U.S. Government agency securities are comprised of two main categories consisting of agency issued debt and mortgage pass-throughs. Agency issued debt securities are generally valued in a manner similar to U.S. Government securities. Mortgage pass-throughs include to-be announced ("TBAs") securities and mortgage pass-through certificates. TBA securities and mortgage pass-throughs are generally valued using dealer quotations.

The independent pricing service does not distinguish between smaller-sized bond positions, known as "odd lots", and larger institutional-sized bond positions, known as "round lots". The Adviser reviews pricing from the independent pricing service relative to odd lot acquisitions. If the vendor price is more than 3% greater than the acquisition price of the odd lot, cost is initially used to value the position. The Adviser monitors market levels and the vendor pricing daily, and will employ the vendor's price when the Adviser believes it represents fair value, or if additional purchases of a security result in a round lot position. The Adviser also monitors current market levels for odd lot positions and updates fair valuations if material differences are observed.

Odd lot securities valued at cost are classified as level 2 when acquired within 30 days of the reporting date; odd lot positions acquired more than 30 days prior to the reporting date and valued at cost are classified as level 3.

Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value. There were no transfers into or out of Level 3 during the reporting period.

---

| | |
|:---|:---|
| **Fair Value Measurement Using Significant Unobservable Inputs** | **Level 3**  |
| Beginning balance as of May 1, 2025<sup>(1)</sup> | $—  |
| Purchases | 1109606  |
| Accrued discounts/premiums | 3873  |
| Sale/paydown proceeds | (25577)  |
| Realized gain/loss | 2188  |
| Change in unrealized appreciation (depreciation) | 10880  |
| Ending balance as of September 30, 2025 | $1100970 |

---

<sup>(1)</sup> Inception date of the Fund.

The change in unrealized appreciation/(depreciation) for Level 3 securities still held at September 30, 2025 was $10,880.

The following is a summary of quantitative information about Level 3 valued measurements:

---

| | | |
|:---|:---|:---|
|  | **Value at**<br>**September 30, 2025**  | **Valuation** <br>**Technique(s)**  |
| Agency Mortgage-Backed Securities  | &nbsp;&nbsp;&nbsp;&nbsp; $1100970  | Acquisition Cost |

---

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

10<br>

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

**Regan Fixed Rate MBS ETF** 

**Notes to Financial Statements** 

**September 30, 2025(Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;C. *Distributions to Shareholders*. Distributions from net investment income are declared and paid on a monthly basis and distributions of net realized
 gains, if any, are declared and paid at least annually. Distributions to shareholders of the Fund are recorded on the ex-dividend date
 and are determined in accordance with income tax regulations, which may differ from GAAP.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;E. *Deposits with Broker*. At September 30, 2025, the Fund had $206,118 deposited at R.J. O'Brien for collateral for open futures positions
 as reflected on the Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;F. *Derivatives*.
 The Fund invests in certain derivative instruments, as detailed below.

Futures contracts – The Fund uses futures contracts for hedging purposes, such as to offset changes in the value of securities held or expected to be acquired or be disposed of or to minimize fluctuations in foreign currencies. Upon entering into a financial futures contract, the Fund is required to pledge to the broker an amount of cash, U.S. government securities, or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as variation margin, are made or received by the Fund each day, depending on the daily fluctuations in the fair value of the underlying security. The Fund recognizes a gain or loss equal to the daily variation margin. If market conditions move unexpectedly, the Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates, and the underlying hedged assets. The Customer Account Agreements and related addenda governing the Fund's futures transactions do not provide offsetting provisions to the Fund. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which and is segregated at a broker account registered with the Commodities Futures Trading Commission (CFTC), or the applicable regulator.

Securities Purchased or Sold on a Forward-Commitment Basis – The Fund may enter into TBA commitments or other purchase and sale transactions that specify forward delivery of a financial security. TBA commitments are forward agreements for the purchase or sale of mortgage-backed pass-through securities for a fixed price, with payment and delivery on an agreed upon future settlement date. Most commitments in mortgage-backed pass-through securities occur for future delivery in which the exact mortgage pools to be delivered are not specified until a few days prior to settlement. The specific securities to be delivered are not identified at the trade date. However, delivered securities must follow general trade parameters, including issuer, rate and mortgage terms. When entering into TBA commitments, the Fund may take possession of or deliver the underlying mortgage-backed pass-through securities but can extend the settlement or roll the transaction.

11<br>

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

**Regan Fixed Rate MBS ETF** 

**Notes to Financial Statements** 

**September 30, 2025(Continued)** 

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

---

| | | |
|:---|:---|:---|
| **Derivative Type** | **Unit of Measure** | **Average** <br>**Quantity**  |
| Futures – Long | Contracts | 73  |
| TBA Commitments  | Market Value  | 1,500,244 |

---

Derivative Investment Holdings Categorized by Risk Exposure – The following table sets forth the fair value and the location in the Statement of Assets and Liabilities of the Fund's Futures and TBA Commitments by primary risk exposure as of September 30, 2025:

**Assets**

---

| | | |
|:---|:---|:---|
|  | **Value**  | **Risk Exposure** <br>**Category**  |
| Futures Contracts | $1186 | Interest rate |
| TBA Commitments | 1136375 | Interest rate |

---

**Liabilities**

---

| | | |
|:---|:---|:---|
|  | **Value**  | **Risk Exposure** <br>**Category** |
| TBA Commitments | $1140594 | Interest rate |

---

The following table sets forth the Fund's realized gain (loss), as reflected in the Statements of Operations, by primary risk exposure and by type of derivative contract for the period ended September 30, 2025:

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

---

| | | |
|:---|:---|:---|
|  | **Value** | **Risk Exposure** <br>**Category**  |
| Futures Contracts | $(30127) | Interest rate  |
| TBA Commitments | 51577 | Interest rate |

---

**Change in Unrealized Gain (Loss) on Derivatives** 

---

| | | |
|:---|:---|:---|
|  | **Value** | **Risk Exposure** <br>**Category**  |
| Futures Contracts | $1186 | Interest rate  |
| TBA Commitments |  | Interest rate |

---

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

**NOTE 3 – INVESTMENT MANAGEMENT AGREEMENT AND OTHER RELATED PARTY TRANSACTIONS** 

The Trust has an agreement with the Advisor to furnish investment advisory services to the Fund. Under the terms of this agreement, the Fund will pay the Advisor a monthly fee based on the Fund's average daily net assets at annual rate of 0.40%. Additionally, the Advisor is responsible for substantially all expenses of the Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services. The Advisor is not responsible for 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,

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

**Regan Fixed Rate MBS ETF** 

**Notes to Financial Statements** 

**September 30, 2025(Continued)** 

expenses associated with the purchase, sale, or ownership of securities, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses. The Advisor pays any Trust-level expenses allocated to the Fund.

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services"), serves as the Fund's administrator, fund accountant, and transfer agent and provides compliance services to the Fund. The officers of the Trust are employees of Fund Services. U.S. Bank serves as the Fund's custodian. Quasar Distributors, LLC ("Quasar" or the "Distributor") acts as the Fund's distributor and principal underwriter.

The Board has adopted a Distribution and Service Plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Plan, the Fund is authorized to pay an amount up to 0.25% of its average daily net assets each year for certain distribution-related activities and shareholder services. No Rule 12b-1 fees are currently paid by the Fund, and there are no plans to impose these fees. The implementation of any such payments would have to be approved by the Board prior to implementation. However, in the event Rule 12b-1 fees are charged in the future, because the fees are paid out of the Fund's assets, these fees will increase the cost of your investment and may cost you more over time than certain other types of sales charges.

**NOTE 4 – INVESTMENT TRANSACTIONS** 

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

---

| | | |
|:---|:---|:---|
|  | **Non-Government** | **Government**  |
| Purchases  | &nbsp;&nbsp; $— | $23199557  |
| Sales  | &nbsp;&nbsp; $— | $10793526 |

---

**NOTE 5 – FEDERAL INCOME TAX INFORMATION** 

At September 30, 2025, the components of accumulated earnings for income tax purposes were as follows:

**Regan Fixed Rate MBS ETF** 

---

| | |
|:---|:---|
| Cost of investments | $13308004  |
| Gross unrealized appreciation | 431776  |
| Gross unrealized depreciation | (2595)  |
| Net unrealized depreciation on investments | 429181  |
| Undistributed ordinary income | 239384  |
| Undistributed long-term capital gains | —  |
| Distributable earnings | 239384  |
| Total distributable earnings  | $668565 |

---

The difference between book basis and tax basis unrealized appreciation/(depreciation) is attributable in part to the recognition of accretable yield on deep discounted mortgage back securities and mark to market treatment on futures contracts.

Additionally, U.S. GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year ended September 30, 2025, there were no permanent differences in book and tax accounting reclassified to capital and distributable earnings.

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

**Regan Fixed Rate MBS ETF** 

**Notes to Financial Statements** 

**September 30, 2025(Continued)** 

The following table summarizes the characteristics of distributions paid during the year ended September 30, 2025:

**Regan Fixed Rate MBS ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Income** | **Long Term** <br>**Capital Gains** | **Return** <br>**of Capital** | **Total** <br>**Distributions**  |
| September 30, 2025 | $74280 | &nbsp;&nbsp;&nbsp; $— | $— | &nbsp;&nbsp; $74280 |

---

The Fund also designates as distributions of long term gains, to the extent necessary to fully distribute such capital gains, earnings and profits distributed to shareholders on the redemption of shares.

The Fund is 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 Fund is permitted, for tax purposes, to defer into its next fiscal year any net capital losses incurred from November 1 through the end of the fiscal year. 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, 2025, the Fund had no late-year or post-October losses.

At September 30, 2025, the Fund had no capital loss carryforwards, which reduce the Fund's taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code, and thus will reduce the amount of distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal tax.

**NOTE 6 – INDEMNIFICATIONS** 

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

**NOTE 7 – SUBSEQUENT EVENTS** 

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

---

| | | |
|:---|:---|:---|
| **Record Date** | **Payable Date** | **Ordinary Income** <br>**Distribution Rate**  |
| 10/29/2025 | 10/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;0.04591  |
| 11/25/2025 | 11/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 0.04306 |

---

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

**NOTE 8 – PRINCIPAL RISKS** 

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

**Mortgage-Backed Securities Risk. When interest rates increase, the market values of mortgage-backed securities ("MBS") decline. At the same time, however, mortgage refinancings and prepayments slow, which lengthens the effective duration of these securities. As a result, the negative effect of the interest rate increase on the market value of MBS is usually more pronounced than it is for other types of fixed income securities, potentially increasing the volatility of the Fund. Conversely, when market interest rates decline, while the value of MBS may increase, the rate of prepayment of the underlying mortgages also tends to increase, which shortens the effective duration of these securities. Additionally, the liquidity of non-investment grade securities and sub-prime mortgage securities can change dramatically over time.** 

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

**Regan Fixed Rate MBS ETF** 

**Notes to Financial Statements** 

**September 30, 2025(Continued)** 

**Credit Risk. There is a risk that the issuer of an MBS may experience unanticipated financial problems causing their securities to decline in value. Changes in the market's perception of the issuer's financial strength or in a security's credit rating, which reflects a third party's assessment of the credit risk presented by a particular issuer, may affect debt securities' value. The value of an MBS is influenced by the factors affecting the housing market or the other assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, MBS may decline in value, face valuation difficulties, become more volatile and/or become illiquid. In addition, the Fund is subject to the risk that the issuer of a fixed income security will fail to make timely payments of interest or principal, or may stop making such payments altogether.** 

**Interest Rate Risk. Interest rate changes can be sudden and unpredictable, and are influenced by a number of factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply and demand for bonds. When interest rates increase this may result in a decrease in the value of debt securities held by the Fund. Conversely, as interest rates decrease, MBS prices typically do not rise as much as the prices of comparable bonds. Changes in government intervention may have adverse effects on investments, volatility, and illiquidity in debt markets. The Fund may be subject to heightened levels of interest rate risk because the Federal Reserve has raised, and may continue to raise, interest rates. An environment with rising interest rates may lead to a decrease in the price of MBS or the increase in defaults on mortgages.** 

**Prepayment Risk. Many issuers have a right to prepay their obligations. When interest rates decline, issuers may be more likely to pay off obligations earlier than expected by refinancing their mortgages, resulting in prepayment of the mortgage-backed securities held by the Fund. The Fund would not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates, would then lose any price appreciation above the mortgage's principal and would have to reinvest the proceeds at lower yields, resulting in a decline in the Fund's income. Prepayment reduces the yield to maturity and the average life of the security.** 

**To Be Announced ("TBA") Security Risk. A TBA is a contract to purchase or sell a MBS at some point in the future and may be classified as a derivative in certain circumstances. Due to the forward-settling nature of TBAs, there is risk that the value of the underlying MBS will fluctuate greater than anticipated or that the TBA may not correlate to the underlying MBS or to the MBS market as a whole. There is also counterparty risk with entering into a TBA contract.** 

**NOTE 9 – NEW ACCOUNTING PRONOUNCEMENT**

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) Improvements to Income tax disclosures ("ASU 2023-09"). The primary purpose of the amendments within ASU 2023-09 is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09 are effective for annual periods beginning December 15, 2024. Management is currently evaluating the implications of these changes on the financial statements.

15<br>

------

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

**Regan Fixed Rate MBS ETF** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Shareholders of Regan Fixed Rate MBS ETF and

Board of Trustees of Advisor Managed Portfolios

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

We have audited the accompanying statement of assets and liabilities, including the schedule of investments of Regan Fixed Rate MBS ETF (the "Fund"), a series of Advisor Managed Portfolios as of September 30, 2025, the related statements of operations and changes in net assets and the financial highlights for the period May 1, 2025, (commencement of operations) through September 30, 2025, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 30, 2025, the results of its operations, the changes in net assets, and the financial highlights for the period May 1, 2025 (commencement of operations) through September 30, 2025, in conformity with accounting principles generally accepted in the United States of America.

<u>Basis for Opinion</u>

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

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

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

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

![](19574_sign.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

November 28, 2025

16<br>

------

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

**Regan Fixed Rate MBS ETF** 

**Additional Information** 

**September 30, 2025 (Unaudited)** 

**Approval of Investment Advisory Agreement** 

At a meeting held on March 5-6, 2025, the Board of Trustees (the "Board" or "Trustees") of Advisor Managed Portfolios (the "Trust") considered the approval of the investment advisory agreement (the "Agreement") between Regan Capital, LLC (the "Advisor") and the Trust, on behalf of the Regan Fixed Rate MBS ETF (the "Fund").

The Trustees, all of whom were not "interested persons" of the Trust as that term is defined in the Investment Company Act of 1940, approved the Agreement on behalf of the Fund for a two-year term effective upon the commencement of operations of the Fund.

Ahead of the meeting, the Board received and reviewed substantial information regarding the Fund, the Advisor, and the services to be provided by the Advisor to the Fund under the Agreement. The Trustees considered their prior and ongoing experience with the Advisor, which serves as investment advisor to another series of the Trust, noting they had conducted their annual review of the Advisor at their November 2024 meeting. The Trustees were advised by independent legal counsel during the review process and met in executive session with counsel without representatives from the Advisor present. In connection with their review, the Trustees also received a memorandum from independent legal counsel outlining their fiduciary duties and the legal standards applicable to the review of the Agreement.

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

&nbsp;&nbsp;&nbsp;&nbsp;• In considering the nature, extent and quality
 of the services to be provided by the Advisor, the Trustees considered the Advisor's specific responsibilities in all aspects of
 the day-to-day management of the Fund, as well as the qualifications, experience and responsibilities of the portfolio managers and other
 key personnel who would be involved in the day-to-day activities of the Fund. The Board considered the Advisor's oversight responsibilities
 as they relate to the other services to be provided to the Fund by the Advisor. The Board also considered the Advisor's resources
 and compliance structure, including information regarding its compliance program, chief compliance officer, compliance record, and disaster
 recovery/business continuity plan. The Board concluded that the Advisor had sufficient quality and depth of personnel, resources, investment
 methods, and compliance policies and procedures essential to performing its duties under the Agreement, and that, in the Board's
 view, the nature, overall quality, and extent of the management services to be provided were satisfactory and reliable.

&nbsp;&nbsp;&nbsp;&nbsp;• The Board noted that the Fund had not commenced
 operations and, therefore, concluded that past performance was not a relevant factor in its deliberations.

&nbsp;&nbsp;&nbsp;&nbsp;• The Trustees reviewed the anticipated cost
 of the Advisor's services, and the proposed structure and level of the Fund's advisory fee as a unitary fee, including a comparison
 to fees charged by a peer group of funds. The Trustees noted that the Fund's unitary fee was slightly lower than the peer group
 average. After reviewing the materials that were provided, the Trustees concluded that the fee to be charged to the Fund was fair and
 reasonable.

&nbsp;&nbsp;&nbsp;&nbsp;• The Trustees considered the estimated profitability
 of the Advisor from managing the Fund. In assessing the Advisor's estimated profitability, the Trustees noted their familiarity
 with the Advisor's financial condition and took into account both the direct and indirect benefits to the Advisor from managing
 the Fund. The Trustees concluded that the Advisor's profit, if any, from managing the Fund would likely not be excessive and the
 Advisor appeared to have adequate capitalization and/or would maintain adequate profit levels necessary to support the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;• The Board noted that the unitary fee arrangement
 between the Advisor and the Trust with respect to the Fund would limit the fees and expenses paid by shareholders. The Trustees considered
 the possible growth in asset levels of the Fund and concluded that they will have the opportunity to periodically examine whether economies
 of scale have been achieved.

17<br>

------

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

**Regan Fixed Rate MBS ETF** 

**Additional Information** 

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

**Tax Information** 

For the fiscal year ended September 30, 2025, certain dividends paid by the Funds may be subject to a maximum tax rate of 23.8%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:

---

| | |
|:---|:---|
| Regan Total Return Income Fund | 0.00% |

---

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal period ended September 30, 2025, was as follows:

---

| | |
|:---|:---|
| Regan Total Return Income Fund | 0.00% |

---

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871 (k)(2)(C) for each Fund were as follows:

---

| | |
|:---|:---|
| Regan Total Return Income Fund | 0.00% |

---

**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** 

All fund expenses, including Trustee compensation, are paid by the Investment Adviser pursuant to the Investment Advisory Agreement. Additional information related to those fees is available in the Fund's Statement of Additional Information.

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

See Financial Statements.

18<br>

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

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

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

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

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

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

See Item 7(a).

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

See Item 7(a).

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

Not applicable to open-end investment companies.

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

 

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting
 (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are
 reasonably likely to materially affect, the Registrant's internal control over financial reporting.

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

Not applicable to open-end investment companies.

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Not Applicable

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

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

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* [(1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Filed herewith.](efrme-efp19574_ex99code.htm)

 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).* Filed herewith.](efrme-efp19574_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.](efrme-efp19574_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.

---

| | |
|:---|:---|
| Advisor Managed Portfolios | Advisor Managed Portfolios |
| By | /s/ Russell B. Simon |
|  | *Russell B. Simon*, President/Principal Executive Officer |
| Date | 12/08/2025 |

---

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

---

| | |
|:---|:---|
| By | /s/ Russell B. Simon |
|  | *Russell B. Simon*, President/Principal Executive Officer |
| Date | 12/08/2025 |
| By | /s/ Eric T. McCormick |
|  | *Eric T. McCormick*, Treasurer/Principal Financial Officer |
| Date | 12/08/2025 |

---

## Ex-99.Codeeth

**EX.99.CODE ETH**

Column A - Policies and Procedures

**ADVISOR MANAGED PORTFOLIOS**

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

**I. Introduction/Covered Persons**

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

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

II. Code of Ethics Requirements

This Code of Ethics requires each Covered Person to:

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

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

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

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

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

III. Conflicts of Interest

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

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

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

Column A - Policies and Procedures

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

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

Each Covered Person must:

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

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

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

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

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

IV. Accurate, Complete, Timely and Understandable Information

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

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

V. Waivers

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

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

Column A - Policies and Procedures

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

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

VI. Amendments

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

VII. Violations

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

VIII. Disclosure

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

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

Column A - Policies and Procedures

IX. Acknowledgement

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

X. Confidentiality

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

XI. Internal Use

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

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

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

## Ex-99.Cert

**EX.99.CERT**

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

I, Russell B. Simon, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| Date: | 12/08/2025 |  | /s/ Russell B. Simon |
|  |  | | *Russell B. Simon,* |
| | | | *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.

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

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## Exhibit 99.906

**EX.99.906CERT**

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

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

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

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

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