# EDGAR Filing Document

**Accession Number:** 0001970751
**File Stem:** 0001133228-26-003349
**Filing Date:** 2026-3
**Character Count:** 109526
**Document Hash:** 53f444556c18f9c9d008b7155fb5b1ca
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-003349.hdr.sgml**: 20260309

**ACCESSION NUMBER**: 0001133228-26-003349

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 40

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260309

**DATE AS OF CHANGE**: 20260309

**EFFECTIVENESS DATE**: 20260309

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23859
- **FILM NUMBER:** 26734636

**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

### Zevenbergen Growth Fund (Series ID: S000082968)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000246391 | Institutional Class | ZVNIX           |
| C000246392 | Investor Class      | ZVNBX           |

### Zevenbergen Genea Fund (Series ID: S000082969)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000246393 | Institutional Class | ZVGIX           |
| C000246394 | Investor Class      | ZVGNX           |

?xml version='1.0' encoding='ASCII'? 2025-12-02199801_ZevenbergenGrowthFund_InvestorClass_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES**

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

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

**<u>(Exact name of registrant as specified in charter)</u>**

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

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

**<u>(Address of principal executive offices) (Zip code)</u>**

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

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

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

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

**<u>(Name and address of agent for service)</u>**

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

Registrant's telephone number, including area code

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

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

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

(a) ---

| | | |
|:---|:---|:---|
| ![image](img322245_202502041429879.jpg) | **Zevenbergen Growth Fund**  | ![image](img278087_202412302023111.jpg) |
| ![image](img322245_202502041429879.jpg) | Investor Class \| ZVNBX  | ![image](img278087_202412302023111.jpg) |
| ![image](img322245_202502041429879.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img278087_202412302023111.jpg) |

---

This semi-annual shareholder report contains important information about the Zevenbergen Growth Fund for the period of July 1, 2025, to December 31, 2025, as well as certain changes to the Fund. You can find additional information about the Fund at https://www.zci.com/growth-summary-prospectus-abbreviated-disclosure/. You can also request this information by contacting us at 1-844-986-2746.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Investor Class | $65 | 1.30% |

---

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

For the 6-month period ended December 31, 2025, the Fund underperformed its benchmark, the Russell 3000<sup>®</sup> Growth Total Return.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Higher-than-benchmark exposure to Consumer Discretionary and an underweight to Technology relative to the benchmark impacted performance during the period. The Fund's lower exposure to the largest capitalized companies (which drove much of the benchmark's performance) and a higher than benchmark exposure to small and medium capitalized companies also impacted returns as the market favored large capitalized technology companies that were involved in the physical buildout of Artificial Intelligence (AI) infrastructure.

Positive contributions were led by an overweight in Health Care, and allocations to Tesla, Inc. and Shopify, Inc. Detractors were led by security selection in Technology, specifically being underweight in benchmark heavyweight NVIDIA Corporation and allocations to software detracted to performance. Allocations to Axon Enterprise, Inc. and Mercado Libre, Inc. also detracted from performance.

**POSITIONING**

The Fund had several position changes in the top 10 holdings by weight during the period due to market movement, portfolio additions, and portfolio deletions. Weightings in Tesla, Inc., Shopify, Inc., MercadoLibre, Inc., Amazon.com, Inc., Exact Sciences Corporation, Natera, Inc. and CrowdStrike Holdings, Inc. increased. Weightings in Axon Enterprise Inc. and Meta Platforms decreased, with Netflix, Inc., Trade Desk, Inc. and Uber Technologies, Inc. falling out of the top 10 position weights.

The market capitalization exposure of the portfolio did not shift materially during the period. Nine new companies were added to the Fund during the period across the market capitalizations, focusing on the technology and health care sectors. The Fund's allocation to companies economically exposed to semiconductors and internet infrastructure increased during the period due to market appreciation and new additions. The allocation to companies economically exposed to software and advertising decreased due to market depreciation.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Shopify, Inc. - Class A |
| ↑ | Exact Sciences Corporation |
| ↑ | Tesla, Inc. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Axon Enterprise Inc. |
| ↓ | Mercado Libre, Inc.. |
| ↓ | Trade Desk, Inc. |

---

Zevenbergen Growth Fund PAGE 1 TSR-SAR-00777X702

------

**PERFORMANCE**

The Fund experienced a negative return for the period, as investors supported technology hardware companies integral to the AI infrastructure buildout while software companies concurrently fell out of favor with the unknown impact of AI advances on future software growth. The Fund's active approach across industries and market capitalization underperformed the benchmark returns, with its historically heavy concentration into a few companies that were well-rewarded during the period.

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

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](ts6733img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Investor Class (without sales charge)**  | 9.95 | -0.14 | 15.43 |
| **Russell 3000 Total Return**  | 17.15 | 13.15 | 14.29 |
| **Russell 3000 Growth Total Return**  | 18.45 | 14.65 | 17.62 |

---

Visit https://www.zci.com/growth-summary-prospectus-abbreviated-disclosure/ for more recent performance information.

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

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

---

| | |
|:---|:---|
| **Net Assets** | $128229041 |
| **Number of Holdings** | 37 |
| **Net Advisory Fee** | $452724 |
| **Portfolio Turnover** | 16% |

---

Zevenbergen Growth Fund PAGE 2 TSR-SAR-00777X702

------

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

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  NVIDIA Corporation  | 9.9% |
|  Tesla, Inc. | 8.5% |
|  Shopify, Inc. | 7.3% |
|  MercadoLibre, Inc. | 5.9% |
|  Axon Enterprise, Inc. | 5.7% |
|  Amazon.com, Inc. | 5.0% |
|  Meta Platforms, Inc. | 4.8% |
|  Alphabet, Inc. | 3.5% |
|  Advanced Micro Devices, Inc. | 3.1% |
|  Snowflake Inc. | 3.1% |

---

**Industry Breakdown (% of net assets)**

![image](ts6733img004.jpg)

For additional information about the Fund, including its prospectus and other important materials, scan the QR code or visit https://www.zci.com/growth-summary-prospectus-abbreviated-disclosure/.

**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 Zevenbergen Capital Investments LLC documents not be householded, please contact Zevenbergen Capital Investments LLC at 1-844-986-2746, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Zevenbergen Capital Investments LLC or your financial intermediary.

Zevenbergen Growth Fund PAGE 3 TSR-SAR-00777X702

1011097901309013860190904273738844175602878338599424401031711631140891335017492211452657121468270403347839218104111118114489141821926626637335232381333626445405275846.929.911.69.31.60.60.1 ------

---

| | | |
|:---|:---|:---|
| ![image](img322245_202502041429879.jpg) | **Zevenbergen Growth Fund**  | ![image](img278087_202412302023111.jpg) |
| ![image](img322245_202502041429879.jpg) | Institutional Class \| ZVNIX  | ![image](img278087_202412302023111.jpg) |
| ![image](img322245_202502041429879.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img278087_202412302023111.jpg) |

---

This semi-annual shareholder report contains important information about the Zevenbergen Growth Fund for the period of July 1, 2025, to December 31, 2025, as well as certain changes to the Fund. You can find additional information about the Fund at https://www.zci.com/growth-summary-prospectus-abbreviated-disclosure/. You can also request this information by contacting us at 1-844-986-2746.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional Class | $50 | 1.00% |

---

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

For the 6-month period ended December 31, 2025, the Fund underperformed its benchmark, the Russell 3000<sup>®</sup> Growth Total Return.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Higher-than-benchmark exposure to Consumer Discretionary and an underweight to Technology relative to the benchmark impacted performance during the period. The Fund's lower exposure to the largest capitalized companies (which drove much of the benchmark's performance) and a higher than benchmark exposure to small and medium capitalized companies also impacted returns as the market favored large capitalized technology companies that were involved in the physical buildout of Artificial Intelligence (AI) infrastructure.

Positive contributions were led by an overweight in Health Care, and allocations to Tesla, Inc. and Shopify, Inc. Detractors were led by security selection in Technology, specifically being underweight in benchmark heavyweight NVIDIA Corporation and allocations to software detracted to performance. Allocations to Axon Enterprise, Inc. and Mercado Libre, Inc. also detracted from performance.

**POSITIONING**

The Fund had several position changes in the top 10 holdings by weight during the period due to market movement, portfolio additions, and portfolio deletions. Weightings in Tesla, Inc., Shopify, Inc., MercadoLibre, Inc., Amazon.com, Inc., Exact Sciences Corporation, Natera, Inc. and CrowdStrike Holdings, Inc. increased. Weightings in Axon Enterprise Inc. and Meta Platforms decreased, with Netflix, Inc., Trade Desk, Inc. and Uber Technologies, Inc. falling out of the top 10 position weights.

The market capitalization exposure of the portfolio did not shift materially during the period. Nine new companies were added to the Fund during the period across the market capitalizations, focusing on the technology and health care sectors. The Fund's allocation to companies economically exposed to semiconductors and internet infrastructure increased during the period due to market appreciation and new additions. The allocation to companies economically exposed to software and advertising decreased due to market depreciation.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Shopify, Inc. - Class A |
| ↑ | Exact Sciences Corporation |
| ↑ | Tesla, Inc. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Axon Enterprise Inc. |
| ↓ | Mercado Libre, Inc.. |
| ↓ | Trade Desk, Inc. |

---

Zevenbergen Growth Fund PAGE 1 TSR-SAR-00777X801

------

**PERFORMANCE**

The Fund experienced a negative return for the period, as investors supported technology hardware companies integral to the AI infrastructure buildout while software companies concurrently fell out of favor with the unknown impact of AI advances on future software growth. The Fund's active approach across industries and market capitalization underperformed the benchmark returns, with its historically heavy concentration into a few companies that were well-rewarded during the period.

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

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](ts6732img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Institutional Class (without sales charge)**  | 10.26 | 0.16 | 15.74 |
| **Russell 3000 Total Return**  | 17.15 | 13.15 | 14.29 |
| **Russell 3000 Growth Total Return**  | 18.45 | 14.65 | 17.62 |

---

Visit https://www.zci.com/growth-summary-prospectus-abbreviated-disclosure/ for more recent performance information.

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

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

---

| | |
|:---|:---|
| **Net Assets** | $128229041 |
| **Number of Holdings** | 37 |
| **Net Advisory Fee** | $452724 |
| **Portfolio Turnover** | 16% |

---

Zevenbergen Growth Fund PAGE 2 TSR-SAR-00777X801

------

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

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  NVIDIA Corporation  | 9.9% |
|  Tesla, Inc. | 8.5% |
|  Shopify, Inc. | 7.3% |
|  MercadoLibre, Inc. | 5.9% |
|  Axon Enterprise, Inc. | 5.7% |
|  Amazon.com, Inc. | 5.0% |
|  Meta Platforms, Inc. | 4.8% |
|  Alphabet, Inc. | 3.5% |
|  Advanced Micro Devices, Inc. | 3.1% |
|  Snowflake Inc. | 3.1% |

---

**Industry Breakdown (% of net assets)**

![image](ts6732img004.jpg)

For additional information about the Fund, including its prospectus and other important materials, scan the QR code or visit https://www.zci.com/growth-summary-prospectus-abbreviated-disclosure/.

**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 Zevenbergen Capital Investments LLC documents not be householded, please contact Zevenbergen Capital Investments LLC at 1-844-986-2746, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Zevenbergen Capital Investments LLC or your financial intermediary.

Zevenbergen Growth Fund PAGE 3 TSR-SAR-00777X801

1012098301317013970192904332739494179112944739606436801031711631140891335017492211452657121468270403347839218104111118114489141821926626637335232381333626445405275846.929.911.69.31.60.60.1 ------

---

| | | |
|:---|:---|:---|
| ![image](img322244_202502041427619.jpg) | **Zevenbergen Genea Fund**  | ![image](img278087_202412302023111.jpg) |
| ![image](img322244_202502041427619.jpg) | Investor Class \| ZVGNX  | ![image](img278087_202412302023111.jpg) |
| ![image](img322244_202502041427619.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img278087_202412302023111.jpg) |

---

This semi-annual shareholder report contains important information about the Zevenbergen Genea Fund for the period of July 1, 2025, to December 31, 2025, as well as certain changes to the Fund. You can find additional information about the Fund at https://www.zci.com/genea-summary-prospectus-abbreviated-disclosure/. You can also request this information by contacting us at 1-844-986-2746.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Investor Class | $66 | 1.30% |

---

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

For the 6-month period ended December 31, 2025, the Fund underperformed its benchmark, the Russell 3000<sup>®</sup> Growth Total Return.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Higher-than-benchmark exposure to Consumer Discretionary and an underweight to Technology relative to the benchmark impacted performance during the period. The Fund's lower exposure to the largest capitalized companies (which drove much of the benchmark's performance) and a higher-than-benchmark exposure to small and medium capitalized companies also impacted returns as the market favored large capitalized technology companies involved in the physical buildout of Artificial Intelligence (AI) infrastructure.

Positive contributions were led by an overweight in Industrials, specifically Rocket Lab Corporation and Bloom Energy Corporation, and allocations to Tesla, Inc. and Shopify, Inc. Detractors were led by security selection in Technology, specifically being underweight in benchmark heavyweight NVIDIA Corporation and allocations to consumer discretionary detracted from performance. Allocations to Axon Enterprise Inc. and Trade Desk, Inc. also detracted from performance.

**POSITIONING**

The Fund had several position changes in the top 10 holdings by weight during the period due to market movement, portfolio additions, and portfolio deletions. Weightings in Tesla, Inc., Shopify, Inc., Amazon.com, Inc., and Snowflake, Inc. increased, weightings in Axon Enterprise Inc. and Uber Technologies, Inc. decreased, with Trade Desk, Inc. and Spotify Technology falling out of the top 10. Four new companies were added to the Fund during the period across market capitalizations focusing on technology, consumer discretionary, and industrials.

The market capitalization exposure of the portfolio did not shift materially during the period. The Fund's allocation to companies economically exposed to semiconductors and internet infrastructure increased during the period due to market appreciation and new additions. The allocation to companies economically exposed to software and advertising decreased due to market depreciation.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Shopify, Inc. - Class A |
| ↑ | Tesla, Inc. |
| ↑ | Bloom Energy Corporation |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Axon Enterprise Inc. |
| ↓ | Trade Desk, Inc. |
| ↓ | Mercado Libre, Inc. |

---

Zevenbergen Genea Fund PAGE 1 TSR-SAR-00777X884

------

**PERFORMANCE**

The Fund experienced a positive return during the period, as investors supported technology hardware and industrial companies integral to the AI infrastructure buildout. Concurrently, other Fund allocations within technology were challenged as software companies fell out of favor due to the unknown impact of AI advances on future software growth. The Fund's active approach across industries and market capitalization underperformed the benchmark returns, with its historically heavy concentration into a few companies that were well-rewarded during the period.

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

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](ts6735img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Investor Class (without sales charge)**  | 15.60 | 0.93 | 18.56 |
| **Russell 3000 Total Return**  | 17.15 | 13.15 | 14.29 |
| **Russell 3000 Growth Total Return**  | 18.45 | 14.65 | 17.62 |

---

Visit https://www.zci.com/genea-summary-prospectus-abbreviated-disclosure/ for more recent performance information.

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

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

---

| | |
|:---|:---|
| **Net Assets** | $72790795 |
| **Number of Holdings** | 29 |
| **Net Advisory Fee** | $185978 |
| **Portfolio Turnover** | 7% |

---

Zevenbergen Genea Fund PAGE 2 TSR-SAR-00777X884

------

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

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  NVIDIA Corporation  | 10.5% |
|  Tesla, Inc. | 10.1% |
|  Shopify, Inc. | 8.7% |
|  MercadoLibre, Inc.  | 6.5% |
|  Axon Enterprise, Inc. | 6.2% |
|  Amazon.com, Inc. | 4.5% |
|  Snowflake Inc. | 4.2% |
|  Credo Technology Group Holding Ltd. | 3.8% |
|  Datadog, Inc. | 3.5% |
|  Toast, Inc. | 3.2% |

---

**Industry Breakdown (% of net assets)**

![image](ts6735img004.jpg)

For additional information about the Fund, including its prospectus and other important materials, scan the QR code or visit https://www.zci.com/genea-summary-prospectus-abbreviated-disclosure/.

**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 Zevenbergen Capital Investments LLC documents not be householded, please contact Zevenbergen Capital Investments LLC at 1-844-986-2746, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Zevenbergen Capital Investments LLC or your financial intermediary.

Zevenbergen Genea Fund PAGE 3 TSR-SAR-00777X884

10410103501570017394223225453052171214493676549401566675710910317116311408913350174922114526571214682704033478354033921810411111811448914182192662663733523238133362644540471645275845.637.214.52.40.3 ------

---

| | | |
|:---|:---|:---|
| ![image](img322244_202502041427619.jpg) | **Zevenbergen Genea Fund**  | ![image](img278087_202412302023111.jpg) |
| ![image](img322244_202502041427619.jpg) | Institutional Class \| ZVGIX  | ![image](img278087_202412302023111.jpg) |
| ![image](img322244_202502041427619.jpg) | Semi-Annual Shareholder Report \| December 31, 2025  | ![image](img278087_202412302023111.jpg) |

---

This semi-annual shareholder report contains important information about the Zevenbergen Genea Fund for the period of July 1, 2025, to December 31, 2025, as well as certain changes to the Fund. You can find additional information about the Fund at https://www.zci.com/genea-summary-prospectus-abbreviated-disclosure/. You can also request this information by contacting us at 1-844-986-2746.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional Class | $51 | 1.00% |

---

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

For the 6-month period ended December 31, 2025, the Fund underperformed its benchmark, the Russell 3000<sup>®</sup> Growth Total Return.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Higher-than-benchmark exposure to Consumer Discretionary and an underweight to Technology relative to the benchmark impacted performance during the period. The Fund's lower exposure to the largest capitalized companies (which drove much of the benchmark's performance) and a higher-than-benchmark exposure to small and medium capitalized companies also impacted returns as the market favored large capitalized technology companies involved in the physical buildout of Artificial Intelligence (AI) infrastructure.

Positive contributions were led by an overweight in Industrials, specifically Rocket Lab Corporation and Bloom Energy Corporation, and allocations to Tesla, Inc. and Shopify, Inc. Detractors were led by security selection in Technology, specifically being underweight in benchmark heavyweight NVIDIA Corporation and allocations to consumer discretionary detracted from performance. Allocations to Axon Enterprise Inc. and Trade Desk, Inc. also detracted from performance.

**POSITIONING**

The Fund had several position changes in the top 10 holdings by weight during the period due to market movement, portfolio additions, and portfolio deletions. Weightings in Tesla, Inc., Shopify, Inc., Amazon.com, Inc., and Snowflake, Inc. increased, weightings in Axon Enterprise Inc. and Uber Technologies, Inc. decreased, with Trade Desk, Inc. and Spotify Technology falling out of the top 10. Four new companies were added to the Fund during the period across market capitalizations focusing on technology, consumer discretionary, and industrials.

The market capitalization exposure of the portfolio did not shift materially during the period. The Fund's allocation to companies economically exposed to semiconductors and internet infrastructure increased during the period due to market appreciation and new additions. The allocation to companies economically exposed to software and advertising decreased due to market depreciation.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Shopify, Inc. - Class A |
| ↑ | Tesla, Inc. |
| ↑ | Bloom Energy Corporation |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Axon Enterprise Inc. |
| ↓ | Trade Desk, Inc. |
| ↓ | Mercado Libre, Inc. |

---

Zevenbergen Genea Fund PAGE 1 TSR-SAR-00777X876

------

**PERFORMANCE**

The Fund experienced a positive return during the period, as investors supported technology hardware and industrial companies integral to the AI infrastructure buildout. Concurrently, other Fund allocations within technology were challenged as software companies fell out of favor due to the unknown impact of AI advances on future software growth. The Fund's active approach across industries and market capitalization underperformed the benchmark returns, with its historically heavy concentration into a few companies that were well-rewarded during the period.

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

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](ts6734img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Institutional Class (without sales charge)**  | 15.99 | 1.24 | 18.90 |
| **Russell 3000 Total Return**  | 17.15 | 13.15 | 14.29 |
| **Russell 3000 Growth Total Return**  | 18.45 | 14.65 | 17.62 |

---

Visit https://www.zci.com/genea-summary-prospectus-abbreviated-disclosure/ for more recent performance information.

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

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

---

| | |
|:---|:---|
| **Net Assets** | $72790795 |
| **Number of Holdings** | 29 |
| **Net Advisory Fee** | $185978 |
| **Portfolio Turnover** | 7% |

---

Zevenbergen Genea Fund PAGE 2 TSR-SAR-00777X876

------

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

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  NVIDIA Corporation  | 10.5% |
|  Tesla, Inc. | 10.1% |
|  Shopify, Inc. | 8.7% |
|  MercadoLibre, Inc.  | 6.5% |
|  Axon Enterprise, Inc. | 6.2% |
|  Amazon.com, Inc. | 4.5% |
|  Snowflake Inc. | 4.2% |
|  Credo Technology Group Holding Ltd. | 3.8% |
|  Datadog, Inc. | 3.5% |
|  Toast, Inc. | 3.2% |

---

**Industry Breakdown (% of net assets)**

![image](ts6734img004.jpg)

For additional information about the Fund, including its prospectus and other important materials, scan the QR code or visit https://www.zci.com/genea-summary-prospectus-abbreviated-disclosure/.

**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 Zevenbergen Capital Investments LLC documents not be householded, please contact Zevenbergen Capital Investments LLC at 1-844-986-2746, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Zevenbergen Capital Investments LLC or your financial intermediary.

Zevenbergen Genea Fund PAGE 3 TSR-SAR-00777X876

10410103801580017534225525525153023218693759750664587631031711631140891335017492211452657121468270403347839218104111118114489141821926626637335232381333626445405275845.637.214.52.40.3 ------

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

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included as part of the report to shareholders filed under
 Item 1 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) ![](zevenbergenlogo.jpg)

**ZEVENBERGEN GROWTH FUND** 

**INVESTOR CLASS (ZVNBX)** 

**INSTITUTIONAL CLASS (ZVNIX)** 

**ZEVENBERGEN GENEA FUND** 

**INVESTOR CLASS (ZVGNX)** 

**INSTITUTIONAL CLASS (ZVGIX)** 

Semi Annual Financial Statements

December 31, 2025

------

---

| | |
|:---|:---|
| **What's Inside**  | **What's Inside**  |
| [Schedule of Investments](#soi1)<br>|  |
| &nbsp;&nbsp;&nbsp; [Zevenbergen Growth Fund](#soi1) | [1](#soi1) |
| &nbsp;&nbsp;&nbsp; [Zevenbergen Genea Fund](#soi2) | [2](#soi2) |
| [Statement of Assets and Liabilities](#sal1)<br>|  |
| &nbsp;&nbsp;&nbsp; [Zevenbergen Growth Fund](#sal1) | [3](#sal1) |
| &nbsp;&nbsp;&nbsp; [Zevenbergen Genea Fund](#sal2) | [4](#sal2) |
| [Statement of Operations](#sop1) |  |
| &nbsp;&nbsp;&nbsp; [Zevenbergen Growth Fund](#sop1) | [5](#sop1) |
| &nbsp;&nbsp;&nbsp; [Zevenbergen Genea Fund](#sop2) | [6](#sop2) |
| [Statements of Changes in Net Assets](#scna1) |  |
| &nbsp;&nbsp;&nbsp; [Zevenbergen Growth Fund](#scna1) | [7](#scna1) |
| &nbsp;&nbsp;&nbsp; [Zevenbergen Genea Fund](#scna2) | [8](#scna2) |
| [Financial Highlights](#fihi1) |  |
| &nbsp;&nbsp;&nbsp; [Zevenbergen Growth Fund](#fihi1) | [9](#fihi1) |
| &nbsp;&nbsp;&nbsp; [Zevenbergen Genea Fund](#fihi21) | [11](#fihi21) |
| [Notes to the Financial Statements](#notes) | [13](#notes) |
| [Additional Information](#add) | [20](#add) |

---

------

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

Zevenbergen Growth Fund

Schedule of Investments

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — 99.9%**<br>|  |  |
| **Consumer Discretionary — 29.9%** | **Consumer Discretionary — 29.9%** | **Consumer Discretionary — 29.9%** |
| Amazon.com, Inc.<sup>(a)</sup> | 27500 | $6347550  |
| MercadoLibre, Inc.<sup>(a)</sup> | 3725 | 7503118  |
| Netflix, Inc.<sup>(a)</sup> | 34500 | 3234720  |
|  On Holding AG - Class A - ADR<sup>(a)</sup> | 33500 | 1557080  |
|  Spotify Technology S.A. - ADR<sup>(a)</sup> | 3200 | 1858272  |
| Tesla, Inc.<sup>(a)</sup> | 24350 | 10950682  |
|  The Trade Desk, Inc. - Class A<sup>(a)</sup> | 47000 | 1784120  |
| Uber Technologies, Inc.<sup>(a)</sup> | 42050 | 3435906  |
| Wingstop Inc. | 7050 | 1681354  |
|  |  | 38352802  |
| **Financials — 0.6%**<br>|  |  |
|  Ares Management Corp. - Class A | 4850 | 783905  |
| **Health Care — 9.3%**<br>|  |  |
| Arcutis Biotherapeutics, Inc.<sup>(a)</sup> | 19300 | 560472  |
| Caris Life Sciences, Inc.<sup>(a)</sup> | 28500 | 768930  |
| Exact Sciences Corp.<sup>(a)</sup> | 12750 | 1294890  |
| Insulet Corporation<sup>(a)</sup> | 6100 | 1733864  |
| Natera, Inc.<sup>(a)</sup> | 16200 | 3711258  |
| TransMedics Group, Inc.<sup>(a)</sup> | 16600 | 2019390  |
| Veeva Systems Inc. - Class A<sup>(a)</sup> | 8025 | 1791421  |
|  |  | 11880225  |
| **Industrials — 11.6%**<br>|  |  |
| Axon Enterprise, Inc.<sup>(a)</sup> | 12875 | 7312099  |
| Karman Holdings, Inc.<sup>(a)</sup> | 26100 | 1909737  |
| Quanta Services, Inc. | 4850 | 2046991  |
| Rocket Lab Corp.<sup>(a)</sup> | 52825 | 3685072  |
|  |  | 14953899  |
| **Real Estate — 1.6%**<br>|  |  |
| Zillow Group, Inc. - Class C<sup>(a)</sup> | 30000 | 2046600  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Technology — 46.9%**<br>|  |  |
|  Advanced Micro Devices, Inc.<sup>(a)</sup> | 18450 | $3951252  |
| Alphabet, Inc. - Class A | 14350 | 4491550  |
|  AppLovin Corporporation - Class A<sup>(a)</sup> | 2700 | 1819314  |
|  Credo Technology Group Holding Ltd.<sup>(a)</sup> | 6050 | 870535  |
|  CrowdStrike Holdings, Inc. - Class A<sup>(a)</sup> | 7800 | 3656328  |
| Meta Platforms, Inc. | 9250 | 6105832  |
|  Monolithic Power Systems, Inc. | 2400 | 2175264  |
| NVIDIA Corporation | 67900 | 12663350  |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 11400 | 2099880  |
| Samsara, Inc. - Class A<sup>(a)</sup> | 37700 | 1336465  |
| ServiceNow, Inc.<sup>(a)</sup> | 20750 | 3178693  |
| Shopify, Inc. - Class A - ADR<sup>(a)</sup> | 58450 | 9408696  |
| Snowflake Inc. - Class A<sup>(a)</sup> | 17900 | 3926544  |
| Toast, Inc. - Class A<sup>(a)</sup> | 56850 | 2018744  |
| Vertiv Holdings Co. - Class A | 15000 | 2430150  |
|  |  | 60132597  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $51,031,730)** |  | **128150028**  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 99.9%**<br>**(Cost $51,031,730)** |  | **$128150028**  |
|  Other Assets in Excess of Liabilities — 0.1% |  | 79013  |
| **TOTAL NET ASSETS — 100.0%** |  | **$128229041** |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

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

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

1<br>

------

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

Zevenbergen Genea Fund

Schedule of Investments

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS — 99.7%**<br>|  |  |
| **Consumer Discretionary — 37.2%** | **Consumer Discretionary — 37.2%** |  |
| Amazon.com, Inc.<sup>(a)</sup> | 14300 | $3300726  |
| DraftKings, Inc. - Class A<sup>(a)</sup> | 45050 | 1552423  |
| MakeMyTrip Limited<sup>(a)</sup> | 15000 | 1231800  |
| MercadoLibre, Inc.<sup>(a)</sup> | 2350 | 4733511  |
| Netflix, Inc.<sup>(a)</sup> | 20350 | 1908016  |
| &nbsp;&nbsp;&nbsp; Rivian Automotive, Inc. - <br>Class A<sup>(a)</sup> | 58075 | 1144658  |
| Spotify Technology S.A. - ADR<sup>(a)</sup> | 3620 | 2102170  |
| Tesla, Inc.<sup>(a)</sup> | 16325 | 7341679  |
| The Trade Desk, Inc. - Class A<sup>(a)</sup> | 41410 | 1571924  |
| Uber Technologies, Inc.<sup>(a)</sup> | 26950 | 2202085  |
|  |  | 27088992  |
| **Industrials — 14.5%**<br>|  |  |
| Axon Enterprise, Inc.<sup>(a)</sup> | 7900 | 4486647  |
| Bloom Energy Corp - Class A<sup>(a)</sup> | 17250 | 1498852  |
| Karman Holdings, Inc.<sup>(a)</sup> | 16550 | 1210964  |
| Rocket Lab Corporation<sup>(a)</sup> | 31575 | 2202672  |
| Symbotic, Inc.<sup>(a)</sup> | 20125 | 1197437  |
|  |  | 10596572  |
| **Real Estate — 2.4%**<br>|  |  |
| Zillow Group, Inc. - Class C<sup>(a)</sup> | 25250 | 1722555  |
| **Technology — 45.6%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; AppLovin Corporation - <br>Class A<sup>(a)</sup> | 2750 | 1853005  |
|  Credo Technology Group Holding Ltd.<sup>(a)</sup> | 19300 | 2777077  |
|  CrowdStrike Holdings, Inc. - Class A<sup>(a)</sup> | 4675 | 2191453  |
| Datadog, Inc. - Class A<sup>(a)</sup> | 18850 | 2563412  |
| Nebius Group N.V.<sup>(a)</sup> | 10350 | 866347  |
| NVIDIA Corporation | 41050 | 7655825  |
| Pinterest, Inc. - Class A<sup>(a)</sup> | 54525 | 1411652  |
| Reddit, Inc. - Class A<sup>(a)</sup> | 4000 | 919480  |
| Samsara, Inc. - Class A<sup>(a)</sup> | 35000 | 1240750  |
| Shopify, Inc. - Class A<sup>(a)</sup> | 39565 | 6368778  |
| Snowflake Inc. - Class A<sup>(a)</sup> | 13780 | 3022781  |
| Toast, Inc. - Class A<sup>(a)</sup> | 65950 | 2341884  |
|  |  | 33212444  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $25,950,895)** |  | 72620563  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS — 0.3%** | **SHORT-TERM INVESTMENTS — 0.3%** | **SHORT-TERM INVESTMENTS — 0.3%** |
|  First American U.S. Treasury Money Market Fund - Class Z, 3.58%<sup>(b)</sup> | 193453 | $193453  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $193,453)** |  | **193453**  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 100.0%** <br>**(Cost $26,144,348)** |  | **$72814016**  |
|  Liabilities in Excess of Other Assets — (0.0)%<sup>(c)</sup> |  | (23221)  |
| **TOTAL NET ASSETS — 100.0%** |  | **$72790795** |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

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

<sup>(b)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

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

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

2<br>

------

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

Zevenbergen Growth Fund

Statement of Assets and Liabilities

December 31, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Assets**<br>|  |
| Investments in securities, at value (cost $54,819,412) | $128150028  |
| Dividend and interest receivable | 5631  |
| Receivable for fund shares sold | 2001  |
| Receivable for investments sold | 1369655  |
| Prepaid expenses | 24072  |
| &nbsp;&nbsp;&nbsp; **Total Assets** | **129549540**  |
| **Liabilities**<br>|  |
| Payable for fund shares redeemed | 80707  |
| Payable for securities purchased | 507974  |
| Payable to Advisor | 452724  |
| Shareholder service fees | 147620  |
| Distribution fees - Investor Class | 16901  |
| Accrued other expenses and other liabilities | 114573  |
| &nbsp;&nbsp;&nbsp; **Total Liabilities** | **1320499**  |
| **Net Assets** | $128229041  |
| **Components of Net Assets**<br>|  |
| Paid-in capital | $49635131  |
| Total distributable earnings | 78593910  |
| &nbsp;&nbsp;&nbsp; **Net Assets** | **$128229041**  |
| **Investor Class:**<br>|  |
| Net assets | $13346846  |
| Shares outstanding (unlimited number of shares authorized, no par value) | 325001  |
| **Net Asset Value, Offering and Redemption Price Per Share\*** | **$41.07**  |
| **Institutional Class:**<br>|  |
| Net assets | $114882195  |
| Shares outstanding (unlimited number of shares authorized, no par value) | 2716195  |
| **Net Asset Value, Offering and Redemption Price Per Share\*** | **$42.30** |

---

\* Shares redeemed or exchanged within 90 days of purchase are charged a 1.00% redemption fee (Note 9). 

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

3<br>

------

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

Zevenbergen Genea Fund

Statement of Assets and Liabilities

December 31, 2025

---

| | |
|:---|:---|
| **Assets**<br>|  |
| Investments in securities, at value (cost $26,144,348) | $72814016  |
| Receivable for fund shares sold | 2295  |
| Receivable for investments sold | 719751  |
| Dividends and interest receivable | 738  |
| Prepaid expenses | 19509  |
| &nbsp;&nbsp;&nbsp; **Total Assets** | **73552005**  |
| **Liabilities**<br>|  |
| Payable for fund shares redeemed | 125011  |
| Payable for securities purchased | 241619  |
| Payable to Advisor | 185979  |
| Shareholder service fees | 57072  |
| Distribution fees - Investor Class | 37110  |
| Accrued other expenses and other liabilities | 114419  |
| &nbsp;&nbsp;&nbsp; **Total Liabilities** | **761210**  |
| **Net Assets** | $72790795  |
| **Components of Net Assets**<br>|  |
| Paid-in capital | $42353021  |
| Total distributable earnings | 30437774  |
| &nbsp;&nbsp;&nbsp; **Net Assets** | **$72790795**  |
| **Investor Class:**<br>|  |
| Net assets | $30246046  |
| Shares outstanding (unlimited number of shares authorized, no par value) | 531522  |
| **Net Asset Value, Offering and Redemption Price Per Share\*** | **$56.90**  |
| **Institutional Class:**<br>|  |
| Net assets | $42544750  |
| Shares outstanding (unlimited number of shares authorized, no par value) | 726668  |
| **Net Asset Value, Offering and Redemption Price Per Share\*** | **$58.55** |

---

\* Shares redeemed or exchanged within 90 days of purchase are charged a 1.00% redemption fee (Note 9).

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

4<br>

------

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

Zevenbergen Growth Fund

Statement of Operations

For the Six Months Ended December 31, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Investment Income**<br>|  |
| Dividend income | $43353  |
| &nbsp;&nbsp;&nbsp; **Total Investment Income** | **43353**  |
| **Expenses**<br>|  |
| Advisory fees (Note 3) | 562941  |
| Administration fees (Note 3) | 71856  |
| Shareholder servicing fees (Note 6) | 75167  |
| Transfer agent fees and expenses (Note 3) | 33132  |
| Distribution fees - Investor Class (Note 7) | 23997  |
| Registration fees | 17834  |
| Legal fees | 14367  |
| Audit fees | 9528  |
| Custody fees (Note 3) | 7667  |
| Trustees' fees (Note 3) | 8319  |
| Compliance fees (Note 3) | 5949  |
| Shareholder reporting fees | 4658  |
| Insurance fees | 3066  |
| Miscellaneous expenses | 4210  |
| &nbsp;&nbsp;&nbsp; **Total Expenses** | **842691**  |
| Expenses waived by the Advisor (Note 3) | (110217)  |
| **Net Expenses** | **732474**  |
| **Net Investment Loss** | **(689121)**  |
| **Realized and Unrealized Gain on Investments**<br>|  |
| Net realized gain on investments | 12902974  |
| Change in unrealized appreciation (depreciation) on investments | (14477796)  |
| **Net Realized and Unrealized Gain (Loss) on Investments** | **(1574822)**  |
| **Net Decrease in Net Assets from Operations** | **$(2263943)** |

---

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

5<br>

------

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

Zevenbergen Genea Fund

Statement of Operations

For the Six Months Ended December 31, 2025

---

| | |
|:---|:---|
| **Investment Income**<br>|  |
| Dividends and interest income | $6506  |
| &nbsp;&nbsp;&nbsp; **Total Investment Income** | **6506**  |
| **Expenses**<br>|  |
| Advisory fees (Note 3) | 309113  |
| Administration fees (Note 3) | 56123  |
| Shareholder servicing fees (Note 6) | 46829  |
| Distribution fees - Investor Class (Note 7) | 40947  |
| Transfer agent fees and expenses (Note 3) | 31596  |
| Registration fees | 18336  |
| Legal fees | 14871  |
| Audit fees | 9528  |
| Custody fees (Note 3) | 4923  |
| Trustees' fees (Note 3) | 8319  |
| Compliance fees (Note 3) | 5687  |
| Shareholder reporting fees | 5520  |
| Insurance fees | 2769  |
| Miscellaneous expenses | 4093  |
| &nbsp;&nbsp;&nbsp; **Total Expenses** | **558654**  |
| Expenses waived by the Advisor (Note 3) | (123135)  |
| **Net Expenses** | **435519**  |
| **Net Investment Loss** | **(429013)**  |
| **Realized and Unrealized Gain (Loss) on Investments**<br>|  |
| Net realized gain on investments | 6045590  |
| Change in unrealized appreciation (depreciation) on investments | (4860841)  |
| **Net Realized and Unrealized Gain on Investments** | **1184749**  |
| **Net Increase in Net Assets from Operations** | **$755736** |

---

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

6<br>

------

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

Zevenbergen Growth Fund

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **For the Six** <br>**Months Ended** <br>**December 31, 2025** <br>(Unaudited) | **For the Year** <br>**Ended** <br>**June 30, 2025**  |
| **Operations** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment loss | $(689121) | $(1247208)  |
| &nbsp;&nbsp;&nbsp; Net realized gain on investments | 12902974 | 5273434  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (14477796) | 32169465  |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets from Operations** | **(2263943)** | **36195691**  |
| **Distributions to shareholders:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; From earnings Investor Class (Note 5)  | (1405452) | —  |
| &nbsp;&nbsp;&nbsp; From earnings Institutional Class (Note 5)  | (170342) | —  |
| &nbsp;&nbsp;&nbsp; **Total Distributions to Shareholders**  | **(1575794)** | **—** |
| **Capital Transactions**<br>|  |  |
| Proceeds from shares sold<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investor Class | 1961183 | 7267861  |
| &nbsp;&nbsp;&nbsp; Institutional Class | 3570296 | 9375062  |
| Cost of shares redeemed<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investor Class | (11256976) | (3470732)  |
| &nbsp;&nbsp;&nbsp; Institutional Class | (9884167) | (20670031)  |
| Redemption fees<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investor Class | 95 | 979  |
| &nbsp;&nbsp;&nbsp; Institutional Class | 767 | 6124  |
| &nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets from Capital Share Transactions** | **(14162148)** | **(7490737)**  |
| **Total Increase (Decrease) in Net Assets** | **(18001885)** | **28704954**  |
| **Net Assets**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 146230926 | 117525973  |
| &nbsp;&nbsp;&nbsp; **End of period** | **$128229041** | **$146230927**  |
| **Capital Shares Transactions**<br>|  |  |
| Investor Class<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 47329 | 200862  |
| &nbsp;&nbsp;&nbsp; Shares reinvested | 4135 | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (263912) | (96820)  |
| &nbsp;&nbsp;&nbsp; **Net Decrease in Shares Outstanding** | **(212448)** | **104042**  |
| Institutional Class<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 82267 | 249020  |
| &nbsp;&nbsp;&nbsp; Shares reinvested | 30519 | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (227338) | (555737)  |
| &nbsp;&nbsp;&nbsp; **Net Decrease in Shares Outstanding** | **(114552)** | **(306717)** |

---

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

7<br>

------

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

Zevenbergen Genea Fund

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **For the Six** <br>**Months Ended** <br>**December 31, 2025** <br>(Unaudited) | **For the Year**<br>**Ended** <br>**June 30, 2025**  |
| **Operations** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment loss | $(429013) | $(787505)  |
| &nbsp;&nbsp;&nbsp; Net realized gain on investments | 6045590 | 13758208  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (4860841) | 12018529  |
| &nbsp;&nbsp;&nbsp; **Net Increase in Net Assets from Operations** | **755736** | **24989232**  |
| **Capital Transactions**<br>|  |  |
| Proceeds from shares sold<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investor Class | 782418 | 2717573  |
| &nbsp;&nbsp;&nbsp; Institutional Class | 784834 | 2210208  |
| Cost of shares redeemed<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investor Class | (4615348) | (12131906)  |
| &nbsp;&nbsp;&nbsp; Institutional Class | (2123539) | (11060198)  |
| Redemption fees<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investor Class | 3907 | 4903  |
| &nbsp;&nbsp;&nbsp; Institutional Class | 5178 | 6224  |
| &nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets from Capital Share Transactions** | **(5162550)** | **(18253196)**  |
| **Total Increase (Decrease) in Net Assets** | **(4406814)** | **6736036**  |
| **Net Assets**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 77197609 | 70461573  |
| &nbsp;&nbsp;&nbsp; **End of period** | **$72790795** | **$77197609**  |
| **Capital Shares Transactions**<br>|  |  |
| Investor Class<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 13439 | 54125  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (79835) | (265880)  |
| &nbsp;&nbsp;&nbsp; **Net Decrease in Shares Outstanding** | **(66396)** | **(211755)**  |
| Institutional Class<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 13345 | 47687  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (35574) | (233930)  |
| &nbsp;&nbsp;&nbsp; **Net Decrease in Shares Outstanding** | **(22229)** | **(186243)** |

---

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

8<br>

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

Zevenbergen Growth Fund

Financial Highlights

Investor Class

 **For a Capital Share Outstanding Throughout Each Year Presented:**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six** <br>**Months Ended** <br>**December 31,** <br>**2025** <br>(Unaudited) | **For the Year Ended June 30,**  | **For the Year Ended June 30,**  | **For the Year Ended June 30,**  | **For the Year Ended June 30,**  | **For the Year Ended June 30,**  |
|  | **For the Six** <br>**Months Ended** <br>**December 31,** <br>**2025** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **Net Asset Value, Beginning of Period** | $42.42 | $32.21 | $25.92 | $18.11 | $42.74 | $29.05  |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment loss<sup>(1)</sup> | (0.27) | (0.45) | (0.35) | (0.26) | (0.46) | (0.49)  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (0.56) | 10.66 | 6.64 | 8.07 | (23.44) | 14.16  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total from Investment Operations** | **(0.83)** | 10.21 | 6.29 | 7.81 | **(23.90)** | 13.67  |
| **Less Distributions:**<br>|  |  |  |  |  |  |
| From net realized gain on investments | (0.52) |  |  |  | (0.74) | (0.03)  |
| **Redemption fee proceeds** | —\* | —\* | —\* | —\* | 0.01 | 0.05  |
| **Net asset value, end of period** | $41.07 | $42.42 | $32.21 | $25.92 | $18.11 | $42.74  |
| **Total Return<sup>(3)</sup>** | **(1.95)%** | **31.70%** | **24.27%** | **43.13%** | **(56.79)%** | **47.22%**  |
| **Supplemental Data and Ratios:**<br>|  |  |  |  |  |  |
| Net assets, end of year (in thousands) | $13347 | $22799 | $13960 | $13795 | $11268 | $40472  |
| **Ratio of Expenses to Average Net Assets**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fees waived and reimbursed by the Advisor<sup>(3)</sup> | 1.45% | 1.46% | 1.52% | 1.55% | 1.55% | 1.52%  |
| &nbsp;&nbsp;&nbsp; After fees waived and reimbursed by the Advisor<sup>(3)</sup> | 1.30% | 1.30% | 1.30% | 1.30% | 1.30% | 1.30%  |
|  **Ratio of Net Investment Loss to Average Net Assets**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fees waived and reimbursed by the Advisor<sup>(3)</sup> | (1.41)% | (1.40)% | (1.47)% | (1.50)% | (1.54)% | (1.47)%  |
| &nbsp;&nbsp;&nbsp; After fees waived and reimbursed by the Advisor<sup>(3)</sup> | (1.26)% | (1.24)% | (1.25)% | (1.25)% | (1.29)% | (1.25)%  |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(2)(4)</sup> | 15.99% | 15.24% | 13.62% | 21.85% | 55.60% | 43.12% |

---

\* Less than $0.01 per share. 

<sup>(1)</sup> Per share amounts have been calculated using the average shares method. 

<sup>(2)</sup> Not annualized for periods less than one year.

<sup>(3)</sup> Annualized for periods less than one year.

<sup>(4)</sup> Portfolio turnover rate is calculated for the Fund without distinguishing between classes.

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

9<br>

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

Zevenbergen Growth Fund

Financial Highlights

Institutional Class

 **For a Capital Share Outstanding Throughout Each Year Presented:**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six** <br>**Months Ended** <br>**December 31,** <br>**2025** <br>(Unaudited) | **For the Year Ended June 30,**  | **For the Year Ended June 30,**  | **For the Year Ended June 30,**  | **For the Year Ended June 30,**  | **For the Year Ended June 30,**  |
|  | **For the Six** <br>**Months Ended** <br>**December 31,** <br>**2025** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **Net Asset Value, Beginning of Period** | $43.60 | $33.01 | $26.48 | $18.45 | $43.39 | $29.40  |
| **Income (Loss) from Investment Operations:** | **Income (Loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment loss<sup>(1)</sup> | (0.21) | (0.35) | (0.27) | (0.20) | (0.34) | (0.37)  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (0.57) | 10.94 | 6.80 | 8.23 | (23.87) | 14.34  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total from Investment Operations** | **(0.78)** | 10.59 | 6.53 | 8.03 | **(24.21)** | 13.97  |
| **Less Distributions:**<br>|  |  |  |  |  |  |
| From net realized gain on investments | (0.52) |  |  |  | (0.74) | (0.03)  |
| **Redemption fee proceeds** | — \* | — \* | — \* | — \* | 0.01 | 0.05  |
| **Net asset value, end of period** | $42.30 | $43.60 | $33.01 | $26.48 | $18.45 | $43.39  |
| **Total Return<sup>(3)</sup>** | **(1.78)%** | **32.08%** | **24.66%** | **43.52%** | **(56.66)%** | **47.68%**  |
| **Supplemental Data and Ratios:**<br>|  |  |  |  |  |  |
| Net assets, end of year (in thousands) | $114882 | $123432 | $103566 | $93994 | $56880 | $81953  |
| **Ratio of Expenses to Average Net Assets**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fees waived and reimbursed by the Advisor<sup>(3)</sup> | 1.16% | 1.16% | 1.22% | 1.25% | 1.25% | 1.22%  |
| &nbsp;&nbsp;&nbsp; After fees waived and reimbursed by the Advisor<sup>(3)</sup> | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00%  |
|  **Ratio of Net Investment Loss to Average Net Assets**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fees waived and reimbursed by the Advisor<sup>(3)</sup> | (1.10)% | (1.10)% | (1.17)% | (1.19)% | (1.24)% | (1.17)%  |
| &nbsp;&nbsp;&nbsp; After fees waived and reimbursed by the Advisor<sup>(3)</sup> | (0.94)% | (0.94)% | (0.95)% | (0.95)% | (0.99)% | (0.95)%  |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(2)(4)</sup> | 15.99% | 15.24% | 13.62% | 21.85% | 55.60% | 43.12% |

---

\* Less than $0.01 per share. 

<sup>(1)</sup> Per share amounts have been calculated using the average shares method. 

<sup>(2)</sup> Not annualized for periods less than one year.

<sup>(3)</sup> Annualized for periods less than one year.

<sup>(4)</sup> Portfolio turnover rate is calculated for the Fund without distinguishing between classes.

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

10<br>

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

Zevenbergen Genea Fund

Financial Highlights

Investor Class

 **For a Capital Share Outstanding Throughout Each Year Presented:**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six** <br>**Months Ended** <br>**December 31,** <br>**2025** <br>(Unaudited) | **For the Year Ended June 30,** | **For the Year Ended June 30,** | **For the Year Ended June 30,** | **For the Year Ended June 30,** | **For the Year Ended June 30,** |
|  | **For the Six** <br>**Months Ended** <br>**December 31,** <br>**2025** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **Net Asset Value, Beginning of Year** | $56.46 | $39.87 | $33.16 | $23.34 | $56.40 | $33.34  |
| **Income (Loss) from Investment Operations:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment loss<sup>(1)</sup> | (0.39) | (0.58) | (0.44) | (0.34) | (0.61) | (0.69)  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.82 | 17.16 | 7.14 | 10.15 | (32.46) | 23.65  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total from Investment Operations** | 0.43 | 16.58 | 6.70 | 9.81 | **(33.07)** | 22.96  |
| **Redemption fee proceeds** | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.10  |
| **Net asset value, end of year** | $56.90 | $56.46 | $39.87 | $33.16 | $23.34 | $56.40  |
| **Total Return<sup>(3)</sup>** | **0.78%** | **41.61%** | **20.24%** | **42.07%** | **(58.62)%** | **69.17%**  |
| **Supplemental Data and Ratios:**<br>|  |  |  |  |  |  |
| Net assets, end of year (in thousands) | $30246 | $33761 | $32280 | $40716 | $32528 | $120716  |
| **Ratio of Expenses to Average Net Assets**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fees waived and reimbursed by the Advisor<sup>(3)</sup> | 1.62% | 1.65% | 1.62% | 1.66% | 1.49% | 1.48%  |
| &nbsp;&nbsp;&nbsp; After fees waived and reimbursed by the Advisor<sup>(3)</sup> | 1.30% | 1.30% | 1.30% | 1.30% | 1.30% | 1.37%  |
|  **Ratio of Net Investment Loss to Average Net Assets**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fees waived and reimbursed by the Advisor<sup>(3)</sup> | (1.63)% | (1.62)% | (1.57)% | (1.63)% | (1.49)% | (1.47)%  |
| &nbsp;&nbsp;&nbsp; After fees waived and reimbursed by the Advisor<sup>(3)</sup> | (1.31)% | (1.27)% | (1.25)% | (1.27)% | (1.30)% | (1.36)%  |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(2)(4)</sup> | 7.07% | 11.55% | 18.83% | 19.89% | 17.80% | 32.40% |

---

<sup>(1)</sup> Per share amounts have been calculated using the average shares method. 

<sup>(2)</sup> Not annualized for periods less than one year.

<sup>(3)</sup> Annualized for periods less than one year.

<sup>(4)</sup> Portfolio turnover rate is calculated for the Fund without distinguishing between classes.

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

11<br>

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

Zevenbergen Genea Fund

Financial Highlights

Institutional Class

 **For a Capital Share Outstanding Throughout Each Year Presented:**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six** <br>**Months Ended** <br>**December 31,** <br>**2025** <br>(Unaudited) | **For the Year Ended June 30,** | **For the Year Ended June 30,** | **For the Year Ended June 30,** | **For the Year Ended June 30,** | **For the Year Ended June 30,** |
|  | **For the Six** <br>**Months Ended** <br>**December 31,** <br>**2025** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **Net Asset Value, Beginning of Year** | $58.00 | $40.83 | $33.86 | $23.76 | $57.24 | $33.74  |
| **Income (Loss) from Investment Operations:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment loss<sup>(1)</sup> | (0.30) | (0.46) | (0.34) | (0.26) | (0.47) | (0.54)  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.84 | 17.62 | 7.30 | 10.35 | (33.02) | 23.94  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total from Investment Operations** | 0.54 | 17.16 | 6.96 | 10.09 | **(33.49)** | 23.40  |
| **Redemption fee proceeds** | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.10  |
| **Net asset value, end of year** | $58.55 | $58.00 | $40.83 | $33.86 | $23.76 | $57.24  |
| **Total Return<sup>(3)</sup>** | **0.95%** | **42.05%** | **20.58%** | **42.51%** | **(58.49)%** | **69.65%**  |
| **Supplemental Data and Ratios:**<br>|  |  |  |  |  |  |
| Net assets, end of year (in thousands) | $42545 | $43436 | $38181 | $39679 | $38181 | $107182  |
| **Ratio of Expenses to Average Net Assets**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fees waived and reimbursed by the Advisor<sup>(3)</sup> | 1.32% | 1.35% | 1.32% | 1.36% | 1.20% | 1.18%  |
| &nbsp;&nbsp;&nbsp; After fees waived and reimbursed by the Advisor<sup>(3)</sup> | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.07%  |
|  **Ratio of Net Investment Loss to Average Net Assets**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before fees waived and reimbursed by the Advisor<sup>(3)</sup> | (1.30)% | (1.31)% | (1.27)% | (1.33)% | (1.20)% | (1.17)%  |
| &nbsp;&nbsp;&nbsp; After fees waived and reimbursed by the Advisor<sup>(3)</sup> | (0.98)% | (0.97)% | (0.95)% | (0.97)% | (1.00)% | (1.06)%  |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(2)(4)</sup> | 7.07% | 11.55% | 18.83% | 19.89% | 17.80% | 32.40% |

---

<sup>(1)</sup> Per share amounts have been calculated using the average shares method. 

<sup>(2)</sup> Not annualized for periods less than one year.

<sup>(3)</sup> Annualized for periods less than one year.

<sup>(4)</sup> Portfolio turnover rate is calculated for the Fund without distinguishing between classes.

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

12<br>

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

Zevenbergen Funds

Notes to the Financial Statements

December 31, 2025 (Unaudited)

**Note 1 – Organization** 

Zevenbergen Growth Fund (the "Growth Fund") and Zevenbergen Genea Fund (the "Genea Fund"; each a "Fund", and collectively the "Funds") are non-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 management investment company. Zevenbergen Capital Investments LLC (the "Advisor") serves as the investment manager to the Funds. The inception date of the Funds was August 31, 2015. The Funds' investment objective is long-term capital appreciation.

Each Fund offers two classes of shares, Institutional Class and Investor class, whereas each share class represents an equal interest in the Fund. Each class of shares has identical voting, dividend, liquidation and other rights and the same terms and conditions, except each class may be subject to different class expenses as outlined in the relevant prospectus and each class has exclusive voting rights with respect to matters solely affecting such class. Income, expenses (other than class specific), and realized and unrealized gains and losses on investments are allocated daily to each class based on relative net assets.

The Funds are the successor to the Zevenbergen Growth Fund and Zevenbergen Genea Fund (the "Predecessor Funds"), each a series of Trust for Advised Portfolios. The Predecessor Funds reorganized into the Funds on January 19, 2024 (the "AMP Reorganization").

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

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

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

**Note 2 – Significant Accounting Policies** 

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

(a) Securities Valuation. The Funds follow a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs) and the Advisor'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.

Various inputs are used in determining the value of the Funds' investments. These inputs are summarized into three broad categories as defined below:

---

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

---

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Zevenbergen Funds

Notes to the Financial Statements(Continued)

December 31, 2025 (Unaudited)

---

| | |
|:---|:---|
| 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 Advisor's assumptions in determining 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. 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 Advisor does not represent the security's fair value) or when, in the judgment of the Advisor, events have rendered the market value unreliable, a security is fair valued in good faith by the Advisor under procedures approved by the Board of Trustees of the Trust (the "Board"). The Board has adopted specific procedures for valuing portfolio securities and delegated the responsibility of fair valuation determinations to the Advisor, as the Funds' valuation designee in accordance with Rule 2a-5 of the 1940 Act.

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.

The following is a summary of the fair values of the Funds' investments in each category investment type as of December 31, 2025:

**Growth Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $128150028 | $—  | $—  | $128150028  |
| **Total Investments** | **$128150028** | **$—** | **$—** | **$128150028** |

---

**Genea Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $72620563 | $—  | $—  | $72620563  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 193453 |  |  | 193453  |
| **Total Investments** | **$72814016** | **$—** | **$—** | **$72814016** |

---

Please refer to the Schedule of Investments for further classification.

(b) Concentration and Sector Risks. To the extent the investment strategy invests more heavily in particular industries, groups of industries, or sectors of the economy, its performance will be especially sensitive to developments that significantly affect those industries, groups of industries, or sectors of the economy. As of December 31, 2025, over 25% of each Fund's assets were invested in securities of both the consumer discretionary and technology sectors. Some relevant risks related to the sectors are described below:

Consumer Discretionary. Changes in the domestic and international economies, interest rates, competition, consumer confidence, disposable household income, and consumer spending may affect companies in this sector.

Technology. Changes in domestic and international competition, economic cycles, financial resources, personnel availability, rapid innovation and intellectual property issues may affect companies in this sector.

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Zevenbergen Funds

Notes to the Financial Statements(Continued)

December 31, 2025 (Unaudited)

(c) Security Transactions, Investment Income and Distributions. The Funds record security transactions based on trade date. Realized gains and losses on sales of securities are calculated by comparing the original cost of the specifically identified security lot sold with the net sales proceeds. Dividend income is recognized on the ex-dividend date, and interest income is recognized on an accrual basis. 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.

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

Management of the Funds 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 tax authorities. As of and during the period ended December 31, 2025, the Funds did not have a liability for any unrecognized tax benefits. Generally, tax authorities can examine tax returns filed for the preceding three years. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

(e) 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 Compliance Officer of the Advisor, who serve 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 entered into an agreement for the Advisor to furnish investment advisory services to the Funds. Under the terms of this agreement, Growth Fund and Genea Fund will pay the Advisor a monthly fee based on each Fund's average daily net assets at the annual rate of 0.80%.

The Advisor has contractually agreed to waive its management fee and/or reimburse each Fund's operating expenses (excluding shareholder servicing fees, any front-end or contingent deferred loads, taxes, leverage interest, brokerage commissions, acquired fund fees and expenses, merger or reorganization-related expenses, portfolio transaction expenses, interest expense and dividends paid on short sales, and extraordinary expenses) to ensure they do not exceed, on an annual basis, the expense limitations, expressed as a percentage rate of the average daily net assets of each Fund, listed below. Waivers or reimbursements are calculated daily and settled monthly or quarterly in conjunction with each Fund's payment of advisory fees.

---

| | | |
|:---|:---|:---|
| **Fund** | **Investor Class** | **Institutional Class**  |
| Growth Fund | 1.15% | 0.90%  |
| Genea Fund | 1.15% | 0.90% |

---

See Note 6 – Shareholder Servicing Plan for shareholder servicing fees charged in addition to fees outlined in this table.

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

15<br>

------

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

Zevenbergen Funds

Notes to the Financial Statements(Continued)

December 31, 2025 (Unaudited)

At December 31, 2025, the expenses reimbursed to the Funds and contractual fees waived by the Advisor and subject to potential recapture by period were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fiscal Year Waived/Reimbursed** | **Growth Fund** | **Genea Fund** | **Expiration**  |
| FYE June 30, 2023 | 131303 | 138147 | June 30, 2026  |
| FYE June 30, 2024 | 245553 | 257990 | June 30, 2027  |
| FYE June 30, 2025 | 201896 | 247530 | June 30, 2028  |
| FYE June 30, 2026 | 108370 | 118831 | December 31, 2028  |
|  | **$687122** | **$762498** |  |

---

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services"), serves as the Funds' administrator, fund accountant, transfer agent, and provides compliance services to the Funds. The officers of the Trust are employees of Fund Services. U.S. Bank serves as the Funds' custodian. For the period ended December 31, 2025, the Funds incurred the following expenses for administration and fund accounting, custody, transfer agent and compliance fees:

---

| | | |
|:---|:---|:---|
|  | **Growth Fund**  | **Genea Fund**  |
| Administration | $71856 | $56122  |
| Custody | 7667 | 4923  |
| Transfer Agency | 33132 | 31597  |
| Compliance | 5949 | 5687 |

---

At December 31, 2025, the Funds had payables due to Fund Services and its affiliates for administration and fund accounting, custody, transfer agent and compliance fees in the following amounts:

---

| | | |
|:---|:---|:---|
|  | **Growth Fund**  | **Genea Fund**  |
| Administration | $46614 | $38937  |
| Custody | 5067 | 3833  |
| Transfer Agency | 147620 | 57072  |
| Compliance | 4195 | 3891 |

---

The above payable amounts are included in the Accrued other expenses and other liabilities line item in the Statements of Assets and Liabilities.

The Independent Trustees (the Trustees of the Trust who are not "interested persons" of the Trust, as defined under the 1940 Act) were paid $16,637 for their services to the Funds during the period ended December 31, 2025. No compensation is paid directly by the Funds to the Interested Trustee or officers of the Trust.

**Note 4 – Investment Transactions** 

Purchases and sales of investment securities (excluding short-term investments) for each Fund for the period ended December 31, 2025, were as follows:

---

| | |
|:---|:---|
| **Growth Fund** |  |
| Purchases | $22451917  |
| Sales | $38610276  |
| **Genea Fund** |  |
| Purchases | $5439379  |
| Sales | $11101245 |

---

16<br>

------

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

Zevenbergen Funds

Notes to the Financial Statements(Continued)

December 31, 2025 (Unaudited)

**Note 5 – Federal Income Tax Information** 

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

---

| | | |
|:---|:---|:---|
|  | **Growth Fund** | **Genea Fund**  |
| Cost of investments | $54964705 | $25975659  |
| Gross unrealized appreciation | 92578252 | 52912565  |
| Gross unrealized depreciation | (1129298) | (1439497)  |
| Net unrealized appreciation on investments | 91448954 | 51473068  |
| Undistributed ordinary income |  | —  |
| Undistributed long-term capital gains |  | —  |
| Accumulated earnings |  | —  |
| Capital loss carryforwards | (8873865) | (21791030)  |
| Other book/tax temporary differences | (141441) | —  |
| **Total accumulated gains/losses** | **$82433648** | **$29682038** |

---

The difference between book basis and tax basis unrealized appreciation/(depreciation) is attributable in part to the tax deferral of losses on wash sales.

GAAP requires that certain components of net assets be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year ended June 30, 2025, permanent differences, due to net operating losses, in book and tax accounting have been reclassified to capital and distributable earnings as follows:

---

| | | |
|:---|:---|:---|
|  | **Distributable Earnings** | **Paid In Capital**  |
| Growth Fund | $1603544 | $(1603544)  |
| Genea Fund | $1111552 | $(1111552) |

---

The Genea Fund paid no distributions for the period ended December 31, 2025 or the year ended June 30, 2025.

The tax character of distributions paid by the Growth Fund for the period ended December 31, 2025, and the year ended June, 2025 are as follows:

---

| | | |
|:---|:---|:---|
|  | **Short-Term** <br>**Capital Gains**  | **Long-Term** <br>**Capital Gains**  |
| Period ended December 31, 2025  | $—  | $1575794  |
| Year ended June 30, 2025  | $—  | $— |

---

The Funds are required, in order to meet certain excise tax requirements, to measure and distribute annually, net capital gains realized during the twelve month period ending October 31. In connection with this requirement, the Funds are permitted, for tax purposes, to defer into their 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. At June 30, 2025, the Funds deferred the following losses on a tax basis:

---

| | | |
|:---|:---|:---|
|  | **Late Year Loss** | **Post October Loss**  |
| Growth Fund | $141441 | $—  |
| Genea Fund | $— | $— |

---

17<br>

------

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

Zevenbergen Funds

Notes to the Financial Statements(Continued)

December 31, 2025 (Unaudited)

At June 30, 2025, the Funds had capital loss carryforwards, which reduce the Funds' 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 Funds of any liability for federal tax. Pursuant to the Internal Revenue Code, the character of such capital loss carryforwards is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Capital Loss Carryforwards Not Subject to Expiration**  | **Capital Loss Carryforwards Not Subject to Expiration**  | **Capital Loss Carryforwards Not Subject to Expiration**  |
|  | **Short-Term**  | **Long-Term**  | **Total**  |
| Growth Fund | $8873865 | $—  | $8873865  |
| Genea Fund | $17768130 | $4022900  | $21791030 |

---

The capital loss carryovers utilized by the Funds for the year ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
| **Fund** |  |
| Growth Fund | $5271684  |
| Genea Fund | $13722279 |

---

**Note 6 – Shareholder Servicing Plan** 

The Trust, on behalf of the Funds, has adopted a Shareholder Servicing Plan under which the Funds may pay a fee of up to the following amounts of the average daily net assets:

---

| | | |
|:---|:---|:---|
| **Fund**  | **Investor Class**  | **Institutional Class**  |
| Growth Fund | 0.15% | 0.10%  |
| Genea Fund | 0.15% | 0.10% |

---

The Shareholder Servicing Plan authorizes payment of a shareholder servicing fee to the financial intermediaries and other service providers who provide administrative and support services to Fund shareholders.

For the period ended December 31, 2025, class specific Shareholder Servicing fees were as follows:

---

| | | |
|:---|:---|:---|
| **Fund**  | **Investor Class**  | **Institutional Class**  |
| Growth Fund | $14398 | $60769  |
| Genea Fund | $24568 | $22261 |

---

**Note 7 – Distribution Plan** 

The Trust, on behalf of the Funds, has adopted a Distribution Plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act that allows each Fund to pay distribution fees for the sale and distribution of its Investor Class shares. The Plan provides for the payment of distribution fees at the annual rate of up to 0.25% of average daily net assets of the Investor Class shares. For the period ended December 31, 2025, distribution fees incurred are disclosed on the Statement of Operations.

**Note 8 – Indemnifications** 

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

**Note 9 – Redemption Fees** 

Each Fund charges a 1.00% redemption fee on the redemption of Investor Class and Institutional Class shares held for 90 days or less. This fee (which is paid into the Fund) is imposed in order to help offset the transaction costs and administrative expenses associated with the activities of short-term "market timers" that engage in the frequent

18<br>

------

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

Zevenbergen Funds

Notes to the Financial Statements(Continued)

December 31, 2025 (Unaudited)

purchase and sale of Fund shares. The fee is accounted for as an addition to paid-in capital. Each Fund reserves the right to modify the terms of or terminate the fee at any time. There are limited exceptions to the imposition of the redemption fee. Please refer to Statements of Changes in Net Assets for fees recognized.

**Note 10 – Control Ownership** 

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of the funds creates a presumption of control of the funds under 2(a)(9) of the 1940 Act. As of December 31, 2025, Charles Schwab & Co., Inc. held approximately 53.26% and Pershing LLC held approximately 43.06%, in aggregate for the benefit of others, of the outstanding shares of the Growth Fund and Charles Schwab Co., Inc. held approximately 32.27%, in aggregate for the benefit of others, of the outstanding shares of the Genea Fund.

**Note 11 – Subsequent Events** 

In preparing these financial statements, the Funds have evaluated events and transactions for potential recognition or disclosure through the date the financial statements were available to be issued. On December 4, 2025, the Board of Trustees approved an agreement and plan of reorganization that would reorganize Zevenbergen Growth Fund into Virtus Zevenbergen Innovative Growth ETF and Zevenbergen Genea Fund into Virtus Zevenbergen Discovery Growth ETF, two separate series of Virtus ETF Trust II. A special meeting of shareholders of each fund will be held to consider related proposals.

**NOTE 12 – ACCOUNTING PRONOUNCEMENTS**

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

19<br>

------

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

Zevenbergen Funds

Additional Information

December 31, 2025 (Unaudited)

**Approval of Investment Advisory Agreement** 

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;• In assessing the quality of the portfolio management
 delivered by the Advisor, the Board considered each Fund's performance on both an absolute basis and in comparison to its peer groups
 (a larger group category and a smaller, focused group), based on information provided by an independent consulting firm, and to its benchmark
 indexes.

**Zevenbergen Growth Fund** 

The Board considered that the Fund outperformed both the Russell 3000 Growth Total Return Index and Russell 3000 Total Return Index for the one- and three-year periods ended June 30, 2025, but underperformed for the five-year period ended June 30, 2025. The Board also considered that the Fund outperformed its peer groups' averages for the one-, three-, and ten-year periods ended September 30, 2025, but underperformed for the five-year period ended September 30, 2025. <br>

20<br>

------

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

Zevenbergen Funds

Additional Information(Continued)

December 31, 2025 (Unaudited)

**Zevenbergen Genea Fund** 

The Board considered that the Fund outperformed both the Russell 3000 Growth Total Return Index and Russell 3000 Total Return Index for the one- and three-year periods ended June 30, 2025, but underperformed for the five-year period ended June 30, 2025. The Board also considered that the Fund outperformed its peer groups' averages for the one-, three-, and ten-year periods ended September 30, 2025, but underperformed for the five-year period ended September 30, 2025. <br>

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

**Zevenbergen Growth Fund** 

---

| | |
|:---|:---|
| –<br>| The Trustees noted that the advisory fee was below the focused peer group average and was in the second quartile of the peer group out of four quartiles (a lower quartile number indicates a higher advisory fee). The Trustees also noted that the Fund's total net expense ratio was above the focused and larger peer group averages, and in the second quartile of the focused peer group out of four quartiles (a lower quartile number indicates higher expenses). After reviewing the materials that were provided, the Board concluded that the advisory fee was fair and reasonable in light of the services provided.  |

---

**Zevenbergen Genea Fund** 

---

| | |
|:---|:---|
| –<br>| The Trustees noted that the advisory fee was below the focused peer group average and was in the second quartile of the peer group out of four quartiles (a lower quartile number indicates a higher advisory fee). The Trustees also noted that the Fund's total net expense ratio was below the focused peer group average, above the larger peer group average, and in the second quartile of the focused peer group out of four quartiles (a lower quartile number indicates higher expenses). After reviewing the materials that were provided, the Board concluded that the advisory fee was fair and reasonable in light of the services provided.  |

---

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

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

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

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

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

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

21<br>

------

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

Zevenbergen Funds

Additional Information(Continued)

December 31, 2025 (Unaudited)

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

See financial statements.

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

See financial statements.

22<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>**

See Item 7(a).

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

See Item 7(a).

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

See Item 7(a).

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

Not applicable to open-end investment companies.

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

 

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

 

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

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

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

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

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

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

Not applicable to open-end investment companies.

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

Not applicable.

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

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

&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.](zcil-efp22878_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.](zcil-efp22878_ex99906cert.htm)

 **SIGNATURES**

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

<u>Advisor Managed Portfolios</u>

---

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

---

Date <u> 3/9/2026</u>

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

---

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

---

Date <u> 3/9/2026</u>

---

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

---

Date <u> 3/9/2026</u>

## Ex-99.Cert

**EX.99.CERT**

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

I, Russell B. Simon, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 3/9/2026 | /s/ Russell B. Simon |
|  |  | Russell B. Simon |
|  |  | President and Principal Executive Officer |

---

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

I, Eric T. McCormick, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 3/9/2026 | /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 period ended December 31, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Advisor Managed Portfolios for the stated period.

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| | | | |
|:---|:---|:---|:---|
| /s/ Russell B. Simon | /s/ Russell B. Simon | /s/ Eric T. McCormick | /s/ Eric T. McCormick |
| *Russell B. Simon* | *Russell B. Simon* | *Eric T. McCormick* | *Eric T. McCormick* |
| President and Principal Executive Officer | President and Principal Executive Officer | Treasurer and Principal Financial Officer | Treasurer and Principal Financial Officer |
| Advisor Managed Portfolios | Advisor Managed Portfolios | Advisor Managed Portfolios | Advisor Managed Portfolios |
| Dated: | 3/9/2026 | Dated: | 3/9/2026 |

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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.