# EDGAR Filing Document

**Accession Number:** 0001970751
**File Stem:** 0001133228-26-008919
**Filing Date:** 2026-6
**Character Count:** 141424
**Document Hash:** 926577eed85934bca8fa58046b58a5b5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-008919.hdr.sgml**: 20260605

**ACCESSION NUMBER**: 0001133228-26-008919

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 28

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260605

**DATE AS OF CHANGE**: 20260605

**EFFECTIVENESS DATE**: 20260605

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23859
- **FILM NUMBER:** 261068753

**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

### Bramshill Income Performance Fund (Series ID: S000082975)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000246413 | Institutional Class | BRMSX           |

### BHILL Fund (Series ID: S000090927)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000258316 | Managed Account Completion Shares | BHILX           |

?xml version='1.0' encoding='ASCII'? 2026-02-05190795_BramshillIncomePerformanceFund_InstitutionalClass_TSRAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR** 

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES**

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

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

(Exact name of registrant as specified in charter)

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

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

(Address of principal executive offices) (Zip code)

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

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

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

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

(Name and address of agent for service)

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

Registrant's telephone number, including area code

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

Date of reporting period:  **<u>March 31, 2026</u>**

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

(a) ---

| | | |
|:---|:---|:---|
| ![image](img171436_202511101857570.jpg) | **Bramshill Income Performance Fund**  | ![image](img171435_202511101856910.jpg) |
| ![image](img171436_202511101857570.jpg) | Institutional Class \| BRMSX  | ![image](img171435_202511101856910.jpg) |
| ![image](img171436_202511101857570.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img171435_202511101856910.jpg) |

---

This annual shareholder report contains important information about the Bramshill Income Performance Fund for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://www.bramshillfunds.com/brmsx/. You can also request this information by contacting us at 877-272-6718.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional Class | $110 | 1.08% |

---

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

For the 12-month period ending March 31, 2026 the Fund underperformed its benchmark, the Bloomberg US Aggregate Bond Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

The underperformance relative to the benchmark was primarily driven by the Fund's allocation to defensive/opportunistic positioning. The Fund held an estimated 20% in short-dated, ultra-liquid securities due to heightened volatility in credit markets.

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

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

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

![image](ts7124img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(04/11/2016)** |
| **Institutional Class (without sales charge)**  | 2.92 | 2.20 | 3.16 |
| **Bloomberg US Aggregate Bond Index**  | 4.35 | 0.31 | 1.66 |

---

Visit https://www.bramshillfunds.com/brmsx/ 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.*

Bramshill Income Performance Fund PAGE 1 TSR-AR-00777X868

------

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $1092475329 |
| **Number of Holdings** | 101 |
| **Net Advisory Fee** | $9406168 |
| **Portfolio Turnover** | 67% |
| **Average Credit Quality** | A- |
| **Effective Duration** | 9.0 yrs |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets as of March 31, 2026)

---

| | |
|:---|:---|
| **Top Holdings** **\*** | **(%)** |
|  United States Treasury Note/Bond  | 9.0% |
|  United States Treasury Bill  | 5.0% |
|  JPMorgan Ultra-Short Income ETF  | 4.4% |
|  United States Treasury Note/Bond  | 3.4% |
|  United States Treasury Note/Bond  | 3.2% |
|  BP Capital Markets PLC  | 2.9% |
|  United States Treasury Note/Bond  | 2.4% |
|  United States Treasury Note/Bond  | 2.3% |
|  Citigroup, Inc.  | 2.2% |
|  Phillips 66 Co.  | 2.1% |

---

\* Excludes collateral received for securities on loan.

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Corporate Bonds  | 47.5% |
|  U.S. Treasury Securities  | 20.3% |
|  Exchange Traded Funds  | 13.1% |
|  Preferred Stocks  | 11.5% |
|  U.S. Treasury Bills  | 5.0% |
|  Investments Purchased with Proceeds from Securities Lending  | 2.5% |
|  Closed-End Funds  | 1.5% |
|  Money Market Funds  | 0.4% |
|  Purchased Options  | 0.1% |
|  Cash & Other  | -1.9% |

---

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

**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 Bramshill Investments, LLC documents not be householded, please contact Bramshill Investments, LLC at 877-272-6718, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Bramshill Investments, LLC or your financial intermediary.

Bramshill Income Performance Fund PAGE 2 TSR-AR-00777X868

------

---

| | | |
|:---|:---|:---|
| ![image](img171436_202511101857570.jpg) | **BHILL Fund**  | ![image](img171435_202511101856910.jpg) |
| ![image](img171436_202511101857570.jpg) | Managed Account Completion Shares \| BHILX  | ![image](img171435_202511101856910.jpg) |
| ![image](img171436_202511101857570.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img171435_202511101856910.jpg) |

---

This annual shareholder report contains important information about the BHILL Fund for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://www.bramshillfunds.com/bhilx/. You can also request this information by contacting us at 877-272-6718.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| BHILL Fund | $0 | 0.00% |

---

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

The BHILL Fund does not have a stated benchmark. The Fund is compared to an underlying basket of securities within an internal separately managed account. The Fund is currently trending at or above its internal comparison.

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

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

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

![image](ts7125img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(04/01/2025)** |
| **Managed Account Completion Shares (without sales charge)**  | 4.04 |
| **Bloomberg U.S. Aggregate Bond Index**  | 4.06 |

---

Visit https://www.bramshillfunds.com/bhilx/ 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.*

BHILL Fund PAGE 1 TSR-AR-00777X512

------

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $53040365 |
| **Number of Holdings** | 18 |
| **Net Advisory Fee** | $0 |
| **Portfolio Turnover** | 195% |

---

**WHAT DID THE FUND INVEST IN?** (% of net assets as of March 31, 2026)

---

| | |
|:---|:---|
| **Top Holdings** **\*** | **(%)** |
|  Invesco Preferred ETF  | 18.6% |
|  iShares 0-5 Year High Yield Corporate Bond ETF  | 18.5% |
|  Lincoln National Corp. Depositary Shares  | 9.4% |
|  PIMCO Municipal Income Fund II  | 9.2% |
|  iShares 0-5 Year Investment Grade Corporate Bond ETF  | 8.7% |
|  First American Government Obligations Fund - Class X  | 5.5% |
|  Virtus Convertible & Income Fund  | 4.3% |
|  Vanguard Long-Term Corporate Bond ETF  | 4.2% |
|  AGNC Investment Corp.  | 4.2% |
|  Reinsurance Group of America, Inc.  | 3.2% |

---

\* Excludes collateral received for securities on loan.

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Exchange Traded Funds  | 52.7% |
|  Preferred Stocks  | 22.2% |
|  Closed-End Funds  | 12.2% |
|  Investments Purchased with Proceeds from Securities Lending  | 10.7% |
|  Corporate Bonds  | 6.5% |
|  Money Market Funds  | 5.5% |
|  Cash & Other  | -9.8% |

---

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

**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 Bramshill Investments, LLC documents not be householded, please contact Bramshill Investments, LLC at 877-272-6718, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Bramshill Investments, LLC or your financial intermediary.

BHILL Fund PAGE 2 TSR-AR-00777X512

------

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;**(1)** **File:** *A copy of the registrant's Code of Ethics is filed herewith.* 

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

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

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

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refers to (i) preparation of U.S. federal, state and excise tax returns; (ii) U.S. federal and state tax planning, advice and assistance regarding statutory, regulatory or administrative developments; (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired; and (iv) review of U.S. federal excise distribution calculations. There were no "other services" provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

---

| | | |
|:---|:---|:---|
| **Bramshill Income Performance Fund** | **Bramshill Income Performance Fund** | **Bramshill Income Performance Fund** |
|  | Cohen & Company, Ltd. | Cohen & Company, Ltd. |
|  | FYE 3/31/2026 | FYE 3/31/2025 |
| (a) Audit Fees | $22000 | $22000 |
| (b) Audit-Related Fees |  |  |
| (c) Tax Fees | $3100 | $3100 |
| (d) All Other Fees |  |  |

---

---

| | | |
|:---|:---|:---|
| **BHILL Fund** | **BHILL Fund** | **BHILL Fund** |
|  | Cohen & Company, Ltd. | Cohen & Company, Ltd. |
|  | FYE 3/31/2026 | FYE 3/31/2025 |
| (a) Audit Fees | $14500 | N/A |
| (b) Audit-Related Fees |  | N/A |
| (c) Tax Fees | $3100 | N/A |
| (d) All Other Fees |  | N/A |

---

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

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

---

| | | |
|:---|:---|:---|
| **Bramshill Income Performance Fund** | **Bramshill Income Performance Fund** | **Bramshill Income Performance Fund** |
|  | FYE 3/31/2026 | FYE 3/31/2025 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

---

| | | |
|:---|:---|:---|
| **BHILL Fund** | **BHILL Fund** | **BHILL Fund** |
|  | FYE 3/31/2026 | FYE 3/31/2025 |
| Audit-Related Fees | 0% | N/A |
| Tax Fees | 0% | N/A |
| All Other Fees | 0% | N/A |

---

(f) N/A

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

 

---

| | | |
|:---|:---|:---|
| **Bramshill Income Performance Fund** | **Bramshill Income Performance Fund** | **Bramshill Income Performance Fund** |
| Non-Audit Related Fees | FYE 3/31/2026 | FYE 3/31/2025 |
| Registrant | N/A | N/A |
| Registrant's Investment Adviser | N/A | N/A |

---

---

| | | |
|:---|:---|:---|
| **BHILL Fund** | **BHILL Fund** | **BHILL Fund** |
| Non-Audit Related Fees | FYE 3/31/2026 | FYE 3/31/2025 |
| Registrant | N/A | N/A |
| Registrant's Investment Adviser | N/A | N/A |

---

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

(i) Not applicable

(j) Not applicable

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

Not applicable

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

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

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

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

(a) ![](bramshilllogo.jpg)

**BRAMSHILL INCOME PERFORMANCE FUND (BRMSX)** 

**BHILL FUND (BHILX)** 

Annual Financial Statements

March 31, 2026

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page**  |
| [Schedules of Investments](#soi) | [1](#soi) |
| [Statements of Assets and Liabilities](#sal) | [7](#sal) |
| [Statements of Operations](#sop) | [8](#sop) |
| [Statements of Changes in Net Assets](#scna) | [9](#scna) |
| [Financial Highlights](#fihi) | [10](#fihi) |
| [Notes to Financial Statements](#notes) | [12](#notes) |
| [Report of Independent Registered Public Accounting Firm](#report) | [23](#report) |
| [Additional Information](#add) | [24](#add) |

---

------

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

**BRAMSHILL INCOME PERFORMANCE FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - 47.5%**<br>|  |  |
| **Aerospace/Defense - 0.7%**<br>|  |  |
| RTX Corp., 3.03%, 03/15/2052 | $11830000 | $7533785  |
| **Banks - 11.3%**<br>|  |  |
| Bank of America Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.73% to 07/22/2026 then SOFR + 0.96%, 07/22/2027 | 19251000 | 19091119  |
| &nbsp;&nbsp;&nbsp; 4.95% to 07/22/2027 then SOFR + 2.04%, 07/22/2028 | 9817000 | 9882463  |
|  Barclays PLC, 3.33% to 11/24/2041 then 1 yr. CMT Rate + 1.30%, 11/24/2042 | 4963000 | 3693466  |
|  Citigroup, Inc., 1.46% to 06/09/2026 then SOFR + 0.77%, 06/09/2027 | 24300000 | 24160196  |
| Goldman Sachs Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.95% to 10/21/2026 then SOFR + 0.91%, 10/21/2027 | 5264000 | 5192482  |
| &nbsp;&nbsp;&nbsp; 3.21% to 04/22/2041 then SOFR + 1.51%, 04/22/2042 | 7694000 | 5710260  |
|  JPMorgan Chase & Co., 1.58% to 04/22/2026 then SOFR + 0.89%, 04/22/2027 | 3500000 | 3494369  |
| Morgan Stanley<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.48% to 01/21/2027 then SOFR + 1.00%, 01/21/2028 | 13160000 | 12955026  |
| &nbsp;&nbsp;&nbsp; 2.48% to 09/16/2031 then SOFR + 1.36%, 09/16/2036 | 11235000 | 9672392  |
|  Morgan Stanley Private Bank NA, 4.47% to 07/06/2027 then SOFR + 0.77%, 07/06/2028 | 20000000 | 20004514  |
| Wells Fargo & Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 04/22/2026 | 6878000 | 6868862  |
| &nbsp;&nbsp;&nbsp; 3.00%, 10/23/2026 | 2785000 | 2766093  |
|  |  | 123491242  |
| **Biotechnology - 0.8%**<br>|  |  |
| Biogen, Inc., 3.15%, 05/01/2050 | 13266000 | 8394429  |
| **Chemicals - 0.8%**<br>|  |  |
|  LYB International Finance III LLC, 3.63%, 04/01/2051 | 14250000 | 9215479  |
| **Diversified Financial Services - 1.7%** | **Diversified Financial Services - 1.7%** | **Diversified Financial Services - 1.7%** |
|  Ally Financial, Inc., 6.65% to 01/17/2035 then 5 yr. CMT Rate + 2.45%, 01/17/2040 | 11529000 | 11140080  |
| Nasdaq, Inc., 3.25%, 04/28/2050 | 11170000 | 7458939  |
|  |  | 18599019  |
| **Electric - 13.7%**<br>|  |  |
| American Electric Power Co., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 03/01/2050 | 8022000 | 5282354  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80% to 03/15/2031 then 5 yr. CMT <br>Rate + 2.13%, 03/15/2056 | 7113000 | 7030656  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.05% to 03/15/2036 then 5 yr. CMT <br>Rate + 1.94%, 03/15/2056 | $14106000 | $13981690  |
|  Berkshire Hathaway Energy Co., 2.85%, 05/15/2051 | 6912000 | 4174161  |
| Dominion Energy, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% to 06/01/2034 then 5 yr. CMT <br>Rate + 2.51%, 06/01/2054 | 8009000 | 8474483  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88% to 02/01/2030 then 5 yr. CMT <br>Rate + 2.39%, 02/01/2055 | 19037000 | 19595894  |
| &nbsp;&nbsp;&nbsp; Duke Energy Corp., <br>3.30%, 06/15/2041 | 13599000 | 10227851  |
|  Emera US Finance LLC, 6.85% to 10/01/2036 then 5 yr. CMT Rate + 2.65%, 10/01/2056 | 8721000 | 8737262  |
|  Eversource Energy, 6.35% (5 yr. CMT Rate + 2.33%), 08/15/2056 | 3664000 | 3615262  |
| NextEra Energy Capital Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38% to 08/15/2030 then 5 yr. CMT <br>Rate + 2.05%, 08/15/2055 | 14385000 | 14661048  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% to 08/15/2035 then 5 yr. CMT <br>Rate + 1.98%, 08/15/2055 | 10826000 | 11178960  |
| &nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., <br>3.50%, 08/01/2050 | 11683000 | 7730035  |
|  Sierra Pacific Power Co., 6.38% to 09/15/2031 then 5 yr. CMT Rate + 2.64%, 09/15/2056 | 16995000 | 16857218  |
|  Southern Co., 6.38% to 03/15/2035 then 5 yr. CMT Rate + 2.07%, 03/15/2055 | 17988000 | 18503500  |
|  |  | 150050374  |
| **Insurance - 1.8%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Arch Capital Group Ltd., <br>3.64%, 06/30/2050 | 8332000 | 5979239  |
| &nbsp;&nbsp;&nbsp; Athene Holding Ltd., <br>3.95%, 05/25/2051 | 9863000 | 6691425  |
| Reinsurance Group of America, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13% to 10/15/2027 then 5 yr. CMT <br>Rate + 3.46%, 10/15/2052 | 223635 | 5682565  |
| &nbsp;&nbsp;&nbsp; 5.75% to 06/15/2026 then 3 mo. SOFR + 4.04%, 06/15/2056<sup>(b)</sup> | 36266 | 903749  |
|  |  | 19256978  |
| **Internet - 0.4%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd., <br>3.15%, 02/09/2051 | 6710000 | 4514523  |
| **Media - 0.7%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC / Charter Communications Operating Capital, <br>3.50%, 06/01/2041 | 11373000 | 7991740  |

---

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

1<br>

------

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

**BRAMSHILL INCOME PERFORMANCE FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Oil & Gas - 4.6%**<br>|  |  |
|  BP Capital Markets America, Inc., 3.00%, 03/17/2052 | $8031000 | $5099446  |
| Occidental Petroleum Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 07/15/2044<sup>(c)</sup> | 2586000 | 2050168  |
| &nbsp;&nbsp;&nbsp; 4.40%, 04/15/2046 | 1183000 | 935434  |
| &nbsp;&nbsp;&nbsp; 4.10%, 02/15/2047 | 7764000 | 5570259  |
| &nbsp;&nbsp;&nbsp; 4.20%, 03/15/2048 | 730000 | 548547  |
|  Phillips 66 Co., 6.20% to 03/15/2036 then 5 yr. CMT Rate + 2.17%, 03/15/2056 | 23286000 | 23151421  |
| &nbsp;&nbsp;&nbsp; Saudi Arabian Oil Co., <br>6.00%, 02/02/2056<sup>(d)</sup> | 7580000 | 7156202  |
| &nbsp;&nbsp;&nbsp; Valero Energy Corp., <br>3.65%, 12/01/2051 | 8488000 | 5779720  |
|  |  | 50291197  |
| **Pipelines - 3.2%**<br>|  |  |
|  Enbridge, Inc., 8.50% to 01/15/2034 then 5 yr. CMT Rate + 4.43%, 01/15/2084 | 3783000 | 4254733  |
| &nbsp;&nbsp;&nbsp; Energy Transfer LP, <br>6.30%, 01/15/2056 | 5075000 | 5013544  |
| &nbsp;&nbsp;&nbsp; Kinder Morgan, Inc., <br>3.25%, 08/01/2050 | 9664000 | 6292644  |
| Williams Cos., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 10/15/2051 | 11370000 | 7753194  |
| &nbsp;&nbsp;&nbsp; 5.95%, 03/15/2056 | 11589000 | 11419189  |
|  |  | 34733304  |
| **Private Equity - 0.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Carlyle Finance LLC, <br>4.63%, 05/15/2061 | 178699 | 3127233  |
|  KKR Group Finance Co. IX LLC, 4.63%, 04/01/2061 | 125141 | 2002256  |
|  |  | 5129489  |
| **REITS - 3.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; American Tower Corp., <br>2.95%, 01/15/2051 | 8015000 | 4965621  |
| &nbsp;&nbsp;&nbsp; Rithm Capital Corp., <br>8.00%, 04/01/2029<sup>(d)</sup> | 21228000 | 20859900  |
| &nbsp;&nbsp;&nbsp; Simon Property Group LP, <br>3.25%, 09/13/2049 | 11762000 | 7902994  |
|  |  | 33728515  |
| **Retail - 1.3%**<br>|  |  |
| Macy's Retail Holdings LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 01/15/2042 | 2894000 | 2149202  |
| &nbsp;&nbsp;&nbsp; 4.30%, 02/15/2043 | 7184000 | 4823831  |
| &nbsp;&nbsp;&nbsp; Starbucks Corp., <br>3.50%, 11/15/2050 | 10377000 | 7177388  |
|  |  | 14150421  |
| **Semiconductors - 0.7%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Micron Technology, Inc., <br>3.48%, 11/01/2051 | 11396000 | 8064287  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Software - 1.5%**<br>|  |  |
| Oracle Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.60%, 04/01/2040 | $12461000 | $9046700  |
| &nbsp;&nbsp;&nbsp; 3.85%, 04/01/2060 | 11795000 | 6975775  |
|  |  | 16022475  |
| **Telecommunications - 0.7%**<br>|  |  |
|  Verizon Communications, Inc., 2.88%, 11/20/2050 | 12914000 | 7855099  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $519,282,224)** |  | 519022356  |
| **U.S. TREASURY SECURITIES - 20.3%** | **U.S. TREASURY SECURITIES - 20.3%** |  |
| United States Treasury Note/Bond<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.25%, 05/15/2050 | 53819000 | 25635503  |
| &nbsp;&nbsp;&nbsp; 1.38%, 08/15/2050 | 53455000 | 26228447  |
| &nbsp;&nbsp;&nbsp; 1.63%, 11/15/2050 | 71014000 | 37172778  |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/15/2053 | 112016000 | 98525948  |
| &nbsp;&nbsp;&nbsp; 4.63%, 11/15/2055 | 35993000 | 34488605  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $235,778,234)** |  | 222051281 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **EXCHANGE TRADED FUNDS - 13.1%** | **EXCHANGE TRADED FUNDS - 13.1%** |  |
| Equable Shares Hedged Equity ETF | 209523 | 6071976  |
| Invesco Preferred ETF<sup>(c)</sup> | 792105 | 8618102  |
|  iShares 0-5 Year Investment Grade Corporate Bond ETF | 130872 | 6607727  |
| JPMorgan Ultra-Short Income ETF | 958216 | 48495312  |
|  PIMCO Enhanced Short Maturity Active Exchange-Traded Fund<sup>(c)</sup> | 106310 | 10691597  |
|  State Street Blackstone Senior Loan ETF<sup>(c)</sup> | 268969 | 10796416  |
|  State Street SPDR Portfolio Long Term Corporate Bond ETF<sup>(c)</sup> | 985584 | 21899676  |
| VanEck Long Muni ETF<sup>(c)</sup> | 223827 | 3903543  |
|  Vanguard Long-Term Corporate Bond ETF<sup>(c)</sup> | 41519 | 3102300  |
| Vanguard Ultra Short Bond ETF | 456990 | 22751247  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $143,378,825)** |  | 142937896  |
| **PREFERRED STOCKS - 11.5%**<br>|  |  |
| **Banks - 0.9%**<br>|  |  |
|  Citigroup, Inc. Depositary Shares, 7.00% to 08/15/2034 then 10 yr. CMT Rate + 2.76%, Perpetual | 7416000 | 7635076  |
|  UBS Group AG, 9.25% to 11/13/2028 then 5 yr. CMT Rate + 4.75%, Perpetual<sup>(d)</sup> | 1977000 | 2109564  |
|  |  | 9744640  |
| **Closed-end Funds - 0.3%**<br>|  |  |
|  Virtus Convertible & Income Fund, Series A, 5.63%, Perpetual | 166284 | 3447067  |
|  Virtus Convertible & Income Fund II, 5.50%, Perpetual | 7743 | 156254 |
|  |  | 3603321 |

---

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

2<br>

------

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

**BRAMSHILL INCOME PERFORMANCE FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares**  | **Value** |
| **PREFERRED STOCKS - (Continued)** | **PREFERRED STOCKS - (Continued)** | **PREFERRED STOCKS - (Continued)** |
| **Diversified Financial Services - 1.6%** | **Diversified Financial Services - 1.6%** | **Diversified Financial Services - 1.6%** |
|  Ally Financial, Inc. Depositary Shares, 4.70% to 05/15/2028 then 7 yr. CMT Rate + 3.48%, Perpetual | 18541000 | $17226901  |
| **Electric - 0.4%**<br>|  |  |
|  Brookfield Renewable Partners LP, Series 17, 5.25%, Perpetual | 273839 | 4742892  |
| **Insurance - 2.6%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Allstate Corp. Depositary Shares, Series J, <br>7.38%, Perpetual | 178012 | 4528625  |
|  Lincoln National Corp. Depositary Shares<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.25% to 12/1/2027 then 5 yr. CMT Rate + 5.32%, Perpetual<sup>(a)</sup> | 13551000 | 14147705  |
| &nbsp;&nbsp;&nbsp; Series D, 9.00%, Perpetual | 376070 | 9830470  |
|  |  | 28506800  |
| **Investment Companies - 1.2%**<br>|  |  |
| Brookfield Oaktree Holdings LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 6.63%, Perpetual | 197950 | 4002549  |
| &nbsp;&nbsp;&nbsp; Series B, 6.55%, Perpetual | 464808 | 9412362  |
|  |  | 13414911  |
| **Oil & Gas - 2.9%**<br>|  |  |
|  BP Capital Markets PLC, 4.88% to 3/22/2030 then 5 yr. CMT Rate + 4.40%, Perpetual | 32114000 | 31723336  |
| **Pipelines - 0.4%**<br>|  |  |
|  Energy Transfer LP Depositary Shares, 7.13% to 05/15/2030 then 5 yr. CMT Rate + 5.31%, Perpetual | 4175000 | 4256922  |
| **REITS - 1.2%**<br>|  |  |
|  AGNC Investment Corp. Depositary Shares<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series F, 8.64% (3 mo. Term SOFR + 4.96%), Perpetual | 177789 | 4314939  |
| AGNC Investment Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series H, 8.75%, Perpetual | 216868 | 5460736  |
|  Annaly Capital Management, Inc., Series I, 8.93% (3 mo. Term SOFR + 5.25%), Perpetual | 135174 | 3349612  |
|  |  | 13125287  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $132,543,658)** |  | 126345010  |
| **CLOSED-END FUNDS - 1.5%**<br>|  |  |
| Invesco Senior Income Trust | 1330934 | 4285607  |
|  Nuveen Quality Municipal Income Fund<sup>(c)</sup> | 63951 | 735437  |
| PIMCO Municipal Income Fund II | 1465007 | 11090103  |
| &nbsp;&nbsp;&nbsp; **TOTAL CLOSED-END FUNDS** <br>**(Cost $16,143,879)** |  | 16111147 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 0.1%<sup>(a)</sup>** | **PURCHASED OPTIONS - 0.1%<sup>(a)</sup>** | **PURCHASED OPTIONS - 0.1%<sup>(a)</sup>** | **PURCHASED OPTIONS - 0.1%<sup>(a)</sup>** |
| **Call Options - 0.1%**<br>|  |  |  |
|  iShares 20+ Year Treasury Bond ETF, Expiration: 05/15/2026; Exercise Price: $90.00<sup>(e)(f)</sup> | $173380000 | 20000 | $740000  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $2,355,638)** |  |  | 740000 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **U.S. TREASURY BILLS - 5.0%**<br>|  |  |
| 3.64%, 06/09/2026<sup>(g)</sup> | $55000000 | 54621858  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $54,621,027)** |  | 54621858  |
|  | **Shares** |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 2.5%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 3.58%<sup>(h)</sup> | 27241005 | 27241005  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $27,241,005)** |  | 27241005  |
| **MONEY MARKET FUNDS - 0.4%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 3.58%<sup>(h)</sup> | 4323875 | 4323875  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $4,323,875)** |  | 4323875  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS**<br>**(Cost $86,185,907)** |  | 86185907 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 101.9%** <br>**(Cost $1,135,668,365)** |  | $1113394428  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (1.9)% |  | (20919099)  |
| **TOTAL NET ASSETS - 100.0%** |  | $1092475329 |

---

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

3<br>

------

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

**BRAMSHILL INCOME PERFORMANCE FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026(Continued)** 

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

CMT - Constant Maturity Treasury

LLC - Limited Liability Company

LP - Limited Partnership

PLC - Public Limited Company

REIT - Real Estate Investment Trust

SOFR - Secured Overnight Financing Rate

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

<sup>(b)</sup> Securities referencing LIBOR are expected to transition to an alternative reference rate by the security's next scheduled coupon reset date.

<sup>(c)</sup> All or a portion of this security is on loan as of March 31, 2026. The fair value of these securities was $26,702,964.

<sup>(d)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of March 31, 2026, the value of these securities total $30,125,666 or 2.8% of the Fund's net assets.

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

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

<sup>(g)</sup> The rate shown is the annualized yield as of March 31, 2026.

<sup>(h)</sup> The rate shown represents the 7-day annualized yield as of March 31, 2026.

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

4<br>

------

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

**BRAMSHILL INCOME PERFORMANCE FUND** 

**Schedule of Futures Contracts** 

**March 31, 2026** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts** <br>**Purchased** | **Expiration** <br>**Date** | **Notional** <br>**Value** | **Value/Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| U.S. Treasury Ultra Bonds | 23 | 06/18/2026 | $2701064 | &nbsp;&nbsp;&nbsp;&nbsp; $(20126)  |
| **Net Unrealized Appreciation (Depreciation)** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(20126) |

---

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

5<br>

------

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

**BHILL FUND** 

**SCHEDULE OF INVESTMENTS** 

**March 31, 2026** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **EXCHANGE TRADED FUNDS - 52.7%** | **EXCHANGE TRADED FUNDS - 52.7%** |  |
| Invesco Preferred ETF<sup>(a)</sup> | 904649 | $9842581  |
|  iShares 0-5 Year High Yield Corporate Bond ETF | 231970 | 9814651  |
|  iShares 0-5 Year Investment Grade Corporate Bond ETF | 91768 | 4633366  |
|  iShares Preferred and Income Securities ETF<sup>(a)</sup> | 47020 | 1425646  |
|  Vanguard Long-Term Corporate Bond ETF<sup>(a)</sup> | 30116 | 2250268  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $28,648,836)** |  | 27966512  |
| **PREFERRED STOCKS - 22.2%**<br>|  |  |
| **Closed-end Funds - 4.2%**<br>|  |  |
|  Virtus Convertible & Income Fund, Series A, 5.63%, Perpetual | 109016 | 2259902  |
| **Insurance - 9.4%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Lincoln National Corp., Series D, <br>9.00%, Perpetual | 190358 | 4975958  |
| **REITS - 8.6%**<br>|  |  |
| AGNC Investment Corp. Depositary Shares, | AGNC Investment Corp. Depositary Shares, | AGNC Investment Corp. Depositary Shares, |
| &nbsp;&nbsp;&nbsp; Series F, 8.64% (3 mo. Term SOFR + 4.96%), Perpetual | 34629 | 840446  |
| AGNC Investment Corp., <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series H, 8.75%, Perpetual | 89170 | 2245301  |
|  Annaly Capital Management, Inc., Series I, 8.93% (3 mo. Term SOFR + 5.25%), Perpetual | 59380 | 1471436  |
|  |  | 4557183  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $12,074,864)** |  | 11793043  |
| **CLOSED-END FUNDS - 12.2%**<br>|  |  |
| Invesco Senior Income Trust | 397861 | 1281112  |
| Nuveen Quality Municipal Income Fund | 30937 | 355776  |
| PIMCO Municipal Income Fund II | 641872 | 4858971  |
| &nbsp;&nbsp;&nbsp; **TOTAL CLOSED-END FUNDS** <br>**(Cost $6,481,216)** |  | 6495859  |
|  | **Par** |  |
| **CORPORATE BONDS - 6.5%**<br>|  |  |
| **Insurance - 3.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Reinsurance Group of America, Inc., 7.13% to 10/15/2027 then 5 yr. <br>CMT Rate + 3.46%, 10/15/2052 | $67061 | 1704020  |
| **Private Equity - 3.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Carlyle Finance LLC, <br>4.63%, 05/15/2061 | 67008 | 1172640  |
| &nbsp;&nbsp;&nbsp; KKR Group Finance Co. IX LLC, <br>4.63%, 04/01/2061 | 34140 | 546240  |
|  |  | 1718880  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $3,489,799)** |  | 3422900  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 10.7%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 3.58%<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 5664245 | $5664245  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $5,664,245)** |  | 5664245  |
| **MONEY MARKET FUNDS - 5.5%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 3.58%<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 2918173 | 2918173  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $2,918,173)** |  | 2918173  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS**<br>**(Cost $8,582,418)** |  | 8582418 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 109.8%** <br>**(Cost $59,277,133)** |  | $58260732  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (9.8)% |  | (5220367)  |
| **TOTAL NET ASSETS - 100.0%** |  | $53040365 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

CMT - Constant Maturity Treasury

LLC - Limited Liability Company

REIT - Real Estate Investment Trust

SOFR - Secured Overnight Financing Rate

<sup>(a)</sup> All or a portion of this security is on loan as of March 31, 2026. The fair value of these securities was $5,539,076. 

<sup>(b)</sup> The rate shown represents the 7-day annualized yield as of March 31, 2026.

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

6<br>

------

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

**BRAMSHILL FUNDS** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**March 31, 2026** 

---

| | | |
|:---|:---|:---|
|  | **Bramshill Income** <br>**Performance Fund**  | **BHILL** <br>**Fund** |
| **ASSETS:**<br>|  |  |
| Investments, at value | $1113394428  | $58260732 |
| Deposit at broker for future contracts | 170422  |  |
| Deposit at broker for swap contracts | 13129  |  |
| Deposit at broker for other investments | 10390  |  |
| Receivable for investments sold | 1462267  | 1662811 |
| Receivable from Advisor | —  | 49585 |
| Dividends receivable | 333575  | 40747 |
| Receivable for fund shares sold | 507756  | 11249 |
| Security lending income receivable | 26284  | 2715 |
| Interest receivable | 8794161  |  |
| Prepaid expenses and other assets | 36126  | 24977 |
| &nbsp;&nbsp;&nbsp; **Total assets** | 1124748538  | 60052816 |
| **LIABILITIES:**<br>|  |  |
| Payable upon return of securities loaned | 27241005  | 5664245 |
| Payable for capital shares redeemed  | 3013397  | 3270 |
| Payable for investments purchased  | —  | 961790  |
| Payable to Advisor  | 808932  |  |
| Distributions payable | 784260  | 297450 |
| Payable for fund administration and accounting fees | 144290  | 27083 |
| Payable for shareholder servicing fees | 103689  |  |
| Payable for transfer agent fees and expenses | 46639  | 9143  |
| Payable for printing and mailing  | 19211  | 4260 |
| Payable for custodian fees  | 10328  | 1725 |
| Payable for legal fees | 10148 | 8607  |
| Payable for compliance fees | 3037  | 2499 |
| Payable for expenses and other liabilities | 88273  | 32379 |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 32273209  | 7012451 |
| **NET ASSETS** | $1092475329  | $53040365 |
| **Net Assets Consists of:**<br>|  |  |
| Paid-in capital | $1160481492  | $54150982 |
| Total accumulated losses | (68006163)  | (1110617) |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $1092475329  | $53040365 |
| **Managed Account Completion Shares**  | **Managed Account Completion Shares**  | **Managed Account Completion Shares**  |
| Net assets | $—  | $53040365 |
| Shares issued and outstanding<sup>(a)</sup> | —  | 5387299 |
| Net asset value per share | $—  | $9.85 |
| **Institutional Class**<br>|  |  |
| Net assets | $1092475329  | $— |
| Shares issued and outstanding<sup>(a)</sup> | 114022991  |  |
| Net asset value per share | $9.58  | $— |
| **Cost:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $1135668365  | $59277133 |
| **Loaned Securities:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; at value (included in investments) | $26702964 | $5539076 |

---

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

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

7<br>

------

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

**BRAMSHILL FUNDS** 

**STATEMENTS OF OPERATIONS** 

**For the Year Ended March 31, 2026** 

---

| | | |
|:---|:---|:---|
|  | **Bramshill Income** <br>**Performance Fund**  | **BHILL** <br>**Fund<sup>(a)</sup>** |
| **INVESTMENT INCOME:**<br>|  |  |
| Dividend income | &nbsp;&nbsp; $17401676  | $3977444 |
| Less: dividend withholding taxes | &nbsp;&nbsp; (6884)  |  |
| Interest income | &nbsp;&nbsp; 41816348  |  |
| Securities lending income | &nbsp;&nbsp; 166233  | 3490 |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp; 59377373  | 3980934 |
| **EXPENSES:**<br>|  |  |
| Investment advisory fee | &nbsp;&nbsp; 9406168  |  |
| Shareholder service costs - Institutional Class | &nbsp;&nbsp; 964674  |  |
| Fund administration and accounting fees | &nbsp;&nbsp; 845004  | 100959 |
| Transfer agent fees | &nbsp;&nbsp; 276736  | 29588 |
| Interest expense | &nbsp;&nbsp; 83630  |  |
| Reports to shareholders | &nbsp;&nbsp; 75749  | 8993 |
| Federal and state registration fees | &nbsp;&nbsp; 72934  | 19782 |
| Custodian fees | &nbsp;&nbsp; 61090  | 8583 |
| Legal fees | &nbsp;&nbsp; 32885  | 42489 |
| Audit fees | &nbsp;&nbsp; 25104  | 17671 |
| Compliance fees | &nbsp;&nbsp; 16858  | 9999 |
| Trustees' fees | &nbsp;&nbsp; 16752  | 11965 |
| Other expenses and fees | &nbsp;&nbsp; 26037  | 10815 |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp; 11903621  | 260844 |
| &nbsp;&nbsp;&nbsp; Expense reimbursement by Advisor | &nbsp;&nbsp; —  | (260844) |
| &nbsp;&nbsp;&nbsp; Net expenses | &nbsp;&nbsp; 11903621  |  |
| **Net investment income** | &nbsp;&nbsp; 47473752  | 3980934 |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |
| Net realized gain (loss) from:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; (2707385)  | (27681) |
| &nbsp;&nbsp;&nbsp; Written options expired or closed | &nbsp;&nbsp; 935170  |  |
| &nbsp;&nbsp;&nbsp; Securities sold short | &nbsp;&nbsp; 24656  |  |
| &nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp; (20344)  |  |
| &nbsp;&nbsp;&nbsp; Swap contracts | &nbsp;&nbsp; 8718  |  |
| &nbsp;&nbsp;&nbsp; Distributions received from other investment companies | &nbsp;&nbsp; 73584  |  |
| Net realized loss | &nbsp;&nbsp; (1685601)  | (27681) |
| Net change in unrealized appreciation (depreciation) on:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; (14417043)  | (1016401) |
| &nbsp;&nbsp;&nbsp; Future contracts | &nbsp;&nbsp; (20126)  |  |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (14437169)  | (1016401) |
| **Net realized and unrealized loss** | &nbsp;&nbsp; (16122770)  | (1044082) |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp; $31350982 | $2936852 |

---

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

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

8<br>

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

**BRAMSHILL FUNDS** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Bramshill Income** <br>**Performance Fund**  | **Bramshill Income** <br>**Performance Fund**  | **BHILL Fund** |
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended** <br>**March 31, 2026<sup>(a)</sup>** |
|  | **2026** | **2025**  | **Year Ended** <br>**March 31, 2026<sup>(a)</sup>** |
| **OPERATIONS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $47473752 | $40790969  | $3980934 |
| &nbsp;&nbsp;&nbsp; Net realized loss | (1685601) | (7514750)  | (27681) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (14437169) | (4260364)  | (1016401) |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from operations** | 31350982 | 29015855  | 2936852 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Managed Account Completion Shares |  | —  | (4047469) |
| &nbsp;&nbsp;&nbsp; From earnings - Institutional Class | (47976511) | (41212232)  |  |
| &nbsp;&nbsp;&nbsp; From return of capital - Institutional Class |  | (160631)  |  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (47976511) | (41372863)  | (4047469) |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold |  | —  | 169351682 |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions |  | —  | 5662 |
| &nbsp;&nbsp;&nbsp; Shares redeemed |  | —  | (115206362) |
| &nbsp;&nbsp;&nbsp; Shares sold - Institutional Class | 362360054 | 457077065  |  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Institutional Class | 39899323 | 33758746  |  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional Class | (365673278) | (236424126)  |  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from capital transactions** | 36586099 | 254411685  | 54150982 |
| **Net increase in net assets** | 19960570 | 242054677  | 53040365 |
| **NET ASSETS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 1072514759 | 830460082 |  |
| &nbsp;&nbsp;&nbsp; End of the year | $1092475329 | $1072514759  | $53040365 |
| **SHARES TRANSACTIONS**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Managed Account Completion Shares |  | —  | 16756900 |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Managed Account Completion Shares |  | —  | 563 |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Managed Account Completion Shares |  | —  | (11370164) |
| &nbsp;&nbsp;&nbsp; Shares sold - Institutional Class | 37231497 | 46578885  |  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Institutional Class | 4102912 | 3448349  |  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional Class | (37677296) | (24179640)  |  |
| &nbsp;&nbsp;&nbsp; **Total increase in shares outstanding** | 3657113 | 25847594 | 5387299 |

---

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

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

9<br>

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

**BRAMSHILL INCOME PERFORMANCE FUND** 

**FINANCIAL HIGHLIGHTS** 

**INSTITUTIONAL CLASS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025** | **2024** | **2023** | **2022**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $9.72 | $9.83 | $9.53 | $9.94 | $10.34  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.42 | 0.42 | 0.44 | 0.30 | 0.21  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | (0.14) | (0.11) | 0.30 | (0.41) | (0.38)  |
| **Total from investment operations** | 0.28 | 0.31 | 0.74 | (0.11) | (0.17)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.42) | (0.42) | (0.44) | (0.30) | (0.21)  |
| Return of capital |  | —<sup>(c)</sup> |  |  | (0.02)  |
| **Total distributions** | (0.42) | (0.42) | (0.44) | (0.30) | (0.23)  |
| **Net asset value, end of year** | $9.58 | $9.72 | $9.83 | $9.53 | $9.94  |
| Total return | 2.92% | 3.21% | 7.97% | (1.09)% | (1.72)%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $1092475 | $1072515 | $830460 | $757210 | $897372  |
| Ratio of expenses to average net assets<sup>(d)</sup> | 1.08% | 1.08% | 1.06% | 1.14% | 1.07%  |
|  Ratio of dividends and interest expense to average net assets<sup>(d)</sup> | 0.01% | —% | —% | 0.11% | 0.06%  |
|  Ratio of operational expenses to average net assets excluding dividends and interest expense<sup>(d)</sup> | 1.07% | 1.08% | 1.06% | 1.03% | 1.01%  |
|  Ratio of net investment income (loss) to average net assets<sup>(d)</sup> | 4.29% | 4.26% | 4.56% | 3.04% | 2.01%  |
| Portfolio turnover rate | 67% | 48% | 57% | 69% | 55% |

---

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

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

<sup>(c)</sup> Amount represents less than $0.005.

<sup>(d)</sup> Ratios do not include the expenses of the underlying investment companies in which the Fund invests.

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

**BHILL FUND** 

**FINANCIAL HIGHLIGHTS** 

---

| | |
|:---|:---|
|  | **Period End** <br>**March 31,** <br>**2026<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | $10.00  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | 0.63  |
| Net realized and unrealized loss on investments<sup>(c)</sup> | (0.23)  |
| **Total from investment operations** | 0.40  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net investment income | (0.55)  |
| **Total distributions** | (0.55)  |
| **Net asset value, end of period** | $9.85  |
| Total return<sup>(d)</sup> | 4.04%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | $53040  |
| Ratio of expenses to average net assets:<br>|  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement<sup>(e)(f)</sup> | 0.41%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement<sup>(e)(f)</sup> | 0.00%  |
| Ratio of net investment income to average net assets<sup>(e)(f)</sup> | 6.20%  |
| Portfolio turnover rate<sup>(d)</sup> | 195% |

---

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

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

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

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

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

<sup>(f)</sup> Ratios do not include the expenses of the underlying investment companies in which the Fund invests.

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

11<br>

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

**Bramshill Funds** 

**Notes to Financial Statements** 

**March 31, 2026** 

**Note 1 – Organization** 

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

The inception date of the Income Fund was April 11, 2016 and the investment objective of the Income Fund is to maximize total return. The inception date of the BHILL Fund was April 1, 2025 and the investment objective of the BHILL Fund is to seek capital appreciation and income.

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

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

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

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

**Note 2 – Significant Accounting Policies** 

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

&nbsp;&nbsp;&nbsp;&nbsp;(A) *Securities Valuation* – The valuation of the Funds' investments are performed in accordance with the principles found in Rule 2a-5
 of the 1940 Act. Investments in securities, including closed-end funds, traded on a national securities exchange are valued at the last
 reported sales price on the exchange on which the security is principally traded. Securities traded on the NASDAQ exchanges are valued
 at the NASDAQ Official Closing Price ("NOCP"). Exchange-traded securities for which no sale was reported and NASDAQ securities
 for which there is no NOCP are valued at the mean of the most recent quoted bid and ask prices. Unlisted securities held by the Funds
 are valued at the last sale price in the over-the-counter ("OTC") market. If there is no trading on a particular day, the
 mean between the last quoted bid and ask price is used. Fixed income securities are valued using prices provided by an independent pricing
 service approved by the Board of Trustees of the Trust (the "Board" or the "Trustees"). Pricing services may use
 various valuation methodologies, including matrix pricing and other analytical models as well as market transactions and dealer quotations.
 The Board has designated the Advisor as the valuation designee of the Funds. In its capacity as valuation designee, the Advisor has adopted
 procedures and methodologies to fair value Funds investments whose market prices are not "readily available" or are deemed
 to be unreliable.

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

12<br>

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

**Bramshill Funds** 

**Notes to Financial Statements** 

**March 31, 2026(Continued)** 

Exchange traded options are valued at the composite mean price, which calculates the mean of the highest bid price and lowest ask price across the exchanges where the option is principally traded. On the last trading day prior to expiration, expiring options may be priced at intrinsic value.

Credit Default Swaps (CDS) are valued using the ISDA Standard Upfront Model and available market data. These positions are categorized as Level 2 in the fair value hierarchy.

Open-end funds issued by Investment Companies are valued at the NAVs of such companies for purchase and/or redemption orders placed on that day.

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

---

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

---

---

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

---

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to fair value the Funds' investments in each category investment type as of March 31, 2026:

**Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| **Investments**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | $— | $519022356 | $— | $519022356  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities |  | 222051281 |  | 222051281  |
| &nbsp;&nbsp;&nbsp; Exchange-Traded Funds | 142937896 |  |  | 142937896  |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | 49245506 | 77099504 |  | 126345010  |
| &nbsp;&nbsp;&nbsp; Closed-End Funds | 16111147 |  |  | 16111147  |
| &nbsp;&nbsp;&nbsp; Purchased Options |  | 740000 |  | 740000  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 54621858 |  | 54621858  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending | 27241005 |  |  | 27241005  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 4323875 |  |  | 4323875  |
| **Total Investments** | $239859429 | $873534999 | $— | $1113394428  |
| **Liabilities:**<br>|  |  |  |  |
| **Other Financial Instruments**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Future Contracts\* | $(20126) | $— | $— | $(20126)  |
| **Total Other Financial Instruments** | $(20126) | $— | $— | $(20126) |

---

\* The fair value of the Income Fund's investment represents the unrealized appreciation (depreciation) as of March 31, 2026.

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

**Bramshill Funds** 

**Notes to Financial Statements** 

**March 31, 2026(Continued)** 

**BHILL Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| **Investments**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Exchange-Traded Funds | $27966512 | $— | $— | $27966512  |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | 11793043 |  |  | 11793043  |
| &nbsp;&nbsp;&nbsp; Closed-End Funds | 6495859 |  |  | 6495859  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds |  | 3422900 |  | 3422900  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending | 5664245 |  |  | 5664245  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 2918173 |  |  | 2918173  |
| **Total Investments** | $54837832 | $3422900 | $— | $58260732 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(B) *Securities Sold Short* – The Funds may engage in selling securities short, which obligates it to replace a borrowed security with the
 same security at current market value. The Funds incur a loss if the price of the security increases between the date of the short sale
 and the date on which the Funds replace the borrowed security. The Funds realize a gain if the price of the security declines between
 those dates. Gains are limited to the price at which the Funds sold the security short, while losses are potentially unlimited in size.
 The Funds incur expense when a security sold short pays a dividend or earns interest.

&nbsp;&nbsp;&nbsp;&nbsp;(C) *Federal Income Taxes* – The Funds have elected to be taxed as a Regulated Investment Company ("RIC") under the U.S. Internal
 Revenue Code of 1986, as amended, and intend to maintain this qualification and to distribute substantially all net taxable income to
 its shareholders. Therefore, no provision is made for federal income taxes. Due to the timing of dividend distributions and the differences
 in accounting for income and realized gains and losses for financial statement and federal income tax purpose, the fiscal year in which
 amounts are distributed may differ from the year in which the income and realized gains and losses is recorded by the 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 authorities. As of and during the year ended March 31, 2026, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. 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.

&nbsp;&nbsp;&nbsp;&nbsp;(D) *Return of Capital Estimates* – Distributions received from the Funds' investments in Real Estate Investment Trusts ("REITs")
 are generally comprised of net investment income, capital gains, and return of capital. Certain of the Funds' investments in Closed-End
 Funds ("CEFs") also make distributions comprised of net investment income and return of capital. It is the policy of the Funds
 to estimate the character of distributions received from underlying REITs and CEFs based on historical data provided by the REITs and
 distribution notices provided by CEFs. After each calendar year end, REITs and CEFs report the actual tax character of these distributions.
 Differences between the estimated and actual amounts reported are reflected in the Funds' records in the year in which they are
 reported by adjusting related investment cost basis, capital gains and income, as necessary.

&nbsp;&nbsp;&nbsp;&nbsp;(E) *Distributions to Shareholders* – The Funds record distributions to shareholders, which are determined in accordance with income tax regulations,
 on the ex-dividend date. Distributions of net investment income, if any, are distributed monthly. The Funds intend to distribute all its
 net investment income including any cash received from its investments in CEFs and REITs, even if a portion may represent a return of
 capital. Net realized gains from investment transactions, if any, will be distributed to shareholders annually. The Funds

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**Bramshill Funds** 

**Notes to Financial Statements** 

**March 31, 2026(Continued)** 

may periodically make reclassifications among certain income and capital gains distributions determined in accordance with federal tax regulations, which may differ from GAAP. These reclassifications are due to differences in the recognition of income, expense and gain (loss) items for financial statement and tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;(F) *Restricted Securities* – Restricted securities are securities that are not registered for sale under the Securities Act of 1933 or applicable
 foreign law and that may be re-sold only in transactions exempt from applicable registration. Restricted securities include Rule 144A
 securities which may be sold normally to qualified institutional buyers. As of March 31, 2026, the Income Fund had restricted securities,
 all of which were Rule 144A securities, with a market value of $30,125,666 or 2.8% of the Income Fund's net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(G) *Deposits with Broker* – At March 31, 2026, the Income Fund held the following amounts with Brokers:

---

| | |
|:---|:---|
| Pershing LLC | $10390  |
| Wells Fargo Securities | 183552  |
| **Total** | $193942 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(H) *Derivatives* – The Income Fund invests in certain derivative instruments, as detailed below.

Futures Contracts – The Income Fund invests in futures to adjust its sensitivity to interest rate changes and to gain exposure to U.S. Treasury securities. While hedging strategies involving derivatives can reduce the risk of loss, they can also reduce the opportunity for gain or even result in losses by offsetting favorable price movements in other Fund investments.

Options Contracts – The Income Fund may write call and put options on securities, derivative instruments, or currencies. When the Income Fund writes a call or put option, an amount equal to the premium received is recorded as a liability and subsequently marked-to-market to reflect the current value of the option written. These liabilities are reflected as written options outstanding in the Statements of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Written options which are closed or exercised will result in a gain if the closing price of the underlying security is lower than the premium received. The Income Fund, as a writer of an option, has no control over whether the underlying security may be sold (call) or purchased (put) and, as a result, bears the market risk of an unfavorable change in the price of said underlying security. The risk exists that the Income Fund may not be able to enter into a closing transaction because of an illiquid market. There were no written options held by the Income Fund as of March 31, 2026.

The Income Fund purchases call and put options. The Income Fund pays a premium which is included in the Statements of Assets and Liabilities as an investment and subsequently marked-to-market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. The risk associated with purchasing put and call options is limited to the premium paid. Purchasing options will result in a gain if the closing price of the transaction is higher than the premium paid.

Swap Contracts – The Income Fund enters into credit default swap agreements, credit default index swap agreements and similar agreements as a protection "seller" or as a "buyer" of credit protection. The credit default swap agreement or similar instruments may have as reference obligations one or more securities that are not held by the Income Fund. The protection "buyer" in a credit default swap agreement is generally obligated to pay the protection "seller" a periodic stream of payments over the term of the agreement, provided generally that no credit event on a reference obligation has occurred. In addition, at the inception of the agreement, the protection "buyer" may receive or be obligated to pay an additional up-front amount depending on the current market value of the contract. If a credit event occurs, an auction process is used to determine the "recovery value" of the contract. The seller then must pay the buyer the "par value" (full notional value) of the swap contract minus the "recovery value" as determined by the auction process. For credit default index swaps, the settlement payment for a constituent's credit event is scaled down to the weighting in the index.

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**Bramshill Funds** 

**Notes to Financial Statements** 

**March 31, 2026(Continued)** 

As a seller of protection, the Income Fund generally receives a fixed rate of income throughout the term of the swap provided that there is no credit event. In addition, at the inception of the agreement, the Income Fund may receive or be obligated to pay an additional up-front amount depending on the current market value of the contract. If a credit event occurs, the Income Fund will be generally obligated to pay the buyer the "par value" (full notional value) of the swap contract minus the "recovery value" as determined by the auction process. Credit default swaps could result in losses if the Advisor does not correctly evaluate the creditworthiness of the underlying instrument on which the credit default swap is based. Additionally, if the Income Fund is a seller of a credit default swap and a credit event occurs, the Income Fund could suffer significant losses.

Changes in the value of swaps are recorded as unrealized appreciation (depreciation). Unrealized gains are reported as an asset and unrealized losses are reported as a liability. The change in value of swaps, including accruals of interest to be paid or received is reported as unrealized gains or losses. Gains or losses are realized upon termination of the contracts. The risk of loss on a swap contract may exceed the amount recorded as an asset or liability on the Statements of Assets and Liabilities. The notional amount of a swap contract is the reference amount pursuant to which the counterparties make payments. Risks associated with swap contracts include changes in the returns of underlying instruments, failure of the counterparties to perform under a contract's terms and the possible lack of liquidity with respect to the contracts.

The average monthly volume of derivatives held by the Income Fund during the year ended March 31, 2026 is set forth below:

---

| | | |
|:---|:---|:---|
| **Derivative Type** | **Unit of Measure** | **Average**  |
| Purchased Options | Contracts | 8462  |
| Written Options | Contracts | (1596)  |
| Futures | Notional Amount | $420800 |
| Credit Default Swap | Notional Amount | $4,500,000\* |

---

\* Credit default swap held for 12 days during the period.

Derivative Investment Holdings Categorized by Risk Exposure

The following table sets forth the Income Fund's derivative instruments as of March 31, 2026.

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities Location** | **Statement of Assets and Liabilities Location** | **Statement of Assets and Liabilities Location** |
| **Risk Exposure Category** | **Investments<sup>(1)</sup>** | **Unrealized** <br>**Depreciation on** <br>**Futures** <br>**Contracts<sup>(2)</sup>**  |
| Interest rate | &nbsp;&nbsp; $740000 | &nbsp;&nbsp;&nbsp; $(20126)  |
| **Total** | &nbsp;&nbsp; $740000 | &nbsp;&nbsp;&nbsp; $(20126) |

---

<sup>(1)</sup> Includes Purchased Options.

<sup>(2)</sup> Reflects the cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Income Fund's Schedule of Investments. The variation margin is captured in the deposits at brokers for future contracts in the Income Fund's Statement of Assets and Liabilities. 

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

**Bramshill Funds** 

**Notes to Financial Statements** 

**March 31, 2026(Continued)** 

The following table sets forth the Income Fund's realized and unrealized gain (loss), as reflected in the Statements of Operations, by primary risk exposure and by type of derivative contract for the year ended March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Amount of Realized Gain/(Loss) on Derivatives** | **Amount of Realized Gain/(Loss) on Derivatives** | **Amount of Realized Gain/(Loss) on Derivatives** | **Amount of Realized Gain/(Loss) on Derivatives** | **Amount of Realized Gain/(Loss) on Derivatives** |
| **Risk Exposure Category** | **Investment<sup>(1)</sup>** | **Written Options** | **Futures Contracts** | **Swap Contracts**  |
| Credit | $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $8718  |
| Interest rate | (2063515) | &nbsp;&nbsp;&nbsp; 935170 | &nbsp;&nbsp;&nbsp;&nbsp; (20344) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total** | $(2063515) | &nbsp;&nbsp;&nbsp; $935170 | &nbsp;&nbsp;&nbsp;&nbsp; $(20344) | &nbsp;&nbsp;&nbsp;&nbsp; $8718 |

---

---

| | | |
|:---|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivatives** | **Change in Unrealized Appreciation (Depreciation) on Derivatives** | **Change in Unrealized Appreciation (Depreciation) on Derivatives** |
| **Risk Exposure Category** | **Investment<sup>(1)</sup>** | **Futures Contracts**  |
| Interest rate | $(2651469) | &nbsp;&nbsp;&nbsp;&nbsp; $(20126)  |
| **Total** | $(2651469) | &nbsp;&nbsp;&nbsp;&nbsp; $(20126) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes Purchased
 Options.

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

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

**Note 3 – Investment Management Agreement and Other Related Party Transactions** 

The Trust has an agreement with the Advisor to furnish investment advisory services to the Funds. Under the terms of this agreement, the Income Fund and BHILL Fund will pay the Advisor a monthly fee based on each Fund's average daily net assets at annual rate of 0.85% and 0.00%, respectively. The BHILL Fund is an investment option for certain "wrap-fee" programs or other separately managed account clients for which the Advisor receives compensation pursuant to separate management agreements. Wrap-fee program participants pay a "wrap-fee" to the sponsor of the program, which typically covers investment advice and transaction costs on trades executed with the sponsor or designated broker-dealers. The Income Fund incurred $9,406,168 for Advisory fees during the year ended March 31, 2026.

Pursuant to a contractual fee waiver and reimbursement agreement, the Advisor will waive/reimburse the Income Fund for expenses in excess of 1.10% of average daily net assets for Institutional Class shares and will waive/reimburse the BHILL Fund for expenses in excess of 0.00% of average daily net assets, excluding taxes, interest charges, litigation and other extraordinary expenses, acquired fund fees and expenses, interest and expense relating to short sales, borrowing costs, and brokers' commissions, and other charges relating to the purchase and sale of the Income Fund's portfolio securities. The Expense Cap will remain in effect through at least March 31, 2026.

During the year ended March 31, 2026, expenses reimbursed for the BHILL Fund amounted to $260,844.

17<br>

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

**Bramshill Funds** 

**Notes to Financial Statements** 

**March 31, 2026(Continued)** 

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

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services"), serves as the Funds' administrator and fund accountant and transfer agent. The officers of the Trust are employees of Fund Services. U.S. Bank serves as the Funds' custodian and provides compliance services to the Funds. Quasar Distributors, LLC ("Quasar" or the "Distributor") acts as the Funds' distributor and principal underwriter. For the year ended March 31, 2026, the Funds incurred expenses for administration and fund accounting, transfer agent, custody, and compliance fees as detailed on the Statements of Operations.

At March 31, 2026, the Funds had payables for administration and fund accounting, transfer agent, custody, and compliance fees as detailed on the Statements of Assets and Liabilities.

The Independent Trustees were paid $16,752 for the Income Fund and $11,965 for the BHILL Fund for their services during the year ended March 31, 2026. The Funds pay no compensation to the Interested Trustee or officers of the Trust.

Trust-level expenses are allocated across the series of the Trust.

**Note 4 – Control Ownership** 

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumption of control of the fund under 2(a)(9) of the 1940 Act. As of March 31, 2026, National Financial Services, LLC and UBS Financial Services, Inc. held approximately 39% and 28%, respectively, in aggregate for the benefit of others, of the outstanding shares of the Income Fund and Morgan Stanley held approximately 99%, in aggregate for the benefit of others, of the outstanding shares of the BHILL Fund.

**Note 5 – Investment Transactions** 

Purchases and sales of investment securities (excluding short-term securities) for the year ended March 31, 2026, were as follows:

**Income Fund** 

---

| | | |
|:---|:---|:---|
|  | **Investments** | **U.S. Government** <br>**Obligations**  |
| Purchases | $686733480 | &nbsp;&nbsp; $42878071  |
| Sales | $624027218 | &nbsp;&nbsp; $30431102 |

---

**BHILL Fund** 

---

| | |
|:---|:---|
|  | **Investments**  |
| Purchases | $184286122  |
| Sales | $133514051 |

---

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

**Bramshill Funds** 

**Notes to Financial Statements** 

**March 31, 2026(Continued)** 

**Note 6 – Federal Income Tax Information** 

At March 31, 2026, the components of accumulated earnings (losses) for federal income tax purposes were as follows:

---

| | | |
|:---|:---|:---|
|  | **Income Fund** | **BHILL Fund**  |
| Tax cost of investments | $1137086677 | $59345237  |
| Gross unrealized appreciation | $11685863 | $113487  |
| Gross unrealized depreciation | (35378112) | (1197992)  |
| Net unrealized appreciation | $(23692249) | $(1084505)  |
| Undistributed Ordinary Income |  | 271338 |
| Capital loss carryforwards | (43529654) |  |
| Other accumulated losses | (784260) | (297450)  |
| Total accumulated losses | $(68006163) | $(1110617) |

---

The difference between book basis and tax basis unrealized appreciation/depreciation is attributable in part to the tax deferral of losses on wash sales, and basis adjustments on investments in limited partnerships.

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 March 31, 2026, permanent differences in book and tax accounting have been reclassified to capital, and accumulated earnings as follows:

---

| | | |
|:---|:---|:---|
|  | **Accumulated** <br>**Losses** | **Paid in Capital** |
| Income Fund | &nbsp;&nbsp; (251038) | &nbsp;&nbsp;&nbsp; 251038 |
| BHILL Fund | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |

---

The tax character of distributions paid during the years ended March 31, 2026 and March 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025**  |
| **Income Fund** | **Income Fund** | **Income Fund** |
| Ordinary Income | $47976511 | $41212232  |
| Return of Capital |  | 160631  |
| **Total** | $47976511 | $41372863 |

---

---

| | |
|:---|:---|
|  | **Year Ended** <br>**March 31, 2026**  |
| **BHILL Fund** | **BHILL Fund** |
| Ordinary Income | $4047469  |
| Total | $4047469 |

---

The Funds are required, in order to meet certain excise tax requirements, to measure and distribute annually, net capital gains realized during the twelve month period ending October 31. In connection with this requirement, the Funds are permitted, for tax purposes, to defer into its next fiscal year any net capital losses incurred from November 1 through the end of the fiscal year. Late year ordinary 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. The Funds had no late-year ordinary losses or post-October capital losses as of March 31, 2026.

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

**Bramshill Funds** 

**Notes to Financial Statements** 

**March 31, 2026(Continued)** 

At March 31, 2026, the Income Fund had capital loss carryforwards, which reduce the Fund's taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code, and thus will reduce the amount of distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal tax. Pursuant to the Internal Revenue Code, the character of such capital loss carryforwards is as follows:

---

| | | |
|:---|:---|:---|
| **Not Subject to Expiration**  | **Not Subject to Expiration**  | **Not Subject to Expiration**  |
| **Short-Term** | **Long-Term** | **Total**  |
| $11688771 | $31840883 | $43529654 |

---

**Note 7 – Indemnifications** 

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

**Note 8 – Line of Credit** 

The Income Fund has access to a $25 million secured line of credit through an agreement with U.S. Bank. The Income Fund may temporarily draw on the line of credit to satisfy redemption requests or to settle investment transactions. Interest is charged to the Income Fund based on its borrowings at a rate per annum equal to the Prime Rate, to be paid monthly. The line of credit was renewed on December 16, 2025 and will mature, unless renewed, no later than December 15, 2026. During the year ended March 31, 2026, the Income Fund did not draw on this line of credit.

**Note 9 – Securities Lending** 

The Funds may lend securities in its portfolio to approved brokers, dealers and financial institutions under terms of participation in a securities lending program, which is administered by U.S. Bank N.A. The securities lending agreement requires that loans are initially collateralized in an amount equal to at least 102% of the then current market value of any other loaned securities. The custodian marks loaned securities and collateral to market daily. Each borrower is required, if necessary, to deliver additional collateral to ensure the value will equal at least 100% of the market value of the loaned securities.

The cash collateral is invested by the U.S. Bank N.A. in accordance with approved investment guidelines. Those guidelines allow the cash collateral to be invested in readily marketable, high quality, short-term obligations issued or guaranteed by the United States Government; however, such investments are subject to risk of payment delays, declines in the value of collateral provided, default on the part of the issuer or counterparty, or otherwise may not generate sufficient interest to support the costs associated with securities lending. The Funds could also experience delays in recovering their securities and possible loss of income or value if the borrower fails to return the borrowed securities, although the Funds are indemnified from this risk by contract with the securities lending agent. Additionally, the Funds are subject to the risk of loss from investments that it makes with the cash received as collateral. The Funds manage credit exposure arising from these lending transactions by, in appropriate circumstances, entering into master netting agreements and collateral agreements with third-party borrowers that provide the Funds, in the event of default (such as bankruptcy or a borrower's failure to pay or perform), the right to net a third-party borrower's rights and obligations under such agreement and liquidate and set off collateral against the net amount owed by the counterparty.

The collateral invested in the Funds, if any, is reflected in each Fund's Schedule of Investments and is included in the Statements of Assets and Liabilities in the line item labeled "Investments, at value." A liability of equal value to the cash collateral received and subsequently invested in the Funds is included on the Statements of Assets and Liabilities as "Payable upon return of securities loaned." The borrower of any securities will pay the Funds any accrued income while the securities are on loan. The cash collateral received is invested in a money market fund which is redeemable upon demand. The Funds receive compensation in the form of loan fees owed by borrowers and income earned on collateral investments and pays a fee to the U.S. Bank N.A. for administering the securities lending program. The fees and interest income, net of any fees, earned through the securities lending program are reflected as "Securities lending income" in the Statements of Operations.

20<br>

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

**Bramshill Funds** 

**Notes to Financial Statements** 

**March 31, 2026(Continued)** 

Management has elected not to offset the value of securities on loan and collateral received. As of March 31, 2026, the value of the securities on loan and payable for collateral due to brokers were as follows:

---

| | | |
|:---|:---|:---|
|  | **Value of Securities** <br>**Loaned** | **Fund Collateral** <br>**Received\***  |
| Income Fund | &nbsp;&nbsp; $26702964 | $27241005  |
| BHILL Fund | &nbsp;&nbsp; 5539076 | 5664245 |

---

\* The cash collateral received was invested in the First American Government Obligations Fund Class X, with an overnight and continuous maturity, as shown on the Statements of Assets and Liabilities.

**Note 10 – Principal Risks**

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

**Income Fund and BHILL Fund**

Credit Risk — If issuers of fixed income securities in which the Funds invests experience unanticipated financial problems, their issue is likely to decline in value. Changes in the market's perception of the issuer's financial strength or in a security's credit rating, which reflects a third party's assessment of the credit risk presented by a particular issuer, may affect debt securities' value. In addition, the Funds are subject to the risk that the issuer of a fixed income security will fail to make timely payments of interest or principal, or may stop making such payments altogether.

Interest Rate Risk — Interest rate changes may affect the value of a debt instrument indirectly (especially in the case of fixed rate debt securities) and directly (especially in the case of instruments whose rates are adjustable). When interest rates increase, fixed income securities generally will decline in value and, as a result, an increase in interest rates may result in a decrease in the value of debt securities held by the Funds. Conversely, as interest rates decrease, the prices of fixed income securities tend to increase. The Federal Reserve has raised interest rates from historically low levels. Any additional interest rate increases in the future may cause the value of fixed-income securities to decrease.

Securities Lending Risk — There are certain risks associated with securities lending, including the risk that the borrower may fail to return the securities on a timely basis or even the loss of rights in the collateral deposited by the borrower, if the borrower should fail financially. As a result the Funds may lose money.

**Income Fund**

Financials Sector Risk — Financial services companies are subject to extensive governmental regulation that may limit both the amounts and types of loans and other financial commitments they can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge, and the amount of capital they must maintain. Profitability is largely dependent on the availability and cost of capital funds and can fluctuate significantly when interest rates change or due to increased competition. In addition, deterioration of the credit markets generally may cause an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets generally, thereby affecting a wide range of financial institutions and markets. Certain events in the financials sector may cause an unusually high degree of volatility in the financial markets, both domestic and foreign, and cause certain financial services companies to incur large losses.

Derivatives Risk — Derivatives fluctuate in their values may not correlate perfectly with the overall securities markets. The use of derivative instruments exposes the Fund to additional risks and transaction costs. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Using derivatives also can have a leveraging effect and increase Fund volatility. Derivatives may be difficult to sell, unwind or value, and the counterparty may default on its obligations to the Fund. Use of derivatives may have different tax consequences for the Fund than an investment in the underlying security, and those differences may affect the amount, timing and character of income distributed to shareholders.

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

**Bramshill Funds** 

**Notes to Financial Statements** 

**March 31, 2026(Continued)** 

Rule 18f-4 under the Investment Company Act of 1940, as amended (the "1940 Act") provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on funds using derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively limit the risk of loss from derivatives.

Futures Contract Risk. The primary risks associated with the use of futures contracts are (a) the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the forward or futures contract; (b) possible lack of a liquid secondary market for a forward or futures contract and the resulting inability to close a forward or futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the Advisor's inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (e) the possibility that the counterparty will default in the performance of its obligations; and (f) if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, and the Fund may have to sell securities at a time when it may be disadvantageous to do so.

Options Risk. Purchasing and writing options, both put and call, are specialized activities that entail greater than normal investment risks. The Fund may not benefit to the same extent as directly holding the underlying asset. The Fund may also lose money on an option if changes in its value do not correspond to the changes in value of the underlying security. If the Fund is not able to close out an option position in its portfolio, it may have to exercise the option to realize any gain and may incur transaction costs upon the purchase or sale of such underlying securities. Some options involve the payment of premiums which may affect Fund performance. If the Fund invests in over-the-counter options, the Fund may be exposed to counterparty risk.

**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. Subsequent to the year end, the Funds have made the following distributions per share:

**Income Fund** 

---

| | | |
|:---|:---|:---|
| **Record Date**  | **Payable Date**  | **Distribution** <br>**Per Share**  |
| 4/29/2026  | 4/30/2026  | $0.03432 |

---

**BHILL Fund** 

---

| | | |
|:---|:---|:---|
| **Record Date**  | **Payable Date**  | **Distribution** <br>**Per Share**  |
| 4/29/2026  | 4/30/2026  | $0.04588 |

---

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

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

**Bramshill Funds** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Shareholders of Bramshill Income Performance Fund and BHILL Fund and

Board of Trustees of Advisor Managed Portfolios

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

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Bramshill Funds, each a series of Advisor Managed Portfolios comprising the funds listed below (the "Funds"), as of March 31, 2026, and the related statements of operations, the statements of changes in net assets, and the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2026, the results of their operations, the changes in net assets and the financial highlights for the periods indicated below, in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Statements of** <br>**Operations** | **Statement of Changes in** <br>**Net Assets** | **Financial Highlights**  |
| Bramshill Income <br>Performance Fund | For the year ended<br>March 31, 2026 | For the years ended<br>March 31, 2026 and 2025 | For the years ended March 31, 2026, 2025, 2024 and 2023  |
| BHILL Fund | For the period April 1, 2025 (commencement of operations) to March 31, 2026 | For the period April 1, 2025 (commencement of operations) to March 31, 2026 | For the period April 1, 2025 (commencement of operations) to March 31, 2026 |

---

The Bramshill Income Performance Fund's financial highlights for the year ended March 31, 2022, were audited by other auditors whose report dated May 26, 2022, expressed an unqualified opinion on those financial highlights.

<u>Basis for Opinion</u>

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of March 31, 2026, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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

![](15647_signature.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

May 29, 2026

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

**Bramshill Funds** 

**Additional Information** 

**March 31, 2026 (Unaudited)** 

**Tax Information** 

For the year ended March 31, 2026, certain dividends paid by the Funds may be subject to a maximum tax rate of 23.8%, as provided for by the Tax Cuts and Jobs Act of 2017.

The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:

---

| | |
|:---|:---|
| Bramshill Income Performance Fund  | 8.04%  |
| BHILL Fund | 18.70% |

---

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the year ended March 31, 2026, was as follows:

---

| | |
|:---|:---|
| Bramshill Income Performance Fund  | 6.52%  |
| BHILL Fund | 11.78% |

---

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

---

| | |
|:---|:---|
| Bramshill Income Performance Fund  | 0.00%  |
| BHILL Fund | 0.67% |

---

**Approval of Investment Advisory Agreement – Bramshill Income Performance Fund** 

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 Bramshill Investments, LLC (the "Advisor") for the Bramshill Income Performance Fund (the "Fund").

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

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

&nbsp;&nbsp;&nbsp;&nbsp;• In considering the nature, extent and quality
 of the services provided by the Advisor, the Trustees considered the Advisor's specific responsibilities in all aspects of the day-to-day
 management of the Fund, as well as the qualifications, experience and responsibilities of the portfolio managers and other key personnel
 who are involved in the day-to-day activities of the Fund. The Board considered the Advisor's resources and compliance structure,
 including information regarding its compliance program, chief compliance officer and

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**Bramshill Funds** 

**Additional Information** 

**March 31, 2026 (Unaudited)(Continued)** 

compliance record, and disaster recovery/business continuity plan. The Board also considered its knowledge of the Advisor's operations, and noted that during the course of the year the Trustees met with the Advisor to discuss the Fund's performance, the Advisor's investment outlook, various marketing and compliance topics, and the Advisor's risk management process. The Board concluded that the Advisor had sufficient quality and depth of personnel, resources, investment methods and compliance policies and procedures essential to performing its duties under the Agreement and that, in the Board's view, the nature, overall quality, and extent of the management services provided were satisfactory and reliable.

&nbsp;&nbsp;&nbsp;&nbsp;• In assessing the quality of the portfolio management
 delivered by the Advisor, the Board considered the Fund's performance on both an absolute basis and in comparison to its peer groups
 (a larger group category and a smaller, focused group), based on information provided by an independent consulting firm, and to its benchmark
 index. The Board considered that the Fund outperformed the Bloomberg US Aggregate Bond Index for the three- and five-year periods ended
 June 30, 2025, but underperformed for the one-year period ended June 30, 2025. The Board also considered that the Fund outperformed
 both of its peer groups' averages for the five-year period ended September 30, 2025, but underperformed both for the one-year
 period ended September 30, 2025. The Board also noted that for the same period the Fund outperformed the focused peer group average
 for the three-year period, but underperformed the larger peer group average.

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

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

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

**Approval of Investment Advisory Agreement – BHILL Fund** 

At a meeting held on March 5-6, 2025, the Board of Trustees (the "Board" or "Trustees") of Advisor Managed Portfolios (the "Trust") considered the approval of the investment advisory agreement (the "Agreement") between Bramshill Investments, LLC (the "Advisor") and the Trust, on behalf of the BHILL Fund (the "Fund").

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

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

25<br>

------

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

**Bramshill Funds** 

**Additional Information** 

**March 31, 2026 (Unaudited)(Continued)** 

from the Advisor present. In connection with their review, the Independent Trustees also received a memorandum from independent legal counsel outlining their fiduciary duties and the legal standards applicable to the review of the Agreement.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;• The Trustees reviewed the anticipated cost
 of the Advisor's services and the proposed structure and level of the Fund's fees and expenses. The Board noted that the Fund
 would not be charged an advisory fee because it would serve as an investment option for certain clients of the Advisor participating in
 an account-level arrangement pursuant to which the Advisor would be compensated for its services. the Board also considered that the Advisor
 would contractually agree to reimburse the expenses of the Fund (except certain excluded expenses such as acquired fund fees and expenses)
 as part of the account-level arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;• The Trustees considered the estimated profitability
 of the Advisor from managing the Fund, noting that the analysis was based on the account-level fee to be paid by the Advisor's clients
 who invest in the Fund pursuant to the arrangement. In assessing the Advisor's estimated profitability, the Trustees considered
 the Advisor's financial information and took into account both the direct and indirect benefits to the Advisor from managing the
 Fund. The Trustees concluded that the Advisor's profit, if any, relating to its management of the Fund would likely not be excessive
 and the Advisor appeared to have adequate capitalization and/or would maintain adequate profit levels necessary to support the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;• The Board noted that the fee and expense arrangement
 between the Advisor and the Trust with respect to the Fund would significantly limit the expenses paid by shareholders at the Fund level
 and that economies of scale likely would not be a consideration in light of the arrangement.

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

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

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

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

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

See Financial Statements.

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

See Financial Statements.

26<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 Management 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 Management Investment Companies.</u>**

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

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management 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 management investment companies.

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

 

Not applicable to open-end management investment companies.

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

Not applicable to open-end management 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 management investment companies.

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

Not applicable

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

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* [(1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Filed herewith.](bar-efp24817_ex99code.htm)

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed.

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).* Filed herewith.](bar-efp24817_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 management 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 management investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](bar-efp24817_ex99906cert.htm)

**SIGNATURES**

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

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

---

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

---

Date <u>6/4/2026</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>6/4/2026</u>

---

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

---

Date <u>6/4/2026</u>

## Ex-99.Code

**EX.99.CODE ETH**

Column A - Policies and Procedures

**ADVISOR MANAGED PORTFOLIOS**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Introduction/Covered Persons** 

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Code of Ethics Requirements

This Code of Ethics requires each Covered Person to:

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. Conflicts of Interest

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

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

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

Column A - Policies and Procedures

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

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

Each Covered Person must:

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Accurate, Complete, Timely and Understandable Information

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. Waivers

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

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

Column A - Policies and Procedures

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. Amendments

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Violations

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. Disclosure

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

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

Column A - Policies and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IX. Acknowledgement

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. Confidentiality

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XI. Internal Use

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

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

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

## Ex-99.Cert

**EX.99.CERT**

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

I, Russell B. Simon, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 6/4/2026 | /s/ Russell B. Simon |
|  |  | Russell B. Simon<br> President and Principal Executive Officer |

---

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

I, Eric T. McCormick, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 6/4/2026 | /s/ Eric T. McCormick |
|  |  | Eric T. McCormick,<br> Treasurer and Principal Financial Officer |

---

## Exhibit 99.906

**EX.99.906CERT**

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

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Advisor Managed Portfolios, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Advisor Managed Portfolios for the year ended March 31, 2026 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Advisor Managed Portfolios for the stated period.

---

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

---

Dated: <u>6/4/2026</u> Dated: <u>6/4/2026</u>

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