# EDGAR Filing Document

**Accession Number:** 0001970751
**File Stem:** 0001133228-26-000151
**Filing Date:** 2026-1
**Character Count:** 87871
**Document Hash:** 55a5e2b5e7919135dca5b93589521093
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-000151.hdr.sgml**: 20260107

**ACCESSION NUMBER**: 0001133228-26-000151

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 25

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260107

**DATE AS OF CHANGE**: 20260107

**EFFECTIVENESS DATE**: 20260107

**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:** 26516640

**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

### Soundwatch Hedged Equity ETF (Series ID: S000080629)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000243144 | Soundwatch Hedged Equity ETF | SHDG            |

?xml version='1.0' encoding='ASCII'? 2025-09-05198299_SoundwatchHedgedEquityETF_TF_TSRAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

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

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

(Exact name of registrant as specified in charter)

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

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

(Address of principal executive offices) (Zip code)

**<u>Russell B. Simon</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>October 31</u>**

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

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

(a) ---

| | | |
|:---|:---|:---|
| ![image](img278096_202412162154961.jpg) | **Soundwatch Hedged Equity ETF**  | ![image](img278097_202412241917902.jpg) |
| ![image](img278096_202412162154961.jpg) | SHDG (Principal U.S. Listing Exchange:CBOE) | ![image](img278097_202412241917902.jpg) |
| ![image](img278096_202412162154961.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img278097_202412241917902.jpg) |

---

This annual shareholder report contains important information about the Soundwatch Hedged Equity ETF for the period of November 1, 2024, to October 31, 2025. You can find additional information about the Fund at https://www.soundwatch.com/shdg. You can also request this information by contacting us at 1-888-244-4601.

**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<sup>1</sup>**  |
| Soundwatch Hedged Equity ETF | $94 | 0.88% |

---

1 Annualized

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

For the fiscal year ended October 31, 2025, the per share net asset value of the Soundwatch Hedged Equity ETF (SHDG) has appreciated by 13.07% compared to an increase of 11.48%for the BXM Index (CBOE S&P500 Buy Write Monthly Index) and SPTR (Total Return of the S&P 500) of 21.45%.

The market continued to accelerate in 2025 after a fine up year in 2024. Interest rates and inflation have been the focus in 2025, with the 10-year USD rate falling for most of the year. We have been pleased with our upside participation in 2025.

**PORTFOLIO & ECONOMIC OUTLOOK**

Generally, we are agnostic about broad macroeconomic factors and do not attempt to forecast or time markets. Instead, we are primarily focused on the efficient execution of our proprietary systematic Hedged Equity model based on our Buy, Hold and Hedge philosophy. We buy and hold our core underlying ETF portfolio and systematically purchase put spreads financed by selling options spreads.

With inflation easing but many unknown political risks remaining, we continue to expect volatility in the markets. We will continue to run a systematic model which aims to reduce the downside risk of the market while allowing to capture long term equity capital gains through the Fund's exposure to the broad-based US market.

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

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

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

![image](ts5903img003.jpg)

Soundwatch Hedged Equity ETF PAGE 1 TSR-AR-00777X603

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(11/30/2016)** |
| **Soundwatch Hedged Equity ETF NAV**  | 13.07 | 11.88 | 9.89 |
| **S&P 500 TR**  | 21.45 | 17.64 | 15.51 |
| **CBOE S&P 500 BUYWRITE MONTHLY INDEX - BXM**  | 11.48 | 10.91 | 6.96 |

---

Visit https://www.soundwatch.com/shdg for more recent performance information.

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

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

---

| | |
|:---|:---|
| **Net Assets** | $167106241 |
| **Number of Holdings** | 7 |
| **Net Advisory Fee** | $767425 |
| **Portfolio Turnover** | 1% |
| **30-Day SEC Yield** | 1.05% |
| **30-Day SEC Yield Unsubsidized** | 0.95% |

---

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

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  iShares Core S&P 500 ETF  | 98.8% |
|  First American Government Obligations Fund | 1.5% |
|  S&P 500 Index 12/31/2025 P6,310 | 0.8% |
|  S&P 500 Index 12/31/2025 C6,300 | 0.2% |
|  Cash & Other | 0.2% |
|  S&P 500 Index 12/31/2025 P6,300 | -0.0% |
|  S&P 500 Index 12/31/2025 P5,780 | -0.3% |
|  S&P 500 Index 12/31/2025 C7,060 | -1.2% |

---

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

**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 Soundwatch Capital, LLC documents not be householded, please contact Soundwatch Capital, LLC at 1-888-244-4601, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Soundwatch Capital, LLC or your financial intermediary.

Soundwatch Hedged Equity ETF PAGE 2 TSR-AR-00777X603

------

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| | FYE 10/31/2025 | FYE 10/31/2024 |
| (a) Audit Fees | $15600 | $15600 |
| (b) Audit-Related Fees |  |  |
| (c) Tax Fees | $3100 | $3100 |
| (d) All Other Fees |  |  |

---

(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 Cohen & Company, Ltd. applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
| | FYE 10/31/2025 | FYE 10/31/2024 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

(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.

 

<u>Non-Audit Related Fees</u> <u>FYE 10/31/2025</u> <u>FYE 10/31/2024</u> <br> Registrant N/A N/A <br> <u>Registrant's Investment Adviser</u> <u> N/A </u> <u> N/A </u>

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

(i) Not applicable

(j) Not applicable

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

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

(b) Not applicable

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

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

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

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

(a) ![](soundwatchlogo.jpg)

**Soundwatch Hedged Equity ETF (SHDG)** 

Annual Financial Statements

October 31, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Schedule of Investments](#soi) | [1](#soi) |
| [Schedule of Written Options](#soi2) | [2](#soi2) |
| [Statement of Assets and Liabilities](#sal) | [3](#sal) |
| [Statement of Operations](#sop) | [4](#sop) |
| [Statements of Changes in Net Assets](#scna) | [5](#scna) |
| [Financial Highlights](#fihi) | [6](#fihi) |
| [Notes to Financial Statements](#notes) | [7](#notes) |
| [Report of Independent Registered Public Accounting Firm](#trept) | [14](#trept) |
| [Additional Information](#add) | [15](#add) |

---

------

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

**Soundwatch Hedged Equity ETF** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value**  |
| **EXCHANGE TRADED FUNDS - 98.8%** | **EXCHANGE TRADED FUNDS - 98.8%** | **EXCHANGE TRADED FUNDS - 98.8%** | **EXCHANGE TRADED FUNDS - 98.8%** |
|  iShares Core S&P 500 ETF<sup>(a)(b)</sup> |  | 241000 | $165140430  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $64,983,217)** |  |  | 165140430  |
|  | **Notional** <br>**Amount** | **Contracts** |  |
| **PURCHASED OPTIONS - 1.0%<sup>(c)</sup>** | **PURCHASED OPTIONS - 1.0%<sup>(c)</sup>** | **PURCHASED OPTIONS - 1.0%<sup>(c)</sup>** | **PURCHASED OPTIONS - 1.0%<sup>(c)</sup>** |
| **Call Options - 0.2%** | **Call Options - 0.2%** | **Call Options - 0.2%** | **Call Options - 0.2%** |
|  S&P 500 Index, Expiration: 12/31/2025; Exercise Price: $6,300.00<sup>(d)(e)</sup> | $4104120 | 6 | 375210  |
| **Put Options - 0.8%** | **Put Options - 0.8%** | **Put Options - 0.8%** | **Put Options - 0.8%** |
|  S&P 500 Index, Expiration: 12/31/2025; Exercise Price: $6,310.00<sup>(d)(e)</sup> | 168952940 | 247 | 1223885  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $2,145,702)** |  |  | 1599095  |
|  |  | **Shares** |  |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **Money Market Funds - 1.5%** | **Money Market Funds - 1.5%** | **Money Market Funds - 1.5%** | **Money Market Funds - 1.5%** |
|  First American Government Obligations Fund - Class X, 4.03%<sup>(f)</sup> |  | 2577926 | 2577926  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $2,577,926)** |  |  | 2577926  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 101.3%**<br>**(Cost $69,706,845)** |  |  | 169317451  |
| &nbsp;&nbsp;&nbsp; Liabilities in <br>Excess of Other <br>Assets - (1.3)% |  |  | (2211210)  |
| &nbsp;&nbsp;&nbsp; **TOTAL NET** <br>**ASSETS - 100.0%** |  |  | $167106241 |

---

Percentages are stated as a percent of net assets.

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

<sup>(b)</sup> All or a portion of security has been pledged as collateral for written options. The fair value of assets committed as collateral as of October 31, 2025 is $46,595,640.

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

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

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

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

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

1<br>

------

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

**Soundwatch Hedged Equity ETF** 

**Schedule of Written Options** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (1.5)%**<br>|  |  |  |
| **Call Options - (1.2)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; S&P 500 Index, Expiration: 12/31/2025; Exercise <br>Price: $7,060.00<sup>(a)(b)</sup>  | $(168952940) | &nbsp;&nbsp;&nbsp;&nbsp;(247) | $(2001935)  |
| **Put Options - (0.3)%**<br>|  |  |  |
| S&P 500 Index<sup>(a)(b)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/31/2025; Exercise Price: $5,780.00 | (168952940) | &nbsp;&nbsp;&nbsp;&nbsp;(247) | (461890)  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/31/2025; Exercise Price: $6,300.00 | (4104120) | &nbsp;&nbsp;&nbsp;&nbsp;(6) | (29400)  |
| **Total put options** |  |  | (491290)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $2,438,009)** |  |  | $(2493225) |

---

Percentages are stated as a percent of net assets.

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

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

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

2<br>

------

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

**SOUNDWATCH HEDGED EQUITY ETF** 

**STATEMENT OF ASSETS AND LIABILITIES** 

**October 31, 2025** 

---

| | |
|:---|:---|
| **ASSETS:**<br>|  |
| Investments, at value | $169317451  |
| Deposit at broker for options contracts | 392151  |
| Dividends receivable | 8868  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 169718470  |
| **LIABILITIES:**<br>|  |
| Written option contracts, at value | 2493225  |
| Payable to adviser | 69075  |
| Interest payable | 49929  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 2612229  |
| **NET ASSETS** | $167106241  |
| **Net Assets Consists of:**<br>|  |
| Paid-in capital | $94757874  |
| Total distributable earnings | 72348367  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $167106241  |
| Net assets | $167106241  |
| Shares issued and outstanding<sup>(a)</sup> | 5198083  |
| Net asset value per share | $32.15  |
| **Cost:**<br>|  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $69706845  |
| **Proceeds:**<br>|  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $2438009 |

---

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

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

3<br>

------

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

**SOUNDWATCH HEDGED EQUITY ETF** 

**STATEMENT OF OPERATIONS** 

**For the Year Ended October 31, 2025** 

---

| | |
|:---|:---|
| **INVESTMENT INCOME:**<br>|  |
| Dividend income | $2014927  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 2014927  |
| **EXPENSES:**<br>|  |
| Investment advisory fee | 920910  |
| Interest expense | 577582  |
| Other expenses and fees | 1504  |
| &nbsp;&nbsp;&nbsp; Total expenses | 1499996  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement by Adviser | (153485)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 1346511  |
| **Net investment income** | 668416  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |
| Net realized gain (loss) from:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments | (7912370)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 998048  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | 48011  |
| Net realized loss | (6866311)  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments | 25988447  |
| &nbsp;&nbsp;&nbsp; Written option contracts | (514536)  |
| Net change in unrealized appreciation | 25473911  |
| **Net realized and unrealized gain** | 18607600  |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $19276016 |

---

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

4<br>

------

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

**SOUNDWATCH HEDGED EQUITY ETF** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $668416 | $977774  |
| &nbsp;&nbsp;&nbsp; Net realized loss | (6866311) | (6348312)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation | 25473911 | 35181413  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from operations** | 19276016 | 29810875  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (914169) | (1450331)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (914169) | (1450331)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 6618327 | 10404562  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (1557815) | (683080)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees | 44 | —  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from capital transactions** | 5060556 | 9721482  |
| **Net increase in net assets** | 23422403 | 38082026  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 143683838 | 105601812  |
| &nbsp;&nbsp;&nbsp; End of the year | $167106241 | $143683838  |
| **SHARES TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 225000 | 400000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (50000) | (25000)  |
| &nbsp;&nbsp;&nbsp; **Total increase in shares outstanding** | 175000 | 375000 |

---

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

5<br>

------

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

**Soundwatch Hedged Equity ETF** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $28.60 | $22.72 | $21.00 | $23.77 | $19.13  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(1)</sup> | 0.13 | 0.20 | 0.30 | 0.15 | 0.14  |
|  Net realized and unrealized gain (loss) on investments | 3.60 | 5.98 | 1.61 | (2.79) | 4.69  |
| **Total from investment operations** | 3.73 | 6.18 | 1.91 | (2.64) | 4.83  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.18) | (0.30) | (0.19) | (0.13) | (0.19)  |
| **Total distributions** | (0.18) | (0.30) | (0.19) | (0.13) | (0.19)  |
| ETF transaction fees per share | 0.00<sup>(2)</sup> | 0.00<sup>(2)</sup> | 0.00<sup>(2)</sup> |  | —  |
| **Net asset value, end of year** | $32.15 | $28.60 | $22.72 | $21.00 | $23.77  |
| Total return<sup>(3)</sup> |  |  |  |  |  |
| Net asset value<sup>(4)</sup> | 13.07% | 27.47% | 9.15% | (11.18)% | 25.44%  |
| Market value<sup>(5)</sup> | 12.87% | 27.66% | 9.20% | (11.13)%<sup>(6)</sup> |  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $167106 | $143684 | $105602 | $95527 | $105649  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursement/<br>recoupment<sup>(7)(8)</sup> | 0.98% | 0.82% | 0.60% | 1.07% | 1.06%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursement/<br>recoupment<sup>(7)(8)</sup> | 0.88% | 0.72% | 0.50% | 0.71% | 0.72%  |
|  Ratio of net investment income to average net assets<sup>(9)</sup> | 0.44% | 0.76% | 1.34% | 0.69% | 0.64%  |
| Portfolio turnover rate | 1% | 0% | 3% | 25% | 2% |

---

<sup>(1)</sup> Computed using the average shares method

<sup>(2)</sup> Less than $0.01.

<sup>(3)</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.

<sup>(4)</sup> Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period at net asset value.

<sup>(5)</sup> Market value total return is calculated assuming an initial investment made at market value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period at market value. Market value

returns may vary from net asset value returns.

<sup>(6)</sup> Effective October 24, 2022, the Fund converted from a Mutual Fund to an ETF pursuant to an Agreement and Plan of Reorganization. See Note 1 in the Notes to Financial Statements for additional information about the Reorganization. Due to the reorganization, market value total return for the year ended October 31, 2022 was calculated assuming an initial investment made at net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period at market value. The market value total return for the period from October 24, 2022 to October 31, 2023, assuming an initial investment made at market value at the beginning of the period and redemption on the last day of the period at market value, was 1.55%. Market value returns may vary from net asset value returns.

<sup>(7)</sup> Does not include fees and expenses of the Underlying Funds in which the Fund invests.

<sup>(8)</sup> The ratio of expenses to average net assets includes tax, short dividend and/or interest expense. For the the fiscal years ended October 31, 2025, October 31, 2024, October 31, 2023, October 31, 2022 and October 31, 2021 the ratio of expenses to average net assets excluding tax, short dividend and/or interest expense before fees waived by the Advisor was 0.60%, 0.60%, 0.60%, 1.02% and 1.00%, respectively. Excluding tax, short dividend and/or interest expense, the ratio of expenses to average net assets, after fees waived by the Advisor, was 0.50%, 0.50%, 0.50%, 0.66% and 0.66%, respectively.

<sup>(9)</sup> The ratio of net investment income to average net assets includes tax, short dividend and/or interest expense. For the fiscal years ended October 31, 2025, October 31, 2024, October 31, 2023, October 31, 2022 and October 31, 2021 the ratio of net investment income to average net assets excluding tax, short dividend and/or interest expense after fees waived by the Advisor was 0.91%, 0.98%, 1.34%, 0.74% and 0.70%, respectively. 

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

6<br>

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

**SOUNDWATCH HEDGED EQUITY ETF** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025** 

**NOTE 1 – Organization** 

The Soundwatch Hedged Equity ETF (the "Fund) is a diversified series of Advisor Managed Portfolios (the "AMP Trust"). The Trust was organized on February 16, 2023, as a Delaware Statutory Trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act") as an open-end investment management company.

Soundwatch Capital, LLC (the "Advisor") serves as the investment manager to the Fund. The investment objective of the Fund is to provide long-term capital appreciation.

The Fund is the successor to the Soundwatch Hedged Equity ETF (the "Predecessor Fund"), a series of Trust for Advised Portfolios. The Predecessor Fund reorganized into the Fund on September 29, 2023 (the "AMP Reorganization").

&nbsp;&nbsp;&nbsp;&nbsp;• The AMP Reorganization was accomplished by
 a tax-free exchange of shares (with an exception for fractional mutual fund shares) of the Fund for shares of the Predecessor Fund of
 equivalent aggregate net asset value. The Fund adopted the performance history of the Predecessor Fund.

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

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund did not purchase or sell securities
 following the AMP Reorganization for purposes of realigning its investment portfolio. Accordingly, the acquisition of the Predecessor
 Fund did not affect the Fund's portfolio turnover ratios for the year ended October 31, 2023.

Prior to the AMP Reorganization, on October 24, 2022, the Soundwatch Hedged Equity Fund (the "Target Fund") was reorganized for the purpose of continuing the operations of the Target Fund as an ETF (the "ETF Reorganization").

&nbsp;&nbsp;&nbsp;&nbsp;• The ETF Reorganization was accomplished by
 a tax-free exchange of shares (with an exception for fractional mutual fund shares) of the Fund's predecessor fund for shares of
 the Target Fund of equivalent aggregate net asset value.

&nbsp;&nbsp;&nbsp;&nbsp;• Fees and expenses incurred to affect the ETF
 Reorganization were borne by the Advisor. The management fee of the Fund's predecessor fund was lower than the management fee of
 the Target Fund. The ETF Reorganization did not result in a material change to the Target Fund's investment portfolio as compared
 to those of the Fund's Predecessor Fund. There are also no material differences in accounting policies between the funds.

&nbsp;&nbsp;&nbsp;&nbsp;• The Predecessor Fund did not purchase or sell
 securities following the ETF Reorganization for purposes of realigning its investment portfolio. The acquisition did not affect the Predecessor
 Fund's portfolio turnover ratios for the year ended October 31, 2022.

**NOTE 2 – Share Transactions** 

Shares of the Fund are listed and traded on the Cboe BZX Exchange, Inc. ("Cboe" or the "Exchange"). Market prices for the shares may be different from their net asset value ("NAV"). The Fund issues and redeems shares on a continuous basis at NAV only in aggregated lots of 25,000 shares, each lot called a "Creation Unit." Creation Unit transactions are conducted in exchange for the deposit or delivery of a designated basket of in-kind securities and/or cash. Because securities sold short (there are other certain restricted securities that cannot be transacted in-kind where a broker is restricted in the security) are not currently eligible for in-kind transfers, they will be substituted with cash in the purchase or redemption of Creation Units of the Fund. The Fund will not accept (or offer) securities sold short in the creation or redemption of its shares. Except when aggregated in Creation Units, shares of the Fund are not redeemable securities.

Shares of the Fund may only be purchased or redeemed by certain financial institutions ("Authorized Participants"). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System ("Clearing Process") of the National Securities Clearing Corporation ("NSCC") or (ii) a participant in the Depository Trust Company ("DTC") and, in each case, must have executed a Participant

7<br>

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

**SOUNDWATCH HEDGED EQUITY ETF** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

Agreement with the Fund's distributor, Vigilant, LLC (the "Distributor"). Most retail investors will not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem shares directly from the Fund. Rather, most retail investors will purchase shares in the secondary market with the assistance of a broker and will be subject to customary brokerage commissions or fees. Once created, shares generally will trade in the secondary market in amounts less than a Creation Unit and at market prices that change throughout the day.

A standard transaction fee of $300 will be charged by the Fund's custodian in connection with the issuance or redemption of Creation Units. The standard fee will be the same regardless of the number of Creation Units issued or redeemed. In addition, a variable fee of up to 3% of the value of a Creation Unit may be charged by the Fund for cash purchases, non-standard orders, or partial cash purchases, and is designed to cover broker commissions and other transaction costs.

**NOTE 3 – Significant Accounting Policies** 

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") for investment companies. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board Accounting Standards Codification Topic 946.

&nbsp;&nbsp;&nbsp;&nbsp;(A) *Securities Valuation* – All equity securities that are traded on a national securities exchange, except those listed on the NASDAQ Global
 Market<sup>®</sup>, NASDAQ Global Select Market<sup>®</sup> and the NASDAQ Capital Market<sup>®</sup> exchanges (collectively,
 "NASDAQ"), are valued at the last reported sale price on the exchange on which the security is principally traded. Securities
 traded on NASDAQ will be valued at the NASDAQ Official Closing Price ("NOCP").

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. When reliable market quotations are not readily available or a pricing service does not provide a valuation (or provides a valuation that in the judgment of the Advisor does not represent the security's fair value) or when, in the judgment of the Advisor, events have rendered the market value unreliable, a security is fair valued in good faith by the Advisor under procedures approved by the Board.

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

---

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

---

---

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

---

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

8<br>

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

**SOUNDWATCH HEDGED EQUITY ETF** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to fair value the Fund's investments in each category investment type as of October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | $165140430 | $—  | $—  | $165140430  |
| &nbsp;&nbsp;&nbsp; Purchased Options |  | 1599095 |  | 1599095  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 2577926 |  |  | 2577926  |
| **Total** | $167718356 | $1599095 | $— | $169317451  |
| **Liabilities**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(2493225) | $— | $(2493225)  |
| **Total** | $— | $(2493225) | $— | $(2493225) |

---

See the Schedules of Investments and Written Options for further detail of investment classifications.

&nbsp;&nbsp;&nbsp;&nbsp;(B) *Derivatives* – The Fund invests in certain derivatives, as detailed below, to meet its investment objectives.

The Fund's use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Derivatives are subject to a number of risks, such as liquidity risk, interest rate risk, market risk, credit risk and management risk. They also involve the risk of mispricing or improper valuation and the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. The Fund could lose more than the principal amount invested by investing in a derivative instrument. Also, suitable derivative transactions may not be available in all circumstances and there can be no assurance that the Fund will engage in these transactions to reduce exposure to other risks when that would be beneficial.

The Fund may also utilize certain financial instruments and investment techniques for risk management or hedging purposes. There is no assurance that such risk management and hedging strategies will be successful, as such success will depend on, among other factors, the Advisor's ability to predict the future correlation, if any, between the performance of the instruments utilized for hedging purposes and the performance of the investments being hedged.

The following provides more information on specific types of derivatives and activity in the Fund. The use of derivative instruments by the Fund for the year ended October 31, 2025, was related to the use of purchased and written options. The Fund systematically writes (sells) equity index and/or ETF call options, covered calls and option spreads to generate additional income. A portion of the proceeds is used to systematically purchase a series of protective equity index and/or ETF put options or put spreads to reduce the negative impact of stock market declines on long-term performance.

As the seller of an index call option, the Fund receives cash (the "premium") from the purchaser. The purchaser of an index call option has the right to any appreciation in the value of the index over a fixed price (the "exercise price") on a certain date in the future (the "expiration date"). If the purchaser does not exercise the option, the Fund retains the premium. If the purchaser exercises the option, the Fund pays the purchaser the difference between the value of the index and the exercise price of the option. The premium, the exercise price and the value of the index determine the gain or loss realized by the Fund as the seller of the index call option.

The Fund also buys index and/or ETF put options in an attempt to protect the Fund from a significant market decline that may occur over a short period of time. The value of an index and/or ETF put option generally increases as stock prices (and the value of the index) decrease and decreases as those stocks (and the index)

9<br>

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**SOUNDWATCH HEDGED EQUITY ETF** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

increase. A put spread is an option spread strategy that is created when equal number of put options are bought and sold simultaneously. Under certain market conditions, the selling of call options, including covered call options, or option spreads and purchasing of protective put options or put spreads may limit the upside returns of the Fund.

The following table sets forth the Fund's derivative instruments as of October 31, 2025.

**Statement of Assets and Liabilities Location** 

---

| | |
|:---|:---|
| **Risk Exposure Category** | **Investments<sup>(1)</sup>**  |
| Equity | $1599095  |
| &nbsp;&nbsp;&nbsp; **Total** | $1599095 |

---

**Liabilities** 

---

| | |
|:---|:---|
| **Risk Exposure Category** | **Written Options**  |
| Equity | $(2493225)  |
| &nbsp;&nbsp;&nbsp; **Total** | $(2493225) |

---

<sup>(1)</sup> Includes purchased options

The following table sets forth the Fund's realized and unrealized gain (loss), as reflected in the Statement of Operations, by primary risk exposure and by type of derivative contract for the year ended October 31, 2025:

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

---

| | | |
|:---|:---|:---|
| **Risk Exposure Category** | **Investments<sup>(1)</sup>** | **Written Options**  |
| Equity | $(8578637) | &nbsp;&nbsp;&nbsp;&nbsp; $48011  |
| &nbsp;&nbsp;&nbsp; **Total** | $(8578637) | &nbsp;&nbsp;&nbsp;&nbsp; $48011 |

---

**Change in Unrealized Appreciation (Depreciation) on Derivatives** 

---

| | | |
|:---|:---|:---|
| **Risk Exposure Category** | **Investments<sup>(1)</sup>** | **Written Options**  |
| Equity | $(530764) | &nbsp;&nbsp;&nbsp; $(514536)  |
| &nbsp;&nbsp;&nbsp; **Total** | $(530764) | &nbsp;&nbsp;&nbsp; $(514536) |

---

<sup>(1)</sup> Includes purchased options

The Fund had outstanding purchased and written option contracts as listed on the Schedules of Investments and Written Options as of October 31, 2025. For the year ended October 31, 2025, the month-end average number of purchased and written option contracts for the Fund was 305 and (559), respectively. For the year ended October 31, 2025, the month-end average gross notional amount of purchased and written options held by the Fund was $1,612,023 and ($1,738,826), respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(C) *Federal Income Taxes* – The Fund has elected to be taxed as a Regulated Investment Companies ("RIC") under the U.S. Internal
 Revenue Code of 1986, as amended, and intends to maintain this qualification and to distribute substantially all of the 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 are recorded by the Fund.

As of and during the year ended October 31, 2025, the Fund did not have a liability for any unrecognized tax benefits. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax

10<br>

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**SOUNDWATCH HEDGED EQUITY ETF** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

expense in the Statement of Operations. During the year, the Fund did not incur any interest or tax penalties. The Fund's federal and state income tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

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

&nbsp;&nbsp;&nbsp;&nbsp;(E) *Indemnifications* – In the normal course of business, the Fund enters into contracts that contain a variety of representations, which provide
 general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that
 may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;(F) *Use of Estimates* – The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions
 that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial
 statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

&nbsp;&nbsp;&nbsp;&nbsp;(G) *Security Transactions and Investment Income* – The Fund records security transactions based on trade date. Realized gains and losses on sales of
 securities are reported based on identified cost of securities delivered. Dividend income and expense are recognized on the ex-dividend
 date, and interest income and expense are recognized on an accrual basis. Discounts and premiums are amortized over the lives of the respective
 securities using the effective yield method.

&nbsp;&nbsp;&nbsp;&nbsp;(H) *Options Trading* – The Fund maintains an account with Interactive Brokers LLC ("IB") for options trading. The cash balance maintained
 at IB is reported as Deposits at broker for options contracts on the Statement of Assets and Liabilities. Securities pledged as collateral
 for this account are denoted on the Schedule of Investments.

The Fund may earn or pay interest on this account based on the cash balance and value of open option contracts. The Fund earns interest income if the cash balance and value of purchased options exceeds the value of written options and pays interest expense if the value of written options exceeds the cash balance and value of purchased options. For the year ended October 31, 2025, the Fund accrued interest expense totaling $577,582 as indicated on the Statement of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;(I) *Segment Reporting* – The Fund operates as a single segment entity. The Fund's income, expenses, assets, and performance are regularly
 monitored and assessed by the Senior Portfolio Manager, who serves as the Chief Operating Decision Maker (CODM), using the information
 presented in the financial statements and financial highlights.

**NOTE 4 – Investments Management Agreement and Other Related Party Transactions** 

The Trust has an agreement with the Advisor to furnish investment advisory services to the Fund. Effective under the terms of this agreement, the Fund pays the Advisor a monthly fee based on the average daily net assets at an annual rate of 0.60%. Advisory fee is accrued daily and paid monthly. The management fee is a unitary fee, whereby the Advisor has agreed to pay substantially all expenses of the Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services. The Advisor is not responsible for, and the Fund will bear the cost of, (i) interest expense, (ii) taxes, (iii) brokerage expenses and other expenses connected with the execution of portfolio securities transactions, (iv) dividends and expenses associated with securities sold short, (v) non-routine expenses and fees, and (vi) expenses paid by the Trust under any plan adopted pursuant to Rule 12b-1 under the 1940 Act. Prior to the Reorganization, the annual rate of the management fee paid by the Target Fund was 0.66% of the average daily net assets.

11<br>

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

**SOUNDWATCH HEDGED EQUITY ETF** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

The Advisor has contractually agreed to waive 0.10% of its unitary management fee to reduce the unitary management fee to 0.50% (the "Fee Waiver"). The Fee Waiver will remain in effect through at least February 28, 2026, and may be terminated only by the Board. The Fee Waiver is not subject to recoupment by the Advisor. Prior to the Reorganization, the Advisor had contractually agreed to waive a portion or all of its management fees and pay Target Fund expenses (excluding taxes, leverage expense, brokerage commissions, acquired fund fees and expenses, interest expense and dividends paid on short sales or extraordinary expenses) in order to limit the Total Annual Fund Operating Expenses to 0.66% of average daily net assets of the Fund's Institutional Class (the "Expense Cap"). The Expense Cap had previously been lowered from 0.95% to 0.90%, effective November 15, 2018; from 0.90% to 0.85%, effective December 15, 2018; and to the current rate of 0.66%, effective March 1, 2019. Amounts previously waived by the Advisor under the Expense Cap are not subject to recoupment.

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services") serves as the administrator, fund accountant, transfer agent and provides compliance services to the Fund. The officers of the Trust are employees of Fund Services. U.S. Bank, N.A. serves as the Fund's custodian. Vigilant, LLC ("Vigilant"), serves as the Fund's distributor and principal underwriter. For the year ended October 31, 2025, there were no fees incurred by the Fund from the service providers described above as the Advisor bore all such costs.

**NOTE 5 – Purchases and Sales of Securities** 

The cost of purchases and the proceeds from sales of investment securities (excluding in-kind purchases and redemptions and short-term investments) for the year ended October 31, 2025, were as follows:

---

| | |
|:---|:---|
| Purchases | $807793  |
| Sales | $10037579 |

---

The cost of in-kind purchases and the proceeds from in-kind redemptions for the year ended October 31, 2025 were as follows:

---

| | |
|:---|:---|
| In-Kind Purchases | $6539925  |
| In-Kind Sales | $1529489 |

---

**NOTE 6 – Federal Income Tax Information** 

At October 31, 2025, the components of accumulated earnings (deficit) for income tax purposes were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Investments** | **Written** <br>**Options** | **Total**  |
| Cost of Investments | $69711011 | (2438009) | 67273002  |
| Gross Unrealized Appreciation | 100464235 | 753138 | 101217373  |
| Gross Unrealized Depreciation | (857796) | (808353) | (1666149)  |
| Net Unrealized Appreciation (Depreciation) on Investments | 99606439 | (55215) | 99551224  |
| Undistributed ordinary income | 307365 |  | 307365  |
| Undistributed long-term capital gains |  |  | —  |
| Total distributable earnings | 307365 |  | 307365  |
| Other accumulated loss | (27510222) |  | (27510222)  |
| Total distributable earnings | $72403582 | (55215) | 72348367 |

---

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 mark-to-markets.

During the fiscal year ended October 31, 2025, the Fund didn't utilize capital loss carryforward.

12<br>

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

**SOUNDWATCH HEDGED EQUITY ETF** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

At October 31, 2025, the Fund had capital loss carryforwards, which reduce the Fund's taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code, and thus will reduce the amount of distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal tax. Pursuant to the Internal Revenue Code, the character of such capital loss carryforwards is as follows:

---

| | | |
|:---|:---|:---|
| **Not Subject to Expiration**  | **Not Subject to Expiration**  | **Not Subject to Expiration**  |
| **Short-Term** | **Long-Term** | **Total**  |
| $(13813045) | $(14299000) | $(28112045) |

---

The tax character of distributions paid during the fiscal years ended October 31, 2025 and October 31, 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024**  |
| Distributions Paid From:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Ordinary Income | $914169 | $1450331  |
| **Total Distributions Paid** | $914169 | $1450331 |

---

---

| | |
|:---|:---|
| **Distributable Earnings** | **Paid in Capital**  |
| $(998049) | &nbsp;&nbsp; $998049 |

---

**NOTE 7 – Underlying Investments in Other Investment Companies** 

The Fund currently invests a portion of its assets in iShares Core S&P 500 ETF ("IVV"). When the Fund invests in an ETF, it will bear additional expenses based on its pro rata share of the ETF's operating expenses, including its management fees. The risk of owning an ETF generally reflects the risks of owning the underlying securities that the ETF holds as well as the risks associated with the structure and operation of an ETF described above. The Fund also will incur brokerage costs when it purchases ETFs. The shares of an ETF trade on an exchange and may trade below their NAV or at a discount, which may adversely affect the Fund's performance.

The Fund may redeem its investment from IVV at any time if the Advisor determines that it is in the best interest of the Fund and its shareholders to do so. The performance of the Fund may be directly affected by the performance of IVV. The expense ratio of IVV is 0.03% of net assets as reflected in the most current prospectus. The financial statements of IVV, including its portfolio of investments, can be found at the Securities and Exchange Commission's (SEC) website www.sec.gov and should be read in conjunction with the Fund's financial statements. As of October 31, 2025, the percentage of the Fund's net assets invested in IVV was 98.8%.

**NOTE 8 – New Accounting Pronouncement** 

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

**NOTE 9 – Subsequent Events** 

In preparing these financial statements, the Fund has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were available to be issued. The Fund has determined that there were no additional subsequent events that would need to be recognized or disclosed in the Fund's financial statements.

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**Soundwatch Hedged Equity ETF** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Shareholders of Soundwatch Hedged Equity ETF and

Board of Trustees of Advisor Managed Portfolios

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

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, and the schedule of written options, of Soundwatch Hedged Equity ETF, a series of Advisor Managed Portfolios (the "Fund") as of October 31 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31 2025, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

The Fund's financial highlights for the years ended October 31, 2022, and prior, were audited by other auditors whose report dated December 28, 2022, expressed an unqualified opinion on those financial highlights.

<u>Basis for Opinion</u>

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our 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 Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our 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 October 31, 2025, by correspondence with the custodian and broker. 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 investment companies within the Trust since 2023.

![](cc_sign_21.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

December 29, 2025

14<br>

------

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

**Soundwatch Hedged Equity ETF** 

**Additional Information** 

**October 31, 2025 (Unaudited)** 

**Tax Information.** 

For the year ended October 31, 2025, certain dividends paid by the Fund may be subject to a maximum tax rate of 23.6%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was 100.00%. For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the year ended October 31, 2025 was 39.49%.

**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 of Open-End Investment Companies.** 

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

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

Not applicable

15<br>

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

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

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

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

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

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

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

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

Not applicable

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

Not applicable to open-end investment companies.

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

 

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

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

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

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

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

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

Not applicable to open-end investment companies.

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

Not applicable

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) [(1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Filed herewith.](shef-efp20555_ex99code.htm)

(b) &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.](shef-efp20555_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.* Not applicable to open-end investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Change in the registrant's independent public accountant. Provide the information
 called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary
 for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting
 period. Not applicable to open-end investment companies and ETFs.

 

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](she-efp12876_ex99906cert.htm)

**SIGNATURES**

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

---

| | |
|:---|:---|
| Advisor Managed Portfolios | Advisor Managed Portfolios |
| By | /s/ Russell B. Simon |
|  | *Russell B. Simon, President/Principal Executive Officer* |
| Date | 1/7/2026 |

---

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 | 1/7/2026 |

---

---

| | |
|:---|:---|
| By | /s/ Eric T. McCormick |
|  | *Eric T. McCormick*, Treasurer/Principal Financial Officer |
| Date | 1/7/2026 |

---

## Ex-99.Codeeth

**EX.99.CODE ETH**

Column A - Policies and Procedures

**ADVISOR MANAGED PORTFOLIOS**

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

I. Introduction/Covered Persons<br>

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

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

II. Code of Ethics Requirements<br>

This Code of Ethics requires each Covered Person to:

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

III. Conflicts of Interest<br>

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

IV. Accurate, Complete, Timely and Understandable Information<br>

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

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

V. Waivers<br>

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

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

Column A - Policies and Procedures

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

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

VI. Amendments<br>

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

VII. Violations<br>

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

VIII. Disclosure<br>

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

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

Column A - Policies and Procedures

IX. Acknowledgement<br>

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

X. Confidentiality<br>

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

XI. Internal Use<br>

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: | 1/7/2026 | /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.

(c) ---

| | | |
|:---|:---|:---|
| Date: | 1/7/2026 | /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 October 31, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Advisor Managed Portfolios for the stated period.

---

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

---

Dated: <u>1/7/2026</u> Dated: <u>1/7/2026</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.