# EDGAR Filing Document

**Accession Number:** 0001970751
**File Stem:** 0001133228-25-009534
**Filing Date:** 2025-9
**Character Count:** 49256
**Document Hash:** b98234510f5e741d6703b41760b2cf39
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-009534.hdr.sgml**: 20250905

**ACCESSION NUMBER**: 0001133228-25-009534

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250905

**DATE AS OF CHANGE**: 20250905

**EFFECTIVENESS DATE**: 20250905

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23859
- **FILM NUMBER:** 251296975

**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

### Trenchless Fund ETF (Series ID: S000084161)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000248434 | Trenchless Fund ETF | RVER            |

?xml version='1.0' encoding='ASCII'? 2025-07-03197331_TrenchlessFundETF_TF_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

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

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

(Exact name of registrant as specified in charter)

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

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

(Address of principal executive offices) (Zip code)

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

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

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

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

(Name and address of agent for service)

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

Registrant's telephone number, including area code

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

Date of reporting period: **<u>June 30, 2025</u>**

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

(a) ---

| | | |
|:---|:---|:---|
| ![image](img97873_202408122128884.jpg) | **Trenchless Fund ETF**  | ![image](img63748_202407151831254.jpg) |
| ![image](img97873_202408122128884.jpg) | RVER (Principal U.S. Listing Exchange: NYSE) | ![image](img63748_202407151831254.jpg) |
| ![image](img97873_202408122128884.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img63748_202407151831254.jpg) |

---

This semi-annual shareholder report contains important information about the Trenchless Fund ETF for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.river1.us/rver. You can also request this information by contacting us at 1-800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE PERIOD?** (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** **\*** |
| Trenchless Fund ETF | $33 | 0.65% |

---

\* Annualized

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

---

| | |
|:---|:---|
| **Net Assets** | $86725777 |
| **Number of Holdings** | 19 |
| **Portfolio Turnover** | 126% |

---

Visit https://www.river1.us/rver for more recent performance information.

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

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Communications  | 31.2% |
|  Consumer Discretionary  | 20.9% |
|  Technology  | 18.6% |
|  Health Care  | 10.4% |
|  Energy  | 4.3% |
|  Industrials  | 3.7% |
|  Financials  | 1.8% |
|  Cash & Other  | 9.1% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Alphabet, Inc.  | 12.5% |
|  Lululemon Athletica, Inc.  | 7.2% |
|  NVIDIA Corp.  | 6.1% |
|  Maplebear, Inc.  | 6.0% |
|  Novo Nordisk AS  | 5.8% |
|  Pinterest, Inc.  | 5.5% |
|  DraftKings, Inc.  | 4.8% |
|  Eli Lilly & Co.  | 4.6% |
|  LVMH Moet Hennessy Louis Vuitton SE  | 4.5% |
|  Adobe, Inc.  | 4.5% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.river1.us/rver.

**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 Sound Capital Solutions LLC documents not be householded, please contact Sound Capital Solutions LLC at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Sound Capital Solutions LLC or your financial intermediary.

Trenchless Fund ETF PAGE 1 TSR-SAR-00777X546

------

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

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included 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) ![](river1_cover.jpg)

**Trenchless Fund ETF** 

Semi-Annual Financial Statements

June 30, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Schedule of Investments](#tsoi) | [1](#tsoi) |
| [Statement of Assets and Liabilities](#tsal) | [2](#tsal) |
| [Statement of Operations](#tsop) | [3](#tsop) |
| [Statement of Changes in Net Assets](#tscna) | [4](#tscna) |
| [Financial Highlights](#tfihi) | [5](#tfihi) |
| [Notes to Financial Statements](#tnotes) | [6](#tnotes) |
| [Additional Information](#taddinf) | [11](#taddinf) |

---

------

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

**Trenchless Fund ETF** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 90.9%** <br>|  |  |
| **Consumer Discretionary Products - 4.5%** <br>|  |  |
| &nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton <br>SE - ADR | 37333 | $3922205  |
| **Consumer Discretionary Services - 4.8%**<br>|  |  |
| DraftKings, Inc. - Class A<sup>(a)</sup> | 97554 | 4184091  |
| **Financial Services - 1.8%**<br>|  |  |
| SoFi Technologies, Inc.<sup>(a)</sup> | 86810 | 1580810  |
| **Health Care - 10.4%**<br>|  |  |
| Eli Lilly & Co. | 5144 | 4009902  |
| Novo Nordisk AS - ADR | 72916 | 5032663  |
|  |  | 9042565  |
| **Industrial Products - 3.7%**<br>|  |  |
| Caterpillar, Inc. | 8232 | 3195745  |
| **Media - 31.2%<sup>(b)</sup>** <br>|  |  |
| Alphabet, Inc. - Class A | 61363 | 10814001  |
| Fox Corp. - Class A | 46328 | 2596221  |
| Lyft, Inc. - Class A<sup>(a)</sup> | 234609 | 3697438  |
| Maplebear, Inc.<sup>(a)</sup> | 114548 | 5182152  |
| Pinterest, Inc. - Class A<sup>(a)</sup> | 133050 | 4771173  |
|  |  | 27060985  |
| **Renewable Energy - 4.3%**<br>|  |  |
| Enphase Energy, Inc.<sup>(a)</sup> | 93342 | 3701010  |
| **Retail & Wholesale - Discretionary - 11.6%** | **Retail & Wholesale - Discretionary - 11.6%** |  |
| Amazon.com, Inc.<sup>(a)</sup> | 17118 | 3755518  |
| Lululemon Athletica, Inc.<sup>(a)</sup> | 26452 | 6284466  |
|  |  | 10039984  |
| **Software & Tech Services - 4.5%**<br>|  |  |
| Adobe, Inc.<sup>(a)</sup> | 10000 | 3868800  |
| **Tech Hardware & Semiconductors - 14.1%**<br>|  |  |
| Dell Technologies, Inc. - Class C | 28404 | 3482330  |
| NVIDIA Corp. | 33386 | 5274654  |
|  Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 15420 | 3492476  |
|  |  | 12249460  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $72,456,518)** |  | 78845655  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS - 2.3%**<br>|  |  |
| **Money Market Funds - 2.3%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 4.25%<sup>(c)</sup> | 1998600 | $1998600  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $1,998,600)** |  | 1998600  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 93.2%** <br>**(Cost $74,455,118)** |  | $80844255  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 6.8% |  | 5881522  |
| **TOTAL NET ASSETS - 100.0%** |  | $86725777 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

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

<sup>(b)</sup> To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

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

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

1<br>

------

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

**Trenchless Fund ETF** 

**Statement of Assets and Liabilities** 

**June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **ASSETS:**<br>|  |
| Investments, at value | $80844255  |
| Receivable for investments sold | 5879910  |
| Dividend tax reclaims receivable | 15910  |
| Interest receivable | 15324  |
| Dividends receivable | 15095  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 86770494  |
| **LIABILITIES:**<br>|  |
| Payable to advisor | 44717  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 44717  |
| **NET ASSETS** | $86725777  |
| **Net Assets Consists of:**<br>|  |
| Paid-in capital | $78630502  |
| Total distributable earnings | 8095275  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $86725777  |
| Net assets | $86725777  |
| Shares issued and outstanding<sup>(a)</sup> | 2790000  |
| Net asset value per share | $31.08  |
| **Cost:**<br>|  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $74455118 |

---

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

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

2<br>

------

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

**Trenchless Fund ETF** 

**Statement of Operations** 

**For the Period Ended June 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **INVESTMENT INCOME:**<br>|  |
| Dividend income | $299197  |
| Less: Dividend withholding taxes | (28375)  |
| Less: Issuance fees | (3670)  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 267152  |
| **EXPENSES:**<br>|  |
| Investment advisory fee | 236213  |
| &nbsp;&nbsp;&nbsp; Total expenses | 236213  |
| **Net investment income** | 30939  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |
| Net realized gain (loss) from:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments | (205970)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 2412197  |
| Net realized gain | 2206227  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments | 2270366  |
| Net change in unrealized appreciation (depreciation) | 2270366  |
| **Net realized and unrealized gain** | 4476593  |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $4507532 |

---

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

3<br>

------

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

**Trenchless Fund ETF** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Period Ended** <br>**December 31,** <br>**2024<sup>(a)</sup>**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $30939 | $(5153)  |
| &nbsp;&nbsp;&nbsp; Net realized gain | 2206227 | 5412983  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 2270366 | 4118771  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from operations** | 4507532 | 9526601  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 34350764 | 79865885  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (12878442) | (28646563)  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from capital transactions** | 21472322 | 51219322  |
| **Net increase in net assets** | 25979854 | 60745923  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 60745923 | —  |
| &nbsp;&nbsp;&nbsp; End of the period | $86725777 | $60745923  |
| **SHARES TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 1160000 | 3140000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (420000) | (1090000)  |
| &nbsp;&nbsp;&nbsp; **Total increase in shares outstanding** | 740000 | 2050000 |

---

<sup>(a)</sup> Inception date of the Fund was April 2, 2024.

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

4<br>

------

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

**TRENCHLESS FUND ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Period Ended** <br>**December 31,** <br>**2024<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $29.63 | &nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income (loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp; (0.00)<sup>(c)</sup>  |
| Net realized and unrealized gain on investments<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;4.63  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;4.63  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| **Net asset value, end of period** | &nbsp;&nbsp; $31.08 | &nbsp;&nbsp; $29.63  |
| **TOTAL RETURN<sup>(e)</sup>**  | &nbsp;&nbsp; 4.91% | &nbsp;&nbsp; 18.53%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $86726 | &nbsp;&nbsp; $60746  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp; 0.65%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp; 0.09% | &nbsp;&nbsp; (0.01)%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | &nbsp;&nbsp; 126% | &nbsp;&nbsp; 153% |

---

<sup>(a)</sup> Inception date of the Fund was April 2, 2024.

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

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

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

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

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

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

5<br>

------

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

**Trenchless Fund ETF** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)** 

**Note 1 – Organization** 

Trenchless Fund ETF (the "Fund") is a non-diversified series of Advisor Managed Portfolios (the "Trust"). The Trust was organized on February 16, 2023, as a Delaware Statutory Trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act") as an open-end investment management company. Sound Capital Solutions LLC (the "Advisor") serves as the investment manager to the Fund, and River1 Asset Management, LLC ("River1" or the "Sub-Advisor") serves as sub-advisor. The inception date of the Fund was April 2, 2024. The investment objective of the Fund seeks capital appreciation.

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

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

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

**Note 2 – Significant Accounting Policies** 

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) *Securities Valuation* – The valuation of the Fund's investments is performed in accordance with the principles found in Rule 2a-5
 of the 1940 Act. Investments in securities traded on a national securities exchange are valued at the last reported sales price on the
 exchange on which the security is principally traded. Securities traded on the NASDAQ exchanges are valued at the NASDAQ Official Closing
 Price ("NOCP"). Exchange-traded securities for which no sale was reported and NASDAQ securities for which there is no NOCP
 are valued at the mean of the most recent quoted bid and ask prices. Unlisted securities held by the Fund 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. The Board of Trustees of the Trust (the "Board" or the "Trustees") has designated the
 Advisor as the valuation designee of the Fund. In its capacity as valuation designee, the Advisor has adopted procedures and methodologies
 to fair value Fund investments whose market prices are not "readily available" or are deemed to be unreliable.

6<br>

------

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

**Trenchless Fund ETF** 

**Notes to Financial Statements** 

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

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

---

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

---

---

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

---

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments\*** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $78845655 | $— | $— | $78845655  |
| Money Market Funds | 1998600 |  |  | 1998600  |
| **Total Investments** | $80844255 | $— | $— | $80844255 |

---

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

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

Management of the Fund is required to analyze all open tax years, as defined by IRS statute of limitations for all major jurisdictions, including federal tax authorities and certain state authorities. As of and during the period ended June 30, 2025, the Fund did not have a liability for any unrecognized tax benefits. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the

7<br>

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

**Trenchless Fund ETF** 

**Notes to Financial Statements** 

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

Statement of Operations. The Fund has not currently filed any tax returns; generally, tax authorities can examine tax returns filed for the preceding three years. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

&nbsp;&nbsp;&nbsp;&nbsp;(e) *Segment Reporting* – Management has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment
 Disclosures with respect to the financial statements and disclosures and determined there is no material impact for the Fund. The Fund
 operates as a single segment entity. The Fund's income, expenses, assets, and performance are regularly monitored and assessed by
 the Advisor, who serves as the chief operating decision maker, using the information presented in the financial statements and financial
 highlights.

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

The Trust has an agreement with the Advisor to furnish investment advisory services to the Fund. Under the terms of this agreement, the Fund will pay the Advisor a monthly fee based on the Fund's average daily net assets at annual rate of 0.65%. Additionally, the Advisor is responsible for substantially all expenses of the Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services. The Advisor is not responsible for interest charges on any borrowings, dividends, and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, expenses associated with the purchase, sale, or ownership of securities, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses. The Advisor pays any Trust-level expenses allocated to the Fund.

Pursuant to a Sub-Advisory Agreement between the Advisor and the Sub-Advisor (the "Sub-Advisory Agreement"), the Sub-Advisor is responsible for implementing the investment strategy of the Fund subject to the instruction and oversight of the Advisor. The Sub-Advisor is also responsible for trading portfolio securities for the Fund, including selecting broker-dealers to execute purchase and sale transactions. For its services, the Sub-Advisor is paid a fee by the Advisor, which is calculated daily and paid monthly, based on the Fund's average daily net assets. The Sub-Advisor has agreed to assume the Advisor's obligation to pay substantially all expenses of the Fund as described in the paragraph above.

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

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

**Note 4 – Investment Transactions** 

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

---

| | |
|:---|:---|
| Purchases | $89758385  |
| Sales | $87215342 |

---

8<br>

------

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

**Trenchless Fund ETF** 

**Notes to Financial Statements** 

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

Purchases and sales of in-kind transactions associated with creations and redemptions during the period ended June 30, 2025, were as follows:

---

| | |
|:---|:---|
| Purchases In-Kind | $31526385  |
| Sales In-Kind | $12852848 |

---

**Note 5 – Federal Income Tax Information** 

The Fund made no distributions during the periods ended December 31, 2024, or June 30, 2025.

At December 31, 2024, the components of accumulated earnings for income tax purposes were as follows:

---

| | |
|:---|:---|
| Tax Cost of Investments | $56993649  |
| Unrealized Appreciation | 5207042  |
| Unrealized Depreciation | (1479261)  |
| Net Unrealized Appreciation on Investments  | 3727781  |
| Other Accumulated Gain/(Loss)  | (140038)  |
| Total Distributable Earnings | $3587743 |

---

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

GAAP requires that certain components of net assets be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the period ended December 31, 2024, permanent differences in book and tax accounting have been reclassified to capital, and distributable earnings as follows:

---

| | |
|:---|:---|
| **Distributable** <br>**Earnings** | **Paid In Capital**  |
| $(5938858) | $5938858 |

---

The Fund is required, in order to meet certain excise tax requirements, to measure and distribute annually, net capital gains realized during the twelve month period ending October 31. In connection with this requirement, the Fund is permitted, for tax purposes, to defer into its next fiscal year any net capital losses incurred from November 1 through the end of the fiscal year. Late year losses incurred after December 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. As of December 31, 2024, the Fund had no late-year or post-October losses.

At December 31, 2024, 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**  |
| $(140038) | $— | $(140038) |

---

**Note 6 – Indemnifications** 

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

9<br>

------

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

**Trenchless Fund ETF** 

**Notes to Financial Statements** 

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

**Note 7 – Subsequent Events** 

Management has evaluated events and transactions that occurred subsequent to June 30, 2025, through the date the financial statements have been issued and has determined that there were no significant subsequent events that would require adjustment to or additional disclosure in these financial statements.

**Note 8 – Principal Risks** 

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

Non-Diversification Risk. A non-diversified fund under the federal securities laws may hold a significant percentage of its assets in the securities of relatively fewer companies or even one company; therefore, events affecting those companies have a greater impact on the Fund than on a diversified fund.

Market Risk. Financial market risks affect the value of individual instruments in which the Fund invests. When the value of the Fund's investments goes down, your investment in the Fund decreases in value and you could lose money. Factors such as economic growth and market conditions, interest rate levels, and political events affect the markets. Periods of market volatility may occur in response to market events and other economic, political, and global macro factors.

10<br>

------

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

**Trenchless Fund ETF** 

**Additional Information** 

**June 30, 2025 (Unaudited)** 

**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** 

Not applicable.

11<br>

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

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

See Item 7(a).

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

See Item 7(a).

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

See Item 7(a).

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

See Item 7(a).

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

Not applicable to open-end investment companies.

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

 

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

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

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

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

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

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

Not applicable to open-end investment companies.

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

Not applicable

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).* Filed herewith.](t-efp17298_ex99cert.htm)

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

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

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](t-efp17298_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> | <u>Advisor Managed Portfolios</u> |
| By | */s/ Russell B. Simon* |
|  | *Russell B. Simon,* President/Principal Executive Officer |
| Date | 9/04/2025 |

---

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

---

| | |
|:---|:---|
| By | */s/ Russell B. Simon* |
|  | *Russell B. Simon,* President/Principal Executive Officer |
| Date | 9/04/2025 |

---

---

| | |
|:---|:---|
| By | */s/ Eric T. McCormick* |
|  | *Eric T. McCormick,* Treasurer/Principal Financial Officer |
| Date | 9/04/2025 |

---

## 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: | 9/04/2025 | */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: | 9/04/2025 | */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 period ended June 30, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Advisor Managed Portfolios for the stated period.

---

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

---

Dated: <u>9/04/2025</u> Dated: <u>9/04/2025</u>

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