# EDGAR Filing Document

**Accession Number:** 0001970751
**File Stem:** 0001133228-25-009618
**Filing Date:** 2025-9
**Character Count:** 121324
**Document Hash:** 8445df139574a56f38a93046c87331ef
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-009618.hdr.sgml**: 20250908

**ACCESSION NUMBER**: 0001133228-25-009618

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 36

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250908

**DATE AS OF CHANGE**: 20250908

**EFFECTIVENESS DATE**: 20250908

**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:** 251300884

**BUSINESS ADDRESS:**
- **STREET 1:** 615 EAST MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** (626) 914-7385

**MAIL ADDRESS:**
- **STREET 1:** 615 EAST MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

## Series and Classes Contracts Data

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

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

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

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

?xml version='1.0' encoding='ASCII'? 2025-06-26199801_ZevenbergenGrowthFund_InvestorClass_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>June 30</u>**

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

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

(a) ---

| | | |
|:---|:---|:---|
| ![image](img322245_202502041429879.jpg) | **Zevenbergen Growth Fund**  | ![image](img278087_202412302023111.jpg) |
| ![image](img322245_202502041429879.jpg) | Investor Class \| ZVNBX  | ![image](img278087_202412302023111.jpg) |
| ![image](img322245_202502041429879.jpg) | Annual Shareholder Report \| June 30, 2025  | ![image](img278087_202412302023111.jpg) |

---

This annual shareholder report contains important information about the Zevenbergen Growth Fund for the period of July 1, 2024, to June 30, 2025, as well as certain changes to the Fund. You can find additional information about the Fund at https://www.zci.com/growth-summary-prospectus-abbreviated-disclosure/. You can also request this information by contacting us at 1-844-986-2746.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Investor Class | $151 | 1.30% |

---

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

For the 12-month period ended June 30, 2025, the Fund outperformed its benchmark, the Russell 3000<sup>®</sup> Growth Total Return.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Higher-than-benchmark exposure to small and medium capitalized companies and security selection in large capitalized companies contributed to performance during the period. The exposure to small and medium capitalized companies was notable during the second quarter of 2025, as the market sought companies with less exposure to the recent tariff announcements and exhibited strong secular growth trends in an uncertain macro-economic environment.

Positive contributions were led by security selection in the Technology, Industrials, and Health Care Industries. Allocations to Axon Enterprises Inc. and MercadoLibre, Inc. also contributed to performance.

Detractors were led by security selection in the Financials Industry, and in the Energy Industry, as renewable energy projects faced lower subsidies. Allocations to e.l.f. Beauty, Inc. and Trade Desk, Inc. also detracted from performance.

**POSITIONING**

The Fund had several position changes in the top 10 holdings by weight during the period due to market movement, portfolio additions, and portfolio deletions. Weights in Axon Enterprise, Inc., DexCom (new addition) and Spotify Technology increased, while weights in Trade Desk, Inc., First Solar, Inc. (sold out of position) and Amazon.com, Inc., decreased.

Overall, the market capitalization exposure of the portfolio shifted slightly lower, with exposure to large capitalization companies decreasing, and allocations to mid-capitalized companies increasing due to security appreciation and new additions to the portfolio during the period. Exposure to companies economically exposed to semiconductors and media agencies decreased, and exposure to defense and digital services increased.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Axon Enterprise, Inc. |
| ↑ | MercadoLibre, Inc. |
| ↑ | Tesla, Inc. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | e.l.f. Beauty, Inc. |
| ↓ | Trade Desk, Inc. |
| ↓ | Advanced Micro Devices, Inc. |

---

Zevenbergen Growth Fund PAGE 1 TSR-AR-00777X702

------

**PERFORMANCE**

The Fund experienced a positive return for the period, as the Federal Reserve eased monetary policy, a strong labor market supported consumer spend and stable economic growth, and the broadening of Artificial Intelligence use cases began to benefit industries beyond the information technology sector.

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

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

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

![image](ts4652img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(08/31/2015)** |
| **Investor Class (without sales charge)**  | 31.70 | 8.30 | 16.07 |
| **Russell 3000<sup>®</sup>** **Total Return**  | 15.30 | 15.96 | 13.72 |
| **Russell 3000<sup>®</sup>** **Growth Total Return**  | 16.99 | 17.57 | 17.09 |

---

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

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

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

---

| | |
|:---|:---|
| **Net Assets** | $146230927 |
| **Number of Holdings** | 37 |
| **Net Advisory Fee** | $815593 |
| **Portfolio Turnover** | 15% |

---

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

Zevenbergen Growth Fund PAGE 2 TSR-AR-00777X702

------

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

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  NVIDIA Corporation  | 8.8% |
|  Axon Enterprise, Inc.  | 7.7% |
|  MercadoLibre, Inc.  | 7.5% |
|  Tesla, Inc.  | 6.8% |
|  Shopify, Inc.  | 6.0% |
|  Meta Platforms, Inc.  | 5.1% |
|  Amazon.com, Inc.  | 4.5% |
|  Netflix, Inc.  | 4.1% |
|  The Trade Desk, Inc.  | 3.8% |
|  Uber Technologies, Inc.  | 3.8% |

---

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

![image](ts4652img004.jpg)

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

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Zevenbergen Capital Investments LLC documents not be householded, please contact Zevenbergen Capital Investments LLC at 1-844-986-2746, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Zevenbergen Capital Investments LLC or your financial intermediary.

Zevenbergen Growth Fund PAGE 3 TSR-AR-00777X702

1000090501227016330190102905042767184782644732865432821000010691126701454315849168842434020965249393070635403100001053012712155681721920997300232408630493403164716439.537.610.19.11.81.60.3 ------

---

| | | |
|:---|:---|:---|
| ![image](img322245_202502041429879.jpg) | **Zevenbergen Growth Fund**  | ![image](img278087_202412302023111.jpg) |
| ![image](img322245_202502041429879.jpg) | Institutional Class \| ZVNIX  | ![image](img278087_202412302023111.jpg) |
| ![image](img322245_202502041429879.jpg) | Annual Shareholder Report \| June 30, 2025  | ![image](img278087_202412302023111.jpg) |

---

This annual shareholder report contains important information about the Zevenbergen Growth Fund for the period of July 1, 2024, to June 30, 2025, as well as certain changes to the Fund. You can find additional information about the Fund at https://www.zci.com/growth-summary-prospectus-abbreviated-disclosure/. You can also request this information by contacting us at 1-844-986-2746.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional Class | $116 | 1.00% |

---

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

For the 12-month period ended June 30, 2025, the Fund outperformed its benchmark, the Russell 3000<sup>®</sup> Growth Total Return.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Higher-than-benchmark exposure to small and medium capitalized companies and security selection in large capitalized companies contributed to performance during the period. The exposure to small and medium capitalized companies was notable during the second quarter of 2025, as the market sought companies with less exposure to the recent tariff announcements and exhibited strong secular growth trends in an uncertain macro-economic environment.

Positive contributions were led by security selection in the Technology, Industrials, and Health Care Industries. Allocations to Axon Enterprises Inc. and MercadoLibre, Inc. also contributed to performance.

Detractors were led by security selection in the Financials Industry, and in the Energy Industry, as renewable energy projects faced lower subsidies. Allocations to e.l.f. Beauty, Inc. and Trade Desk, Inc. also detracted from performance.

**POSITIONING**

The Fund had several position changes in the top 10 holdings by weight during the period due to market movement, portfolio additions, and portfolio deletions. Weights in Axon Enterprise, Inc., DexCom (new addition) and Spotify Technology increased, while weights in Trade Desk, Inc., First Solar, Inc. (sold out of position) and Amazon.com, Inc., decreased.

Overall, the market capitalization exposure of the portfolio shifted slightly lower, with exposure to large capitalization companies decreasing, and allocations to mid-capitalized companies increasing due to security appreciation and new additions to the portfolio during the period. Exposure to companies economically exposed to semiconductors and media agencies decreased, and exposure to defense and digital services increased.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Axon Enterprise, Inc. |
| ↑ | MercadoLibre, Inc. |
| ↑ | Tesla, Inc. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | e.l.f. Beauty, Inc. |
| ↓ | Trade Desk, Inc. |
| ↓ | Advanced Micro Devices, Inc. |

---

Zevenbergen Growth Fund PAGE 1 TSR-AR-00777X801

------

**PERFORMANCE**

The Fund experienced a positive return for the period, as the Federal Reserve eased monetary policy, a strong labor market supported consumer spend and stable economic growth, and the broadening of Artificial Intelligence use cases began to benefit industries beyond the information technology sector.

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

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

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

![image](ts4643img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(08/31/2015)** |
| **Institutional Class (without sales charge)**  | 32.08 | 8.62 | 16.39 |
| **Russell 3000<sup>®</sup>** **Total Return**  | 15.30 | 15.96 | 13.72 |
| **Russell 3000<sup>®</sup>** **Growth Total Return**  | 16.99 | 17.57 | 17.09 |

---

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

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

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

---

| | |
|:---|:---|
| **Net Assets** | $146230927 |
| **Number of Holdings** | 37 |
| **Net Advisory Fee** | $815593 |
| **Portfolio Turnover** | 15% |

---

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

Zevenbergen Growth Fund PAGE 2 TSR-AR-00777X801

------

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

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  NVIDIA Corporation  | 8.8% |
|  Axon Enterprise, Inc.  | 7.7% |
|  MercadoLibre, Inc.  | 7.5% |
|  Tesla, Inc.  | 6.8% |
|  Shopify, Inc.  | 6.0% |
|  Meta Platforms, Inc.  | 5.1% |
|  Amazon.com, Inc.  | 4.5% |
|  Netflix, Inc.  | 4.1% |
|  The Trade Desk, Inc.  | 3.8% |
|  Uber Technologies, Inc.  | 3.8% |

---

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

![image](ts4643img004.jpg)

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

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Zevenbergen Capital Investments LLC documents not be householded, please contact Zevenbergen Capital Investments LLC at 1-844-986-2746, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Zevenbergen Capital Investments LLC or your financial intermediary.

Zevenbergen Growth Fund PAGE 3 TSR-AR-00777X801

1000090701233016450191902941043417188192700933670444711000010691126701454315849168842434020965249393070635403100001053012712155681721920997300232408630493403164716439.537.610.19.11.81.60.3 ------

---

| | | |
|:---|:---|:---|
| ![image](img322244_202502041427619.jpg) | **Zevenbergen Genea Fund**  | ![image](img278087_202412302023111.jpg) |
| ![image](img322244_202502041427619.jpg) | Investor Class \| ZVGNX  | ![image](img278087_202412302023111.jpg) |
| ![image](img322244_202502041427619.jpg) | Annual Shareholder Report \| June 30, 2025  | ![image](img278087_202412302023111.jpg) |

---

This annual shareholder report contains important information about the Zevenbergen Genea Fund for the period of July 1, 2024, to June 30, 2025, as well as certain changes to the Fund. You can find additional information about the Fund at https://www.zci.com/genea-summary-prospectus-abbreviated-disclosure/. You can also request this information by contacting us at 1-844-986-2746.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Investor Class | $157 | 1.30% |

---

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

For the 12-month period ended June 30, 2025, the Fund outperformed its benchmark, the Russell 3000<sup>®</sup> Growth Total Return.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Higher-than-benchmark exposure to small and medium capitalized companies and security selection in large capitalized companies contributed to performance during the period. The exposure to small and medium capitalized companies was notable during the second quarter of 2025, as the market sought companies with less exposure to the recent tariff announcements and exhibited strong secular growth trends in an uncertain macro-economic environment.

Positive contributions were led by security selection in the Technology and Industrials Industries and relative underweight to the Healthcare Industry. Allocations to Axon Enterprises Inc. and Tesla, Inc. also contributed to performance.

Detractors were led by security selection in the Energy Industry, as renewable energy projects faced lower subsidies, and an underweight to the Financials Industry, which benefitted from higher net interest rate margins. Allocations to ASML Holdings NV and MongoDB Inc., also detracted from performance.

**POSITIONING**

The Fund had several position changes in the top 10 holdings by weight during the period due to market movement, portfolio additions, and portfolio deletions. Weights in Axon Enterprise, Inc., Pinterest, Inc. (new addition) and Spotify Technology increased, while weights in Amazon.com, Inc., Trade Desk, Inc. and MongoDB, Inc. (sold out of position) decreased.

Overall, the market capitalization exposure of the portfolio shifted lower, with exposure to large capitalization companies decreasing, and allocations to mid- and small-capitalized companies increasing due to security appreciation and new additions to the portfolio during the period. Exposure to companies economically exposed to retailing and media agencies decreased, and exposure to defense and digital services increased.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Axon Enterprise, Inc. |
| ↑ | Tesla, Inc. |
| ↑ | MercadoLibre, Inc. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | ASML Holding NV |
| ↓ | MongoDB, Inc. |
| ↓ | Advanced Micro Devices, Inc. |

---

Zevenbergen Genea Fund PAGE 1 TSR-AR-00777X884

------

**PERFORMANCE**

The Fund experienced a positive return for the period, as the Federal Reserve eased monetary policy, a strong labor market supported consumer spend and stable economic growth, and the broadening of Artificial Intelligence use cases began to benefit industries beyond the information technology sector.

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

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

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

![image](ts4634img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(08/31/2015)** |
| **Investor Class (without sales charge)**  | 41.61 | 11.12 | 19.29 |
| **Russell 3000<sup>®</sup>** **Total Return**  | 15.30 | 15.96 | 13.72 |
| **Russell 3000<sup>®</sup>** **Growth Total Return**  | 16.99 | 17.57 | 17.09 |

---

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

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

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

---

| | |
|:---|:---|
| **Net Assets** | $77197609 |
| **Number of Holdings** | 28 |
| **Net Advisory Fee** | $324362 |
| **Portfolio Turnover** | 12% |

---

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

Zevenbergen Genea Fund PAGE 2 TSR-AR-00777X884

------

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

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  NVIDIA Corporation  | 9.5% |
|  Axon Enterprise, Inc.  | 8.5% |
|  Tesla, Inc.  | 8.1% |
|  MercadoLibre, Inc.  | 8.0% |
|  Shopify, Inc.  | 7.1% |
|  Netflix, Inc.  | 5.0% |
|  The Trade Desk, Inc.  | 4.7% |
|  Amazon.com, Inc.  | 4.6% |
|  Snowflake Inc.  | 4.4% |
|  Spotify Technology S.A.  | 4.3% |

---

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

![image](ts4634img004.jpg)

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

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Zevenbergen Capital Investments LLC documents not be householded, please contact Zevenbergen Capital Investments LLC at 1-844-986-2746, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Zevenbergen Capital Investments LLC or your financial intermediary.

Zevenbergen Genea Fund PAGE 3 TSR-AR-00777X884

1000094001420020770231953344256607234363328240016566671000010691126701454315849168842434020965249393070635403100001053012712155681721920997300232408630493403164716443.541.611.92.80.2 ------

---

| | | |
|:---|:---|:---|
| ![image](img322244_202502041427619.jpg) | **Zevenbergen Genea Fund**  | ![image](img278087_202412302023111.jpg) |
| ![image](img322244_202502041427619.jpg) | Institutional Class \| ZVGIX  | ![image](img278087_202412302023111.jpg) |
| ![image](img322244_202502041427619.jpg) | Annual Shareholder Report \| June 30, 2025  | ![image](img278087_202412302023111.jpg) |

---

This annual shareholder report contains important information about the Zevenbergen Genea Fund for the period of July 1, 2024, to June 30, 2025, as well as certain changes to the Fund. You can find additional information about the Fund at https://www.zci.com/genea-summary-prospectus-abbreviated-disclosure/. You can also request this information by contacting us at 1-844-986-2746.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Institutional Class | $121 | 1.00% |

---

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

For the 12-month period ended June 30, 2025, the Fund outperformed its benchmark, the Russell 3000<sup>®</sup> Growth Total Return.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Higher-than-benchmark exposure to small and medium capitalized companies and security selection in large capitalized companies contributed to performance during the period. The exposure to small and medium capitalized companies was notable during the second quarter of 2025, as the market sought companies with less exposure to the recent tariff announcements and exhibited strong secular growth trends in an uncertain macro-economic environment.

Positive contributions were led by security selection in the Technology and Industrials Industries and relative underweight to the Healthcare Industry. Allocations to Axon Enterprises Inc. and Tesla, Inc. also contributed to performance.

Detractors were led by security selection in the Energy Industry, as renewable energy projects faced lower subsidies, and an underweight to the Financials Industry, which benefitted from higher net interest rate margins. Allocations to ASML Holdings NV and MongoDB Inc., also detracted from performance.

**POSITIONING**

The Fund had several position changes in the top 10 holdings by weight during the period due to market movement, portfolio additions, and portfolio deletions. Weights in Axon Enterprise, Inc., Pinterest, Inc. (new addition) and Spotify Technology increased, while weights in Amazon.com, Inc., Trade Desk, Inc. and MongoDB, Inc. (sold out of position) decreased.

Overall, the market capitalization exposure of the portfolio shifted lower, with exposure to large capitalization companies decreasing, and allocations to mid- and small-capitalized companies increasing due to security appreciation and new additions to the portfolio during the period. Exposure to companies economically exposed to retailing and media agencies decreased, and exposure to defense and digital services increased.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Axon Enterprise, Inc. |
| ↑ | Tesla, Inc. |
| ↑ | MercadoLibre, Inc. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | ASML Holding NV |
| ↓ | MongoDB, Inc. |
| ↓ | Advanced Micro Devices, Inc. |

---

Zevenbergen Genea Fund PAGE 1 TSR-AR-00777X876

------

**PERFORMANCE**

The Fund experienced a positive return for the period, as the Federal Reserve eased monetary policy, a strong labor market supported consumer spend and stable economic growth, and the broadening of Artificial Intelligence use cases began to benefit industries beyond the information technology sector.

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

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

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

![image](ts4623img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(08/31/2015)** |
| **Institutional Class (without sales charge)**  | 42.05 | 11.46 | 19.62 |
| **Russell 3000<sup>®</sup>** **Total Return**  | 15.30 | 15.96 | 13.72 |
| **Russell 3000<sup>®</sup>** **Growth Total Return**  | 16.99 | 17.57 | 17.09 |

---

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

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

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

---

| | |
|:---|:---|
| **Net Assets** | $77197609 |
| **Number of Holdings** | 28 |
| **Net Advisory Fee** | $324362 |
| **Portfolio Turnover** | 12% |

---

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

Zevenbergen Genea Fund PAGE 2 TSR-AR-00777X876

------

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

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  NVIDIA Corporation  | 9.5% |
|  Axon Enterprise, Inc.  | 8.5% |
|  Tesla, Inc.  | 8.1% |
|  MercadoLibre, Inc.  | 8.0% |
|  Shopify, Inc.  | 7.1% |
|  Netflix, Inc.  | 5.0% |
|  The Trade Desk, Inc.  | 4.7% |
|  Amazon.com, Inc.  | 4.6% |
|  Snowflake Inc.  | 4.4% |
|  Spotify Technology S.A.  | 4.3% |

---

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

![image](ts4623img004.jpg)

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

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Zevenbergen Capital Investments LLC documents not be householded, please contact Zevenbergen Capital Investments LLC at 1-844-986-2746, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Zevenbergen Capital Investments LLC or your financial intermediary.

Zevenbergen Genea Fund PAGE 3 TSR-AR-00777X876

1000094101430020930234153383357449238573398340979582111000010691126701454315849168842434020965249393070635403100001053012712155681721920997300232408630493403164716443.541.611.92.80.2 ------

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;**(1)** *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/directors 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. "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.

**Zevenbergen Growth Fund**

---

| | | |
|:---|:---|:---|
| | FYE 06/30/2025 | FYE 06/30/2024 |
| (a) Audit Fees | $15900 | $15900 |
| (b) Audit-Related Fees |  |  |
| (c) Tax Fees | $3000 | $3000 |
| (d) All Other Fees |  |  |

---

**Zevenbergen Genea Fund**

---

| | | |
|:---|:---|:---|
| | FYE 06/30/2025 | FYE 06/30/2024 |
| (a) Audit Fees | $15900 | $15900 |
| (b) Audit-Related Fees |  |  |
| (c) Tax Fees | $3000 | $3000 |
| (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 the principal accountant applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

**Zevenbergen Growth Fund**

---

| | | |
|:---|:---|:---|
| | FYE 06/30/2025 | FYE 06/30/2024 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

**Zevenbergen Genea Fund**

---

| | | |
|:---|:---|:---|
| | FYE 06/30/2025 | FYE 06/30/2024 |
| 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.

**Zevenbergen Growth Fund**

<u>Non-Audit Related Fees</u> <u>FYE 06/30/2025</u> <u>FYE 06/30/2024</u> <br> Registrant N/A N/A <br> <u>Registrant's Investment Adviser</u> <u>N/A</u> <u>N/A</u>

**Zevenbergen Genea Fund**

<u>Non-Audit Related Fees</u> <u>FYE 06/30/2025</u> <u>FYE 06/30/2024</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/directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

(i) Not applicable

(j) Not applicable

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

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

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

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

**ZEVENBERGEN GROWTH FUND** 

**INVESTOR CLASS (ZVNBX)** 

**INSTITUTIONAL CLASS (ZVNIX)** 

**ZEVENBERGEN GENEA FUND** 

**INVESTOR CLASS (ZVGNX)** 

**INSTITUTIONAL CLASS (ZVGIX)** 

Annual Financial Statements

June 30, 2025

------

---

| | |
|:---|:---|
| **What's Inside**  | **What's Inside**  |
| [Schedule of Investments](#sai_096)<br>|  |
| &nbsp;&nbsp;&nbsp; [Zevenbergen Growth Fund](#soi1) | [1](#soi1) |
| &nbsp;&nbsp;&nbsp; [Zevenbergen Genea Fund](#soi2) | [2](#soi2) |
| [Statement of Assets and Liabilities](#sai_097)<br>|  |
| &nbsp;&nbsp;&nbsp; [Zevenbergen Growth Fund](#sal1) | [3](#sal1) |
| &nbsp;&nbsp;&nbsp; [Zevenbergen Genea Fund](#sal2) | [4](#sal2) |
| [Statement of Operations](#sai_098) |  |
| &nbsp;&nbsp;&nbsp; [Zevenbergen Growth Fund](#sop1) | [5](#sop1) |
| &nbsp;&nbsp;&nbsp; [Zevenbergen Genea Fund](#sop2) | [6](#sop2) |
| [Statements of Changes in Net Assets](#sai_099) |  |
| &nbsp;&nbsp;&nbsp; [Zevenbergen Growth Fund](#scna1) | [7](#scna1) |
| &nbsp;&nbsp;&nbsp; [Zevenbergen Genea Fund](#scna2) | [8](#scna2) |
| [Financial Highlights](#sai_100) |  |
| &nbsp;&nbsp;&nbsp; [Zevenbergen Growth Fund](#fihi1) | [9](#fihi1) |
| &nbsp;&nbsp;&nbsp; [Zevenbergen Genea Fund](#fihi2) | [11](#fihi2) |
| [Notes to the Financial Statements](#notes) | [13](#notes) |
| [Report of Independent Registered Public Accounting Firm](#rep1) | [20](#rep1) |
| [Additional Information](#add) | [21](#add) |

---

------

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

Zevenbergen Growth Fund

Schedule of Investments

June 30, 2025

---

| | | |
|:---|:---|:---|
| **Security**<br>| **Shares** | **Value**  |
| **Common Stocks — 99.7%**<br>|  |  |
| **Consumer Discretionary — 39.5%** | **Consumer Discretionary — 39.5%** |  |
| Airbnb, Inc. - Class A<sup>(a)</sup> | 12500 | $1654250  |
| Amazon.com, Inc.<sup>(a)</sup> | 30325 | 6653002  |
| e.l.f. Beauty, Inc.<sup>(a)</sup> | 24390 | 3035092  |
| MercadoLibre, Inc.<sup>(a)</sup> | 4200 | 10977246  |
| Netflix, Inc.<sup>(a)</sup> | 4500 | 6026085  |
|  On Holding AG, Class A - ADR<sup>(a)</sup> | 33500 | 1743675  |
|  Spotify Technology S.A. - ADR<sup>(a)</sup> | 5450 | 4182003  |
| Tesla, Inc.<sup>(a)</sup> | 31450 | 9990407  |
| The Trade Desk, Inc., Class A<sup>(a)</sup> | 77870 | 5605861  |
| Uber Technologies, Inc.<sup>(a)</sup> | 58960 | 5500968  |
| Wingstop Inc. | 7050 | 2374017  |
| **Total Consumer Discretionary** |  | 57742606  |
| **Financials — 1.6%**<br>|  |  |
|  Ares Management Corporation. - Class A | 5550 | 961260  |
|  Clearwater Analytics Holdings, Inc. - Class A<sup>(a)</sup> | 65250 | 1430932  |
| **Total Financials** |  | 2392192  |
| **Health Care — 9.1%**<br>|  |  |
| DexCom, Inc.<sup>(a)</sup> | 32500 | 2836925  |
| Exact Sciences Corporation<sup>(a)</sup> | 54900 | 2917386  |
| Natera, Inc.<sup>(a)</sup> | 20300 | 3429482  |
| Repligen Corporation<sup>(a)</sup> | 4000 | 497520  |
| TransMedics Group, Inc.<sup>(a)</sup> | 5450 | 730354  |
| Veeva Systems Inc., Class A<sup>(a)</sup> | 10050 | 2894199  |
| **Total Health Care** |  | 13305866  |
| **Industrials — 10.1%**<br>|  |  |
| Axon Enterprise, Inc.<sup>(a)</sup> | 13525 | 11197888  |
| Quanta Services, Inc. | 5400 | 2041632  |
| Rocket Lab Corporation<sup>(a)</sup> | 43850 | 1568515  |
| **Total Industrials** |  | 14808035  |
| **Real Estate — 1.8%**<br>|  |  |
| Zillow Group, Inc., Class C<sup>(a)</sup> | 37450 | 2623373  |
| **Total Real Estate** |  | 2623373  |

---

---

| | | |
|:---|:---|:---|
| **Security**<br>| **Shares** | **Value**  |
| **Technology — 37.6%**<br>|  |  |
|  Advanced Micro Devices, Inc.<sup>(a)</sup> | 18450 | $2618055  |
| Arm Holdings Plc - ADR<sup>(a)</sup> | 10600 | 1714444  |
|  CrowdStrike Holdings, Inc., Class A<sup>(a)</sup> | 9350 | 4762048  |
| CyberArk Software Ltd.<sup>(a)</sup> | 2700 | 1098576  |
| HubSpot, Inc.<sup>(a)</sup> | 2100 | 1168923  |
| Meta Platforms, Inc. | 10150 | 7491614  |
| NVIDIA Corporation | 81100 | 12812989  |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 13900 | 2844496  |
| Samsara Inc. - Class A<sup>(a)</sup> | 33000 | 1312740  |
| ServiceNow, Inc.<sup>(a)</sup> | 4950 | 5088996  |
| Shopify Inc., Class A - ADR<sup>(a)</sup> | 75750 | 8737763  |
| Snowflake Inc., Class A<sup>(a)</sup> | 10900 | 2439093  |
| Toast, Inc., Class A<sup>(a)</sup> | 66250 | 2934212  |
| **Total Technology** |  | 55023949  |
| &nbsp;&nbsp;&nbsp; **Total Common Stocks** <br>**(Cost — $54,301,773)** |  | **145896021**  |
| **Short-Term Investments — 0.4%** | **Short-Term Investments — 0.4%** |  |
|  First American U.S. Treasury Money Market Fund - Class Z - 4.10%<sup>(b)</sup> | 517639 | 517639<br>|
| &nbsp;&nbsp;&nbsp; **Total Short-Term Investments** <br>**(Cost — $517,639)** |  | **517639**  |
| &nbsp;&nbsp;&nbsp; **Total Investments — 100.1%** <br>**(Cost — $54,819,412)** |  | **$146413660**  |
|  Liabilities in Excess of Other Assets — (0.1)% |  | (182733)  |
| **Total Net Assets — 100.0%** |  | **$146230927** |

---

ADR - American Depositary Receipt.

PLC - Public Limited Company

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

<sup>(b)</sup> The rate reported is the annualized seven-day yield as of June 30, 2025.

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

1<br>

------

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

Zevenbergen Genea Fund

Schedule of Investments

June 30, 2025

---

| | | |
|:---|:---|:---|
| **Security**<br>| **Shares** | **Value**  |
| **Common Stocks — 99.8%**<br>|  |  |
| **Consumer Discretionary — 43.5%** | **Consumer Discretionary — 43.5%** |  |
| Airbnb, Inc., Class A<sup>(a)</sup> | 6200 | $820508  |
| Amazon.com, Inc.<sup>(a)</sup> | 16300 | 3576057  |
| DraftKings Inc., Class A<sup>(a)</sup> | 45050 | 1932194  |
| MercadoLibre, Inc.<sup>(a)</sup> | 2350 | 6142031  |
| Netflix, Inc.<sup>(a)</sup> | 2900 | 3883477  |
|  Rivian Automotive, Inc., Class A<sup>(a)</sup> | 58075 | 797951  |
|  Spotify Technology S.A. - ADR<sup>(a)</sup> | 4360 | 3345602  |
| Tesla, Inc.<sup>(a)</sup> | 19750 | 6273785  |
| The Trade Desk, Inc., Class A<sup>(a)</sup> | 50260 | 3618217  |
| Uber Technologies, Inc.<sup>(a)</sup> | 34250 | 3195525  |
| **Total Consumer Discretionary** |  | 33585347  |
| **Industrials — 11.9%**<br>|  |  |
| Axon Enterprise, Inc.<sup>(a)</sup> | 7900 | 6540726  |
| Bloom Energy Corp, Class A<sup>(a)</sup> | 20050 | 479596  |
| Rocket Lab Corporation<sup>(a)</sup> | 34425 | 1231382  |
| Symbotic Inc.<sup>(a)</sup> | 25650 | 996503  |
| **Total Industrials** |  | 9248207  |
| **Real Estate — 2.8%**<br>|  |  |
| Zillow Group, Inc., Class C<sup>(a)</sup> | 30850 | 2161043  |
| **Total Real Estate** |  | 2161043  |
| **Technology — 41.6%**<br>|  |  |
| Arm Holdings Plc - ADR<sup>(a)</sup> | 11000 | 1779140  |
|  Credo Technology Group Holding Ltd<sup>(a)</sup> | 19300 | 1786987  |
|  CrowdStrike Holdings, Inc., Class A<sup>(a)</sup> | 4850 | 2470153  |
| CyberArk Software Ltd.<sup>(a)</sup> | 1900 | 773072  |
| Datadog, Inc., Class A<sup>(a)</sup> | 18850 | 2532120  |
| Nebius Group N.V.<sup>(a)</sup> | 10350 | 572666  |
| NVIDIA Corporation | 46650 | 7370234  |
| Pinterest, Inc. - Class A<sup>(a)</sup> | 50400 | 1807344  |
| Samsara Inc. - Class A<sup>(a)</sup> | 29700 | 1181466  |
| Shopify Inc., Class A - ADR<sup>(a)</sup> | 47450 | 5473358  |
| Snowflake Inc., Class A<sup>(a)</sup> | 15350 | 3434869  |
| Toast, Inc., Class A<sup>(a)</sup> | 65950 | 2920925  |
| **Total Technology** |  | 32102334  |
| &nbsp;&nbsp;&nbsp; **Total Common Stocks**<br>**(Cost — $25,566,422)** |  | **77096931**  |

---

---

| | | |
|:---|:---|:---|
| **Security**<br>| **Shares** | **Value**  |
| **Short-Term Investments — 0.5%** | **Short-Term Investments — 0.5%** |  |
|  First American U.S. Treasury Money Market Fund - Class Z - 4.10%<sup>(b)</sup> | 351795 | $351795  |
| &nbsp;&nbsp;&nbsp; **Total Short-Term Investments** <br>**(Cost — $351,795)** |  | **351795**  |
| &nbsp;&nbsp;&nbsp; **Total Investments — 100.3%** <br>**(Cost — $25,918,217)** |  | **77448726**  |
|  Liabilities in Excess of Other Assets — (0.3)% |  | (251117)  |
| **Total Net Assets — 100.0%** |  | **$77197609** |

---

ADR - American Depositary Receipt.

PLC - Public Limited Company

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

<sup>(b)</sup> The rate reported is the annualized seven-day yield as of June 30, 2025.

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

2<br>

------

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

Zevenbergen Growth Fund

Statement of Assets and Liabilities

June 30, 2025

---

| | |
|:---|:---|
| **Assets**<br>|  |
| Investments in securities, at value (cost $54,819,412) | $146413660  |
| Dividend and interest receivable | 2762  |
| Receivable for fund shares sold | 3518  |
| Receivable for investments sold  | 260613  |
| Prepaid expenses | 7857  |
| &nbsp;&nbsp;&nbsp; **Total Assets** | **146688410**  |
| **Liabilities**<br>|  |
| Payable for fund shares redeemed | 13520  |
| Payable to Advisor | 199139  |
| Shareholder service fees | 103774  |
| Distribution fees - Investor Class | 11910  |
| Accrued other expenses and other liabilities | 129140  |
| &nbsp;&nbsp;&nbsp; **Total Liabilities** | **457483**  |
| **Net Assets** | $146230927  |
| **Components of Net Assets**<br>|  |
| Paid-in capital | $63797279  |
| Total distributable earnings | 82433648  |
| &nbsp;&nbsp;&nbsp; **Net Assets** | **$146230927**  |
| **Investor Class:**<br>|  |
| Net assets | $22799268  |
| Shares outstanding (unlimited number of shares authorized, no par value) | 537449  |
| **Net Asset Value, Offering and Redemption Price Per Share\***<br>| **$42.42**  |
| **Institutional Class:**<br>|  |
| Net assets | $123431659  |
| Shares outstanding (unlimited number of shares authorized, no par value) | 2830747  |
| **Net Asset Value, Offering and Redemption Price Per Share\*** | **$43.60** |

---

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

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

3<br>

------

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

Zevenbergen Genea Fund

Statement of Assets and Liabilities

June 30, 2025

---

| | |
|:---|:---|
| **Assets**<br>|  |
| Investments in securities, at value (cost $25,918,217) | $77448726  |
| Receivable for fund shares sold | 13315  |
| Receivable for investments sold | 423681  |
| Dividends and interest receivable | 1421  |
| Prepaid expenses | 8128  |
| &nbsp;&nbsp;&nbsp; **Total Assets** | **77895271**  |
| **Liabilities**<br>|  |
| Payable for fund shares redeemed | 69937  |
| Payable for securities purchased | 365694  |
| Payable to Advisor | 74974  |
| Shareholder service fees | 34507  |
| Distribution fees - Investor Class | 22587  |
| Accrued other expenses and other liabilities | 129963  |
| &nbsp;&nbsp;&nbsp; **Total Liabilities** | **697662**  |
| **Net Assets** | $77197609  |
| **Components of Net Assets**<br>|  |
| Paid-in capital | $47515571  |
| Total distributable earnings | 29682038  |
| &nbsp;&nbsp;&nbsp; **Net Assets** | **$77197609**  |
| **Investor Class:**<br>|  |
| Net assets | $33761270  |
| Shares outstanding (unlimited number of shares authorized, no par value) | 597918  |
| **Net Asset Value, Offering and Redemption Price Per Share\*** | **$56.46**  |
| **Institutional Class:**<br>|  |
| Net assets | $43436339  |
| Shares outstanding (unlimited number of shares authorized, no par value) | 748897  |
| **Net Asset Value, Offering and Redemption Price Per Share\*** | **$58.00** |

---

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

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

4<br>

------

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

Zevenbergen Growth Fund

Statement of Operations

For the Year Ended June 30, 2025

---

| | |
|:---|:---|
| **Investment Income**<br>|  |
| Dividend income (net of foreign tax of $906) | $41806  |
| Interest income | 37386  |
| &nbsp;&nbsp;&nbsp; **Total Investment Income** | **79192**  |
| **Expenses**<br>|  |
| Advisory fees (Note 3) | 1017489  |
| Administration fees (Note 3) | 136455  |
| Shareholder servicing fees (Note 6) | 136276  |
| Transfer agent fees and expenses (Note 3) | 55178  |
| Distribution fees - Investor Class (Note 7) | 45448  |
| Registration fees | 37882  |
| Legal fees | 23261  |
| Audit fees | 19514  |
| Custody fees (Note 3) | 13878  |
| Trustees' fees (Note 3) | 12763  |
| Compliance fees (Note 3) | 8584  |
| Shareholder reporting fees | 8266  |
| Insurance fees | 5340  |
| Miscellaneous expenses | 7962  |
| &nbsp;&nbsp;&nbsp; **Total Expenses** | **1528296**  |
| Expenses waived by the Advisor (Note 3) | (201896)  |
| **Net Expenses** | **1326400**  |
| **Net Investment Loss** | **(1247208)**  |
| **Realized and Unrealized Gain on Investments**<br>|  |
| Net realized gain on investments | 5273434  |
| Change in unrealized appreciation (depreciation) on investments | 32169465  |
| **Net Realized and Unrealized Gain on Investments** | **37442899**  |
| **Net Increase in Net Assets from Operations** | **$36195691** |

---

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

5<br>

------

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

Zevenbergen Genea Fund

Statement of Operations

For the Year Ended June 30, 2025

---

| | |
|:---|:---|
| **Investment Income**<br>|  |
| Dividend income (net of foreign tax of $604) | $6043  |
| Interest income | 16050  |
| &nbsp;&nbsp;&nbsp; **Total Investment Income** | **22093**  |
| **Expenses**<br>|  |
| Advisory fees (Note 3) | 571892  |
| Administration fees (Note 3) | 113952  |
| Shareholder servicing fees (Note 6) | 87275  |
| Distribution fees - Investor Class (Note 7) | 78946  |
| Transfer agent fees and expenses (Note 3) | 59443  |
| Registration fees | 38729  |
| Legal fees | 26010  |
| Audit fees | 19514  |
| Custody fees (Note 3) | 13896  |
| Trustees' fees (Note 3) | 12998  |
| Compliance fees (Note 3) | 11260  |
| Shareholder reporting fees | 10302  |
| Insurance fees | 5049  |
| Miscellaneous expenses | 7862  |
| &nbsp;&nbsp;&nbsp; **Total Expenses** | **1057128**  |
| Expenses waived by the Advisor (Note 3) | (247530)  |
| **Net Expenses** | **809598**  |
| **Net Investment Loss** | **(787505)**  |
| **Realized and Unrealized Gain on Investments**<br>|  |
| Net realized gain on investments | 13758208  |
| Change in unrealized appreciation (depreciation) on investments | 12018529  |
| **Net Realized and Unrealized Gain on Investments** | **25776737**  |
| **Net Increase in Net Assets from Operations** | **$24989232** |

---

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

6<br>

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

Zevenbergen Growth Fund

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended June 30,**  | **For the Year Ended June 30,**  |
|  | **2025** | **2024**  |
| **Operations**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment loss | $(1247208) | $(1082613)  |
| &nbsp;&nbsp;&nbsp; Net realized gain on investments | 5273434 | 3373282  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments  | 32169465 | 22518064  |
| &nbsp;&nbsp;&nbsp; **Net Increase in Net Assets from Operations** | **36195691** | **24808733**  |
| **Capital Transactions** |  |  |
| Proceeds from shares sold |  |  |
| &nbsp;&nbsp;&nbsp; Investor Class | 7267861 | 1031988  |
| &nbsp;&nbsp;&nbsp; Institutional Class | 9375062 | 10100036  |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp; Investor Class | (3470732) | (3866682)  |
| &nbsp;&nbsp;&nbsp; Institutional Class | (20670031) | (22339318)  |
| Redemption fees |  |  |
| &nbsp;&nbsp;&nbsp; Investor Class | 979 | 344  |
| &nbsp;&nbsp;&nbsp; Institutional Class | 6124 | 2350  |
| &nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets from Capital Share Transactions** | **(7490737)** | **(15071282)**  |
| **Total Increase in Net Assets** | **28704954** | **9737451**  |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 117525973 | 107788522  |
| &nbsp;&nbsp;&nbsp; **End of year** | **$146230927** | **$117525973**  |
| **Capital Shares Transactions** |  |  |
| Investor Class |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 200862 | 38094  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (96820) | (136898)  |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Shares Outstanding** | **104042** | **(98804)**  |
| Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 249020 | 364228  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (555737) | (775946)  |
| &nbsp;&nbsp;&nbsp; **Net Decrease in Shares Outstanding** | **(306717)** | **(411718)** |

---

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

7<br>

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

Zevenbergen Genea Fund

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended June 30,**  | **For the Year Ended June 30,**  |
|  | **2025** | **2024**  |
| **Operations** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment loss | $(787505) | $(890382)  |
| &nbsp;&nbsp;&nbsp; Net realized gain on investments | 13758208 | 8948582  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 12018529 | 6976014  |
| &nbsp;&nbsp;&nbsp; **Net Increase in Net Assets from Operations** | **24989232** | **15034214**  |
| **Capital Transactions** |  |  |
| Proceeds from shares sold |  |  |
| &nbsp;&nbsp;&nbsp; Investor Class | 2717573 | 9964905  |
| &nbsp;&nbsp;&nbsp; Institutional Class | 2210208 | 3758752  |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp; Investor Class | (12131906) | (25667096)  |
| &nbsp;&nbsp;&nbsp; Institutional Class | (11060198) | (13043532)  |
| Redemption fees |  |  |
| &nbsp;&nbsp;&nbsp; Investor Class | 4903 | 9502  |
| &nbsp;&nbsp;&nbsp; Institutional Class | 6224 | 9487  |
| &nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets from Capital Share Transactions** | **(18253196)** | **(24967982)**  |
| **Total Increase (Decrease) in Net Assets** | **6736036** | **(9933768)**  |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 70461573 | 80395341  |
| &nbsp;&nbsp;&nbsp; **End of year** | **$77197609** | **$70461573**  |
| **Capital Shares Transactions** |  |  |
| Investor Class |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 54125 | 281882  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (265880) | (699968)  |
| &nbsp;&nbsp;&nbsp; **Net Decrease in Shares Outstanding** | **(211755)** | **(418086)**  |
| Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 47687 | 106120  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (233930) | (342855)  |
| &nbsp;&nbsp;&nbsp; **Net Decrease in Shares Outstanding** | **(186243)** | **(236735)** |

---

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

8<br>

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

Zevenbergen Growth Fund

Financial Highlights

Investor Class

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

---

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

---

<sup>\*</sup> Less than $0.01 per share

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

<sup>(2)</sup> Portfolio turnover rate is calculated for the Fund without distinguishing between classes.

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

9<br>

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

Zevenbergen Growth Fund

Financial Highlights

Institutional Class

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

---

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

---

<sup>\*</sup> Less than $0.01 per share

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

<sup>(2)</sup> Portfolio turnover rate is calculated for the Fund without distinguishing between classes.

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

10<br>

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Zevenbergen Genea Fund

Financial Highlights

Investor Class

 **For a capital share outstanding throughout each year presented:**<br>

---

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

---

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

<sup>(2)</sup> Portfolio turnover rate is calculated for the Fund without distinguishing between classes

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

11<br>

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

Zevenbergen Genea Fund

Financial Highlights

Institutional Class

 **For a capital share outstanding throughout each year presented:**<br>

---

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

---

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

<sup>(2)</sup> Portfolio turnover rate is calculated for the Fund without distinguishing between classes

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

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

Zevenbergen Funds

Notes to the Financial Statements

June 30, 2025

**Note 1 – ORGANIZATION** 

Zevenbergen Growth Fund (the "Growth Fund") and Zevenbergen Genea Fund (the "Genea Fund"; each a "Fund", and collectively the "Funds") are non-diversified series of Advisor Managed Portfolios (the "Trust"). The Trust was organized on February 16, 2023, as a Delaware Statutory Trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act") as an open-end management investment company. Zevenbergen Capital Investments LLC (the "Advisor") serves as the investment manager to the Funds. The inception date of the Funds was August 31, 2015. The Funds' investment objective is long-term capital appreciation.

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

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

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

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

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

**Note 2 – Significant Accounting Policies** 

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

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

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

Level 1 —

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

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Zevenbergen Funds

Notes to the Financial Statements(Continued)

June 30, 2025

Level 2 —

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

Level 3 —

Significant unobservable inputs, including the Advisor's assumptions in determining fair value of investments.

Equity securities that are traded on a national securities exchange are stated at the last reported sales price on the day of valuation. To the extent these securities are actively traded, and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy. When reliable market quotations are not readily available or a pricing service does not provide a valuation (or provides a valuation that in the judgment of the Advisor does not represent the security's fair value) or when, in the judgment of the Advisor, events have rendered the market value unreliable, a security is fair valued in good faith by the Advisor under procedures approved by the Board of Trustees of the Trust (the "Board"). The Board has adopted specific procedures for valuing portfolio securities and delegated the responsibility of fair valuation determinations to the Advisor, as the Funds' valuation designee in accordance with Rule 2a-5 of the 1940 Act.

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

The following is a summary of the fair values of the Funds' investments in each category investment type as of June 30, 2025:

**Growth Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**  |  |  |  |  |
| **Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $145896021 | $— | $— | $145896021  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 517639 |  |  | 517639  |
| **Total Investments** | **$146413660** | **$—** | **$—** | **$146413660** |

---

**Genea Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**  |  |  |  |  |
| **Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $77096931 | $— | $— | $77096931  |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 351795 |  |  | 351795  |
| **Total Investments** | **$77448726** | **$—** | **$—** | **$77448726** |

---

Please refer to each Fund's Schedule of Investments for further classification.

(b) Concentration and Sector Risks. To the extent the investment strategy invests more heavily in particular industries, groups of industries, or sectors of the economy, its performance will be especially sensitive to developments that significantly affect those industries, groups of industries, or sectors of the economy. As of June 30, 2025, over 25% of each Fund's assets were invested in securities of both the consumer discretionary and technology sectors. Some relevant risks related to the sectors are described below:

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

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

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Zevenbergen Funds

Notes to the Financial Statements(Continued)

June 30, 2025

(c) Security Transactions, Investment Income and Distributions. The Funds record security transactions based on trade date. Realized gains and losses on sales of securities are calculated by comparing the original cost of the specifically identified security lot sold with the net sales proceeds. Dividend income is recognized on the ex-dividend date, and interest income is recognized on an accrual basis. Withholding taxes on foreign dividends have been provided for in accordance with the Trust's understanding of the applicable country's tax rules and rates.

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

Management of the Funds is required to analyze all open tax years, as defined by IRS statute of limitations for all major jurisdictions, including federal tax authorities and certain state tax authorities. As of and during the year ended June 30, 2025, the Funds did not have a liability for any unrecognized tax benefits. Generally, tax authorities can examine tax returns filed for the preceding three years. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

(e) Segment Reporting. 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 Funds. Each Fund operates as a single segment entity. Each Funds' 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 entered into an agreement for the Advisor to furnish investment advisory services to the Funds. Under the terms of this agreement, each Fund pays the Advisor a monthly fee based on each Fund's average daily net assets at the annual rate of 0.80%.

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

---

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

---

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

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

15<br>

------

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

Zevenbergen Funds

Notes to the Financial Statements(Continued)

June 30, 2025

At June 30, 2025, the expenses reimbursed to the Funds and contractual fees waived by the Advisor and subject to potential recapture by period were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fiscal Year Waived/Reimbursed** | **Growth Fund** | **Genea Fund** | **Expiration**  |
| FYE June 30, 2023 | 218943 | 252257 | June 30, 2026  |
| FYE June 30, 2024 | 245553 | 257990 | June 30, 2027  |
| FYE June 30, 2025 | 201896 | 247530 | June 30, 2028  |
|  | **$666392** | **$757777** |  |

---

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services"), serves as the Funds' administrator, fund accountant, transfer agent, and provides compliance services to the Funds. The officers of the Trust are employees of Fund Services. U.S. Bank serves as the Funds' custodian. For the year ended June 30, 2025, the Funds incurred the following expenses for administration and fund accounting, custody, transfer agent and compliance fees:

---

| | | |
|:---|:---|:---|
|  | **Growth Fund** | **Genea Fund**  |
| Administration | $136455 | $113952  |
| Custody | 13878 | 13896  |
| Transfer Agency | 55178 | 59443  |
| Compliance | 8584 | 11260 |

---

At June 30, 2025, the Funds had payables due to Fund Services and its affiliates for administration and fund accounting, custody, transfer agent and compliance fees in the following amounts:

---

| | | |
|:---|:---|:---|
|  | **Growth Fund** | **Genea Fund**  |
| Administration | $55559 | $46300  |
| Custody | 2721 | 1697  |
| Transfer Agency | 19297 | 25742  |
| Compliance | 4531 | 4489 |

---

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

The Independent Trustees (the Trustees of the Trust who are not "interested persons" of the Trust, as defined under the 1940 Act) were paid $25,761 for their services to the Funds during the year ended June 30, 2025. No compensation is paid directly by the Funds to the officers of the Trust.

**Note 4 – Investment Transactions** 

Purchases and sales of investment securities (excluding short-term investments) for each Fund for the year ended June 30, 2025, were as follows:

---

| | |
|:---|:---|
| **Growth Fund** |  |
| Purchases | $19291137  |
| Sales | $28147315  |
| **Genea Fund** |  |
| Purchases | $8229303  |
| Sales | $26984970 |

---

16<br>

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

Zevenbergen Funds

Notes to the Financial Statements(Continued)

June 30, 2025

**Note 5 – Federal Income Tax Information** 

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

---

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

---

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

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

---

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

---

The Funds paid no distributions for the year ended June 30, 2025 or the year ended June 30, 2024.

The Funds are required, in order to meet certain excise tax requirements, to measure and distribute annually, net capital gains realized during the twelve month period ending October 31. In connection with this requirement, the Funds are permitted, for tax purposes, to defer into their next fiscal year any net capital losses incurred from November 1 through the end of the fiscal year. Late year losses incurred after December 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. At June 30, 2025, the Funds deferred the following losses on a tax basis:

---

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

---

At June 30, 2025, the Funds had capital loss carryforwards, which reduce the Funds' taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code, and thus will reduce the amount of distributions to shareholders which would otherwise be necessary to relieve the Funds of any liability for federal tax. Pursuant to the Internal Revenue Code, the character of such capital loss carryforwards is as follows:

---

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

---

17<br>

------

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

Zevenbergen Funds

Notes to the Financial Statements(Continued)

June 30, 2025

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

---

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

---

**Note 6 – Shareholder Servicing Plan** 

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

---

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

---

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

For the year ended June 30, 2025, class specific Shareholder Servicing fees were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Investor Class** | **Institutional Class**  |
| Growth Fund | $27269 | $109007  |
| Genea Fund | $47367 | $39908 |

---

**Note 7 – Distribution Plan** 

The Trust, on behalf of the Funds, has adopted a Distribution Plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act that allows each Fund to pay distribution fees for the sale and distribution of its Investor Class shares. The Plan provides for the payment of distribution fees at the annual rate of up to 0.25% of average daily net assets of the Investor Class shares. For the year ended June 30, 2025, distribution fees incurred are disclosed on the Statement of Operations.

**Note 8 – Indemnifications** 

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

**Note 9 – Redemption Fees** 

Each Fund charges a 1.00% redemption fee on the redemption of Investor Class and Institutional Class shares held for 90 days or less. This fee (which is paid into the Fund) is imposed in order to help offset the transaction costs and administrative expenses associated with the activities of short-term "market timers" that engage in the frequent purchase and sale of Fund shares. The fee is accounted for as an addition to paid-in capital. Each Fund reserves the right to modify the terms of or terminate the fee at any time. There are limited exceptions to the imposition of the redemption fee. Please refer to Statements of Changes in Net Assets for fees recognized.

**Note 10 – Control Ownership** 

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of the funds creates a presumption of control of the funds under 2(a)(9) of the 1940 Act. As of June 30, 2025, Charles Schwab & Co., Inc. held approximately 56% and Pershing LLC held approximately 39%, in aggregate for the benefit of others, of the outstanding shares of the Growth Fund and Charles Schwab Co., Inc. held approximately 78%, in aggregate for the benefit of others, of the outstanding shares of the Genea Fund.

18<br>

------

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

Zevenbergen Funds

Notes to the Financial Statements(Continued)

June 30, 2025

**Note 11 – Subsequent Events** 

In preparing these financial statements, the Funds have evaluated events and transactions for potential recognition or disclosure through the date the financial statements were available to be issued. Management has determined that there were no subsequent events that would require disclosure in the Funds' financial statements.

19<br>

------

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

Report of Independent Registered Public Accounting Firm

To the Shareholders of Zevenbergen Growth Fund and Zevenbergen Genea Fund and

Board of Trustees of Advisor Managed Portfolios

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

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Zevenbergen Growth Fund and Zevenbergen Genea Fund, each a series in Advisor Managed Portfolios (the "Funds") as of June 30, 2025, the related statements 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 each of the Funds as of June 30, 2025, the results of their 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 Funds' financial highlights for the years ended June 30, 2022, and prior, were audited by other auditors whose report dated August 26, 2022, expressed an unqualified opinion on those financial highlights.

<u>Basis for Opinion</u>

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of June 30, 2025, by correspondence with the custodian and brokers. 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.

![](cohensign4.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

August 28, 2025

20<br>

------

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

Zevenbergen Funds

Additional Information

June 30, 2025 (Unaudited)

**Quarterly Portfolio Schedule** 

The Funds file a complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (the "SEC") for the first and third quarters of each fiscal year on Part F of Form N-PORT. The Funds' Form Part F of Form N-PORT is available on the SEC's website at www.sec.gov and may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

The Funds also make this schedule of portfolio holdings available on the Funds' website within sixty days of each quarter end noted at www.zci.com/funds/.

**Proxy Voting** 

You may obtain a description of the Funds' proxy voting policy and voting records, without charge, upon request by contacting the Funds directly at 1-844-986-2746 or on the EDGAR Database on the SEC's website at www.sec.gov. The Funds file their proxy voting records annually as of June 30, with the SEC on Form N-PX. The Funds' Form N-PX is available without charge by visiting the SEC's website at www.sec.gov and may be reviewed and copied at the SEC's Public Reference Room in Washington D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

**Shareholder Tax Information**

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

---

| | |
|:---|:---|
| Growth Fund  | 0.00% |
| Genea Fund  | 0.00% |

---

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

---

| | |
|:---|:---|
| Growth Fund  | 0.00% |
| Genea Fund  | 0.00% |

---

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

---

| | |
|:---|:---|
| Growth Fund  | 0.00% |
| Genea Fund  | 0.00% |

---

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

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

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

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

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

See financial statements.

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

Not applicable.

21<br>

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

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

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

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

See Item 7(a).

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

See Item 7(a).

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

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.](zvn-efp16767_ex99code.htm)

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).* Filed herewith.](zvn-efp16767_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.](zvn-efp16767_ex99906cert.htm)

**SIGNATURES**

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

<u>Advisor Managed Portfolios</u>

---

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

---

Date <u>9/5/2025</u>

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

---

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

---

Date <u>9/5/2025</u>

---

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

---

Date <u>9/5/2025</u>

## Ex-99.Codeeth

**EX.99.CODE ETH**

**ADVISOR MANAGED PORTFOLIOS**

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

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

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

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

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

This Code of Ethics requires each Covered Person to:

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

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

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

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

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

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

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

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

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

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

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

Each Covered Person must:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

## Ex-99.Cert

**EX.99.CERT**

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

I, Russell B. Simon, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 9/5/2025 | /s/ Russell B. Simon |
|  |  | Russell B. Simon |
|  |  | President and Principal Executive Officer |

---

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

I, Eric T. McCormick, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 9/5/2025 | /s/ Eric T. McCormick |
|  |  | Eric T. McCormick |
|  |  | 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 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 |
| *Russell B. Simon* | *Eric T. McCormick* |
| President and Principal Executive Officer | Treasurer and Principal Financial Officer |
| Advisor Managed Portfolios | Advisor Managed Portfolios |

---

Dated: <u> 9/5/2025</u> Dated: <u> 9/5/2025</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.