# EDGAR Filing Document

**Accession Number:** 0001970751
**File Stem:** 0001133228-25-013316
**Filing Date:** 2025-12
**Character Count:** 159375
**Document Hash:** 0e77c3fd4366be0ae4d38d89b552cfc7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-013316.hdr.sgml**: 20251205

**ACCESSION NUMBER**: 0001133228-25-013316

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 51

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251205

**DATE AS OF CHANGE**: 20251205

**EFFECTIVENESS DATE**: 20251205

**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:** 251553877

**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

### Miller Income Fund (Series ID: S000082977)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000246420 | Class IS     | LMCMX           |
| C000246421 | Class I      | LMCLX           |
| C000246422 | Class A      | LMCJX           |
| C000246423 | Class C      | LCMNX           |
| C000246424 | Class FI     | LMCKX           |

### Miller Value Partners Leverage ETF (Series ID: S000083083)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000246597 | Miller Value Partners Leverage ETF | MVPL            |

### Miller Value Partners Appreciation ETF (Series ID: S000083084)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000246598 | Miller Value Partners Appreciation ETF | MVPA            |

?xml version='1.0' encoding='ASCII'? 2025-07-31195293_MillerIncomeFund_ClassA_TSRAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

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

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

(Exact name of registrant as specified in charter)

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

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

(Address of principal executive offices) (Zip code)

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

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

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

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

(Name and address of agent for service)

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

Registrant's telephone number, including area code

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

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

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

(a) ---

| | | |
|:---|:---|:---|
| ![image](img171409_202410040816365.jpg) | **Miller Income Fund**  | ![image](img171408_202510062052565.jpg) |
| ![image](img171409_202410040816365.jpg) | Class A \| LMCJX  | ![image](img171408_202510062052565.jpg) |
| ![image](img171409_202410040816365.jpg) | Annual Shareholder Report \| September 30, 2025  | ![image](img171408_202510062052565.jpg) |

---

This annual shareholder report contains important information about the Miller Income Fund for the period of October 1, 2024, to September 30, 2025. You can find additional information about the Fund at https://millervaluefunds.com/miller-income-fund/. You can also request this information by contacting us at 1-888-593-5110.

**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** **\*** |
| Class A | $134 | 1.25% |

---

\* Annualized

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

The Miller Income Fund ("The Fund") Class A returned 13.92% over the twelve-month period ended September 30, 2025, outperforming the ICE BofA High Yield Master II Index's return of 7.31%. The Fund slightly trailed the S&P 500 Total Return's of 17.60% over the trailing twelve-month period.

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Fund benefitted from an overweight position in rate-sensitive sectors such as Financials and Utilities relative to both indices' allocations. Indirect exposure to Bitcoin via Strategy's common and preferred equity positively impacted performance, as the price of Bitcoin climbed nearly 80% over the twelve-month period ended 9/30/25, pushing the price of the flagship cryptocurrency above $100K for the first time ever. Exposure to high-yield fixed-income securities also contributed positively to performance as yields fell and spreads narrowed over the twelve-month period. The Fund's concentrated positioning in small-cap and mid-cap stocks detracted from performance in the period, as large-cap stocks continued their recent outperformance of both small and mid-cap stocks despite generally richer valuation premiums. Exposure to health care and housing-related securities also detracted from performance due to industry-specific headwinds that continued to pressure consumer affordability.

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

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

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

![image](ts5474img003.jpg)

Miller Income Fund PAGE 1 TSR-AR-00777X728

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A (without sales charge)**  | 13.92 | 13.07 | 8.48 |
| **Class A (with sales charge)**  | 7.39 | 11.73 | 7.85 |
| **S&P 500 TR**  | 17.60 | 16.47 | 15.30 |
| **ICE BofA High Yield Master II**  | 7.31 | 5.59 | 6.10 |

---

Visit https://millervaluefunds.com/miller-income-fund/ 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 September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $173290831 |
| **Number of Holdings** | 41 |
| **Net Advisory Fee** | $1048943 |
| **Portfolio Turnover** | 44% |
| **30-Day SEC Yield** | 5.56% |
| **30-Day SEC Yield Unsubsidized** | 5.47% |

---

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

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Common Stocks  | 84.5% |
|  Corporate Bonds  | 11.1% |
|  Preferred Stocks  | 4.1% |
|  Cash & Other  | 0.3% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Financials  | 22.1% |
|  Industrials  | 14.1% |
|  Information Technology  | 11.4% |
|  Health Care  | 10.7% |
|  Consumer Discretionary  | 10.4% |
|  Energy  | 7.2% |
|  Communication Services  | 6.3% |
|  Consumer Staples  | 5.8% |
|  Utilities  | 5.0% |
|  Cash & Other  | 7.0% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://millervaluefunds.com/miller-income-fund/.

**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 Miller Value Partners, LLC documents not be householded, please contact Miller Value Partners, LLC at 1-888-593-5110, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Miller Value Partners, LLC or your financial intermediary.

Miller Income Fund PAGE 2 TSR-AR-00777X728

------

---

| | | |
|:---|:---|:---|
| ![image](img171409_202410040816365.jpg) | **Miller Income Fund**  | ![image](img171408_202510062052565.jpg) |
| ![image](img171409_202410040816365.jpg) | Class C \| LCMNX  | ![image](img171408_202510062052565.jpg) |
| ![image](img171409_202410040816365.jpg) | Annual Shareholder Report \| September 30, 2025  | ![image](img171408_202510062052565.jpg) |

---

This annual shareholder report contains important information about the Miller Income Fund for the period of October 1, 2024, to September 30, 2025. You can find additional information about the Fund at https://millervaluefunds.com/miller-income-fund/. You can also request this information by contacting us at 1-888-593-5110.

**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** **\*** |
| Class C | $210 | 1.97% |

---

\* Annualized

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

The Miller Income Fund ("The Fund") Class C returned 13.17% over the twelve-month period ended September 30, 2025, outperforming the ICE BofA High Yield Master II Index's return of 7.31%. The Fund slightly trailed the S&P 500 Total Return's of 17.60% over the trailing twelve-month period.

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Fund benefitted from an overweight position in rate-sensitive sectors such as Financials and Utilities relative to both indices' allocations. Indirect exposure to Bitcoin via Strategy's common and preferred equity positively impacted performance, as the price of Bitcoin climbed nearly 80% over the twelve-month period ended 9/30/25, pushing the price of the flagship cryptocurrency above $100K for the first time ever. Exposure to high-yield fixed-income securities also contributed positively to performance as yields fell and spreads narrowed over the twelve-month period. The Fund's concentrated positioning in small-cap and mid-cap stocks detracted from performance in the period, as large-cap stocks continued their recent outperformance of both small and mid-cap stocks despite generally richer valuation premiums. Exposure to health care and housing-related securities also detracted from performance due to industry-specific headwinds that continued to pressure consumer affordability.

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

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

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

![image](ts5475img003.jpg)

Miller Income Fund PAGE 1 TSR-AR-00777X710

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C (without sales charge)**  | 13.17 | 12.23 | 7.68 |
| **Class C (with sales charge)**  | 12.17 | 12.23 | 7.68 |
| **S&P 500 TR**  | 17.60 | 16.47 | 15.30 |
| **ICE BofA High Yield Master II**  | 7.31 | 5.59 | 6.10 |

---

Visit https://millervaluefunds.com/miller-income-fund/ 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 September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $173290831 |
| **Number of Holdings** | 41 |
| **Net Advisory Fee** | $1048943 |
| **Portfolio Turnover** | 44% |
| **30-Day SEC Yield** | 5.15% |
| **30-Day SEC Yield Unsubsidized** | 5.05% |

---

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

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Common Stocks  | 84.5% |
|  Corporate Bonds  | 11.1% |
|  Preferred Stocks  | 4.1% |
|  Cash & Other  | 0.3% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Financials  | 22.1% |
|  Industrials  | 14.1% |
|  Information Technology  | 11.4% |
|  Health Care  | 10.7% |
|  Consumer Discretionary  | 10.4% |
|  Energy  | 7.2% |
|  Communication Services  | 6.3% |
|  Consumer Staples  | 5.8% |
|  Utilities  | 5.0% |
|  Cash & Other  | 7.0% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://millervaluefunds.com/miller-income-fund/.

**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 Miller Value Partners, LLC documents not be householded, please contact Miller Value Partners, LLC at 1-888-593-5110, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Miller Value Partners, LLC or your financial intermediary.

Miller Income Fund PAGE 2 TSR-AR-00777X710

------

---

| | | |
|:---|:---|:---|
| ![image](img171409_202410040816365.jpg) | **Miller Income Fund**  | ![image](img171408_202510062052565.jpg) |
| ![image](img171409_202410040816365.jpg) | Class FI \| LMCKX  | ![image](img171408_202510062052565.jpg) |
| ![image](img171409_202410040816365.jpg) | Annual Shareholder Report \| September 30, 2025  | ![image](img171408_202510062052565.jpg) |

---

This annual shareholder report contains important information about the Miller Income Fund for the period of October 1, 2024, to September 30, 2025. You can find additional information about the Fund at https://millervaluefunds.com/miller-income-fund/. You can also request this information by contacting us at 1-888-593-5110.

**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** **\*** |
| Class FI | $139 | 1.30% |

---

\* Annualized

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

The Miller Income Fund ("The Fund") Class FI returned 14.00% over the twelve-month period ended September 30, 2025, outperforming the ICE BofA High Yield Master II Index's return of 7.31%. The Fund slightly trailed the S&P 500 Total Return's of 17.60% over the trailing twelve-month period.

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Fund benefitted from an overweight position in rate-sensitive sectors such as Financials and Utilities relative to both indices' allocations. Indirect exposure to Bitcoin via Strategy's common and preferred equity positively impacted performance, as the price of Bitcoin climbed nearly 80% over the twelve-month period ended 9/30/25, pushing the price of the flagship cryptocurrency above $100K for the first time ever. Exposure to high-yield fixed-income securities also contributed positively to performance as yields fell and spreads narrowed over the twelve-month period. The Fund's concentrated positioning in small-cap and mid-cap stocks detracted from performance in the period, as large-cap stocks continued their recent outperformance of both small and mid-cap stocks despite generally richer valuation premiums. Exposure to health care and housing-related securities also detracted from performance due to industry-specific headwinds that continued to pressure consumer affordability.

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

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

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

![image](ts5476img003.jpg)

Miller Income Fund PAGE 1 TSR-AR-00777X694

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class FI (without sales charge)**  | 14.00 | 13.00 | 8.48 |
| **S&P 500 TR**  | 17.60 | 16.47 | 15.30 |
| **ICE BofA High Yield Master II**  | 7.31 | 5.59 | 6.10 |

---

Visit https://millervaluefunds.com/miller-income-fund/ 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 September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $173290831 |
| **Number of Holdings** | 41 |
| **Net Advisory Fee** | $1048943 |
| **Portfolio Turnover** | 44% |
| **30-Day SEC Yield** | 5.93% |
| **30-Day SEC Yield Unsubsidized** | 5.83% |

---

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

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Common Stocks  | 84.5% |
|  Corporate Bonds  | 11.1% |
|  Preferred Stocks  | 4.1% |
|  Cash & Other  | 0.3% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Financials  | 22.1% |
|  Industrials  | 14.1% |
|  Information Technology  | 11.4% |
|  Health Care  | 10.7% |
|  Consumer Discretionary  | 10.4% |
|  Energy  | 7.2% |
|  Communication Services  | 6.3% |
|  Consumer Staples  | 5.8% |
|  Utilities  | 5.0% |
|  Cash & Other  | 7.0% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://millervaluefunds.com/miller-income-fund/.

**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 Miller Value Partners, LLC documents not be householded, please contact Miller Value Partners, LLC at 1-888-593-5110, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Miller Value Partners, LLC or your financial intermediary.

Miller Income Fund PAGE 2 TSR-AR-00777X694

------

---

| | | |
|:---|:---|:---|
| ![image](img171409_202410040816365.jpg) | **Miller Income Fund**  | ![image](img171408_202510062052565.jpg) |
| ![image](img171409_202410040816365.jpg) | Class I \| LMCLX  | ![image](img171408_202510062052565.jpg) |
| ![image](img171409_202410040816365.jpg) | Annual Shareholder Report \| September 30, 2025  | ![image](img171408_202510062052565.jpg) |

---

This annual shareholder report contains important information about the Miller Income Fund for the period of October 1, 2024, to September 30, 2025. You can find additional information about the Fund at https://millervaluefunds.com/miller-income-fund/. You can also request this information by contacting us at 1-888-593-5110.

**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** **\*** |
| Class I | $103 | 0.96% |

---

\* Annualized

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

The Miller Income Fund ("The Fund") Class I returned 14.28% over the twelve-month period ended September 30, 2025, outperforming the ICE BofA High Yield Master II Index's return of 7.31%. The Fund slightly trailed the S&P 500 Total Return's of 17.60% over the trailing twelve-month period.

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Fund benefitted from an overweight position in rate-sensitive sectors such as Financials and Utilities relative to both indices' allocations. Indirect exposure to Bitcoin via Strategy's common and preferred equity positively impacted performance, as the price of Bitcoin climbed nearly 80% over the twelve-month period ended 9/30/25, pushing the price of the flagship cryptocurrency above $100K for the first time ever. Exposure to high-yield fixed-income securities also contributed positively to performance as yields fell and spreads narrowed over the twelve-month period. The Fund's concentrated positioning in small-cap and mid-cap stocks detracted from performance in the period, as large-cap stocks continued their recent outperformance of both small and mid-cap stocks despite generally richer valuation premiums. Exposure to health care and housing-related securities also detracted from performance due to industry-specific headwinds that continued to pressure consumer affordability.

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

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

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

![image](ts5478img003.jpg)

Miller Income Fund PAGE 1 TSR-AR-00777X686

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class I (without sales charge)**  | 14.28 | 13.37 | 8.78 |
| **S&P 500 TR**  | 17.60 | 16.47 | 15.30 |
| **ICE BofA High Yield Master II**  | 7.31 | 5.59 | 6.10 |

---

Visit https://millervaluefunds.com/miller-income-fund/ 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 September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $173290831 |
| **Number of Holdings** | 41 |
| **Net Advisory Fee** | $1048943 |
| **Portfolio Turnover** | 44% |
| **30-Day SEC Yield** | 6.23% |
| **30-Day SEC Yield Unsubsidized** | 6.11% |

---

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

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Common Stocks  | 84.5% |
|  Corporate Bonds  | 11.1% |
|  Preferred Stocks  | 4.1% |
|  Cash & Other  | 0.3% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Financials  | 22.1% |
|  Industrials  | 14.1% |
|  Information Technology  | 11.4% |
|  Health Care  | 10.7% |
|  Consumer Discretionary  | 10.4% |
|  Energy  | 7.2% |
|  Communication Services  | 6.3% |
|  Consumer Staples  | 5.8% |
|  Utilities  | 5.0% |
|  Cash & Other  | 7.0% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://millervaluefunds.com/miller-income-fund/.

**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 Miller Value Partners, LLC documents not be householded, please contact Miller Value Partners, LLC at 1-888-593-5110, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Miller Value Partners, LLC or your financial intermediary.

Miller Income Fund PAGE 2 TSR-AR-00777X686

------

---

| | | |
|:---|:---|:---|
| ![image](img171409_202410040816365.jpg) | **Miller Income Fund**  | ![image](img171408_202510062052565.jpg) |
| ![image](img171409_202410040816365.jpg) | Class IS \| LMCMX  | ![image](img171408_202510062052565.jpg) |
| ![image](img171409_202410040816365.jpg) | Annual Shareholder Report \| September 30, 2025  | ![image](img171408_202510062052565.jpg) |

---

This annual shareholder report contains important information about the Miller Income Fund for the period of October 1, 2024, to September 30, 2025. You can find additional information about the Fund at https://millervaluefunds.com/miller-income-fund/. You can also request this information by contacting us at 1-888-593-5110.

**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** **\*** |
| Class IS | $96 | 0.90% |

---

\* Annualized

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

The Miller Income Fund ("The Fund") Class IS returned 14.34% over the twelve-month period ended September 30, 2025, outperforming the ICE BofA High Yield Master II Index's return of 7.31%. The Fund slightly trailed the S&P 500 Total Return's of 17.60% over the trailing twelve-month period.

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Fund benefitted from an overweight position in rate-sensitive sectors such as Financials and Utilities relative to both indices' allocations. Indirect exposure to Bitcoin via Strategy's common and preferred equity positively impacted performance, as the price of Bitcoin climbed nearly 80% over the twelve-month period ended 9/30/25, pushing the price of the flagship cryptocurrency above $100K for the first time ever. Exposure to high-yield fixed-income securities also contributed positively to performance as yields fell and spreads narrowed over the twelve-month period. The Fund's concentrated positioning in small-cap and mid-cap stocks detracted from performance in the period, as large-cap stocks continued their recent outperformance of both small and mid-cap stocks despite generally richer valuation premiums. Exposure to health care and housing-related securities also detracted from performance due to industry-specific headwinds that continued to pressure consumer affordability.

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

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

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

![image](ts5477img003.jpg)

Miller Income Fund PAGE 1 TSR-AR-00777X678

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class IS (without sales charge)**  | 14.34 | 13.42 | 8.87 |
| **S&P 500 TR**  | 17.60 | 16.47 | 15.30 |
| **ICE BofA High Yield Master II**  | 7.31 | 5.59 | 6.10 |

---

Visit https://millervaluefunds.com/miller-income-fund/ 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 September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $173290831 |
| **Number of Holdings** | 41 |
| **Net Advisory Fee** | $1048943 |
| **Portfolio Turnover** | 44% |
| **30-Day SEC Yield** | 6.29% |
| **30-Day SEC Yield Unsubsidized** | 6.19% |

---

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

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Common Stocks  | 84.5% |
|  Corporate Bonds  | 11.1% |
|  Preferred Stocks  | 4.1% |
|  Cash & Other  | 0.3% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Financials  | 22.1% |
|  Industrials  | 14.1% |
|  Information Technology  | 11.4% |
|  Health Care  | 10.7% |
|  Consumer Discretionary  | 10.4% |
|  Energy  | 7.2% |
|  Communication Services  | 6.3% |
|  Consumer Staples  | 5.8% |
|  Utilities  | 5.0% |
|  Cash & Other  | 7.0% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://millervaluefunds.com/miller-income-fund/.

**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 Miller Value Partners, LLC documents not be householded, please contact Miller Value Partners, LLC at 1-888-593-5110, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Miller Value Partners, LLC or your financial intermediary.

Miller Income Fund PAGE 2 TSR-AR-00777X678

------

---

| | | |
|:---|:---|:---|
| ![image](img171410_202410040817809.jpg) | **Miller Value Partners Appreciation ETF**  | ![image](img171408_202510062052565.jpg) |
| ![image](img171410_202410040817809.jpg) | MVPA (Principal U.S. Listing Exchange: NYSE) | ![image](img171408_202510062052565.jpg) |
| ![image](img171410_202410040817809.jpg) | Annual Shareholder Report \| September 30, 2025  | ![image](img171408_202510062052565.jpg) |

---

This annual shareholder report contains important information about the Miller Value Partners Appreciation ETF for the period of October 1, 2024, to September 30, 2025. You can find additional information about the Fund at https://etf.millervaluefunds.com/mvpa. You can also request this information by contacting us at 1-888-593-5110.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Miller Value Partners Appreciation ETF | $62 | 0.60% |

---

\* Annualized

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

Indirect exposure to Bitcoin via the common stock of Strategy, Inc. (Ticker: MSTR) was a significant positive contributor to performance over the twelve-month period, as the price of Bitcoin gained nearly 80% on its way to breaching the $100K threshold for the first time ever. The Fund's overweight position in energy relative to the index positively impacted performance despite generally negative price trends across oil and other energy sources over the period. Exposure to health care and housing-related securities detracted from performance due to industry-specific head winds that continue to pressure consumer affordability and dampen investor sentiment. The Fund's positioning in lower-multiple "value" stocks negatively impacted performance, as growth and momentum themes continued to outperform on a relative basis despite generally richer valuation premiums. The Fund's concentrated positioning in small-cap and mid-cap stock detracted from performance, as large-cap stocks continued their recent out performance on a relative basis.

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

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

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

![image](ts5480img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(01/30/2024)** |
| **Miller Value Partners Appreciation ETF NAV**  | 7.88 | 22.18 |
| **S&P 500 TR**  | 17.60 | 21.78 |

---

Visit https://etf.millervaluefunds.com/mvpa 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.*

Miller Value Partners Appreciation ETF PAGE 1 TSR-AR-00777X561

------

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

---

| | |
|:---|:---|
| **Net Assets** | $69405872 |
| **Number of Holdings** | 39 |
| **Net Advisory Fee** | $401562 |
| **Portfolio Turnover** | 64% |
| **30-Day SEC Yield** | 0.81% |
| **30-Day SEC Yield Unsubsidized** | 0.81% |

---

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

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Common Stocks  | 99.6% |
|  Warrants  | 0.0% |
|  Cash & Other  | 0.4% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Financials  | 24.3% |
|  Consumer Discretionary  | 22.2% |
|  Industrials  | 17.6% |
|  Communication Services  | 12.2% |
|  Information Technology  | 7.4% |
|  Energy  | 7.2% |
|  Consumer Staples  | 2.9% |
|  Health Care  | 2.9% |
|  Real Estate  | 2.9% |
|  Cash & Other  | 0.4% |

---

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

**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 Miller Value Partners, LLC documents not be householded, please contact Miller Value Partners, LLC at 1-888-593-5110, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Miller Value Partners, LLC or your financial intermediary.

Miller Value Partners Appreciation ETF PAGE 2 TSR-AR-00777X561

------

---

| | | |
|:---|:---|:---|
| ![image](img171411_202410040819510.jpg) | **Miller Value Partners Leverage ETF**  | ![image](img171408_202510062052565.jpg) |
| ![image](img171411_202410040819510.jpg) | MVPL (Principal U.S. Listing Exchange: NYSE) | ![image](img171408_202510062052565.jpg) |
| ![image](img171411_202410040819510.jpg) | Annual Shareholder Report \| September 30, 2025  | ![image](img171408_202510062052565.jpg) |

---

This annual shareholder report contains important information about the Miller Value Partners Leverage ETF for the period of October 1, 2024, to September 30, 2025. You can find additional information about the Fund at https://etf.millervaluefunds.com/mvpl. You can also request this information by contacting us at 1-888-593-5110.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Miller Value Partners Leverage ETF | $99 | 0.88% |

---

\* Annualized

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

The Miller Value Partners Leverage Fund ("The Fund") returned 25.68% on a market share price basis over the twelve-month period ended September 30, 2025, outperforming the S&P 500 Total Return's gain of 17.60%.

The Fund invests nearly all of its assets in either a "Leverage-On" position, utilizing other ETF's such as Direxion Daily S&P 500 Bull 2x ETF (Ticker: SPUU) or ProShares Ultra S&P 500 ETF (Ticker: SSO) to obtain 2x exposure to the S&P 500's daily return, or a "Leverage-Off" position, using SPDR S&P 500 ETF Trust (Ticker: SPY) to obtain the typical 1x S&P 500 daily return.

The Fund remained in a "Leverage-On" position for most of the trailing twelve-month period, which contributed positively to performance as US equity markets rose during this period. The Fund was only in a "Leverage-Off" position for 40 total trading days during the period, which also contributed to performance.

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

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

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

![image](ts5479img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(02/27/2024)** |
| **Miller Value Partners Leverage ETF NAV**  | 25.59 | 31.91 |
| **S&P 500 TR**  | 17.60 | 20.50 |

---

Visit https://etf.millervaluefunds.com/mvpl for more recent performance information.

Miller Value Partners Leverage ETF PAGE 1 TSR-AR-00777X553

------

\* *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 September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $20809271 |
| **Number of Holdings** | 1 |
| **Net Advisory Fee** | $85090 |
| **Portfolio Turnover** | 662% |
| **30-Day SEC Yield** | -0.28% |
| **30-Day SEC Yield Unsubsidized** | -0.28% |

---

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

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Exchange Traded Funds  | 99.9% |
|  Cash & Other  | 0.1% |

---

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

**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 Miller Value Partners, LLC documents not be householded, please contact Miller Value Partners, LLC at 1-888-593-5110, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Miller Value Partners, LLC or your financial intermediary.

Miller Value Partners Leverage ETF PAGE 2 TSR-AR-00777X553

------

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

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

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

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

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

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

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

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

**Miller Income Fund**

---

| | | |
|:---|:---|:---|
| | Cohen & Company, Ltd. | Cohen & Company, Ltd. |
| | FYE 09/30/2025 | FYE 09/30/2024 |
| (a) Audit Fees | $19200 | $19200 |
| (b) Audit-Related Fees | N/A | N/A |
| (c) Tax Fees | $3100 | $3100 |
| (d) All Other Fees | N/A | N/A |

---

**Miller Value Partners Appreciation ETF**

---

| | | |
|:---|:---|:---|
| | Cohen & Company, Ltd. | Cohen & Company, Ltd. |
| | FYE 09/30/2025 | FYE 09/30/2024 |
| (a) Audit Fees | $14000 | $14000 |
| (b) Audit-Related Fees | N/A | N/A |
| (c) Tax Fees | $3000 | $3000 |
| (d) All Other Fees | N/A | N/A |

---

**Miller Value Partners Leverage ETF**

---

| | | |
|:---|:---|:---|
| | Cohen & Company, Ltd. | Cohen & Company, Ltd. |
| | FYE 09/30/2025 | FYE 09/30/2024 |
| (a) Audit Fees | $14000 | $15000 |
| (b) Audit-Related Fees | N/A | N/A |
| (c) Tax Fees | $3000 | $3000 |
| (d) All Other Fees | N/A | N/A |

---

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

(e)(2) The percentage of fees billed by Cohen & Company, Ltd. applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

**Miller Income Fund**

---

| | | |
|:---|:---|:---|
| | Cohen & Company, Ltd. | Cohen & Company, Ltd. |
| | FYE 09/30/2025 | FYE 09/30/2024 |
| (b) Audit-Related Fees | 0% | 0% |
| (c) Tax Fees | 0% | 0% |
| (d) All Other Fees | 0% | 0% |

---

**Miller Value Partners Appreciation ETF**

---

| | | |
|:---|:---|:---|
| | Cohen & Company, Ltd. | Cohen & Company, Ltd. |
| | FYE 09/30/2025 | FYE 09/30/2024 |
| (b) Audit-Related Fees | 0% | 0% |
| (c) Tax Fees | 0% | 0% |
| (d) All Other Fees | 0% | 0% |

---

**Miller Value Partners Leverage ETF**

---

| | | |
|:---|:---|:---|
| | Cohen & Company, Ltd. | Cohen & Company, Ltd. |
| | FYE 09/30/2025 | FYE 09/30/2024 |
| (b) Audit-Related Fees | 0% | 0% |
| (c) Tax Fees | 0% | 0% |
| (d) 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.

**Miller Income Fund**

<u>Non-Audit Related Fees</u> <u>FYE 09/30/2025 </u> <u>FYE 09/30/2024</u> <br> Registrant N/A N/A <br> <u>Registrant's Investment Adviser</u> <u>N/A</u> <u>N/A</u>

**Miller Value Partners Appreciation ETF**

<u>Non-Audit Related Fees</u> <u>FYE 09/30/2025 </u> <u>FYE 09/30/2024</u> <br> Registrant N/A N/A <br> <u>Registrant's Investment Adviser</u> <u>N/A</u> <u>N/A</u>

**Miller Value Partners Leverage ETF**

<u>Non-Audit Related Fees</u> <u>FYE 09/30/2025 </u> <u>FYE 09/30/2024</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 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>**

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included as part of the report to shareholders filed under Item 7 of this Form.

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

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

(a) ![](miller_logonew.jpg)

**Miller Income Fund** 

---

| | |
|:---|:---|
| **Class A**  | **LMCJX** |
| **Class C**  | **LCMNX** |
| **Class FI**  | **LMCKX** |
| **Class I**  | **LMCLX** |
| **Class IS**  | **LMCMX** |

---

**Miller Value Partners Appreciation ETF - MVPA** 

**Miller Value Partners Leverage ETF - MVPL** 

Annual Financial Statements

September 30, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page**  |
| [Schedule of Investments](#tsoi) | [1](#tsoi) |
| [Statements of Assets and Liabilities](#tsal) | [8](#tsal) |
| [Statements of Operations](#tsop) | [10](#tsop) |
| [Statements of Changes in Net Assets](#scna11) | [11](#scna11) |
| [Financial Highlights](#tfihi1) | [14](#tfihi1) |
| [Notes to Financial Statements](#tnote1) | [21](#tnote1) |
| [Report of Independent Registered Public Accounting Firm](#rep) | [30](#rep) |
| [Additional Information](#add) | [31](#add) |

---

------

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

**MILLER INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 84.5%**<br>|  |  |
| **Communication Services- 5.0%**<br>|  |  |
| **Diversified Telecommunication Services - 5.0%**<br>|  |  |
| Verizon Communications, Inc. | &nbsp;&nbsp; 198000 | $8702100  |
| **Consumer Discretionary- 8.5%**<br>|  |  |
| **Automobiles - 2.1%**<br>|  |  |
| Stellantis NV | &nbsp;&nbsp; 390000 | 3642600  |
| **Specialty Retail - 6.4%**<br>|  |  |
| Buckle Inc/The | &nbsp;&nbsp; 72000 | 4223520  |
| Build-A-Bear Workshop, Inc. | &nbsp;&nbsp; 98000 | 6390580  |
| Upbound Group, Inc. | &nbsp;&nbsp; 20000 | 472600  |
|  |  | 11086700  |
| **Total Consumer Discretionary** |  | 14729300  |
| **Consumer Staples- 5.8%**<br>|  |  |
| **Food Products - 3.4%**<br>|  |  |
| Cal-Maine Foods, Inc. | &nbsp;&nbsp; 62000 | 5834200  |
| **Tobacco - 2.4%**<br>|  |  |
| British American Tobacco Plc | &nbsp;&nbsp; 77680 | 4123502  |
| **Total Consumer Staples** |  | 9957702  |
| **Energy- 5.1%**<br>|  |  |
| **Oil, Gas & Consumable Fuels - 5.1%**<br>|  |  |
| Alliance Resource Partners LP | &nbsp;&nbsp; 127000 | 3211195  |
| Chord Energy Corp. | &nbsp;&nbsp; 52766 | 5243357  |
| TotalEnergies SE - ADR | &nbsp;&nbsp; 7650 | 456629  |
| **Total Energy** |  | 8911181  |
| **Financials- 22.1%**<br>|  |  |
| **Banks - 3.0%**<br>|  |  |
| Sberbank of Russia PJSC<sup>(a)(b)(e)</sup> | &nbsp;&nbsp; 2532000 | 0  |
| Western Alliance Bancorp | &nbsp;&nbsp; 59700 | 5177184  |
|  |  | 5177184  |
| **Capital Markets - 1.5%**<br>|  |  |
| Carlyle Group, Inc. | &nbsp;&nbsp; 40000 | 2508000  |
| **Consumer Finance - 8.2%**<br>|  |  |
| Bread Financial Holdings, Inc. | &nbsp;&nbsp; 162390 | 9056490  |
| OneMain Holdings, Inc. | &nbsp;&nbsp; 91941 | 5190989  |
|  |  | 14247479  |
| **Financial Services - 4.0%**<br>|  |  |
| Jackson Financial, Inc. - Class A | &nbsp;&nbsp; 68800 | 6964624  |
| **Insurance - 5.4%**<br>|  |  |
| Lincoln National Corp. | &nbsp;&nbsp; 231486 | 9335831  |
| **Total Financials** |  | 38233118  |

---

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

1<br>

------

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

**MILLER INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Health Care- 7.6%**<br>|  |  |
| **Health Care Equipment & Supplies - 0.9%**<br>|  |  |
| Semler Scientific, Inc.<sup>(b)</sup> | &nbsp;&nbsp; 53000 | $1590000  |
| **Pharmaceuticals - 6.7%**<br>|  |  |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp; 108000 | 4870800  |
|  Cannabist Co. Holdings, Inc. (Position subject to contractual lock-up until December 2025)<sup>(b)</sup> | &nbsp;&nbsp; 1885689 | 216928  |
| &nbsp;&nbsp;&nbsp; Cannabist Co. Holdings, Inc. (Position subject to contractual lock-up until <br>June 2026)<sup>(b)</sup> | &nbsp;&nbsp; 1885689 | 216928  |
| Verano Holdings Corp.<sup>(b)</sup> | &nbsp;&nbsp; 92251 | 127675  |
| Viatris, Inc. | &nbsp;&nbsp; 619000 | 6128100  |
|  |  | 11560431  |
| **Total Health Care** |  | 13150431  |
| **Industrials- 11.4%**<br>|  |  |
| **Air Freight & Logistics - 4.2%**<br>|  |  |
| United Parcel Service, Inc. - Class B | &nbsp;&nbsp; 86600 | 7233698  |
| **Commercial Services & Supplies - 1.7%**<br>|  |  |
| Quad/Graphics, Inc. | &nbsp;&nbsp; 472800 | 2959728  |
| **Marine Transportation - 3.5%**<br>|  |  |
| Hoegh Autoliners ASA | &nbsp;&nbsp; 565000 | 6057888  |
| **Professional Services - 2.0%**<br>|  |  |
| Public Policy Holding Co., Inc. | &nbsp;&nbsp; 1286345 | 3460010  |
| **Total Industrials** |  | 19711324  |
| **Information Technology- 7.3%**<br>|  |  |
| **Communications Equipment - 4.4%**<br>|  |  |
| Ituran Location and Control Ltd. | &nbsp;&nbsp; 215000 | 7679800  |
| **Software - 2.9%**<br>|  |  |
| Strategy, Inc. - Class A<sup>(b)</sup> | &nbsp;&nbsp; 15250 | 4913702  |
| **Total Information Technology** |  | 12593502  |
| **Materials- 2.7%**<br>|  |  |
| **Chemicals - 1.1%**<br>|  |  |
| LyondellBasell Industries NV - Class A | &nbsp;&nbsp; 38000 | 1863520  |
| **Metals & Mining - –%<sup>(c)</sup>**<br>|  |  |
| Alrosa PJSC<sup>(a)(e)</sup> | &nbsp;&nbsp; 2978100 | 0  |
| **Trading Companies & Distributors - 1.6%**<br>|  |  |
| Boise Cascade Co. | &nbsp;&nbsp; 37000 | 2860840  |
| **Total Materials** |  | 4724360  |
| **Real Estate- 4.0%**<br>|  |  |
| **Diversified REITs - 4.0%**<br>|  |  |
| CTO Realty Growth, Inc. | &nbsp;&nbsp; 429145 | 6995063  |

---

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

2<br>

------

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

**MILLER INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Utilities- 5.0%**<br>|  |  |
| **Gas Utilities - 5.0%**<br>|  |  |
| UGI Corp. | 262000 | $8714120  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $138,791,477)** |  | 146422201  |
|  | **Par**  |  |
| **CORPORATE BONDS - 11.1%**<br>|  |  |
| **Communication Services- 1.3%**<br>|  |  |
| **Media - 1.3%**<br>|  |  |
| Gray Escrow II, Inc., 5.38%, 11/15/2031<sup>(d)</sup> | $3000000 | 2257500  |
| **Consumer Discretionary- 1.9%**<br>|  |  |
| **Specialty Retail - 1.9%**<br>|  |  |
| Carvana Co., 10.25%, 05/01/2030<sup>(d)</sup> | 3000000 | 3277500  |
| **Energy- 2.1%**<br>|  |  |
| **Oil, Gas & Consumable Fuels - 2.1%**<br>|  |  |
|  Venture Global LNG, Inc., 9.00% to 09/30/2029 then 5 yr. CMT Rate + 5.44%, Perpetual<sup>(d)</sup> | 3750000 | 3731250  |
| **Health Care- 3.1%**<br>|  |  |
| **Pharmaceuticals - 3.1%**<br>|  |  |
| Cannabist Co. Holdings, Inc., 9.25%, 12/31/2028 | 8000000 | 5370238  |
| **Industrials- 2.7%**<br>|  |  |
| **Building Products - 2.7%**<br>|  |  |
| JELD-WEN, Inc., 7.00%, 09/01/2032<sup>(d)</sup> | 5500000 | 4668125  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $20,935,089)** |  | 19304613  |
|  | **Shares**  |  |
| **PREFERRED STOCKS - 4.1%**<br>|  |  |
| **Information Technology- 4.1%**<br>|  |  |
| **Software - 4.1%**<br>|  |  |
| Strategy, Inc. |  |  |
| Series A, 10.00%, Perpetual | 28455 | 2239693  |
| Series A., 9.00%, Perpetual | 50000 | 4853000  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $6,918,675)** |  | 7092693  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.7%** <br>**(Cost $166,645,241)** |  | $172819507  |
| Other Assets in Excess of Liabilities - 0.3% |  | 471324  |
| **TOTAL NET ASSETS - 100.0%** |  | $173290831 |

---

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

3<br>

------

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

**MILLER INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025(Continued)** 

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

ADR - American Depositary Receipt

CMT - Constant Maturity Treasury

LP - Limited Partnership

PJSC - Public Joint Stock Company

PLC - Public Limited Company

REIT - Real Estate Investment Trust

<sup>(a)</sup> Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of September 30, 2025.

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

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

<sup>(d)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of September 30, 2025, the value of these securities total $13,934,375 or 8.0% of the Fund's net assets.

<sup>(e)</sup> Illiquid security.

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

4<br>

------

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

**MILLER VALUE PARTNERS APPRECIATION ETF** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.6%**<br>|  |  |
| **Communication Services - 12.2%**<br>|  |  |
| Alphabet, Inc. - Class A | 12323 | $2995721  |
| Bumble, Inc. - Class A<sup>(a)</sup> | 103912 | 632824  |
| Pinterest, Inc. - Class A<sup>(a)</sup> | 68743 | 2211463  |
| Ziff Davis, Inc.<sup>(a)</sup> | 69888 | 2662733  |
|  |  | 8502741  |
| **Consumer Discretionary - 22.2%**<br>|  |  |
| Airbnb, Inc. - Class A<sup>(a)</sup> | 9759 | 1184938  |
| Buckle Inc/The | 13541 | 794315  |
| Citi Trends, Inc.<sup>(a)</sup> | 69221 | 2147928  |
| Coupang, Inc.<sup>(a)</sup> | 63726 | 2051977  |
| Crocs, Inc.<sup>(a)</sup> | 39653 | 3313008  |
| Lithia Motors, Inc. | 3092 | 977072  |
| Perdoceo Education Corp. | 115221 | 4339223  |
| SharkNinja, Inc.<sup>(a)</sup> | 5969 | 615702  |
|  |  | 15424163  |
| **Consumer Staples - 2.9%**<br>|  |  |
| Maplebear, Inc.<sup>(a)</sup> | 55082 | 2024814  |
| **Energy - 7.2%**<br>|  |  |
| Alliance Resource Partners LP | 53091 | 1342406  |
| Chord Energy Corp. | 661 | 65683  |
| TechnipFMC PLC | 56524 | 2229872  |
| Venture Global, Inc. - Class A | 97094 | 1377764  |
|  |  | 5015725  |
| **Financials - 24.3%**<br>|  |  |
| Bread Financial Holdings, Inc. | 64751 | 3611163  |
| Federal Home Loan Mortgage Corp.<sup>(a)</sup> | 76123 | 895968  |
| Federal National Mortgage Association<sup>(a)</sup> | 51132 | 616141  |
| Jackson Financial, Inc. - Class A | 21812 | 2208029  |
| Lincoln National Corp. | 82864 | 3341905  |
| PayPal Holdings, Inc.<sup>(a)</sup> | 22888 | 1534869  |
| Shift4 Payments, Inc. - Class A<sup>(a)</sup> | 22458 | 1738249  |
| Vroom, Inc.<sup>(a)</sup> | 59676 | 1613042  |
| Western Alliance Bancorp | 14786 | 1282242  |
|  |  | 16841608  |
| **Health Care - 2.9%**<br>|  |  |
| Semler Scientific, Inc.<sup>(a)</sup> | 56440 | 1693200  |
| Viatris, Inc. | 31808 | 314899  |
|  |  | 2008099  |
| **Industrials - 17.6%**<br>|  |  |
| Builders FirstSource, Inc.<sup>(a)</sup> | 20415 | 2475319  |
| JELD-WEN Holding, Inc.<sup>(a)</sup> | 166989 | 819916  |
| Masterbrand, Inc.<sup>(a)</sup> | 121179 | 1595927  |
| Quad/Graphics, Inc. | 218745 | 1369344  |

---

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

5<br>

------

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

**MILLER VALUE PARTNERS APPRECIATION ETF** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Industrials - (Continued)** | **Industrials - (Continued)** | **Industrials - (Continued)** |
| Resideo Technologies, Inc.<sup>(a)</sup> | 73696 | $3182193  |
| United Parcel Service, Inc. - Class B | 33242 | 2776704  |
|  |  | 12219403  |
| **Information Technology - 7.4%**<br>|  |  |
| Dropbox, Inc. - Class A<sup>(a)</sup> | 81053 | 2448611  |
| Expensify, Inc. - Class A<sup>(a)</sup> | 277340 | 513079  |
| Strategy, Inc. - Class A<sup>(a)</sup> | 6688 | 2154941  |
|  |  | 5116631  |
| **Real Estate - 2.9%**<br>|  |  |
| CTO Realty Growth, Inc. | 122219 | 1992170  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $60,148,012)** |  | 69145354  |
|  | **Contracts**  |  |
| **WARRANTS - 0.0%<sup>(b)</sup>**  | **WARRANTS - 0.0%<sup>(b)</sup>**  | **WARRANTS - 0.0%<sup>(b)</sup>**  |
| **Financials - 0.0%<sup>(b)</sup>**<br>|  |  |
| Vroom, Inc., Expires 01/14/2030, Exercise Price $60.95<sup>(a)</sup> | 5836 | 17917  |
| &nbsp;&nbsp;&nbsp; **TOTAL WARRANTS** <br>**(Cost $65,989)** |  | 17917  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.6%** <br>**(Cost $60,214,001)** |  | $69163271  |
| Other Assets in Excess of Liabilities - 0.4% |  | 242601  |
| **TOTAL NET ASSETS - 100.0%** |  | $69405872 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

LP - Limited Partnership

PLC - Public Limited Company

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

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

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

6<br>

------

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

**Miller Value Partners Leverage ETF** 

**Schedule of Investments** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **EXCHANGE TRADED FUNDS - 99.9%**<br>|  |  |
| Direxion Daily S&P 500 Bull 2X Shares<sup>(a)</sup> | 115597 | $20785497  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $16,984,344)** |  | 20785497  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.9%** <br>**(Cost $16,984,344)** |  | $20785497  |
| Other Assets in Excess of Liabilities - 0.1% |  | 23774  |
| **TOTAL NET ASSETS - 100.0%** |  | $20809271 |

---

Percentages are stated as a percent of net assets.

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

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

7<br>

------

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

**MILLER FUNDS** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**September 30, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Miller**<br>**Income** <br>**Fund** | **Miller Value** <br>**Partners** <br>**Appreciation** <br>**ETF** | **Miller Value** <br>**Partners** <br>**Leverage** <br>**ETF**  |
| **ASSETS:**<br>|  |  |  |
| Investments, at value | $172819507 | $69163271 | $20785497  |
| Interest receivable | 474778 | 584 | 40  |
| Receivable for investments sold | 456608 |  | —  |
| Dividends receivable | 245137 | 206 | —  |
| Dividend tax reclaims receivable | 46079 |  | —  |
| Cash - interest bearing deposit account | 613 | 276808 | 38301  |
| Receivable for fund shares sold | 587 |  | —  |
| Prepaid expenses and other assets | 17690 |  | —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 174060999 | 69440869 | 20823838  |
| **LIABILITIES:**<br>|  |  |  |
| Loans payable | 555000 |  | —  |
| Payable to advisor | 92723 | 34997 | 14567  |
| Payable for distribution and shareholder servicing fees | 28844 |  | —  |
| Payable for fund administration and accounting fees | 22352 |  | —  |
| Payable for transfer agent fees and expenses | 18729 |  | —  |
| Payable for custodian fees | 3678 |  | —  |
| Payable for compliance fees | 2566 |  | —  |
| Payable for capital shares redeemed | 1006 |  | —  |
| Interest payable | 878 |  | —  |
| Payable for expenses and other liabilities | 44392 |  | —  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 770168 | 34997 | 14567  |
| **NET ASSETS** | $173290831 | $69405872 | $20809271  |
| **Net Assets Consists of:**<br>|  |  |  |
| Paid-in capital | $175819377 | $65661284 | $17354988  |
| Total distributable earnings/(accumulated losses) | (2528546) | 3744588 | 3454283  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $173290831 | $69405872 | $20809271  |
| Net assets | $— | $69405872 | $20809271  |
| Shares issued and outstanding<sup>(a)</sup> |  | 2006000 | 570000  |
| Net asset value per share | $— | $34.60 | $36.51  |
| **Class A**<br>|  |  |  |
| Net assets | $26292183 | $— | $—  |
| Shares issued and outstanding<sup>(a)</sup> | 2933855 |  | —  |
| Net asset value per share | $8.96 | $— | $—  |
|  Max offering price per share (Net asset value per share dividend by 0.9425)<sup>(1)</sup> | $9.51 | $— | $—  |
| **Class C**<br>|  |  |  |
| Net assets | $14255150 | $— | $—  |
| Shares issued and outstanding<sup>(a)</sup> | 1580648 |  | —  |
| Net asset value per share | $9.02 | $— | $—  |
| **Class FI**<br>|  |  |  |
| Net assets | $214861 | $— | $—  |
| Shares issued and outstanding<sup>(a)</sup> | 23978 |  | —  |
| Net asset value per share | $8.96 | $— | $—  |

---

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

8<br>

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

**MILLER FUNDS** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**September 30, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Miller**<br>**Income** <br>**Fund** | **Miller Value** <br>**Partners** <br>**Appreciation** <br>**ETF** | **Miller Value** <br>**Partners** <br>**Leverage** <br>**ETF**  |
| **Class I**<br>|  |  |  |
| Net assets | $53954499 | $— | $—  |
| Shares issued and outstanding<sup>(a)</sup> | 6054776 |  | —  |
| Net asset value per share | $8.91 | $— | $—  |
| **Class IS**<br>|  |  |  |
| Net assets | $78574138 | $— | $—  |
| Shares issued and outstanding<sup>(a)</sup> | 8845241 |  | —  |
| Net asset value per share | $8.88 | $— | $—  |
| **Cost:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $166645241 | $60214001 | $16984344 |

---

<sup>(1)</sup> Reflects a maximum sales charge of 5.75%. 

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

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

9<br>

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

**MILLER FUNDS** 

**STATEMENTS OF OPERATIONS** 

**For the Year Ended September 30, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Miller** <br>**Income** <br>**Fund** | **Miller Value** <br>**Partners** <br>**Appreciation** <br>**ETF** | **Miller Value** <br>**Partners** <br>**Leverage** <br>**ETF**  |
| **INVESTMENT INCOME:**<br>|  |  |  |
| Dividend income | $8166981 | $744655 | $83574  |
| Less: Dividend withholding taxes | (576526) | (15657) | —  |
| Less: Issuance fees | (398) | (619) | —  |
| Interest income | 2136983 | 83163 | 547  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 9727040 | 811542 | 84121  |
| **EXPENSES:**<br>|  |  |  |
| Investment advisory fee | 1182888 | 401562 | 85090  |
| Distribution expenses - Class A | 64435 |  | —  |
| Distribution expenses - Class C | 151202 |  | —  |
| Distribution expenses - Class FI | 566 |  | —  |
| Fund administration and accounting fees | 134608 |  | —  |
| Transfer agent fees | 106862 |  | —  |
| Federal and state registration fees | 86667 |  | —  |
| Shareholder servicing fees - Class A | 25180 |  | —  |
| Shareholder servicing fees - Class C | 10576 |  | —  |
| Shareholder servicing fees - Class FI | 323 |  | —  |
| Shareholder servicing fees - Class I | 38112 |  | —  |
| Legal fees | 29568 |  | —  |
| Audit fees | 22319 |  | —  |
| Custodian fees | 19681 |  | —  |
| Trustees' fees | 17389 |  | —  |
| Compliance fees | 15430 |  | —  |
| Reports to shareholders | 12509 |  | —  |
| Interest expense | 9065 | 1562 | —  |
| Other expenses and fees | 14189 |  | —  |
| &nbsp;&nbsp;&nbsp; Total expenses | 1941569 | 403124 | 85090  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement by Advisor | (133945) |  | —  |
| &nbsp;&nbsp;&nbsp; Net expenses | 1807624 | 403124 | 85090  |
| &nbsp;&nbsp;&nbsp; **Net Investment Income/(Loss)** | 7919416 | 408418 | (969)  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 27952970 | (5362488) | (345750)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions |  | 12434451 | 645753  |
| &nbsp;&nbsp;&nbsp; Foreign currency transactions | (576) | (109) | —  |
| Net realized gain | 27952394 | 7071854 | 300003  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (13453025) | (3565834) | 3131024  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | 1719 | (247) | —  |
| Net change in unrealized appreciation (depreciation) | (13451306) | (3566081) | 3131024  |
| **Net realized and unrealized gain** | 14501088 | 3505773 | 3431027  |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $22420504 | $3914191 | $3430058 |

---

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

10<br>

------

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

**Miller Funds** 

**Statements of Changes in Net Assets** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Miller Income Fund** | **Miller Income Fund** | **Miller Value Partners** <br>**Appreciation ETF**  | **Miller Value Partners** <br>**Appreciation ETF**  |
|  | **Year Ended** <br>**September 30,** <br>**2025** | **Year Ended** <br>**September 30,** <br>**2024** | **Year Ended** <br>**September 30,** <br>**2025** | **Period Ended** <br>**September 30,** <br>**2024<sup>(a)</sup>**  |
| **OPERATIONS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $7919416 | $8019704 | $408418 | $458494  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 27952394 | (7283834) | 7071854 | 6414282  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (13451306) | 43299406 | (3566081) | 4249429  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from operations** | 22420504 | 44035276 | 3914191 | 11122205  |
| **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings |  |  | (600921) | —  |
| &nbsp;&nbsp;&nbsp; From earnings - Class A | (1136522) | (1285132) |  | —  |
| &nbsp;&nbsp;&nbsp; From earnings - Class C | (456914) | (761687) |  | —  |
| &nbsp;&nbsp;&nbsp; From earnings - Class FI | (9578) | (12699) |  | —  |
| &nbsp;&nbsp;&nbsp; From earnings - Class I | (2604565) | (3075785) |  | —  |
| &nbsp;&nbsp;&nbsp; From earnings - Class IS | (3771350) | (3874697) |  | —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (7978929) | (9010000) | (600921) | —  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold |  |  | 40206012 | 63984606  |
| &nbsp;&nbsp;&nbsp; Shares redeemed |  |  | (31274152) | (17946069)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A | 2952888 | 2437773 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class A | 1104606 | 1246724 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A | (3966672) | (6464743) |  | —  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class C | 259899 | 368239 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class C | 453529 | 752636 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class C | (3728548) | (5287489) |  | —  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class FI | 1109 | 682 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class FI | 9578 | 12699 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class FI | (57051) | (34005) |  | —  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I | 3559106 | 5526724 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class I | 2354809 | 2805539 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I | (8955131) | (17665470) |  | —  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class IS | 3276163 | 3340454 |  | —  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (2735715) | (12960237) | 8931860 | 46038537  |
| **NET INCREASE IN NET ASSETS** | 11705860 | 22065039 | 12245130 | 57160742  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 161584971 | 139519932 | 57160742 | —  |
| &nbsp;&nbsp;&nbsp; End of the period | $173290831 | $161584971 | $69405872 | $57160742  |

---

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

11<br>

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

**Miller Funds** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Miller Income Fund** | **Miller Income Fund** | **Miller Value Partners** <br>**Appreciation ETF**  | **Miller Value Partners** <br>**Appreciation ETF**  |
|  | **Year Ended** <br>**September 30,** <br>**2025** | **Year Ended** <br>**September 30,** <br>**2024** | **Year Ended** <br>**September 30,** <br>**2025** | **Period Ended** <br>**September 30,** <br>**2024<sup>(a)</sup>**  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold |  |  | 1170000 | 2356000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed |  |  | (930000) | (590000)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A | 338802 | 338931 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class A | 127697 | 161923 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A | (457716) | (878077) |  | —  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class C | 30204 | 51238 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class C | 52448 | 97887 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class C | (427484) | (727735) |  | —  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class FI | 126 | 96 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class FI | 1107 | 1649 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class FI | (6546) | (4349) |  | —  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I | 413604 | 741233 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class I | 273144 | 364528 |  | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I | (1026351) | (2434660) |  | —  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class IS | 381112 | 433602 |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares** <br>**outstanding** | (299853) | (1853734) | 240000 | 1766000 |

---

<sup>(a)</sup> Inception date of the Fund was January 30, 2024.

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

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**Miller Funds** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Miller Value Partners Leverage ETF**  | **Miller Value Partners Leverage ETF**  |
|  | **Year Ended** <br>**September 30,** <br>**2025** | **Period Ended** <br>**September 30,** <br>**2024<sup>(a)</sup>**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp; $(969) | &nbsp;&nbsp; $1318  |
| &nbsp;&nbsp;&nbsp; Net realized gain | &nbsp;&nbsp; 300003 | &nbsp;&nbsp; 721701  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation | &nbsp;&nbsp; 3131024 | &nbsp;&nbsp; 670128  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from operations** | &nbsp;&nbsp; 3430058 | &nbsp;&nbsp; 1393147  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; From earnings | &nbsp;&nbsp; (475541) | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | &nbsp;&nbsp; (475541) | &nbsp;&nbsp; —  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 17829170 | &nbsp;&nbsp; 12208598  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (7118109) | &nbsp;&nbsp; (6458052)  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from capital transactions** | &nbsp;&nbsp; 10711061 | &nbsp;&nbsp; 5750546  |
| **NET INCREASE IN NET ASSETS** | &nbsp;&nbsp; 13665578 | &nbsp;&nbsp; 7143693  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp; 7143693 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp; $20809271 | &nbsp;&nbsp; $7143693  |
| **SHARES TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 570000 | &nbsp;&nbsp; 460000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (230000) | &nbsp;&nbsp; (230000)  |
| &nbsp;&nbsp;&nbsp; **Total increase in shares outstanding** | &nbsp;&nbsp; 340000 | &nbsp;&nbsp; 230000 |

---

<sup>(a)</sup> Inception date of the Fund was February 27, 2024.

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

13<br>

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**MILLER INCOME FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS A** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $8.22 | $6.47 | $6.03 | $9.06 | $6.36  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.39 | 0.39 | 0.35 | 0.39 | 0.44  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 0.73 | 1.78 | 0.49 | (3.00) | 2.73  |
| **Total from investment operations** | 1.12 | 2.17 | 0.84 | (2.61) | 3.17  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.38) | (0.42) | (0.40) | (0.39) | (0.44)  |
| Return of capital |  |  |  | (0.03) | (0.03)  |
| **Total distributions** | (0.38) | (0.42) | (0.40) | (0.42) | (0.47)  |
| **Net asset value, end of year** | $8.96 | $8.22 | $6.47 | $6.03 | $9.06  |
| Total return | 13.92% | 34.09% | 14.15% | -29.56% | 50.36%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $26292 | $24032 | $21371 | $25881 | $36250  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 1.33% | 1.38% | 1.35% | 1.26% | 1.26%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 1.25% | 1.23% | 1.23% | 1.21% | 1.23%  |
| Ratio of interest expense to average net assets | 0.01% | 0.01% | 0.04% | 0.01% | 0.02%  |
|  Ratio of operational expenses to average net assets excluding interest expense | 1.24% | 1.22% | 1.19% | 1.20% | 1.21%  |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average <br>net assets | 4.51% | 5.24% | 5.24% | 4.90% | 5.22%  |
| Portfolio turnover rate | 44% | 38% | 41% | 59% | 65% |

---

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

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

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

14<br>

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

**MILLER INCOME FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS C** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $8.22 | $6.47 | $6.03 | $9.05 | $6.36  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.33 | 0.33 | 0.30 | 0.33 | 0.38  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 0.74 | 1.79 | 0.49 | (3.00) | 2.72  |
| **Total from investment operations** | 1.07 | 2.12 | 0.79 | (2.67) | 3.10  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.27) | (0.37) | (0.35) | (0.33) | (0.38)  |
| Return of capital |  |  |  | (0.02) | (0.03)  |
| **Total distributions** | (0.27) | (0.37) | (0.35) | (0.35) | (0.41)  |
| **Net asset value, end of year** | $9.02 | $8.22 | $6.47 | $6.03 | $9.05  |
| Total return | 13.17% | 33.20% | 13.24% | -30.07% | 49.13%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $14255 | $15824 | $16212 | $19860 | $34591  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 2.05% | 2.13% | 2.11% | 2.00% | 2.00%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 1.97% | 1.98% | 2.00% | 1.95% | 1.97%  |
| Ratio of interest expense to average net assets | 0.01% | 0.01% | 0.04% | 0.01% | 0.02%  |
|  Ratio of operational expenses to average net assets excluding interest expense | 1.96% | 1.97% | 1.96% | 1.94% | 1.95%  |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average <br>net assets | 3.78% | 4.47% | 4.50% | 4.11% | 4.48%  |
| Portfolio turnover rate | 44% | 38% | 41% | 59% | 65% |

---

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

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

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

15<br>

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

**MILLER INCOME FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS FI** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $8.21 | $6.47 | $6.03 | $9.06 | $6.36  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.39 | 0.38 | 0.34 | 0.40 | 0.43  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 0.74 | 1.78 | 0.50 | (3.01) | 2.74  |
| **Total from investment operations** | 1.13 | 2.16 | 0.84 | (2.61) | 3.17  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.38) | (0.42) | (0.40) | (0.39) | (0.44)  |
| Return of capital |  |  |  | (0.03) | (0.03)  |
| **Total distributions** | (0.38) | (0.42) | (0.40) | (0.42) | (0.47)  |
| **Net asset value, end of year** | $8.96 | $8.21 | $6.47 | $6.03 | $9.06  |
| Total return | 14.00% | 33.97% | 14.07% | -29.57% | 50.25%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $215 | $241 | $206 | $248 | $208  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 1.37% | 1.47% | 1.41% | 1.28% | 1.38%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 1.30% | 1.32% | 1.29% | 1.24% | 1.35%  |
| Ratio of interest to average net assets | 0.01% | 0.01% | 0.04% | 0.01% | 0.02%  |
|  Ratio of operational expenses to average net assets excluding interest expense | 1.29% | 1.31% | 1.25% | 1.23% | 1.33%  |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average <br>net assets | 4.45% | 5.19% | 5.07% | 4.98% | 5.07%  |
| Portfolio turnover rate | 44% | 38% | 41% | 59% | 65% |

---

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

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

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

16<br>

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

**MILLER INCOME FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS I** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $8.19 | $6.46 | $6.02 | $9.05 | $6.35  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.41 | 0.40 | 0.36 | 0.41 | 0.46  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 0.74 | 1.79 | 0.50 | (3.00) | 2.73  |
| **Total from investment operations** | 1.15 | 2.19 | 0.86 | (2.59) | 3.19  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.43) | (0.46) | (0.42) | (0.41) | (0.46)  |
| Return of capital |  |  |  | (0.03) | (0.03)  |
| **Total distributions** | (0.43) | (0.46) | (0.42) | (0.44) | (0.49)  |
| **Net asset value, end of year** | $8.91 | $8.19 | $6.46 | $6.02 | $9.05  |
| Total return | 14.28% | 34.45% | 14.45% | -29.41% | 50.82%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $53954 | $52348 | $49900 | $67042 | $123349  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 1.05% | 1.13% | 1.12% | 1.00% | 1.01%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 0.96% | 0.97% | 0.99% | 0.96% | 0.98%  |
| Ratio of interest expense to average net assets | 0.01% | 0.01% | 0.04% | 0.01% | 0.02%  |
|  Ratio of operational expenses to average net assets excluding interest expense | 0.95% | 0.96% | 0.95% | 0.95% | 0.96%  |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average <br>net assets | 4.79% | 5.49% | 5.45% | 5.09% | 5.48%  |
| Portfolio turnover rate | 44% | 38% | 41% | 59% | 65% |

---

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

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

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

17<br>

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

**MILLER INCOME FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS IS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $8.17 | $6.45 | $6.02 | $9.04 | $6.35  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.42 | 0.41 | 0.37 | 0.42 | 0.47  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 0.73 | 1.78 | 0.48 | (3.00) | 2.72  |
| **Total from investment operations** | 1.15 | 2.19 | 0.85 | (2.58) | 3.19  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.44) | (0.47) | (0.42) | (0.41) | (0.47)  |
| Return of capital |  |  |  | (0.03) | (0.03)  |
| **Total distributions** | (0.44) | (0.47) | (0.42) | (0.44) | (0.50)  |
| **Net asset value, end of year** | $8.88 | $8.17 | $6.45 | $6.02 | $9.04  |
| Total return | 14.34% | 34.60% | 14.37% | -29.28% | 50.75%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $78574 | $69140 | $51830 | $45277 | $61866  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 0.98% | 1.06% | 1.05% | 0.94% | 0.94%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 0.90% | 0.91% | 0.93% | 0.90% | 0.91%  |
| Ratio of interest expense to average net assets | 0.01% | 0.01% | 0.04% | 0.01% | 0.02%  |
|  Ratio of operational expenses to average net assets excluding interest expense  | 0.89% | 0.90% | 0.89% | 0.89% | 0.89%  |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average <br>net assets | 4.86% | 5.56% | 5.55% | 5.23% | 5.55%  |
| Portfolio turnover rate | 44% | 38% | 41% | 59% | 65% |

---

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

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

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

18<br>

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

**MILLER VALUE PARTNERS APPRECIATION ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**September 30,** <br>**2025** | **Period Ended** <br>**September 30,** <br>**2024<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $32.37 | &nbsp;&nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.28  |
| Net realized and unrealized gain on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.34 | &nbsp;&nbsp;&nbsp;&nbsp;7.09  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;2.55 | &nbsp;&nbsp;&nbsp;&nbsp;7.37  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp; —  |
| Net realized gains | &nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.32) | &nbsp;&nbsp;&nbsp; —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $34.60 | &nbsp;&nbsp;&nbsp; $32.37  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 7.88% | &nbsp;&nbsp;&nbsp; 29.49%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $69406 | &nbsp;&nbsp;&nbsp; $57161  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp; 0.60%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.61% | &nbsp;&nbsp;&nbsp; 1.38%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp; 64% | &nbsp;&nbsp;&nbsp; 69% |

---

<sup>(a)</sup> Inception date of the Fund was January 30, 2024.

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

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

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

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

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

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

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

**MILLER VALUE PARTNERS LEVERAGE ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**September 30,** <br>**2025** | **Period Ended** <br>**September 30,** <br>**2024<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $31.06 | &nbsp;&nbsp;&nbsp;&nbsp; $25.10  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; (0.00)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| Net realized and unrealized gain on investments<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7.52 | &nbsp;&nbsp;&nbsp;&nbsp;5.95  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;7.52 | &nbsp;&nbsp;&nbsp;&nbsp;5.96  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Net realized gains | &nbsp;&nbsp;&nbsp; (2.06) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (2.07) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $36.51 | &nbsp;&nbsp;&nbsp;&nbsp; $31.06  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 25.59% | &nbsp;&nbsp;&nbsp;&nbsp; 23.74%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(f)</sup>**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $20809 | &nbsp;&nbsp;&nbsp;&nbsp; $7144  |
| Ratio of expenses to average net assets<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp; 0.88%  |
| Ratio of net investment income (loss) to average net assets<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; (0.01)% | &nbsp;&nbsp;&nbsp;&nbsp; 0.04%  |
| Portfolio turnover rate<sup>(e)(h)</sup> | &nbsp;&nbsp;&nbsp; 662% | &nbsp;&nbsp;&nbsp;&nbsp; 319% |

---

<sup>(a)</sup> Inception date of the Fund was February 27, 2024.

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

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

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

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

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

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

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

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

20<br>

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

**Miller Funds** 

**Notes to Financial Statements** 

**September 30, 2025** 

**NOTE 1 – ORGANIZATION** 

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

The Income Fund's investment objective is to provide a high level of income while maintaining potential for growth. The Appreciation ETF commenced operations on January 30, 2024 and seeks capital appreciation. The Leverage ETF commenced operations on February 27, 2024 and seeks capital appreciation over a multi-year horizon.

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

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

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

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

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

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

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

As part of the Appreciation ETF's commenced operations on January 30, 2024, certain securities of accounts managed by the Advisor were exchanged, at fair value, as in-kind transfers to the Appreciation ETF. The securities were recorded at their current value to align the Appreciation ETF's performance with ongoing financial reporting. The in-kind transfers were not taxable events under relevant provisions of the Internal Revenue Code, and therefore the historical cost basis of those investments was carried forward. The total fair value of the in-kind transfers, included in

proceeds from shares issued on the accompanying Statement of Changes in Net Assets, was $32,645,405. The historical

21<br>

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

**Miller Funds** 

**Notes to Financial Statements** 

**September 30, 2025(Continued)** 

cost of the contributed investments was $24,379,507, which was carried forward to align the ongoing reporting of realized and unrealized gains and losses for tax purposes. As a result of the in-kind contribution, the Fund issued 1,306,000 shares at $25.00 per share net asset value.

**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 U.S. generally accepted accounting principles ("U.S. GAAP") for investment companies. The Funds are considered investment companies under U.S. GAAP and follow the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board Accounting Standards 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. Actual results may differ from those estimates.

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

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

Level 1 – unadjusted quoted prices in active markets for identical investments

Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).

---

| | |
|:---|:---|
| Level 3 –<br>| significant unobservable inputs, including the Funds' own assumptions in determining the fair value of investments. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used in valuing the Funds' assets carried at fair value:  |

---

**Miller Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Investments\*:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $145988345 | $433856<sup>(a)</sup> | $—\*\* | $146422201  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds |  | 19304613 |  | 19304613  |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | 7092693 |  |  | 7092693  |
| **Total Investments** | $153081038 | $19738469 | $— | $172819507 |

---

22<br>

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

**Miller Funds** 

**Notes to Financial Statements** 

**September 30, 2025(Continued)** 

**Miller Value Partners Appreciation ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Investments\*:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $69145354 | $— | $— | $69145354  |
| &nbsp;&nbsp;&nbsp; Warrants |  | 17917 |  | 17917  |
| **Total Investments** | $69145354 | $17917 | $— | $69163271 |

---

**Miller Value Partners Leverage ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Investments\*:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Exchange-Traded Funds | $20785497 | $— | $— | $20785497  |
| **Total Investments** | $20785497 | $— | $— | $20785497 |

---

\* See Schedule of Investments for additional detailed categorizations.

\*\* Russia's invasion of Ukraine has led to unprecedented market and policy responses of governments and regulators around the world. There is no functioning or orderly market to the facilitate the liquidation of any Russian-based securities held by the Income Fund. As a result, the fair value of the Russian securities held in the Income Fund has been reduced to zero.

<sup>(a)</sup> Cannabist Co. Holdings, Inc. common stocks subject to contractual lock-up provisions and are concentrated in the Health Care sector.

&nbsp;&nbsp;&nbsp;&nbsp;(b) *Return of capital estimates.* Distributions received from investments in Master Limited Partnerships ("MLPs") generally are comprised
 of income and return of capital. Distributions received from investments in Real Estate Investment Trusts ("REITs") generally
 are comprised of income, realized capital gains and return of capital. It is the policy of the Funds to estimate the character of distributions
 received from underlying REITs and MLPs based on historical information available from each MLP or REIT and other industry sources. These
 estimates may subsequently be revised based on information received from the MLPs and REITs after their tax reporting periods are concluded.

&nbsp;&nbsp;&nbsp;&nbsp;(c) *Security transactions and investment income.* Security transactions are accounted for on a trade date basis. Interest income, adjusted for amortization
 of premium and accretion of discount, is recorded on accrual basis. Dividend income is recorded on the ex-dividend date. The cost of investments
 sold is determined by use of the specific identification method. To the extent any issuer defaults or a credit event occurs that impacts
 the issuer, the Funds may halt any additional interest income accruals and consider the realizability of interest accrued up to the date
 of default or credit event.

&nbsp;&nbsp;&nbsp;&nbsp;(d) *Distributions to shareholders.* Distributions are declared and paid by the Income Fund on a quarterly basis, and by the ETFs on an annual basis.
 Distributions of net realized gains, if any, are declared at least annually by the Funds. The character of distributions made to shareholders
 during the year may differ from their ultimate characterization for federal income tax purposes. Distributions to shareholders of the
 Funds are recorded on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from U.S. GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;(e) *Share class accounting.* Investment income, common expenses and realized/ unrealized gains (losses) on
 investments are allocated to the various classes of the Income Fund on the basis of daily net assets of each class. Fees relating to a
 specific class are charged directly to that share class.

&nbsp;&nbsp;&nbsp;&nbsp;(f) *Cash and Cash Equivalents.* Cash and cash equivalents include cash on hand and demand deposits. The Funds sweep uninvested cash into a Money Market
 Deposit Account (MMDA) offered by U.S. Bank. MMDAs are interest-bearing accounts that offer competitive interest rates and limited transactions
 capabilities. These accounts are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per depositor, per bank.

23<br>

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

**Miller Funds** 

**Notes to Financial Statements** 

**September 30, 2025(Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;(g) *Federal and other taxes.* It is the Funds' policy to comply with the federal income and excise tax requirements of the Internal Revenue
 Code of 1986 (the "Code"), as amended, applicable to regulated investment companies. Accordingly, the Funds intend to distribute
 any taxable income and net realized gains to shareholders in accordance with timing requirements imposed by the Code. Therefore, no federal
 or state income tax provision is required in the Funds' financial statements.

Management has analyzed the Funds' tax positions taken on income tax returns for all open tax years (prior three fiscal years) and has concluded that as of September 30, 2025, no provision for income tax is required in the Funds' financial statements. The Funds' federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue. The Funds have no examination in progress and 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.

The Funds hold interests in certain securities that are treated as partnerships for Federal income tax purposes. These entities may be subject to audit by the Internal Revenue Service or other applicable tax authorities. The Funds' taxable income or tax liability for prior taxable years could be adjusted as a result of such an audit. The Funds may be required to pay a fund-level tax as a result of such an adjustment or may pay a "deficiency dividend" to its current shareholders in order to avoid a fund-level tax associated with the adjustment. The Funds could also be required to pay interest and penalties in connection with such an adjustment. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. Under the applicable foreign tax laws, a withholding tax may be imposed on interest, dividends, and capital gains at various rates.

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

**NOTE 3 – INVESTMENT MANAGEMENT AGREEMENT AND OTHER RELATED PARTY TRANSACTIONS.** 

The Trust has an agreement with the Advisor to furnish investment advisory services to the Funds. Under the investment management agreement, the Income Fund pays an investment management fee, calculated daily and paid monthly, in accordance with the following breakpoint schedule:

**Income Fund** 

---

| | |
|:---|:---|
| **Average Daily Net Assets**  | **Annual Rate**  |
| First $2.5 billion | &nbsp;&nbsp;&nbsp; 0.700%  |
| Next $5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.675  |
| Over $7.5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.650 |

---

The Advisor has contractually agreed to reduce fees and pay expenses, (other than front-end or contingent deferred loads, taxes, interest expense, brokerage commissions, acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization, portfolio transaction expenses, dividends paid on short sales, extraordinary expenses such as litigation, Rule 12b-1 fees, intermediary servicing fees, or any other class-specific expenses), so that such annual operating expenses of the Income Fund will not exceed 0.89%. Separately, with respect to Class I only, the Advisor has agreed to waive fees and/or Income Fund reimburse operating expenses such that the previously described annual operating expenses, plus intermediary servicing fees and other class- specific expenses, will not exceed 0.95%. These arrangements cannot be terminated prior to January 31, 2026 without the Board of Trustees' consent. The Advisor had same contractual agreement with the Predecessor Fund.

24<br>

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**Miller Funds** 

**Notes to Financial Statements** 

**September 30, 2025(Continued)** 

During the year ended September 30, 2025, fees waived and/or expenses reimbursed amounted to $133,945.

The Advisor is permitted to recapture amounts waived and/or reimbursed to a class within 36 months of the reimbursement date if the 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. In no case will the Advisor recapture any amount that would result, on any particular business day of the Income Fund, in the class's total annual operating expenses exceeding the expense cap or any other lower limit then in effect.

At September 30, 2025, the Income Fund had remaining fee waivers and/or expense reimbursements subject to be recaptured by the Advisor and respective dates of expiration as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class FI** | **Class I** | **Class IS**  |
| Expires September 30, 2026 | 29421 | 22233 | 270 | 79644 | 60807  |
| Expires September 30, 2027 | 33679 | 23725 | 339 | 77985 | 89055  |
| Expires September 30, 2028 | 18826 | 10921 | 163 | 49489 | 54546  |
| **Total** | $81926 | $56879 | $772 | $207118 | $204408 |

---

**Appreciation ETF and Leverage ETF** 

Pursuant to the advisory agreement, the Appreciation ETF and Leverage ETF pay unitary management fees of 0.60% and 0.88% per annum of the average daily net assets, respectively. The Advisor has agreed to pay all expenses of the ETFs except the fee paid to the Advisor under the Advisory Agreement, interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses (if any).

Exchange Traded Concepts, LLC (the "Sub-Advisor") serves as the sub-advisor to the ETFs. The Sub-Advisor is majority owned by Cottonwood ETF Holdings LLC. Pursuant to a Sub-Advisory Agreement between the Advisor and the Sub-Advisor (the "Sub-Advisory Agreement"), the Sub-Advisor is responsible for implementing the investment strategy of the ETFs subject to the instruction and oversight of the Advisor. The Sub-Advisor is also responsible for trading portfolio securities for the ETFs, including selecting broker-dealers to execute purchase and sale transactions. For its services, the Sub-Advisor is entitled to a fee paid by the Advisor from its management fee, which fee is calculated daily and paid monthly, at an annual rate based on the accumulative average daily net assets of each fund advised (or sponsored) by the Advisor and sub-advised by the Sub-Advisor, and subject to a minimum annual fee as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Minimum Annual Fee** | **Asset-Based Fee**  |
| **Appreciation ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $20000 | 4 bps (0.04%) on the first $500 million  |
|  |  | 3 bps (0.03%) on assets over $500 million  |
| **Leverage ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $15000 | 3 bps (0.03%) on the first $500 million  |
|  |  | 2 bps (0.02%) on assets over $500 million |

---

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services") serves as the Funds' administrator and transfer agent. The officers of the Trust are employees of Fund Services. U.S. Bank, N.A. serves as the Funds' custodian. Quasar Distributors, LLC ("Quasar"), serves as the Funds' distributor and principal underwriter. For the year ended September 30, 2025, the Income Fund incurred expenses for administration and fund accounting, transfer agent, custody, and compliance fees as detailed on the Statement of Operations.

At September 30, 2025, the Income Fund had payables for administration and fund accounting, transfer agent, custody, and compliance fees as detailed on the Statement of Assets and Liabilities.

The Independent Trustees were paid $17,389 by the Income Fund for their services and reimbursement of travel expenses during the year ended September 30, 2025. The Funds pays no compensation to the Interested Trustee or officers of the Trust.

25<br>

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

**Miller Funds** 

**Notes to Financial Statements** 

**September 30, 2025(Continued)** 

<u>Income Fund Sales Charges</u>

Class A shares have a maximum initial sales charge of 5.75%. Class C share have a contingent deferred sales charge ("CDSC") of 1.00%, which applies if redemption occurs within 12 months from purchase payment. In certain cases, Class A shares have a 1.00% CDSC, which applies if redemption occurs within 18 months from purchase payment.

**NOTE 4 – INVESTMENTS** 

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

**Income Fund** 

---

| | |
|:---|:---|
| Purchases | $74173133  |
| Sales | $76131925 |

---

**Appreciation ETF** 

---

| | |
|:---|:---|
| Purchases | $44535008  |
| Sales | $42111609 |

---

**Leverage ETF** 

---

| | |
|:---|:---|
| Purchases | $65953390  |
| Sales | $66425311 |

---

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

**Appreciation ETF** 

---

| | |
|:---|:---|
| Purchase In-Kind  | $38328926  |
| Sales In-Kind | $31967007 |

---

**Leverage ETF** 

---

| | |
|:---|:---|
| Purchase In-Kind | $17801495  |
| Sales In-Kind | $7104114 |

---

**NOTE 5 – CLASS SPECIFIC EXPENSES AND DISTRIBUTIONS** 

The Income Fund has adopted a Rule 12b-1 distribution and shareholder servicing plan and, under that plan, the Income Fund pays service and/or distribution fees with respect to its Class A, Class C and Class FI shares calculated at the annual rate of 0.25%, 1.00% and 0.25% of the average daily net assets of each class, respectively.

The Income Fund also has arrangements with various parties to provide ongoing sub-transfer agency services for each share class. Sub-transfer agency and/or distribution fees are accrued daily and paid monthly or quarterly.

For the year ended September 30, 2025, class specific expenses are detailed on Statement of Operations.

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

**Miller Funds** 

**Notes to Financial Statements** 

**September 30, 2025(Continued)** 

Distributions by class for the year ended September 30, 2025 and year/periods ended September 30, 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended September 30,**  | **Year Ended September 30,**  |
|  | **2025**  | **2024**  |
| **Income Fund** | **Income Fund** | **Income Fund** |
| **Ordinary Income:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Class A | $1136522 | $1285132  |
| &nbsp;&nbsp;&nbsp; Class C | 456914 | 761687  |
| &nbsp;&nbsp;&nbsp; Class FI | 9578 | 12699  |
| &nbsp;&nbsp;&nbsp; Class I | 2604565 | 3075785  |
| &nbsp;&nbsp;&nbsp; Class IS | 3771350 | 3874697  |
| **Total** | $7978929 | $9010000 |

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**September 30, 2025** | **Period Ended** <br>**September 30, 2024**  |
| **Appreciation ETF** | **Appreciation ETF** | **Appreciation ETF** |
| &nbsp;&nbsp;&nbsp; Ordinary Income | &nbsp;&nbsp;&nbsp;&nbsp; $600921 | &nbsp;&nbsp;&nbsp;&nbsp; $—  |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp; $600921 | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**September 30, 2025** | **Period Ended** <br>**September 30, 2024**  |
| **Leverage ETF** | **Leverage ETF** | **Leverage ETF** |
| &nbsp;&nbsp;&nbsp; Ordinary Income | &nbsp;&nbsp;&nbsp;&nbsp; $475541 | &nbsp;&nbsp;&nbsp;&nbsp; $—  |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp; $475541 | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

**NOTE 6 – INCOME TAX INFORMATION** 

At September 30, 2025, the components of accumulated earnings (losses) for federal income tax purposes were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Income Fund** | **Appreciation ETF** | **Leverage ETF**  |
| Tax cost of investments | $167730390 | &nbsp;&nbsp; $62032462 | $16984344  |
| Gross unrealized appreciation | $37621893 | &nbsp;&nbsp; $12236899 | $3801153  |
| Gross unrealized depreciation | (32532776) | &nbsp;&nbsp; (5106090) | —  |
| Net unrealized appreciation | $5089117 | &nbsp;&nbsp; $7130809 | $3801153  |
| Undistributed Ordinary Income | 7635 | &nbsp;&nbsp; 360064 | —  |
| Capital loss carryforwards | (7569804) | &nbsp;&nbsp; (3746285) | (345900)  |
| Other book/tax temporary differences | (55494) | &nbsp;&nbsp; — | (970)  |
| Total accumulated earnings/losses | $(2528546) | &nbsp;&nbsp; $3744588 | $3454283 |

---

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

**Miller Funds** 

**Notes to Financial Statements** 

**September 30, 2025(Continued)** 

GAAP requires that certain components of net assets be reclassified to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year ended September 30, 2025, the reclassifications have been made as follows:

---

| | | |
|:---|:---|:---|
|  | **Distributable Earnings/**<br>**(Accumulated Losses)<sup>(a)</sup>**  | **Paid-in Capital<sup>(a)</sup>**  |
| Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; $33207 | &nbsp;&nbsp; $(33207)  |
| Appreciation ETF | &nbsp;&nbsp;&nbsp;&nbsp; $(11809892) | &nbsp;&nbsp; $11809892  |
| Leverage ETF | &nbsp;&nbsp;&nbsp;&nbsp; $(645753) | &nbsp;&nbsp; $645753 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Reclassifications are primarily due to redemption
 in-kinds. Income Fund is due to prior year financial audit adjustment.

The Funds are required, in order to meet certain excise tax requirements, to measure and distribute annually, net capital gains realized during the twelve month period ending October 31. In connection with this requirement, the Funds are permitted, for tax purposes, to defer into its next fiscal year any net capital losses incurred from November 1 through the end of the fiscal year. Late year losses incurred after December 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The Income Fund and Appreciation ETF had no post-October late-year losses or post October capital losses and Leverage ETF had post-October late-year losses of $970 as of September 30, 2025.

At September 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 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Not Subject to Expiration** | **Not Subject to Expiration** | **Not Subject to Expiration** |
|  | **Short-Term** | **Long-Term** | **Total**  |
| Income Fund  | $(7569804) |  | $(7569804)  |
| Appreciation ETF  | $(1259086) | $(2487199) | $(3746285)  |
| Leverage ETF  | $(345900) |  | $(345900) |

---

**NOTE 7 – CONTROL OWNERSHIP** 

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumption of control of the fund under 2(a)(9) of the 1940 Act. As of September 30, 2025, J.P. Morgan Securities, LLC. held approximately 43%, in aggregate for the benefit of others, outstanding shares of the Income Fund.

**NOTE 8 – LINE OF CREDIT** 

The Income Fund has access to a $15 million and line of credit through an agreement with U.S. Bank. The Income Fund may temporarily draw on the line of credit to satisfy redemption requests or settle investment transactions. Interest is charged to the Income Fund based on its borrowings at a rate per annum equal to the Prime Rate, to be paid monthly. Loan activity for the year ended September 30, 2025 was as follows:

---

| | |
|:---|:---|
| Maximum available credit | $15000000  |
| Largest amount outstanding on an individual day | $4641000  |
| Average daily loan outstanding | $483948  |
| Interest expense | $9065  |
| Loan outstanding as of September 30, 2025 | $555000  |
| Average interest rate | 6.98% |

---

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

**Miller Funds** 

**Notes to Financial Statements** 

**September 30, 2025(Continued)** 

The Appreciation ETF has access to a $2.5 million line of credit through an agreement with U.S. Bank. Loan activity for the period ended September 30, 2025 was as follows:

---

| | |
|:---|:---|
| Maximum available credit | $2500000  |
| Largest amount outstanding on an individual day | $1561000  |
| Average daily loan outstanding | $314667  |
| Interest expense | $1562  |
| Loan outstanding as of September 30, 2025 | $0  |
| Average interest rate | 7.25% |

---

**NOTE 9 – UNDERLYING INVESTMENTS IN OTHER INVESTMENT COMPANIES** 

The Leverage ETF currently invests a portion of its assets in SPDR S&P 500 ETF Trust ("SPY") and Direxion Daily S&P 500 Bull 2X Shares ("SPUU"). The Leverage ETF may redeem its investment from SPY and SPUU at any time if the Advisor determines that it is in the best interest of the Leverage ETF and its shareholders to do so. The performance of the Leverage ETF may be directly affected by the performance of SPY and SPUU. The expense ratios of SPY and SPUU are 0.09% and 0.60%, respectively, of net assets, as reflected in the most current prospectuses of SPY and SPUU. The financial statements of SPY and SPUU, including their portfolio of investments, can be found at the Securities and Exchange Commission's (SEC) website www.sec.gov and should be read in conjunction with the Leverage ETF's financial statements. As of September 30, 2025, the percentage of the Leverage ETF's net assets invested in SPUU was 99.9%.

**NOTE 10 – SUBSEQUENT EVENTS** 

Management has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued and has determined that there were no significant subsequent events that would require adjustment to or additional disclosure in these financial statements.

29<br>

------

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

**MILLER FUNDS** 

**Report of Independent Registered Public Accounting Firm** 

To the Shareholders of Miller Income Fund, Miller Value Partners Appreciation ETF, and

Miller Value Partners Leverage ETF 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 Miller Funds, each a series of beneficial interest in Advisor Managed Portfolios comprising the funds listed below (the "Funds"), as of September 30, 2025, and the related statements of operations, the statements of changes in net assets, and the financial highlights for each of the periods indicated below, and related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of September 30, 2025, the results of their operations, the changes in net assets and the financial highlights for the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Statements of** <br>**Operations** | **Statements of** <br>**Changes in Net Assets** | **Financial Highlights** |
| Miller Income Fund | For the year ended September 30, 2025 | For the years ended September 30, 2025, and September 30, 2024. | For the years ended September 30, 2025, September 30, 2024, and September 30, 2023 |
| Miller Value Partners Appreciation ETF | For the year ended September 30, 2025 | For the years ended September 30, 2025, and for the period from January 30, 2024 (commencement of operations) to September 30, 2024. | For the years ended September 30, 2025, and for the period from January 30, 2024 (commencement of operations) to September 30, 2024. |
| Miller Value Partners Leverage ETF | For the year ended September 30, 2025 | For the years ended September 30, 2025, and for the period from February 27, 2024 (commencement of operations) to September 30, 2024 | For the years ended September 30, 2025, and for the period from February 27, 2024 (commencement of operations) to September 30, 2024 |

---

Miller Income Fund's financial highlights for the years ended September 30, 2022, and prior, were audited by other auditors whose report dated November 29, 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 September 30, 2025, by correspondence with the custodian. 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.

![](19574_sign.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

November 28, 2025

30<br>

------

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

**Miller Funds** 

**Additional Information** 

**September 30, 2025 (Unaudited)** 

**Tax Information** 

For the year ended September 30, 2025, certain dividends paid by the Funds may be subject to a maximum tax rate of 23.8%, as provided for by the Tax Cuts and Jobs Act of 2017.

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

---

| | |
|:---|:---|
| Miller Income Fund  | 94.27% |
| Miller Value Partners Appreciation ETF | 100.00%  |
| Miller Value Partners Leverage ETF | 6.66% |

---

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

---

| | |
|:---|:---|
| Miller Income Fund  | 61.52%  |
| Miller Value Partners Appreciation ETF | 58.22%  |
| Miller Value Partners Leverage ETF | 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 the Fund was as follows (unaudited).

---

| | |
|:---|:---|
| Miller Income Fund | 0.00%  |
| Miller Value Partners Appreciation ETF | 19.95%  |
| Miller Value Partners Leverage ETF | 99.72% |

---

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

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

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

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

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

See Financial Statements.

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

Not applicable.

31<br>

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

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

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

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

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

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

For Miller Income Fund, see Item 7(a).

For Miller Value Partners Appreciation ETF and Miller Value Partners Leverage ETF, all fund expenses, including Trustee compensation, are paid by the Investment Advisor pursuant to the Investment Advisory Agreement. Additional information related to those fees is available in the Fund's Statement of Additional Information.

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

Not applicable

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

Not applicable to open-end investment companies.

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

 

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

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

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

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

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

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

Not applicable to open-end investment companies.

 

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

Not applicable

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

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* [(1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Filed herewith.](mvp-efp19190_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.](mvp-efp19190_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.](mvp-efp19190_ex99906cert.htm)

**SIGNATURES**

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

---

| | |
|:---|:---|
| Advisor Managed Portfolios | Advisor Managed Portfolios |
| By | /s/ Russell B. Simon |
|  | *Russell B. Simon*, President/Principal Executive Officer |
| Date | 12/05/2025 |

---

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

---

| | |
|:---|:---|
| By | /s/ Russell B. Simon |
|  | *Russell B. Simon*, President/Principal Executive Officer |
| Date | 12/05/2025 |
| By | /s/ Eric T. McCormick |
|  | *Eric T. McCormick*, Treasurer/Principal Financial Officer |
| Date | 12/05/2025 |

---

## Ex-99.Code

**EX.99.CODE ETH**

Column A - Policies and Procedures

**ADVISOR MANAGED PORTFOLIOS**

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

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

This Code of Ethics requires each Covered Person to:

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

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

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

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

Person may become aware; and

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

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

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

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

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

Column A - Policies and Procedures

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

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

Each Covered Person must:

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

**IV. Accurate, Complete, Timely and Understandable Information**

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

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

**V. Waivers**

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

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

Column A - Policies and Procedures

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

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

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

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

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

Column A - Policies and Procedures

**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.

**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.

**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: | 12/05/2025 | /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.

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| | | |
|:---|:---|:---|
| Date: | 12/05/2025 | /s/ Eric T. McCormick |
|  |  | Eric T. McCormick, |
|  |  | Treasurer and Principal Financial Officer |

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## Exhibit 99.906

**EX.99.906CERT**

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

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Advisor Managed Portfolios, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Advisor Managed Portfolios for the year ended September 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.

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| | |
|:---|:---|
| /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 |

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Dated: <u>12/05/2025</u> Dated: <u>12/05/2025</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.