# EDGAR Filing Document

**Accession Number:** 0001970751
**File Stem:** 0001133228-25-013314
**Filing Date:** 2025-12
**Character Count:** 78707
**Document Hash:** ae5d6108f8b60f6a7288d915f29d34b2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-013314.hdr.sgml**: 20251205

**ACCESSION NUMBER**: 0001133228-25-013314

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 20

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23859
- **FILM NUMBER:** 251553652

**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

### Optimize Strategy Index ETF (Series ID: S000084701)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000249137 | Optimize Strategy Index ETF | OPTZ            |

?xml version='1.0' encoding='ASCII'? 2025-08-04197365_OptimizeStrategyIndexETF_TF_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES**

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

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

(Exact name of registrant as specified in charter)

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

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

(Address of principal executive offices) (Zip code)

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

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

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

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

(Name and address of agent for service)

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

Registrant's telephone number, including area code

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

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

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

(a) ---

| | | |
|:---|:---|:---|
| ![image](img230091_202411211440936.jpg) | **Optimize Strategy Index ETF**  | ![image](img220232_i20251006190493.jpg) |
| ![image](img230091_202411211440936.jpg) | OPTZ (Principal U.S. Listing Exchange: NASDAQ) | ![image](img220232_i20251006190493.jpg) |
| ![image](img230091_202411211440936.jpg) | Semi-Annual Shareholder Report \| September 30, 2025  | ![image](img220232_i20251006190493.jpg) |

---

This semi-annual shareholder report contains important information about the Optimize Strategy Index ETF for the period of April 1, 2025, to September 30, 2025. You can find additional information about the Fund at https://www.optzfund.com/optz. You can also request this information by contacting us at 1-800-617-0004. **This report describes important material** **changes to the Fund.**

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

---

| | |
|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** |
| Optimize Strategy Index ETF | $21<br>0.36%<sup>1</sup> |

---

1 Expense Ratio is annualized.

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

---

| | |
|:---|:---|
| **Net Assets** | $193332910 |
| **Net Advisory Fee** | $310728 |
| **Number of Holdings** | 357 |
| **Portfolio Turnover** | 76% |

---

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

---

| | |
|:---|:---|
| **Top Holdings** **\*** | **(%)** |
|  Warner Brothers Discovery, Inc. | 1.2% |
|  AppLovin Corp. - Class A | 1.1% |
|  Micron Technology, Inc. | 0.9% |
|  Applied Materials, Inc. | 0.9% |
|  KLA Corp. | 0.9% |
|  MKS, Inc. | 0.8% |
|  Semtech Corp. | 0.8% |
|  Sinclair, Inc. | 0.8% |
|  Wix.com Ltd. | 0.8% |
|  Altice USA, Inc.  | 0.8% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Technology  | 22.2% |
|  Consumer, Non-cyclical  | 18.9% |
|  Communications  | 15.2% |
|  Consumer, Cyclical  | 14.8% |
|  Financial  | 12.7% |
|  Industrial  | 11.6% |
|  Energy  | 1.6% |
|  Utilities  | 1.4% |
|  Basic Materials  | 1.1% |
|  Cash & Other  | 0.5% |

---

\* Excludes collateral received for securities on loan.

**Change to the Fund's U** **nitary Management Fee.**

The Advisor reduced the unitary management fee for its advisory services to the Fund from 0.50% to 0.25% effective on July 1, 2025.

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

Optimize Strategy Index ETF PAGE 1 TSR-SAR-00777X538

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Sound Capital Solutions LLC documents not be householded, please contact Sound Capital Solutions LLC at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Sound Capital Solutions LLC or your financial intermediary.

Optimize Strategy Index ETF PAGE 2 TSR-SAR-00777X538

------

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

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports**.**

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

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

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

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

(a) ![](optimizefinancial-logo.jpg)

**OPTIMIZE STRATEGY INDEX ETF (OPTZ)** 

**Semi-Annual Financial Statements** 

**September 30, 2025**

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page**  |
| [Schedule of Investments](#soi) | [1](#soi) |
| [Statement of Assets and Liabilities](#sal) | [6](#sal) |
| [Statement of Operations](#sop) | [7](#sop) |
| [Statements of Changes in Net Assets](#scna) | [8](#scna) |
| [Financial Highlights](#fihi) | [9](#fihi) |
| [Notes to Financial Statements](#notes) | [10](#notes) |
| [Additional Information](#add) | [16](#add) |

---

------

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

**Optimize Strategy Index ETF** 

**Schedule of Investments** 

**September 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 98.5%**<br>|  |  |
| **Banking, Investing & Insurance - 12.9%** | **Banking, Investing & Insurance - 12.9%** | **Banking, Investing & Insurance - 12.9%** |
| AerCap Holdings NV | 3649 | $441529  |
| Allstate Corp.  | 2238 | 480387  |
| American International Group, Inc. | 5700 | 447678  |
| Ameriprise Financial, Inc. | 922 | 452932  |
| Arthur J Gallagher & Co. | 1506 | 466468  |
| Assurant, Inc. | 2135 | 462441  |
| Blackstone, Inc.  | 2656 | 453778  |
| Brighthouse Financial, Inc.<sup>(a)</sup> | 10205 | 541681  |
| Broadridge Financial Solutions, Inc. | 1798 | 428230  |
| Cboe Global Markets, Inc. | 1939 | 475540  |
| Charles Schwab Corp. | 4896 | 467421  |
| Chubb Ltd. | 1627 | 459221  |
| Cincinnati Financial Corp. | 2943 | 465288  |
| Citigroup, Inc. | 4723 | 479384  |
| CME Group, Inc. | 1722 | 465267  |
| Coinbase Global, Inc. - Class A<sup>(a)</sup> | 1510 | 509610  |
| Corpay, Inc.<sup>(a)</sup> | 1426 | 410774  |
| Euronet Worldwide, Inc.<sup>(a)</sup> | 4952 | 434835  |
| Evercore, Inc. - Class A | 1416 | 477645  |
| Fidelis Insurance Holdings Ltd. | 25916 | 470375  |
| First American Financial Corp.  | 6732 | 432464  |
| FirstCash Holdings, Inc. | 3068 | 486033  |
| Fiserv, Inc.<sup>(a)</sup> | 3343 | 431013  |
| Goldman Sachs Group, Inc. | 611 | 486570  |
| Hartford Insurance Group, Inc.  | 3428 | 457261  |
| Houlihan Lokey, Inc. | 2290 | 470183  |
| Intercontinental Exchange, Inc. | 2591 | 436532  |
| Jack Henry & Associates, Inc. | 2783 | 414472  |
| LPL Financial Holdings, Inc. | 1356 | 451128  |
| M&T Bank Corp. | 2261 | 446819  |
| Moody's Corp. | 904 | 430738  |
| Morgan Stanley | 3044 | 483874  |
| MSCI, Inc. | 811 | 460169  |
| Nasdaq, Inc. | 4822 | 426506  |
| Navient Corp. | 32881 | 432385  |
| OppFi, Inc. | 43161 | 489014  |
| PennyMac Financial Services, Inc. | 3843 | 476071  |
| PennyMac Mortgage Investment Trust | 35830 | 439276  |
| Pinnacle Financial Partners, Inc.  | 4637 | 434904  |
| PNC Financial Services Group, Inc. | 2209 | 443854  |
| Popular, Inc. | 3600 | 457236  |
| ProAssurance Corp.<sup>(a)</sup> | 18983 | 455402  |
| PROG Holdings, Inc. | 12778 | 413496  |
| Progressive Corp. | 1850 | 456857  |
| Q2 Holdings, Inc.<sup>(a)</sup> | 5728 | 414650  |
| RenaissanceRe Holdings Ltd.  | 1874 | 475865  |
| S&P Global, Inc.  | 838 | 407863  |
| SEI Investments Co. | 5173 | 438929  |
| Selective Insurance Group, Inc. | 5652 | 458208  |
| Texas Capital Bancshares, Inc.<sup>(a)</sup> | 5218 | 441077  |
| Travelers Cos., Inc. | 1640 | 457921  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| UMB Financial Corp.  | 3627 | $429255  |
| Visa, Inc. - Class A | 1312 | 447891  |
| WEX, Inc.<sup>(a)</sup> | 2637 | 415407  |
| Willis Towers Watson PLC<sup>(b)</sup> | 1368 | 472576  |
|  |  | 24962383  |
| **Bits & Bytes - 25.8%<sup>(c)</sup>**<br>|  |  |
| Adobe, Inc.<sup>(a)</sup> | 909 | 320650  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 9134 | 1477790  |
| Analog Devices, Inc. | 5601 | 1376166  |
| Applied Materials, Inc.  | 8464 | 1732919  |
| Array Technologies, Inc.<sup>(a)</sup> | 154129 | 1256151  |
| Arrow Electronics, Inc.<sup>(a)</sup> | 10842 | 1311882  |
| Booz Allen Hamilton Holding Corp. | 13511 | 1350424  |
| Corsair Gaming, Inc.<sup>(a)</sup> | 156461 | 1395632  |
|  Credo Technology Group Holding Ltd.<sup>(a)</sup> | 9830 | 1431346  |
| Dell Technologies, Inc. - Class C | 11048 | 1566275  |
| F5, Inc.<sup>(a)</sup> | 4382 | 1416219  |
| International Business Machines Corp. | 5553 | 1566834  |
| Jabil, Inc. | 6557 | 1423984  |
| KLA Corp. | 1525 | 1644865  |
| Lumentum Holdings, Inc.<sup>(a)(b)</sup> | 9262 | 1507020  |
| Micron Technology, Inc.  | 10537 | 1763051  |
| MKS, Inc. | 13243 | 1639086  |
| Monolithic Power Systems, Inc. | 1595 | 1468421  |
| Motorola Solutions, Inc. | 2888 | 1320653  |
| NCR Voyix Corp.<sup>(a)</sup> | 104000 | 1305200  |
| NVIDIA Corp. | 8252 | 1539658  |
| Okta, Inc.<sup>(a)</sup> | 15124 | 1386871  |
| Penguin Solutions, Inc.<sup>(a)</sup> | 55546 | 1459749  |
| PTC, Inc.<sup>(a)</sup> | 6468 | 1313133  |
| Qorvo, Inc.<sup>(a)</sup> | 14808 | 1348713  |
| QUALCOMM, Inc. | 8646 | 1438349  |
| Roper Technologies, Inc. | 2668 | 1330505  |
| Semtech Corp.<sup>(a)</sup> | 22780 | 1627631  |
| ServiceNow, Inc.<sup>(a)</sup> | 1514 | 1393304  |
| Teledyne Technologies, Inc.<sup>(a)</sup> | 2517 | 1475063  |
| Teradata Corp.<sup>(a)</sup> | 65803 | 1415422  |
| Tyler Technologies, Inc.<sup>(a)</sup> | 2468 | 1291159  |
| Ultra Clean Holdings, Inc.<sup>(a)</sup> | 56535 | 1540579  |
| Veeva Systems, Inc. - Class A<sup>(a)</sup> | 5067 | 1509510  |
| Wix.com Ltd.<sup>(a)</sup> | 9032 | 1604354  |
|  |  | 49948568  |
| **Building Blocks - 2.3%**<br>|  |  |
| Avery Dennison Corp. | 1767 | 286554  |
| Ball Corp. | 5829 | 293898  |
| Carpenter Technology Corp. | 1200 | 294648  |
| Corteva, Inc. | 4106 | 277689  |
| Crown Holdings, Inc.  | 3150 | 304259  |
| Ecolab, Inc. | 1084 | 296864  |
| Huntsman Corp. | 26440 | 237431  |
| Linde PLC | 631 | 299725  |

---

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

1<br>

------

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

**Optimize Strategy Index ETF** 

**Schedule of Investments** 

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Building Blocks - (Continued)** | **Building Blocks - (Continued)** | **Building Blocks - (Continued)** |
| Mosaic Co. | 9150 | $317322  |
| Newmont Corp. | 3873 | 326533  |
| Packaging Corp. of America | 1348 | 293770  |
| Royal Gold, Inc. | 1603 | 321530  |
| Scotts Miracle-Gro Co.  | 4710 | 268235  |
| Sylvamo Corp. | 6543 | 289331  |
| Vulcan Materials Co. | 1007 | 309773  |
|  |  | 4417562  |
| **Communication & Media Services - 13.1%** | **Communication & Media Services - 13.1%** | **Communication & Media Services - 13.1%** |
| Altice USA, Inc. - Class A<sup>(a)</sup> | 661678 | 1594644  |
| AMC Entertainment Holdings, Inc.<sup>(a)</sup> | 536082 | 1554638  |
| AppLovin Corp. - Class A<sup>(a)</sup> | 3010 | 2162805  |
|  Charter Communications, Inc. - Class A<sup>(a)</sup> | 5660 | 1557094  |
| Comcast Corp. - Class A | 43704 | 1373180  |
| Liberty Broadband Corp. - Class C<sup>(a)</sup> | 24676 | 1567913  |
|  Liberty Media Corp.-Liberty Formula One - Class C<sup>(a)</sup> | 14710 | 1536459  |
| Meta Platforms, Inc. - Class A | 1970 | 1446729  |
| Netflix, Inc.<sup>(a)</sup> | 1189 | 1425516  |
| Reddit, Inc. - Class A<sup>(a)</sup> | 6176 | 1420418  |
| Sinclair, Inc. | 107065 | 1616681  |
| TKO Group Holdings, Inc. | 7640 | 1542974  |
| T-Mobile US, Inc. | 5860 | 1402767  |
| Twilio, Inc. - Class A<sup>(a)</sup> | 13639 | 1365128  |
| Walt Disney Co. | 12570 | 1439265  |
| Warner Bros Discovery, Inc.<sup>(a)</sup> | 121920 | 2381098  |
|  |  | 25387309  |
| **Consumer Elastic - 13.1%**<br>|  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 2570 | 564295  |
| Arcos Dorados Holdings, Inc. - Class A | 85051 | 574094  |
| Autoliv, Inc. | 4787 | 591195  |
| Birkenstock Holding PLC<sup>(a)</sup> | 11852 | 536303  |
| Boot Barn Holdings, Inc.<sup>(a)</sup> | 3270 | 541904  |
| Boyd Gaming Corp. | 6897 | 596246  |
| Brinker International, Inc.<sup>(a)</sup> | 3773 | 477964  |
| Burlington Stores, Inc.<sup>(a)</sup> | 2050 | 521725  |
| Camping World Holdings, Inc. - Class A | 33332 | 526312  |
| Carvana Co.<sup>(a)</sup> | 1611 | 607734  |
| Dick's Sporting Goods, Inc. | 2698 | 599550  |
| DoorDash, Inc. - Class A<sup>(a)</sup> | 2418 | 657672  |
| Duolingo, Inc.<sup>(a)</sup> | 2189 | 704508  |
| eBay, Inc. | 6432 | 584990  |
| Five Below, Inc.<sup>(a)</sup> | 3892 | 602092  |
| Freshpet, Inc.<sup>(a)</sup> | 10801 | 595243  |
| Garmin Ltd. | 2514 | 618997  |
| Guess?, Inc.  | 35364 | 590932  |
| Herbalife Ltd.<sup>(a)</sup> | 60546 | 511008  |
| Hilton Grand Vacations, Inc.<sup>(a)</sup> | 12669 | 529691  |
| Hilton Worldwide Holdings, Inc. | 2190 | 568174  |
| KinderCare Learning Cos., Inc.<sup>(a)</sup> | 79917 | 530649  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Kohl's Corp.<sup>(b)</sup> | 36028 | $553750  |
| Kontoor Brands, Inc. | 7440 | 593489  |
| Leggett & Platt, Inc. | 59639 | 529594  |
| Light & Wonder, Inc.<sup>(a)</sup> | 6692 | 561726  |
|  Marriott International, Inc./MD - Class A | 2252 | 586511  |
| Marriott Vacations Worldwide Corp. | 7555 | 502861  |
| McDonald's Corp. | 1896 | 576175  |
| Murphy USA, Inc. | 1539 | 597532  |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(a)</sup> | 4475 | 574590  |
| Petco Health & Wellness Co., Inc.<sup>(a)</sup> | 162426 | 628589  |
| PVH Corp.<sup>(b)</sup> | 6802 | 569804  |
| Ralph Lauren Corp. | 1913 | 599840  |
| RH<sup>(a)</sup> | 2378 | 483114  |
| Royal Caribbean Cruises Ltd. | 1695 | 548468  |
| Signet Jewelers Ltd.<sup>(b)</sup> | 6375 | 611490  |
| Ulta Beauty, Inc.<sup>(a)</sup> | 1160 | 634230  |
| Urban Outfitters, Inc.<sup>(a)</sup> | 8428 | 602012  |
| VF Corp. | 39799 | 574300  |
| Victoria's Secret & Co.<sup>(a)</sup> | 22742 | 617218  |
| Viking Holdings, Ltd.<sup>(a)(b)</sup> | 9499 | 590458  |
| Williams-Sonoma, Inc.  | 2949 | 576382  |
| Wingstop, Inc.<sup>(b)</sup> | 1926 | 484736  |
|  |  | 25228147  |
| **Consumer Inelastic - 4.7%**<br>|  |  |
| Andersons, Inc. | 14449 | 575215  |
|  Bright Horizons Family Solutions, Inc.<sup>(a)</sup> | 5121 | 555987  |
| Bunge Global SA<sup>(b)</sup> | 7094 | 576387  |
| Cal-Maine Foods, Inc. | 5255 | 494495  |
| Clorox Co. | 4709 | 580620  |
| Costco Wholesale Corp. | 621 | 574816  |
| Dollar General Corp. | 5474 | 565738  |
| Dollar Tree, Inc.<sup>(a)</sup> | 5916 | 558293  |
| Ingredion, Inc. | 4659 | 568910  |
| MercadoLibre, Inc.<sup>(a)</sup> | 247 | 577224  |
| Philip Morris International, Inc. | 3698 | 599816  |
| Post Holdings, Inc.<sup>(a)</sup> | 5521 | 593397  |
| Procter & Gamble Co. | 3738 | 574344  |
| SharkNinja, Inc.<sup>(a)</sup> | 5105 | 526581  |
| Sprouts Farmers Market, Inc.<sup>(a)</sup> | 4309 | 468819  |
| United Natural Foods, Inc.<sup>(a)</sup> | 20663 | 777342  |
|  |  | 9167984  |
| **Nuts & Bolts - 10.8%**<br>|  |  |
| Advanced Energy Industries, Inc. | 2056 | 349808  |
| AGCO Corp. | 2855 | 305685  |
| ArcBest Corp. | 4188 | 292616  |
| Automatic Data Processing, Inc. | 1069 | 313752  |
| BrightView Holdings, Inc.<sup>(a)</sup> | 22078 | 295845  |
| Carlisle Cos., Inc. | 799 | 262839  |
| CBIZ, Inc.<sup>(a)</sup> | 5296 | 280476  |
| Chart Industries, Inc.<sup>(a)(b)</sup> | 1589 | 318038  |

---

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

2<br>

------

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

**Optimize Strategy Index ETF** 

**Schedule of Investments** 

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Nuts & Bolts - (Continued)** <br>|  |  |
| Comfort Systems USA, Inc.  | 447 | $368855  |
| Copa Holdings SA - Class A | 2687 | 319269  |
| Curtiss-Wright Corp. | 657 | 356712  |
| Delta Air Lines, Inc. | 5182 | 294079  |
| Deluxe Corp. | 16242 | 314445  |
| Dycom Industries, Inc.<sup>(a)</sup> | 1274 | 371702  |
| Eaton Corp. PLC | 905 | 338696  |
| EMCOR Group, Inc. | 505 | 328018  |
| Emerson Electric Co.  | 2387 | 313127  |
| Enviri Corp.<sup>(a)</sup> | 26942 | 341894  |
| Equifax, Inc. | 1270 | 325793  |
| FedEx Corp. | 1388 | 327304  |
| Forward Air Corp.<sup>(a)</sup> | 10610 | 272040  |
| Frontier Group Holdings, Inc.<sup>(a)</sup> | 61144 | 269951  |
| FTAI Aviation Ltd. | 2054 | 342730  |
| Generac Holdings, Inc.<sup>(a)</sup> | 1747 | 292448  |
| General Dynamics Corp.  | 982 | 334862  |
| General Electric Co. | 1133 | 340829  |
| Granite Construction, Inc.<sup>(b)</sup> | 2929 | 321165  |
| HEICO Corp. | 986 | 318301  |
| Hertz Global Holdings, Inc.<sup>(a)(b)</sup> | 57917 | 393836  |
| Howmet Aerospace, Inc.  | 1778 | 348897  |
| Hubbell, Inc. | 727 | 312835  |
| Intuit, Inc. | 469 | 320285  |
| JetBlue Airways Corp.<sup>(a)</sup> | 62410 | 307057  |
| L3Harris Technologies, Inc.  | 1163 | 355192  |
| Leidos Holdings, Inc. | 1770 | 334459  |
| Lennox International, Inc.<sup>(b)</sup> | 548 | 290089  |
| Lincoln Electric Holdings, Inc.  | 1298 | 306107  |
| ManpowerGroup, Inc. | 7684 | 291224  |
| MasTec, Inc.<sup>(a)</sup> | 1774 | 377525  |
| MillerKnoll, Inc.  | 14787 | 262321  |
| MRC Global, Inc.<sup>(a)</sup> | 20993 | 302719  |
| Mueller Industries, Inc. | 3246 | 328203  |
| NANO Nuclear Energy, Inc.<sup>(a)(b)</sup> | 9840 | 379430  |
| Nordson Corp. | 1409 | 319773  |
| Norfolk Southern Corp. | 1137 | 341566  |
| Northrop Grumman Corp. | 545 | 332079  |
| Owens Corning | 2038 | 288295  |
| Parker-Hannifin Corp. | 417 | 316149  |
| Phinia, Inc. | 5410 | 310967  |
| Quanta Services, Inc. | 849 | 351843  |
| Regal Rexnord Corp. | 2176 | 312125  |
| Rockwell Automation, Inc. | 933 | 326112  |
| RTX Corp. | 2010 | 336333  |
| SkyWest, Inc.<sup>(a)</sup> | 2659 | 267549  |
| Stanley Black & Decker, Inc.  | 4043 | 300516  |
| Sterling Infrastructure, Inc.<sup>(a)</sup> | 1103 | 374667  |
| Strategy, Inc.<sup>(a)</sup> | 944 | 304166  |
| TopBuild Corp.<sup>(a)</sup> | 728 | 284546  |
| Trane Technologies PLC | 764 | 322377  |
| Union Pacific Corp.  | 1434 | 338955  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Vertiv Holdings Co. - Class A | 2541 | $383335  |
|  Westinghouse Air Brake Technologies Corp. | 1632 | 327167  |
| Woodward, Inc. | 1305 | 329787  |
| Workday, Inc. - Class A<sup>(a)</sup> | 1368 | 329319  |
| ZIM Integrated Shipping Services Ltd. | 23502 | 318452  |
|  |  | 20937536  |
| **Oil, Gas & Others - 1.0%**<br>|  |  |
| Antero Resources Corp.<sup>(a)</sup> | 3359 | 112728  |
| California Resources Corp. | 2237 | 118964  |
| Calumet, Inc.<sup>(a)</sup> | 6147 | 112183  |
| CNX Resources Corp.<sup>(a)</sup> | 3712 | 119229  |
| Coterra Energy, Inc.  | 4574 | 108175  |
| Delek US Holdings, Inc.  | 3500 | 112945  |
| DT Midstream, Inc. | 1041 | 117695  |
| EQT Corp. | 2125 | 115664  |
| Expand Energy Corp. | 1148 | 121963  |
| IDACORP, Inc. | 874 | 115499  |
| Kodiak Gas Services, Inc. | 3106 | 114829  |
| Par Pacific Holdings, Inc.<sup>(a)</sup> | 3238 | 114690  |
| Primoris Services Corp. | 934 | 128266  |
| Range Resources Corp. | 3161 | 118980  |
| Targa Resources Corp. | 676 | 113257  |
| Williams Cos., Inc. | 1916 | 121379  |
| World Kinect Corp.<sup>(b)</sup> | 4121 | 106940  |
|  |  | 1973386  |
| **Pharma & Healthcare - 11.6%**<br>|  |  |
| 89bio, Inc.<sup>(a)</sup> | 47871 | 703704  |
| AdaptHealth Corp.<sup>(a)</sup> | 44669 | 399787  |
| Align Technology, Inc.<sup>(a)</sup> | 3053 | 382297  |
| Amgen, Inc.  | 1491 | 420760  |
| Ardent Health, Inc.<sup>(a)</sup> | 32280 | 427710  |
| Biohaven Ltd.<sup>(a)</sup> | 26768 | 401788  |
| Bio-Rad Laboratories, Inc. - Class A<sup>(a)</sup> | 1438 | 403201  |
| Bristol-Myers Squibb Co. | 9012 | 406441  |
| Cencora, Inc. | 1452 | 453793  |
| Cigna Group | 1391 | 400956  |
| Cogent Biosciences, Inc.<sup>(a)</sup> | 32552 | 467447  |
| Dyne Therapeutics, Inc.<sup>(a)</sup> | 29874 | 377906  |
| Edgewise Therapeutics, Inc.<sup>(a)</sup> | 27283 | 442530  |
| Eli Lilly & Co. | 584 | 445592  |
| Envista Holdings Corp.<sup>(a)</sup> | 19919 | 405750  |
| Evolent Health, Inc. - Class A<sup>(a)</sup> | 44204 | 373966  |
| GeneDx Holdings Corp.<sup>(a)</sup> | 3205 | 345307  |
| Gilead Sciences, Inc. | 3691 | 409701  |
| Globus Medical, Inc. - Class A<sup>(a)</sup> | 7010 | 401463  |
| HCA Healthcare, Inc.  | 1008 | 429610  |
| HealthEquity, Inc.<sup>(a)</sup> | 4644 | 440112  |
| ICON PLC<sup>(a)</sup> | 2429 | 425075  |
| IDEXX Laboratories, Inc.<sup>(a)</sup> | 661 | 422306  |
| Illumina, Inc.<sup>(a)</sup> | 4294 | 407801  |
| Incyte Corp.<sup>(a)</sup> | 4901 | 415654  |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 908 | 406085  |

---

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

3<br>

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

**Optimize Strategy Index ETF** 

**Schedule of Investments** 

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Pharma & Healthcare - (Continued)**  | **Pharma & Healthcare - (Continued)**  | **Pharma & Healthcare - (Continued)**  |
| Johnson & Johnson | 2377 | $440743  |
| Krystal Biotech, Inc.<sup>(a)</sup> | 2815 | 496932  |
| Labcorp Holdings, Inc.  | 1522 | 436905  |
| Madrigal Pharmaceuticals, Inc.<sup>(a)</sup> | 980 | 449487  |
| Medpace Holdings, Inc.<sup>(a)</sup> | 872 | 448347  |
| Mineralys Therapeutics, Inc.<sup>(a)</sup> | 12207 | 462889  |
| Neurocrine Biosciences, Inc.<sup>(a)</sup> | 2943 | 413138  |
| ORIC Pharmaceuticals, Inc.<sup>(a)</sup> | 39044 | 468528  |
| Penumbra, Inc.<sup>(a)</sup> | 1509 | 382260  |
| QIAGEN NV | 8925 | 398769  |
| Quest Diagnostics, Inc.  | 2311 | 440430  |
| Regeneron Pharmaceuticals, Inc. | 741 | 416642  |
| ResMed, Inc. | 1531 | 419081  |
| Select Medical Holdings Corp.  | 32428 | 416375  |
| Spyre Therapeutics, Inc.<sup>(a)(b)</sup> | 24967 | 418447  |
| STERIS PLC | 1731 | 428319  |
| Teladoc Health, Inc.<sup>(a)</sup> | 54323 | 419917  |
| Teleflex, Inc. | 3250 | 397670  |
| Thermo Fisher Scientific, Inc. | 862 | 418087  |
| TransMedics Group, Inc.<sup>(a)</sup> | 4063 | 455869  |
| Trevi Therapeutics, Inc.<sup>(a)</sup> | 60599 | 554481  |
| United Therapeutics Corp.<sup>(a)</sup> | 1058 | 443524  |
| UnitedHealth Group, Inc. | 1343 | 463738  |
|  Universal Health Services, Inc. - Class B | 2227 | 455288  |
| Vera Therapeutics, Inc.<sup>(a)</sup> | 17544 | 509829  |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 1072 | 419838  |
|  |  | 22492275  |
| **Real Estate - 1.4%**<br>|  |  |
| Brookdale Senior Living, Inc.<sup>(a)</sup> | 23667 | 200460  |
| Camden Property Trust | 1635 | 174585  |
| CBRE Group, Inc. - Class A<sup>(a)</sup> | 1109 | 174734  |
| Champion Homes, Inc.<sup>(a)</sup> | 2326 | 177637  |
| Digital Realty Trust, Inc.  | 1113 | 192415  |
| Equinix, Inc. | 235 | 184061  |
| eXp World Holdings, Inc.<sup>(b)</sup> | 16255 | 173278  |
| Jones Lang LaSalle, Inc.<sup>(a)</sup> | 586 | 174792  |
| Lamar Advertising Co. - Class A | 1425 | 174449  |
| Pebblebrook Hotel Trust | 15469 | 176192  |
| Real Brokerage, Inc.<sup>(a)</sup> | 34699 | 145042  |
| SBA Communications Corp. | 922 | 178269  |
| Simon Property Group, Inc.  | 1000 | 187670  |
| Uniti Group, Inc.<sup>(a)</sup> | 28320 | 173318  |
| Welltower, Inc. | 1086 | 193460  |
|  |  | 2680362  |
| **Water & Power - 1.8%**<br>|  |  |
| American Electric Power Co., Inc. | 2335 | 262687  |
| American Water Works Co., Inc.  | 1760 | 244974  |
| Atmos Energy Corp. | 1517 | 259028  |
| Brookfield Renewable Corp. | 7612 | 262005  |
| Centuri Holdings, Inc.<sup>(a)</sup> | 11710 | 247901  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Cheniere Energy, Inc.  | 1072 | $251899  |
| Duke Energy Corp. | 2092 | 258885  |
| Entergy Corp. | 2874 | 267828  |
| National Fuel Gas Co. | 2920 | 269720  |
| Public Service Enterprise Group, Inc.  | 3111 | 259644  |
| Spire, Inc. | 3344 | 272603  |
| Veralto Corp. | 2391 | 254905  |
| WEC Energy Group, Inc. | 2342 | 268370  |
|  |  | 3380449  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $178,949,712)** |  | 190575961  |
| **REAL ESTATE INVESTMENT TRUSTS - 1.3%** | **REAL ESTATE INVESTMENT TRUSTS - 1.3%** | **REAL ESTATE INVESTMENT TRUSTS - 1.3%** |
| **Banking, Investing & Insurance - 0.2%** | **Banking, Investing & Insurance - 0.2%** | **Banking, Investing & Insurance - 0.2%** |
| RLJ Lodging Trust | 57292 | 412502  |
| **Pharma & Healthcare - 0.3%**<br>|  |  |
| Diversified Healthcare Trust | 102955 | 454032  |
| **Real Estate - 0.8%**<br>|  |  |
| Crown Castle, Inc.  | 1893 | 182656  |
| EPR Properties | 3422 | 198510  |
| Essex Property Trust, Inc.<sup>(b)</sup> | 680 | 182009  |
| Extra Space Storage, Inc. | 1238 | 174484  |
| Federal Realty Investment Trust | 1776 | 179926  |
| Hudson Pacific Properties, Inc.<sup>(a)</sup> | 59407 | 163963  |
|  Mid-America Apartment Communities, Inc. | 1253 | 175082  |
| Sun Communities, Inc. | 1403 | 180987  |
| Xenia Hotels & Resorts, Inc. | 12656 | 173640  |
|  |  | 1611257  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS** <br>**(Cost $2,499,242)** |  | 2477791  |
| **RIGHTS - 0.0%<sup>(d)</sup>**<br>|  |  |
|  Sycamore Partners, LLC - Right, Expires 08/28/2026, Exercise Price $3.00<sup>(a)(e)</sup> | 43819 | 23224  |
| &nbsp;&nbsp;&nbsp; **TOTAL RIGHTS** <br>**(Cost $0)** |  | 23224  |
|  | **Units** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
|  **Investments Purchased with Proceeds from Securities Lending - 3.6%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.27%<sup>(f)</sup> | 6873838 | 6873838  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $6,873,838)** |  | 6873838  |

---

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

4<br>

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

**Optimize Strategy Index ETF** 

**Schedule of Investments** 

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **MONEY MARKET FUNDS - 0.1%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 4.03%<sup>(f)</sup> | 227072 | $227072  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $227,072)** |  | 227072  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 103.5%** <br>**(Cost $188,549,864)** |  | $200177886  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of <br>Other Assets - (3.5)% |  | (6844976)  |
| **TOTAL NET ASSETS - 100.0%** |  | $193332910 |

---

Percentages are stated as a percent of net assets.

LLC - Limited Liability Company

PLC - Public Limited Company

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

<sup>(b)</sup> All or a portion of this security is on loan as of September 30, 2025. The fair value of these securities was $6,201,383.

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

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

<sup>(e)</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 $23,224 or 0.0% of net assets as of September 30, 2025.

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

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

5<br>

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

**OPTIMIZE STRATEGY INDEX ETF** 

**STATEMENT OF ASSETS AND LIABILITIES** 

**September 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **ASSETS:**<br>|  |
| Investments, at value | $200177886  |
| Dividends receivable | 60319  |
| Security lending income receivable | 7171  |
| Dividend tax reclaims receivable | 995  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 200246371  |
| **LIABILITIES:**<br>|  |
| Payable upon return of securities loaned | 6873838  |
| Payable to advisor | 39623  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 6913461  |
| **NET ASSETS** | $193332910  |
| **Net Assets Consists of:**<br>|  |
| Paid-in capital | $155849772  |
| Total distributable earnings | 37483138  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $193332910  |
| Net assets | $193332910  |
| Shares issued and outstanding<sup>(a)</sup> | 5480000  |
| Net asset value per share | $35.28  |
| **Cost:**<br>|  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $188549864  |
| **Loaned Securities:**<br>|  |
| &nbsp;&nbsp;&nbsp; at value (included in investments) | $6201383 |

---

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

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

6<br>

------

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

**OPTIMIZE STRATEGY INDEX ETF** 

**STATEMENT OF OPERATIONS** 

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

---

| | |
|:---|:---|
| **INVESTMENT INCOME:**<br>|  |
| Dividend income | $720929  |
| Less: Dividend withholding taxes | (137)  |
| Less: Issuance fees | (266)  |
| Securities lending income | 55979  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 776505  |
| **EXPENSES:**<br>|  |
| Investment advisory fee | 310728  |
| &nbsp;&nbsp;&nbsp; Total expenses | 310728  |
| **Net investment income** | 465777  |
| **REALIZED AND UNREALIZED GAIN**<br>|  |
| Net realized gain (loss) from:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments | (6653039)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 38984274  |
| Net realized gain | 32331235  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments | 13823537  |
| Net change in unrealized appreciation (depreciation)  | 13823537  |
| **Net realized and unrealized gain** | 46154772  |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $46620549 |

---

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

7<br>

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

**Optimize Strategy Index ETF** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended** <br>**September 30, 2025** <br>(Unaudited) | **Period Ended** <br>**March 31, 2025<sup>(a)</sup>**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $465777 | $678887  |
| &nbsp;&nbsp;&nbsp; Net realized gain | 32331235 | 5289155  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 13823537 | (2195515)  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from operations** | 46620549 | 3772527  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; From earnings |  | (527479)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** |  | (527479)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 110733952 | 211053680  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (114566933) | (63758210)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees |  | 4824  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (3832981) | 147300294  |
| **Net increase in net assets** | 42787568 | 150545342  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 150545342 | —  |
| &nbsp;&nbsp;&nbsp; End of the period | $193332910 | $150545342  |
| **SHARES TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 3180000 | 7880000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (3300000) | (2280000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (120000) | 5600000 |

---

<sup>(a)</sup> Inception date of the Fund was April 22, 2024.

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

8<br>

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

**Optimize Strategy Index ETF** 

**Financial Highlights** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended** <br>**September 30, 2025** <br>(Unaudited) | **Period Ended** <br>**March 31,** <br>**2025<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $26.88 | &nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | 0.13  |
| Net realized and unrealized gain on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8.32 | 1.85  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;8.40 | 1.98  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.10)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.10)  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp; — | 0.00<sup>(d)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $35.28 | &nbsp;&nbsp; $26.88  |
| TOTAL RETURN<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 31.23% | &nbsp;&nbsp; 7.87%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $193333 | &nbsp;&nbsp; $150545  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.36%\* | &nbsp;&nbsp; 0.50%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.50%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 76% | &nbsp;&nbsp; 58% |

---

<sup>\*</sup> Effective July 1, 2025, the advisor reduced the unitary management fee from 0.50% to 0.25% of net assets.

<sup>(a)</sup> Inception date of the Fund was April 22, 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> Amount represents less than $0.005 per share.

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

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

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

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

9<br>

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

**OPTIMIZE STRATEGY INDEX ETF** 

**NOTES TO FINANCIAL STATEMENTS** 

**September 30, 2025 (Unaudited)** 

**NOTE 1 – ORGANIZATION** 

Optimize Strategy Index ETF (the "Fund") is a diversified series of Advisor Managed Portfolios (the "Trust"). The Trust was organized on February 16, 2023, as a Delaware Statutory Trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act") as an open-end investment management company. Sound Capital Solutions LLC (the "Advisor") serves as the investment manager to the Fund and Optimize Financial Inc. (the "Sub-Advisor") serves as sub-advisor. The inception date of the Fund was April 22, 2024. The investment objective of the Fund is to track the total return performance, before fees and expenses, of the Optimize Strategy Index.

Shares of the Fund are listed and traded on the NASDAQ ("NASDAQ" or the "Exchange"). Market prices for the shares may be different from their net asset value ("NAV"). The Fund issues and redeems shares on a continuous basis at NAV only in large blocks of shares, called "Creation Units," which generally consist of 20,000 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. Except when aggregated in Creation Units, shares are not redeemable securities of a Fund.

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

A standard transaction fee of $500 will be charged by the Fund's custodian in connection with the issuance or redemption of Creation Units. The standard fee will be the same regardless of the number of Creation Units issued or redeemed. In addition, a variable fee of up to 2% of the value of a Creation Unit may be charged by the Fund for cash purchases, non-standard orders, or partial cash purchases, and is designed to cover broker commissions and other transaction costs. Any variable fees received by the Fund are included in the Capital Transactions on the Statements of Changes in Net Assets.

**NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES** 

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

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

10<br>

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

**OPTIMIZE STRATEGY INDEX ETF** 

**NOTES TO FINANCIAL STATEMENTS** 

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

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

---

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

---

---

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

---

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Investments**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $190575961 | $—  | $— | $190575961  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts | 2477791 |  |  | 2477791  |
| &nbsp;&nbsp;&nbsp; Rights |  |  | 23224<sup>(b)</sup> | 23224  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 6873838  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 227072 |  |  | 227072  |
| **Total Investments** | $193280824 | $— | $23224 | $200177886 |

---

Refer to the Schedule of Investments for further detail of investment classifications.

<sup>(a)</sup> Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $6,873,838 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments. 

<sup>(b)</sup> The Advisor values the contingent right position using an imputed value based on final market price of the original stock holding less the cash received for the company's acquisition.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

---

| | |
|:---|:---|
| **Fair Value Measurement Using Significant Unobservable Inputs** | **Level 3**  |
| Beginning balance as of March 31, 2025 | $0  |
| Receipt from Corporate Action  | 23224  |
| Ending balance as of September 30, 2025 | $23224 |

---

11<br>

------

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

**OPTIMIZE STRATEGY INDEX ETF** 

**NOTES TO FINANCIAL STATEMENTS** 

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

&nbsp;&nbsp;&nbsp;&nbsp;(B) *Securities Transactions, Investment Income and Expenses* – The Fund records security transactions based on trade date. Realized gains
 and losses on sales of securities are reported based on identified cost of securities delivered. Dividend income and expense are recognized
 on the ex-dividend date, and interest income and expense are recognized on an accrual basis. Withholding taxes on foreign dividends have
 been provided for in accordance with the Trust's understanding of the applicable country's tax rules and rates.

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

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

Management of the Fund is required to analyze all open tax years, as defined by IRS statute of limitations for all major jurisdictions, including federal tax authorities and certain state authorities. As of and during the period ended September 30, 2025, the Fund did not have a liability for any unrecognized tax benefits. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. The Fund has not currently filed any tax returns; generally, tax authorities can examine tax returns filed for the preceding three years. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

The Fund holds 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 Fund's taxable income or tax liability for prior taxable years could be adjusted as a result of such an audit. The Fund 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 Fund could also be required to pay interest and penalties in connection with such an adjustment. 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;(E) *Segment Reporting* – The Fund operates as a single segment entity. The Fund's income, expenses, assets, and performance are regularly monitored
 and assessed by the executive team of Sub-Advisor, comprised of the Chief Executive Officer and Executive Vice Presidents, who serves
 as the chief operating decision maker, using the information presented in the financial statements and financial highlights.

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

The Trust has an agreement with the Advisor to furnish investment advisory services to the Fund. Under the terms of this agreement, the Fund will pay the Advisor a monthly fee based on the Fund's average daily net assets at annual rate of 0.50%. The Advisor reduced the unitary management fee for its advisory services from 0.50% to 0.25% effective on July 1, 2025. Additionally, the Advisor is responsible for substantially all expenses of the Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services. The Advisor is not responsible for interest charges on any borrowings, dividends, and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, expenses associated with the purchase, sale, or ownership of securities, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, securities lending fees and expenses, and distribution (12b-1) fees and expenses. The Advisor pays any Trust-level expenses allocated to the Fund.

12<br>

------

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

**OPTIMIZE STRATEGY INDEX ETF** 

**NOTES TO FINANCIAL STATEMENTS** 

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

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

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

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

**NOTE 4 – INVESTMENT TRANSACTIONS** 

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

---

| | |
|:---|:---|
| Purchases | $134326869  |
| Sales | $128945919 |

---

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

---

| | |
|:---|:---|
| Purchases In-Kind | $106007679  |
| Sales In-Kind | $114287904 |

---

**NOTE 5 – FEDERAL INCOME TAX INFORMATION** 

At March 31, 2025, the components of accumulated earnings (losses) for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Tax cost of Investments  | $169266205  |
| Unrealized Appreciation  | 11575276  |
| Unrealized Depreciation  | (15538118)  |
| Net Unrealized Depreciation on Investments  | (3962842)  |
| Undistributed Ordinary Income  | 184780  |
| Other Accumulated Losses  | (5359349)  |
| Total Accumulated Losses  | $(9137411) |

---

The difference between book basis and tax basis unrealized appreciation/depreciation is attributable in part to the tax deferral of losses on wash sales and unreversed inclusions from Passive Foreign Investment Companies.

GAAP requires that certain components of net assets be reclassified between financial and tax reporting. These

reclassifications have no effect on net assets or net asset value per share. The permanent differences primarily relate to

13<br>

------

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

**OPTIMIZE STRATEGY INDEX ETF** 

**NOTES TO FINANCIAL STATEMENTS** 

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

redemptions in-kind. For the period ended March 31, 2025, the following reclassifications were made for permanent tax differences on the Statement of Assets and Liabilities:

---

| | |
|:---|:---|
| **Accumulated** <br>**Losses**  | **Paid In** <br>**Capital**  |
| $(12382459)  | $12382459 |

---

The tax character of distributions paid during the periods ended September 30, 2025 and March 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
|  | **Period Ended**  | **Period Ended**  |
|  | **September 30, 2025**  | **March 31, 2025**  |
| Distributions Paid From: <br>|  |  |
| &nbsp;&nbsp;&nbsp; Ordinary Income  | &nbsp;&nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp; $527479  |
| Total Distributions Paid  | &nbsp;&nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp; $527479 |

---

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

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

---

| | | |
|:---|:---|:---|
| **Not Subject to Expiration**  | **Not Subject to Expiration**  | **Not Subject to Expiration**  |
| **Short-Term**  | **Long-Term**  | **Total**  |
| $(5359349)  | —  | $(5359349) |

---

**NOTE 6 – INDEMNIFICATIONS** 

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

**NOTE 7 – SECURITIES LENDING** 

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

The cash collateral is invested by the U.S. Bank N.A. in accordance with approved investment guidelines. Those guidelines allow the cash collateral to be invested in readily marketable, high quality, short-term obligations issued or guaranteed by the United States Government; however, such investments are subject to risk of payment delays, declines in the value of collateral provided, default on the part of the issuer or counterparty, or otherwise may not generate sufficient interest to support the costs associated with securities lending. The Fund could also experience delays in recovering their securities and possible loss of income or value if the borrower fails to return the borrowed securities,

14<br>

------

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

**OPTIMIZE STRATEGY INDEX ETF** 

**NOTES TO FINANCIAL STATEMENTS** 

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

although the Fund is indemnified from this risk by contract with the securities lending agent. Additionally, the Fund is subject to the risk of loss from investments that it makes with the cash received as collateral. The Fund manages credit exposure arising from these lending transactions by, in appropriate circumstances, entering into master netting agreements and collateral agreements with third-party borrowers that provide the Fund, in the event of default (such as bankruptcy or a borrower's failure to pay or perform), the right to net a third-party borrower's rights and obligations under such agreement and liquidate and set off collateral against the net amount owed by the counterparty.

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

Management has elected not to offset the value of securities on loan and collateral received. As of September 30, 2025, the value of the securities on loan and payable for collateral due to broker were as follows:

---

| | |
|:---|:---|
| **Value of Securities** <br>**Loaned** | **Fund Collateral** <br>**Received\***  |
| $6201383 | &nbsp;&nbsp; $6873838 |

---

\* The cash collateral received was invested in the Mount Vernon Liquid Assets Portfolio, LLC, with an overnight and continuous maturity, as shown on the Statement of Assets and Liabilities.

**NOTE 8 – SUBSEQUENT EVENTS** 

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

**NOTE 9 – PRINCIPAL RISKS** 

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

Equity Securities Risk. The risks that could affect the value of the Fund's shares and the total return on your investment include the possibility that the equity securities held by the Fund will experience sudden, unpredictable drops in value or long periods of decline in value.

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

Indexing Investment Risk. The Fund is not actively managed, does not attempt to outperform the Index, and will generally not take defensive positions under any market conditions. As a result, the Fund's performance may be adversely affected by a general decline in the market segments relating to the Index.

Industry Concentration/Sector Risk. The Fund's investments may be concentrated in an industry or group of industries or focused in a particular sector to the extent the Index is so invested. To the extent the Fund invests more heavily in particular industries, groups of industries, or sectors of the economy, its performance will be especially sensitive to developments that significantly affect those industries, group of industries, or sectors. As of September 30, 2025, the Index is significantly focused in the Bits & Bytes Sector and, therefore, the performance of the Fund could be negatively impacted by events affecting that sector.

15<br>

------

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

**OPTIMIZE STRATEGY INDEX ETF** 

**ADDITIONAL INFORMATION** 

**September 30, 2025 (Unaudited)** 

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

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

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

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

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

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.

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

Not applicable.

16<br>

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

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

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

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

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

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

All fund expenses, including Trustee compensation, are paid by the Investment 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.* Not Applicable.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).* Filed herewith.](oesar-efp19566_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.](oesar-efp19566_ex99906cert.htm)

**SIGNATURES**

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

<u>Advisor Managed Portfolios</u>

---

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

---

Date <u>12/5/2025</u>

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

---

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

---

Date <u>12/5/2025</u>

---

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

---

Date <u>12/5/2025</u>

## 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: | 12/5/2025 | /s/ Russell B. Simon |
|  |  | *Russell B. Simon,* |
|  |  | *President and Principal Executive Officer* |

---

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

I, Eric T. McCormick, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 12/5/2025 | /s/ Eric T. McCormick |
|  |  | *Eric T. McCormick,* |
|  |  | *Treasurer and Principal Financial Officer* |

---

## Exhibit 99.906

**EX-99.906CERT**

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

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

---

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

---

Dated: <u>12/5/2025</u> Dated: <u>12/5/2025</u>

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