<?xml version="1.0" encoding="UTF-8"?>
<edgarSubmission xmlns:com="http://www.sec.gov/edgar/common" xmlns="http://www.sec.gov/edgar/ncen">
  <schemaVersion>X0505</schemaVersion>
  <headerData>
    <submissionType>N-CEN</submissionType>
    <filerInfo>
      <liveTestFlag>LIVE</liveTestFlag>
      <filer>
        <issuerCredentials>
          <cik>0001970751</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>
      <flags>
        <overrideInternetFlag>false</overrideInternetFlag>
        <confirmingCopyFlag>false</confirmingCopyFlag>
      </flags>
      <investmentCompanyType>N-1A</investmentCompanyType>
    </filerInfo>
    <seriesClass>
      <reportSeriesClass>
        <rptSeriesClassInfo>
          <seriesId>S000082973</seriesId>
          <includeAllClassesFlag>true</includeAllClassesFlag>
        </rptSeriesClassInfo>
        <rptSeriesClassInfo>
          <seriesId>S000082984</seriesId>
          <includeAllClassesFlag>true</includeAllClassesFlag>
        </rptSeriesClassInfo>
        <rptSeriesClassInfo>
          <seriesId>S000082985</seriesId>
          <includeAllClassesFlag>true</includeAllClassesFlag>
        </rptSeriesClassInfo>
        <rptSeriesClassInfo>
          <seriesId>S000084161</seriesId>
          <includeAllClassesFlag>true</includeAllClassesFlag>
        </rptSeriesClassInfo>
      </reportSeriesClass>
    </seriesClass>
  </headerData>
  <formData>
    <generalInfo reportEndingPeriod="2025-12-31" isReportPeriodLt12="N"/>
    <registrantInfo>
      <registrantFullName>Advisor Managed Portfolios</registrantFullName>
      <investmentCompFileNo>811-23859</investmentCompFileNo>
      <registrantCik>0001970751</registrantCik>
      <registrantLei>529900AK253W8LJALD89</registrantLei>
      <registrantstreet1>615 East Michigan Street</registrantstreet1>
      <registrantcity>Milwaukee</registrantcity>
      <registrantzipCode>53202-5210</registrantzipCode>
      <registrantstate>US-WI</registrantstate>
      <registrantcountry>US</registrantcountry>
      <registrantphoneNumber>4142873700</registrantphoneNumber>
      <websites>
        <website webpage="www.patientcapitalmanagement.com"/>
        <website webpage="www.1919funds.com"/>
        <website webpage="https://www.river1.us/rver"/>
      </websites>
      <locationBooksRecords>
        <locationBooksRecord>
          <officeName>U.S. Bancorp Fund Services, LLC</officeName>
          <officeAddress1>615 East Wisconsin Avenue</officeAddress1>
          <officeCity>Milwaukee</officeCity>
          <officeStateCountry officeState="US-WI" officeCountry="US"/>
          <officeRecordsZipCode>53202</officeRecordsZipCode>
          <officePhone>8003003863</officePhone>
          <booksRecordsDesc>Financial reports, accounting books, compliance, transfer agent and dividend records</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>U.S. Bank National Association</officeName>
          <officeAddress1>1555 North RiverCenter Drive</officeAddress1>
          <officeAddress2>Suite 302</officeAddress2>
          <officeCity>Milwaukee</officeCity>
          <officeStateCountry officeState="US-WI" officeCountry="US"/>
          <officeRecordsZipCode>53212</officeRecordsZipCode>
          <officePhone>4149055059</officePhone>
          <booksRecordsDesc>Custodian records</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>Quasar Distributors LLC</officeName>
          <officeAddress1>3 Canal Plaza</officeAddress1>
          <officeAddress2>Suite 100</officeAddress2>
          <officeCity>Portland</officeCity>
          <officeStateCountry officeState="US-ME" officeCountry="US"/>
          <officeRecordsZipCode>04101</officeRecordsZipCode>
          <officePhone>8336121912</officePhone>
          <booksRecordsDesc>Distributor and Underwriter Records</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>1919 Investment Counsel, LLC</officeName>
          <officeAddress1>One South Street</officeAddress1>
          <officeAddress2>Suite 2500</officeAddress2>
          <officeCity>Baltimore</officeCity>
          <officeStateCountry officeState="US-MD" officeCountry="US"/>
          <officeRecordsZipCode>21202</officeRecordsZipCode>
          <officePhone>8448281919</officePhone>
          <booksRecordsDesc>Records related to its function as an adviser</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>Zevenbergen Capital Investments LLC</officeName>
          <officeAddress1>326 Admiral Way</officeAddress1>
          <officeAddress2>Suite 200</officeAddress2>
          <officeCity>Edmonds</officeCity>
          <officeStateCountry officeState="US-WA" officeCountry="US"/>
          <officeRecordsZipCode>98020</officeRecordsZipCode>
          <officePhone>2066828469</officePhone>
          <booksRecordsDesc>Records related to its function as an advisor</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>Miller Value Partners, LLC</officeName>
          <officeAddress1>50 S. Lemon Ave</officeAddress1>
          <officeAddress2>Suite 302</officeAddress2>
          <officeCity>Sarasota</officeCity>
          <officeStateCountry officeState="US-FL" officeCountry="US"/>
          <officeRecordsZipCode>34236</officeRecordsZipCode>
          <officePhone>4104543130</officePhone>
          <booksRecordsDesc>Records related to its function as an advisor</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>Bramshill Investments, LLC</officeName>
          <officeAddress1>801 Laurel Oak Drive</officeAddress1>
          <officeAddress2>Suite 300A</officeAddress2>
          <officeCity>Naples</officeCity>
          <officeStateCountry officeState="US-FL" officeCountry="US"/>
          <officeRecordsZipCode>34108</officeRecordsZipCode>
          <officePhone>2399207310</officePhone>
          <booksRecordsDesc>Records related to its function as an advisor</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>CornerCap Investment Counsel, Inc.</officeName>
          <officeAddress1>The Peachtree, Suite 1700</officeAddress1>
          <officeAddress2>1355 Peachtree Street NE</officeAddress2>
          <officeCity>Atlanta</officeCity>
          <officeStateCountry officeState="US-GA" officeCountry="US"/>
          <officeRecordsZipCode>30309</officeRecordsZipCode>
          <officePhone>4048700700</officePhone>
          <booksRecordsDesc>Records related to its function as an advisor</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>Regan Capital LLC</officeName>
          <officeAddress1>300 Crescent Court</officeAddress1>
          <officeAddress2>Suite 1760</officeAddress2>
          <officeCity>Dallas</officeCity>
          <officeStateCountry officeState="US-TX" officeCountry="US"/>
          <officeRecordsZipCode>75201</officeRecordsZipCode>
          <officePhone>8884473426</officePhone>
          <booksRecordsDesc>Records related to its function as an advisor</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>Patient Capital Management, LLC</officeName>
          <officeAddress1>One South Street</officeAddress1>
          <officeAddress2>Suite 2250</officeAddress2>
          <officeCity>Baltimore</officeCity>
          <officeStateCountry officeState="US-MD" officeCountry="US"/>
          <officeRecordsZipCode>21202</officeRecordsZipCode>
          <officePhone>4104543104</officePhone>
          <booksRecordsDesc>Records related to its function as an advisor</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>Soundwatch Capital LLC</officeName>
          <officeAddress1>137 Rowayton Avenue</officeAddress1>
          <officeAddress2>Suite 120</officeAddress2>
          <officeCity>Rowayton</officeCity>
          <officeStateCountry officeState="US-CT" officeCountry="US"/>
          <officeRecordsZipCode>06853</officeRecordsZipCode>
          <officePhone>6464429652</officePhone>
          <booksRecordsDesc>Records related to its function as an advisor</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>Exchange Traded Concepts, LLC</officeName>
          <officeAddress1>10900 Hefner Pointe Drive</officeAddress1>
          <officeAddress2>Suite 400</officeAddress2>
          <officeCity>Oklahoma City</officeCity>
          <officeStateCountry officeState="US-OK" officeCountry="US"/>
          <officeRecordsZipCode>73120</officeRecordsZipCode>
          <officePhone>8448803837</officePhone>
          <booksRecordsDesc>Records related to its function as a sub advisor.</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>River1 Asset Management LLC</officeName>
          <officeAddress1>210 W. Becher St.</officeAddress1>
          <officeAddress2>Suite 800</officeAddress2>
          <officeCity>Milwaukee</officeCity>
          <officeStateCountry officeState="US-WI" officeCountry="US"/>
          <officeRecordsZipCode>53207</officeRecordsZipCode>
          <officePhone>4142901920</officePhone>
          <booksRecordsDesc>Records related to its function as a sub advisor.</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>Optimize Financial Inc.</officeName>
          <officeAddress1>23212 Mill Creek Drive</officeAddress1>
          <officeCity>Laguna Hills</officeCity>
          <officeStateCountry officeState="US-CA" officeCountry="US"/>
          <officeRecordsZipCode>92653</officeRecordsZipCode>
          <officePhone>9494710000</officePhone>
          <booksRecordsDesc>Records related to its function as a sub advisor.</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>Sound Capital Solutions LLC</officeName>
          <officeAddress1>175 W. Jackson Blvd</officeAddress1>
          <officeAddress2>Suite 240</officeAddress2>
          <officeCity>Chicago</officeCity>
          <officeStateCountry officeState="US-IL" officeCountry="US"/>
          <officeRecordsZipCode>60604</officeRecordsZipCode>
          <officePhone>6304603582</officePhone>
          <booksRecordsDesc>Records related to its function as an advisor.</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>LionShares LLC</officeName>
          <officeAddress1>1 Dock 72 Way</officeAddress1>
          <officeAddress2>Floor 7</officeAddress2>
          <officeCity>Brooklyn</officeCity>
          <officeStateCountry officeState="US-NY" officeCountry="US"/>
          <officeRecordsZipCode>11205</officeRecordsZipCode>
          <officePhone>9172679033</officePhone>
          <booksRecordsDesc>Records related to its function as an advisor.</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>Vigilant Distributors LLC</officeName>
          <officeAddress1>223 Wilmington West Chester Pike</officeAddress1>
          <officeAddress2>Suite 216</officeAddress2>
          <officeCity>Chadds Ford</officeCity>
          <officeStateCountry officeState="US-PA" officeCountry="US"/>
          <officeRecordsZipCode>19317</officeRecordsZipCode>
          <officePhone>6105581750</officePhone>
          <booksRecordsDesc>Distributor and Underwriter Records</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>Reckoner Capital Management LLC</officeName>
          <officeAddress1>11 East 26th Street</officeAddress1>
          <officeAddress2>Floor 10</officeAddress2>
          <officeCity>New York</officeCity>
          <officeStateCountry officeState="US-NY" officeCountry="US"/>
          <officeRecordsZipCode>10010</officeRecordsZipCode>
          <officePhone>2125972500</officePhone>
          <booksRecordsDesc>Records related to its function as an advisor.</booksRecordsDesc>
        </locationBooksRecord>
      </locationBooksRecords>
      <isRegistrantFirstFiling>N</isRegistrantFirstFiling>
      <isRegistrantLastFiling>N</isRegistrantLastFiling>
      <isRegistrantFamilyInvComp>N</isRegistrantFamilyInvComp>
      <registrantClassificationType>N-1A</registrantClassificationType>
      <totalSeries>19</totalSeries>
      <terminatedSeries>
        <terminatedSeriesInfo seriesName="Ramirez Core Bond Fund" seriesId="S000082314" terminationDate="03/2025"/>
        <terminatedSeriesInfo seriesName="Ramirez Government Money Market Fund" seriesId="S000082315" terminationDate="04/2025"/>
      </terminatedSeries>
      <isSecuritiesActRegistration>Y</isSecuritiesActRegistration>
      <directors>
        <director>
          <directorName>Wan-Chong Kung</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="N/A"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Brian Ferrie</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="N/A"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Russell Emery</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="N/A"/>
          </fileNumbers>
        </director>
      </directors>
      <chiefComplianceOfficers>
        <chiefComplianceOfficer>
          <ccoName>Diane K. Miller</ccoName>
          <crdNumber>N/A</crdNumber>
          <ccoStreet1>615 E. Michigan Street</ccoStreet1>
          <ccoCity>Milwaukee</ccoCity>
          <ccoStateCountry ccoState="US-WI" ccoCountry="US"/>
          <ccoZipCode>53202-5210</ccoZipCode>
          <ccoPhone>XXXXXX</ccoPhone>
          <isCcoChangedSinceLastFiling>N</isCcoChangedSinceLastFiling>
          <ccoEmployers>
            <ccoEmployer ccoEmployerName="U.S. Bancorp Fund Services, LLC" ccoEmployerId="39-1939072"/>
          </ccoEmployers>
        </chiefComplianceOfficer>
      </chiefComplianceOfficers>
      <isRegistrantSubmittedMatter>N</isRegistrantSubmittedMatter>
      <isPreviousLegalProceeding>N</isPreviousLegalProceeding>
      <isPreviousProceedingTerminated>N</isPreviousProceedingTerminated>
      <isClaimFiled>N</isClaimFiled>
      <coveredByInsurancePolicy isCoveredByInsurancePolicy="Y" isClaimFiledDuringPeriod="N"/>
      <isFinancialSupportDuringPeriod>N</isFinancialSupportDuringPeriod>
      <isExemptionFromAct>N</isExemptionFromAct>
      <principalUnderwriters>
        <principalUnderwriter>
          <principalUnderwriterName>Quasar Distributors, LLC</principalUnderwriterName>
          <principalUnderwriterFileNumber>8-52323</principalUnderwriterFileNumber>
          <principalUnderwriterCrdNumber>000103848</principalUnderwriterCrdNumber>
          <principalUnderwriterLei>N/A</principalUnderwriterLei>
          <principalUnderwriterRssdId>N/A</principalUnderwriterRssdId>
          <principalUnderWriterStateCountry principalUnderWriterState="US-ME" principalUnderWriterCountry="US"/>
          <isPrincipalUnderwriterAffiliatedWithRegistrant>N</isPrincipalUnderwriterAffiliatedWithRegistrant>
        </principalUnderwriter>
        <principalUnderwriter>
          <principalUnderwriterName>Vigilant Distributors LLC</principalUnderwriterName>
          <principalUnderwriterFileNumber>8-69854</principalUnderwriterFileNumber>
          <principalUnderwriterCrdNumber>000285573</principalUnderwriterCrdNumber>
          <principalUnderwriterLei>N/A</principalUnderwriterLei>
          <principalUnderwriterRssdId>N/A</principalUnderwriterRssdId>
          <principalUnderWriterStateCountry principalUnderWriterState="US-PA" principalUnderWriterCountry="US"/>
          <isPrincipalUnderwriterAffiliatedWithRegistrant>N</isPrincipalUnderwriterAffiliatedWithRegistrant>
        </principalUnderwriter>
      </principalUnderwriters>
      <isUnderwriterHiredOrTerminated>Y</isUnderwriterHiredOrTerminated>
      <publicAccountants>
        <publicAccountant>
          <publicAccountantName>Cohen &amp; Company, Ltd.</publicAccountantName>
          <pcaobNumber>00925</pcaobNumber>
          <publicAccountantLei>N/A</publicAccountantLei>
          <publicAccountantRssdId>N/A</publicAccountantRssdId>
          <publicAccountantStateCountry publicAccountantState="US-PA" publicAccountantCountry="US"/>
        </publicAccountant>
      </publicAccountants>
      <isPublicAccountantChanged>N</isPublicAccountantChanged>
      <isMaterialWeakness>N</isMaterialWeakness>
      <isOpinionOffered>N</isOpinionOffered>
      <isMaterialChange>N</isMaterialChange>
      <isAccountingPrincipleChange>N</isAccountingPrincipleChange>
      <isPaymentErrorInNetAssetValue>N</isPaymentErrorInNetAssetValue>
      <paymentDividendSeries isPaymentDividend="Y">
        <seriesInfo seriesName="Bramshill Income Performance Fund" seriesId="S000082975"/>
        <seriesInfo seriesName="BHILL Fund" seriesId="S000090927"/>
      </paymentDividendSeries>
    </registrantInfo>
    <managementInvestmentQuestionSeriesInfo>
      <managementInvestmentQuestion>
        <mgmtInvFundName>Patient Opportunity Trust</mgmtInvFundName>
        <mgmtInvSeriesId>S000082973</mgmtInvSeriesId>
        <mgmtInvLei>529900SMRCCJER62MX98</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>6</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Class A" sharesOutstandingClassId="C000246407" sharesOutstandingTickerSymbol="LGOAX"/>
          <sharesOutstanding sharesOutstandingClassName="Class C" sharesOutstandingClassId="C000246409" sharesOutstandingTickerSymbol="LMOPX"/>
          <sharesOutstanding sharesOutstandingClassName="Class FI" sharesOutstandingClassId="C000246406" sharesOutstandingTickerSymbol="LMOFX"/>
          <sharesOutstanding sharesOutstandingClassName="Class R" sharesOutstandingClassId="C000246405" sharesOutstandingTickerSymbol="LMORX"/>
          <sharesOutstanding sharesOutstandingClassName="Class I" sharesOutstandingClassId="C000246408" sharesOutstandingTickerSymbol="LMNOX"/>
          <sharesOutstanding sharesOutstandingClassName="Class IS" sharesOutstandingClassId="C000246410" sharesOutstandingTickerSymbol="MVISX"/>
        </sharesOutstandings>
        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>Y</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 17a-6 (17 CFR 270.17a-6)</relyOnRuleType>
          <relyOnRuleType>Rule 22d-1 (17 CFR 270.22d-1)</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>Y</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Patient Capital Management, LLC</investmentAdviserName>
            <investmentAdviserFileNo>801-118170</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000307336</investmentAdviserCrdNo>
            <investmentAdviserLei>98450071DD4R05AC7677</investmentAdviserLei>
            <investmentAdviserRssdId>N/A</investmentAdviserRssdId>
            <investmentAdviserStateCountry investmentAdviserState="US-MD" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>U.S. Bancorp Fund Services, LLC</transferAgentName>
            <transferAgentFileNo>85-11357</transferAgentFileNo>
            <transferAgentLei>N1GZ7BBF3NP8GI976H15</transferAgentLei>
            <transferAgentRssdId>N/A</transferAgentRssdId>
            <transferAgentStateCountry transferAgentState="US-WI" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Pricing &amp; Reference Data, LLC</pricingServiceName>
            <pricingServiceLei>5493000NQ9LYLDBCTL34</pricingServiceLei>
            <pricingServiceRssdId>N/A</pricingServiceRssdId>
            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>U.S. Bank National Association</custodianName>
            <custodianLei>6BYL5QZYBDK8S7L73M02</custodianLei>
            <custodianRssdId>N/A</custodianRssdId>
            <custodianStateCountry custodianState="US-OH" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
          <custodian>
            <custodianName>BNP Paribas, London Branch </custodianName>
            <custodianLei>R0MUWSFPU8MPRO8K5P83</custodianLei>
            <custodianRssdId>N/A</custodianRssdId>
            <custodianCountry>GB</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>U.S. Bancorp Fund Services, LLC</adminName>
            <adminLei>N1GZ7BBF3NP8GI976H15</adminLei>
            <adminRssdId>N/A</adminRssdId>
            <adminStateCountry adminState="US-WI" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>MERRILL LYNCH INC.</brokerName>
            <brokerFileNo>8-33359</brokerFileNo>
            <brokerCrdNo>000016139</brokerCrdNo>
            <brokerLei>549300PMHS66E71I2D34</brokerLei>
            <brokerRssdId>N/A</brokerRssdId>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1888420.730000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>UBS FINANCIAL SERVICES INC.</brokerName>
            <brokerFileNo>8-16267</brokerFileNo>
            <brokerCrdNo>000008174</brokerCrdNo>
            <brokerLei>ETYRV6ORNFJB5NONI676</brokerLei>
            <brokerRssdId>N/A</brokerRssdId>
            <brokerStateCountry brokerState="US-DE" brokerCountry="US"/>
            <grossCommission>1222.000000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>CAPITAL INSTITUTIONAL SERVICES, INC.</brokerName>
            <brokerFileNo>8-22273</brokerFileNo>
            <brokerCrdNo>000007551</brokerCrdNo>
            <brokerLei>54930061X8RDWFDJIS05</brokerLei>
            <brokerRssdId>N/A</brokerRssdId>
            <brokerStateCountry brokerState="US-TX" brokerCountry="US"/>
            <grossCommission>400.000000000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>1890042.730000000000</aggregateCommission>
        <principalAggregatePurchase>34778264.800000000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>1631967824.770000000000</mnthlyAvgNetAssets>
        <lineOfCredit hasLineOfCredit="Y">
          <lineOfCreditDetails>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Uncommitted</isCreditLineCommitted>
              <lineOfCreditSize>65000000.000000000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="U.S. BANK"/>
              </lineOfCreditInstitutions>
              <soleCreditType creditType="Sole"/>
              <creditLineUsed isCreditLineUsed="Y" averageCreditLineUsed="1469207.000000000000" daysCreditUsed="92"/>
            </lineOfCreditDetail>
            <lineOfCreditDetail>
              <isCreditLineCommitted>Committed</isCreditLineCommitted>
              <lineOfCreditSize>150000000.000000000000</lineOfCreditSize>
              <lineOfCreditInstitutions>
                <lineOfCreditInstitution creditInstitutionName="Bank of Nova Scotia"/>
              </lineOfCreditInstitutions>
              <soleCreditType creditType="Sole"/>
              <creditLineUsed isCreditLineUsed="Y" averageCreditLineUsed="144623288.000000000000" daysCreditUsed="365"/>
            </lineOfCreditDetail>
          </lineOfCreditDetails>
        </lineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>1919 Financial Services Fund</mgmtInvFundName>
        <mgmtInvSeriesId>S000082984</mgmtInvSeriesId>
        <mgmtInvLei>5299005M5EZZWKYOX556</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>3</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Class A" sharesOutstandingClassId="C000246446" sharesOutstandingTickerSymbol="SBFAX"/>
          <sharesOutstanding sharesOutstandingClassName="Class C" sharesOutstandingClassId="C000246443" sharesOutstandingTickerSymbol="SFSLX"/>
          <sharesOutstanding sharesOutstandingClassName="Class I" sharesOutstandingClassId="C000246445" sharesOutstandingTickerSymbol="LMRIX"/>
        </sharesOutstandings>
        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
          <relyOnRuleType>Rule 22d-1 (17 CFR 270.22d-1)</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>1919 Investment Counsel, LLC</investmentAdviserName>
            <investmentAdviserFileNo>801-63656</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000133370</investmentAdviserCrdNo>
            <investmentAdviserLei>25490074P0AZ35Z01A02</investmentAdviserLei>
            <investmentAdviserRssdId>N/A</investmentAdviserRssdId>
            <investmentAdviserStateCountry investmentAdviserState="US-MD" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>U.S. Bancorp Fund Services, LLC</transferAgentName>
            <transferAgentFileNo>85-11357</transferAgentFileNo>
            <transferAgentLei>N1GZ7BBF3NP8GI976H15</transferAgentLei>
            <transferAgentRssdId>N/A</transferAgentRssdId>
            <transferAgentStateCountry transferAgentState="US-WI" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Pricing &amp; Reference Data, LLC</pricingServiceName>
            <pricingServiceLei>5493000NQ9LYLDBCTL34</pricingServiceLei>
            <pricingServiceRssdId>N/A</pricingServiceRssdId>
            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>U.S. Bank National Association</custodianName>
            <custodianLei>6BYL5QZYBDK8S7L73M02</custodianLei>
            <custodianRssdId>N/A</custodianRssdId>
            <custodianStateCountry custodianState="US-OH" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>U.S. Bancorp Fund Services, LLC</adminName>
            <adminLei>N1GZ7BBF3NP8GI976H15</adminLei>
            <adminRssdId>N/A</adminRssdId>
            <adminStateCountry adminState="US-WI" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokerDealers>
          <brokerDealer>
            <brokerDealerName>Stifel, Nicolaus &amp; Company</brokerDealerName>
            <brokerDealerFileNo>8-01447</brokerDealerFileNo>
            <brokerDealerCrdNo>000000793</brokerDealerCrdNo>
            <brokerDealerLei>N/A</brokerDealerLei>
            <brokerDealerRssdId>N/A</brokerDealerRssdId>
            <brokerDealerStateCountry brokerDealerState="US-MO" brokerDealerCountry="US"/>
            <brokerDealerCommission>0.000000000000</brokerDealerCommission>
          </brokerDealer>
          <brokerDealer>
            <brokerDealerName>Keefe, Bruyette &amp; Woods, Inc.</brokerDealerName>
            <brokerDealerFileNo>8-10888</brokerDealerFileNo>
            <brokerDealerCrdNo>000000481</brokerDealerCrdNo>
            <brokerDealerLei>N/A</brokerDealerLei>
            <brokerDealerRssdId>N/A</brokerDealerRssdId>
            <brokerDealerStateCountry brokerDealerState="US-NY" brokerDealerCountry="US"/>
            <brokerDealerCommission>0.000000000000</brokerDealerCommission>
          </brokerDealer>
          <brokerDealer>
            <brokerDealerName>Eaton Partners LLC</brokerDealerName>
            <brokerDealerFileNo>8-46718</brokerDealerFileNo>
            <brokerDealerCrdNo>000031170</brokerDealerCrdNo>
            <brokerDealerLei>N/A</brokerDealerLei>
            <brokerDealerRssdId>N/A</brokerDealerRssdId>
            <brokerDealerStateCountry brokerDealerState="US-CT" brokerDealerCountry="US"/>
            <brokerDealerCommission>0.000000000000</brokerDealerCommission>
          </brokerDealer>
          <brokerDealer>
            <brokerDealerName>Sierra Pacific Securities, LLC</brokerDealerName>
            <brokerDealerFileNo>8-68700</brokerDealerFileNo>
            <brokerDealerCrdNo>000155160</brokerDealerCrdNo>
            <brokerDealerLei>254900HQMTBYIUI6WU53</brokerDealerLei>
            <brokerDealerRssdId>N/A</brokerDealerRssdId>
            <brokerDealerStateCountry brokerDealerState="US-NV" brokerDealerCountry="US"/>
            <brokerDealerCommission>0.000000000000</brokerDealerCommission>
          </brokerDealer>
        </brokerDealers>
        <brokers>
          <broker>
            <brokerName>GOLDMAN SACHS &amp; CO. LLC</brokerName>
            <brokerFileNo>8-00129</brokerFileNo>
            <brokerCrdNo>000000361</brokerCrdNo>
            <brokerLei>FOR8UP27PHTHYVLBNG30</brokerLei>
            <brokerRssdId>N/A</brokerRssdId>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>3926.440000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>J.P. MORGAN SECURITIES LLC</brokerName>
            <brokerFileNo>8-35008</brokerFileNo>
            <brokerCrdNo>000000079</brokerCrdNo>
            <brokerLei>ZBUT11V806EZRVTWT807</brokerLei>
            <brokerRssdId>N/A</brokerRssdId>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>3171.400000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>UBS FINANCIAL SERVICES INC.</brokerName>
            <brokerFileNo>8-16267</brokerFileNo>
            <brokerCrdNo>000008174</brokerCrdNo>
            <brokerLei>ETYRV6ORNFJB5NONI676</brokerLei>
            <brokerRssdId>N/A</brokerRssdId>
            <brokerStateCountry brokerState="US-DE" brokerCountry="US"/>
            <grossCommission>3058.800000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>PERSHING LLC</brokerName>
            <brokerFileNo>8-17574</brokerFileNo>
            <brokerCrdNo>000007560</brokerCrdNo>
            <brokerLei>ZI8Q1A8EI8LQFJNM0D94</brokerLei>
            <brokerRssdId>N/A</brokerRssdId>
            <brokerStateCountry brokerState="US-NJ" brokerCountry="US"/>
            <grossCommission>1781.680000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>BARCLAY INVESTMENTS LLC</brokerName>
            <brokerFileNo>8-16935</brokerFileNo>
            <brokerCrdNo>000006159</brokerCrdNo>
            <brokerLei>254900YRC13GGERHVR90</brokerLei>
            <brokerRssdId>N/A</brokerRssdId>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1690.800000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>MORGAN STANLEY &amp; CO. LLC</brokerName>
            <brokerFileNo>8-15869</brokerFileNo>
            <brokerCrdNo>000008209</brokerCrdNo>
            <brokerLei>9R7GPTSO7KV3UQJZQ078</brokerLei>
            <brokerRssdId>N/A</brokerRssdId>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1200.000000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>BNY Advisors</brokerName>
            <brokerFileNo>8-35255</brokerFileNo>
            <brokerCrdNo>000017454</brokerCrdNo>
            <brokerLei>VJW2DOOHGDT6PR0ZRO63</brokerLei>
            <brokerRssdId>N/A</brokerRssdId>
            <brokerStateCountry brokerState="US-NJ" brokerCountry="US"/>
            <grossCommission>920.000000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>RAYMOND JAMES &amp; ASSOCIATES, INC.</brokerName>
            <brokerFileNo>8-10999</brokerFileNo>
            <brokerCrdNo>000000705</brokerCrdNo>
            <brokerLei>U4ONQX15J3RO8XCKE979</brokerLei>
            <brokerRssdId>N/A</brokerRssdId>
            <brokerStateCountry brokerState="US-FL" brokerCountry="US"/>
            <grossCommission>756.000000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>BAIRD  ROBERT W.  &amp; CO. INCORPORATED</brokerName>
            <brokerFileNo>8-49700</brokerFileNo>
            <brokerCrdNo>000008158</brokerCrdNo>
            <brokerLei>549300772UJAHRD6LO53</brokerLei>
            <brokerRssdId>N/A</brokerRssdId>
            <brokerStateCountry brokerState="US-WI" brokerCountry="US"/>
            <grossCommission>260.000000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>RBC CAPITAL MARKETS LLC</brokerName>
            <brokerFileNo>8-45411</brokerFileNo>
            <brokerCrdNo>000031194</brokerCrdNo>
            <brokerLei>549300LCO2FLSSVFFR64</brokerLei>
            <brokerRssdId>N/A</brokerRssdId>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>184.000000000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>17079.920000000000</aggregateCommission>
        <principalAggregatePurchase>42247026.170000000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>118422947.980000000000</mnthlyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>1919 Socially Responsive Balanced Fund</mgmtInvFundName>
        <mgmtInvSeriesId>S000082985</mgmtInvSeriesId>
        <mgmtInvLei>529900QL1XUXBP97TZ38</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>3</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Class A" sharesOutstandingClassId="C000246450" sharesOutstandingTickerSymbol="SSIAX"/>
          <sharesOutstanding sharesOutstandingClassName="Class C" sharesOutstandingClassId="C000246451" sharesOutstandingTickerSymbol="SESLX"/>
          <sharesOutstanding sharesOutstandingClassName="Class I" sharesOutstandingClassId="C000246448" sharesOutstandingTickerSymbol="LMRNX"/>
        </sharesOutstandings>
        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
          <relyOnRuleType>Rule 22d-1 (17 CFR 270.22d-1)</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>1919 Investment Counsel, LLC</investmentAdviserName>
            <investmentAdviserFileNo>801-63656</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000133370</investmentAdviserCrdNo>
            <investmentAdviserLei>25490074P0AZ35Z01A02</investmentAdviserLei>
            <investmentAdviserRssdId>N/A</investmentAdviserRssdId>
            <investmentAdviserStateCountry investmentAdviserState="US-MD" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>U.S. Bancorp Fund Services, LLC</transferAgentName>
            <transferAgentFileNo>85-11357</transferAgentFileNo>
            <transferAgentLei>N1GZ7BBF3NP8GI976H15</transferAgentLei>
            <transferAgentRssdId>N/A</transferAgentRssdId>
            <transferAgentStateCountry transferAgentState="US-WI" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Pricing &amp; Reference Data, LLC</pricingServiceName>
            <pricingServiceLei>5493000NQ9LYLDBCTL34</pricingServiceLei>
            <pricingServiceRssdId>N/A</pricingServiceRssdId>
            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>U.S. Bank National Association</custodianName>
            <custodianLei>6BYL5QZYBDK8S7L73M02</custodianLei>
            <custodianRssdId>N/A</custodianRssdId>
            <custodianStateCountry custodianState="US-OH" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>U.S. Bancorp Fund Services, LLC</adminName>
            <adminLei>N1GZ7BBF3NP8GI976H15</adminLei>
            <adminRssdId>N/A</adminRssdId>
            <adminStateCountry adminState="US-WI" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokerDealers>
          <brokerDealer>
            <brokerDealerName>Stifel, Nicolaus &amp; Company</brokerDealerName>
            <brokerDealerFileNo>8-01447</brokerDealerFileNo>
            <brokerDealerCrdNo>000000793</brokerDealerCrdNo>
            <brokerDealerLei>N/A</brokerDealerLei>
            <brokerDealerRssdId>N/A</brokerDealerRssdId>
            <brokerDealerStateCountry brokerDealerState="US-MO" brokerDealerCountry="US"/>
            <brokerDealerCommission>0.000000000000</brokerDealerCommission>
          </brokerDealer>
          <brokerDealer>
            <brokerDealerName>Keefe, Bruyette &amp; Woods, Inc.</brokerDealerName>
            <brokerDealerFileNo>8-10888</brokerDealerFileNo>
            <brokerDealerCrdNo>000000481</brokerDealerCrdNo>
            <brokerDealerLei>N/A</brokerDealerLei>
            <brokerDealerRssdId>N/A</brokerDealerRssdId>
            <brokerDealerStateCountry brokerDealerState="US-NY" brokerDealerCountry="US"/>
            <brokerDealerCommission>0.000000000000</brokerDealerCommission>
          </brokerDealer>
          <brokerDealer>
            <brokerDealerName>Eaton Partners LLC</brokerDealerName>
            <brokerDealerFileNo>8-46718</brokerDealerFileNo>
            <brokerDealerCrdNo>000031170</brokerDealerCrdNo>
            <brokerDealerLei>N/A</brokerDealerLei>
            <brokerDealerRssdId>N/A</brokerDealerRssdId>
            <brokerDealerStateCountry brokerDealerState="US-CT" brokerDealerCountry="US"/>
            <brokerDealerCommission>0.000000000000</brokerDealerCommission>
          </brokerDealer>
          <brokerDealer>
            <brokerDealerName>Sierra Pacific Securities, LLC</brokerDealerName>
            <brokerDealerFileNo>8-68700</brokerDealerFileNo>
            <brokerDealerCrdNo>000155160</brokerDealerCrdNo>
            <brokerDealerLei>254900HQMTBYIUI6WU53</brokerDealerLei>
            <brokerDealerRssdId>N/A</brokerDealerRssdId>
            <brokerDealerStateCountry brokerDealerState="US-NV" brokerDealerCountry="US"/>
            <brokerDealerCommission>0.000000000000</brokerDealerCommission>
          </brokerDealer>
        </brokerDealers>
        <brokers>
          <broker>
            <brokerName>MERRILL LYNCH PROFESSIONAL CLEARING CORP.</brokerName>
            <brokerFileNo>8-33359</brokerFileNo>
            <brokerCrdNo>000016139</brokerCrdNo>
            <brokerLei>549300PMHS66E71I2D34</brokerLei>
            <brokerRssdId>N/A</brokerRssdId>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>9434.250000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>GOLDMAN SACHS &amp; CO. LLC</brokerName>
            <brokerFileNo>8-00129</brokerFileNo>
            <brokerCrdNo>000000361</brokerCrdNo>
            <brokerLei>FOR8UP27PHTHYVLBNG30</brokerLei>
            <brokerRssdId>N/A</brokerRssdId>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>6711.760000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>PERSHING LLC</brokerName>
            <brokerFileNo>8-17574</brokerFileNo>
            <brokerCrdNo>000007560</brokerCrdNo>
            <brokerLei>ZI8Q1A8EI8LQFJNM0D94</brokerLei>
            <brokerRssdId>N/A</brokerRssdId>
            <brokerStateCountry brokerState="US-NJ" brokerCountry="US"/>
            <grossCommission>4674.930000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>RBC CAPITAL MARKETS LLC</brokerName>
            <brokerFileNo>8-45411</brokerFileNo>
            <brokerCrdNo>000031194</brokerCrdNo>
            <brokerLei>549300LCO2FLSSVFFR64</brokerLei>
            <brokerRssdId>N/A</brokerRssdId>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>2461.910000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>UBS FINANCIAL SERVICES INC.</brokerName>
            <brokerFileNo>8-16267</brokerFileNo>
            <brokerCrdNo>000008174</brokerCrdNo>
            <brokerLei>ETYRV6ORNFJB5NONI676</brokerLei>
            <brokerRssdId>N/A</brokerRssdId>
            <brokerStateCountry brokerState="US-DE" brokerCountry="US"/>
            <grossCommission>1572.160000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>MIZUHO SECURITIES USA LLC</brokerName>
            <brokerFileNo>8-37710</brokerFileNo>
            <brokerCrdNo>000019647</brokerCrdNo>
            <brokerLei>7TK5RJIZDFROZCA6XF66</brokerLei>
            <brokerRssdId>N/A</brokerRssdId>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>802.760000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>National Financial Services LLC</brokerName>
            <brokerFileNo>8-26740</brokerFileNo>
            <brokerCrdNo>000013041</brokerCrdNo>
            <brokerLei>549300JRHF1MHHWUAW04</brokerLei>
            <brokerRssdId>N/A</brokerRssdId>
            <brokerStateCountry brokerState="US-MA" brokerCountry="US"/>
            <grossCommission>703.260000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>MORGAN STANLEY &amp; CO. LLC</brokerName>
            <brokerFileNo>8-15869</brokerFileNo>
            <brokerCrdNo>000008209</brokerCrdNo>
            <brokerLei>9R7GPTSO7KV3UQJZQ078</brokerLei>
            <brokerRssdId>N/A</brokerRssdId>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>584.680000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>BARCLAY INVESTMENTS LLC</brokerName>
            <brokerFileNo>8-16935</brokerFileNo>
            <brokerCrdNo>000006159</brokerCrdNo>
            <brokerLei>254900YRC13GGERHVR90</brokerLei>
            <brokerRssdId>N/A</brokerRssdId>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>568.000000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>BNY Advisors</brokerName>
            <brokerFileNo>8-35255</brokerFileNo>
            <brokerCrdNo>000017454</brokerCrdNo>
            <brokerLei>VJW2DOOHGDT6PR0ZRO63</brokerLei>
            <brokerRssdId>N/A</brokerRssdId>
            <brokerStateCountry brokerState="US-NJ" brokerCountry="US"/>
            <grossCommission>457.270000000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>28425.700000000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>WACHOVIA BANK N.A.</principalName>
            <principalFileNo>8-65876</principalFileNo>
            <principalCrdNo>000126292</principalCrdNo>
            <principalLei>VYVVCKR63DVZZN70PB21</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-NC" principalCountry="US"/>
            <principalTotalPurchaseSale>62029991.520000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>CITIGROUP GLOBAL MARKETS INC.</principalName>
            <principalFileNo>8-8177 </principalFileNo>
            <principalCrdNo>000007059</principalCrdNo>
            <principalLei>MBNUM2BPBDO7JBLYG310</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>45591413.640000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>GOLDMAN SACHS &amp; CO. LLC</principalName>
            <principalFileNo>8-00129</principalFileNo>
            <principalCrdNo>000000361</principalCrdNo>
            <principalLei>FOR8UP27PHTHYVLBNG30</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>42309938.160000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>J.P. MORGAN SECURITIES LLC</principalName>
            <principalFileNo>8-35008</principalFileNo>
            <principalCrdNo>000000079</principalCrdNo>
            <principalLei>ZBUT11V806EZRVTWT807</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>26152190.920000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>BANC/AMERICA SECUR.LLC MONTGOMEY DIV</principalName>
            <principalFileNo>8-33359</principalFileNo>
            <principalCrdNo>000016139</principalCrdNo>
            <principalLei>549300PMHS66E71I2D34</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>20123943.410000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>U.S. Bancorp Advisors, LLC</principalName>
            <principalFileNo>8-35359</principalFileNo>
            <principalCrdNo>000017868</principalCrdNo>
            <principalLei>H85Z6XZP8B10ES0M2G89</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-CA" principalCountry="US"/>
            <principalTotalPurchaseSale>16983970.870000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>MERRILL LYNCH PROFESSIONAL CLEARING CORP.</principalName>
            <principalFileNo>8-33359</principalFileNo>
            <principalCrdNo>000016139</principalCrdNo>
            <principalLei>549300PMHS66E71I2D34</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>5978280.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>FTN FINANCIAL SECURITIES CORP</principalName>
            <principalFileNo>8-51393</principalFileNo>
            <principalCrdNo>000046346</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-TN" principalCountry="US"/>
            <principalTotalPurchaseSale>4325000.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>BNY Advisors</principalName>
            <principalFileNo>8-35255</principalFileNo>
            <principalCrdNo>000017454</principalCrdNo>
            <principalLei>VJW2DOOHGDT6PR0ZRO63</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-NJ" principalCountry="US"/>
            <principalTotalPurchaseSale>1483125.000000000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>BARCLAY INVESTMENTS LLC</principalName>
            <principalFileNo>8-16935</principalFileNo>
            <principalCrdNo>000006159</principalCrdNo>
            <principalLei>254900YRC13GGERHVR90</principalLei>
            <principalRssdId>N/A</principalRssdId>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>1126546.870000000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>817001667.100000000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>904012603.650000000000</mnthlyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>Trenchless Fund ETF</mgmtInvFundName>
        <mgmtInvSeriesId>S000084161</mgmtInvSeriesId>
        <mgmtInvLei>5299005J4V0XTTW2TM62</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>1</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Trenchless Fund ETF" sharesOutstandingClassId="C000248434" sharesOutstandingTickerSymbol="RVER"/>
        </sharesOutstandings>
        <fundTypes>
          <fundType>Exchange-Traded Fund</fundType>
        </fundTypes>
        <isNonDiversifiedCompany>Y</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
          <relyOnRuleType>Rule 6c-11 (17 CFR 270.6c-11)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>N</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Sound Capital Solutions</investmentAdviserName>
            <investmentAdviserFileNo>801-129056</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000311034</investmentAdviserCrdNo>
            <investmentAdviserLei>N/A</investmentAdviserLei>
            <investmentAdviserRssdId>N/A</investmentAdviserRssdId>
            <investmentAdviserStateCountry investmentAdviserState="US-IL" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <subAdvisers>
          <subAdviser>
            <subAdviserName>River1 Asset Management LLC</subAdviserName>
            <subAdviserFileNo>801-129274</subAdviserFileNo>
            <subAdviserCrdNo>000329230</subAdviserCrdNo>
            <subAdviserLei>N/A</subAdviserLei>
            <subAdviserRssdId>N/A</subAdviserRssdId>
            <isSubAdviserAffiliated>N</isSubAdviserAffiliated>
            <subAdviserStateCountry subAdviserState="US-WI" subAdviserCountry="US"/>
            <isSubAdviserHired>N</isSubAdviserHired>
          </subAdviser>
        </subAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>U.S. Bancorp Fund Services, LLC</transferAgentName>
            <transferAgentFileNo>85-11357</transferAgentFileNo>
            <transferAgentLei>N1GZ7BBF3NP8GI976H15</transferAgentLei>
            <transferAgentRssdId>N/A</transferAgentRssdId>
            <transferAgentStateCountry transferAgentState="US-WI" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Pricing &amp; Reference Data, LLC</pricingServiceName>
            <pricingServiceLei>5493000NQ9LYLDBCTL34</pricingServiceLei>
            <pricingServiceRssdId>N/A</pricingServiceRssdId>
            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>U.S. Bank National Association</custodianName>
            <custodianLei>6BYL5QZYBDK8S7L73M02</custodianLei>
            <custodianRssdId>N/A</custodianRssdId>
            <custodianStateCountry custodianState="US-OH" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>U.S. Bancorp Fund Services, LLC</adminName>
            <adminLei>N1GZ7BBF3NP8GI976H15</adminLei>
            <adminRssdId>N/A</adminRssdId>
            <adminStateCountry adminState="US-WI" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>ROBERT W. BAIRD &amp; CO. INCORPORATED</brokerName>
            <brokerFileNo>8-497</brokerFileNo>
            <brokerCrdNo>000008158</brokerCrdNo>
            <brokerLei>549300772UJAHRD6LO53</brokerLei>
            <brokerRssdId>N/A</brokerRssdId>
            <brokerStateCountry brokerState="US-WI" brokerCountry="US"/>
            <grossCommission>22195.050000000000</grossCommission>
          </broker>
          <broker>
            <brokerName>GOLDMAN SACHS &amp; CO. LLC</brokerName>
            <brokerFileNo>8-00129</brokerFileNo>
            <brokerCrdNo>000000361</brokerCrdNo>
            <brokerLei>FOR8UP27PHTHYVLBNG30</brokerLei>
            <brokerRssdId>N/A</brokerRssdId>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>73393.850000000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>95588.900000000000</aggregateCommission>
        <principalAggregatePurchase>0.000000000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>84742213.830000000000</mnthlyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
    </managementInvestmentQuestionSeriesInfo>
    <exchangeSeriesInfo>
      <exchangeTradedFund>
        <fundName>Trenchless Fund ETF</fundName>
        <etfSeriesId>S000084161</etfSeriesId>
        <securityExchanges>
          <securityExchange fundExchange="ARCX" fundsTickerSymbol="RVER"/>
        </securityExchanges>
        <authorizedParticipants>
          <authorizedParticipant authorizedParticipantName="GOLDMAN SACHS &amp; CO. LLC" authorizedParticipantFileNo="8-00129" authorizedParticipantCrdNo="000000361" authorizedParticipantLei="FOR8UP27PHTHYVLBNG30" authorizedParticipantRssdId="N/A" authorizedParticipantPurchaseValue="114412469.000000000000" authorizedParticipantRedeemValue="77381671.000000000000"/>
          <authorizedParticipant authorizedParticipantName="J.P. MORGAN SECURITIES LLC" authorizedParticipantFileNo="8-35008" authorizedParticipantCrdNo="000000079" authorizedParticipantLei="ZBUT11V806EZRVTWT807" authorizedParticipantRssdId="N/A" authorizedParticipantPurchaseValue="5567351.000000000000" authorizedParticipantRedeemValue="0.000000000000"/>
        </authorizedParticipants>
        <isCollateralRequired>N</isCollateralRequired>
        <creationUnitNumOfShares>10000.000000000000</creationUnitNumOfShares>
        <averagePercentagePurchased>38.580000000000</averagePercentagePurchased>
        <standardDeviationPurchased>24.570000000000</standardDeviationPurchased>
        <creationUnitPurchasedInKind>61.420000000000</creationUnitPurchasedInKind>
        <creationUnitPurchasedSDInKind>24.570000000000</creationUnitPurchasedSDInKind>
        <averagePercentageRedeemed>-5.040000000000</averagePercentageRedeemed>
        <percentSDRedeemed>49.620000000000</percentSDRedeemed>
        <creationUnitPercentageRedeemedInKind>105.040000000000</creationUnitPercentageRedeemedInKind>
        <creationUnitSDRedeemedInKind>49.620000000000</creationUnitSDRedeemedInKind>
        <creationUnitTransactionFeePerUnit>N/A</creationUnitTransactionFeePerUnit>
        <creationUnitTransactionFeeManyUnits>304.440000000000</creationUnitTransactionFeeManyUnits>
        <creationUnitTransactionFeePercentagePerUnit>N/A</creationUnitTransactionFeePercentagePerUnit>
        <creationUnitTransactionFeeCashPerUnit>N/A</creationUnitTransactionFeeCashPerUnit>
        <creationUnitTransactionFeeCashManyUnits>304.440000000000</creationUnitTransactionFeeCashManyUnits>
        <creationUnitTransactionFeeCashPercentagePerUnit>N/A</creationUnitTransactionFeeCashPercentagePerUnit>
        <purchaseCreationUnitDollarPerUnit>N/A</purchaseCreationUnitDollarPerUnit>
        <purchaseCreationUnitDollarPerMoreUnits>150.000000000000</purchaseCreationUnitDollarPerMoreUnits>
        <purchaseCreationUnitDollarPercentagePerUnit>N/A</purchaseCreationUnitDollarPercentagePerUnit>
        <purchaseCreationUnitCashPerUnit>N/A</purchaseCreationUnitCashPerUnit>
        <purchaseCreationUnitCashPerMoreUnits>150.000000000000</purchaseCreationUnitCashPerMoreUnits>
        <purchaseCreationUnitCashPercentagePerUnit>N/A</purchaseCreationUnitCashPercentagePerUnit>
        <isInKindETF>Y</isInKindETF>
      </exchangeTradedFund>
    </exchangeSeriesInfo>
    <attachmentsTab>
      <isIPAReportInternalControl>true</isIPAReportInternalControl>
    </attachmentsTab>
    <signature registrantSignedName="Advisor Managed Portfolios" signedDate="2026-03-13" signature="/s/ Eric T. McCormick" title="Treasurer/Principal Financial Officer"/>
  </formData>
</edgarSubmission>
