Prospectus by Investment Company (Form 497)

Regan Total Return Income Fund

Investor Class			RCTRX
Institutional Class			RCIRX

(the "Fund")

A series of Advisor Managed Portfolios (the "Trust")

Supplement dated December 29, 2025 to the

Statement of Additional Information ("SAI") dated January 31, 2025

Effective January 1, 2026, Mrs. Diane Miller resigned from her service as Vice President, Chief Compliance Officer and Anti-Money Laundering Officer of the Trust. All references to Mrs. Miller in the SAI are hereby removed. At a meeting held on December 4, 2025, the Board of Trustees of the Trust appointed JJ Richie as the successor Chief Compliance Officer and Anti-Money Laundering Officer of the Trust, effective January 1, 2026.

Accordingly, the Officers table in the the Fund's SAI has been revised to reflect updated information as follows:

Officers

Name, Address and Age			Position(s) Held with Trust			Term of Office and Length of Time Served			Principal Occupation(s) During Past 5 Years
Officers
Russell B. Simon 615 E. Michigan Street Milwaukee, WI 53202 Year of birth: 1980			President and Principal Executive Officer			Indefinite. Since 2023			Vice President, U.S. Bancorp Fund Services, LLC (2011 to present)
Christopher E. Kashmerick 615 E. Michigan Street Milwaukee, WI 53202 Year of birth: 1974			Vice President			Indefinite. Since 2025			Senior Vice President, U.S. Bancorp Fund Services, LLC (2011 to present)
JJ Richie 615 E. Michigan Street Milwaukee, WI 53202 Year of birth: 1973			Chief Compliance Officer and AML Officer			Indefinite. Since 2026			Vice President, U.S. Bancorp Fund Services, LLC (since December 2025); Chief Compliance Officer, Ivy Investment Management Company (July 2015 to July 2022)
Eric T. McCormick 615 E. Michigan Street Milwaukee, WI 53202 Year of birth: 1971			Treasurer and Principal Financial Officer			Indefinite. Since 2023			Vice President, U.S. Bancorp Fund Services, LLC (2005 to present)
Ryan M. Charles 615 E. Michigan Street Milwaukee, WI 53202 Year of birth: 1978			Secretary			Indefinite. Since 2023			Vice President, U.S. Bancorp Fund Services, LLC (May 2021 to present); General Counsel, Davis Selected Advisers, L.P. (2014 to May 2021)

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Please retain this Supplement with your Statement of Additional Information.