# EDGAR Filing Document

**Accession Number:** 0001261788
**File Stem:** 0001104659-23-030043
**Filing Date:** 2023-3
**Character Count:** 300145
**Document Hash:** af7e00d4ffe09eb55d14cc6956e6e9d5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-030043.hdr.sgml**: 20230308

**ACCESSION NUMBER**: 0001104659-23-030043

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 28

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230308

**DATE AS OF CHANGE**: 20230308

**EFFECTIVENESS DATE**: 20230308

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Trust for Advised Portfolios
- **CENTRAL INDEX KEY:** 0001261788
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21422
- **FILM NUMBER:** 23715828

**BUSINESS ADDRESS:**
- **STREET 1:** 615 EAST MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 414-287-3700

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ZIEGLER CAPITAL MANAGEMENT INVESTMENT TRUST
- **DATE OF NAME CHANGE:** 20130128

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ZIEGLER LOTSOFF CAPITAL MANAGEMENT INVESTMENT TRUST
- **DATE OF NAME CHANGE:** 20110803

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LOTSOFF CAPITAL MANAGEMENT INVESTMENT TRUST
- **DATE OF NAME CHANGE:** 20050915

## Series and Classes Contracts Data

### 1919 Financial Services Fund (Series ID: S000046891)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000146530 | Class A      | SBFAX           |
| C000146531 | Class C      | SFSLX           |
| C000146534 | Class I      | LMRIX           |

### 1919 Socially Responsive Balanced Fund (Series ID: S000046892)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000146536 | Class I      | LMRNX           |
| C000146537 | Class A      | SSIAX           |
| C000146539 | Class C      | SESLX           |

### 1919 Maryland Tax-Free Income Fund (Series ID: S000046893)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000146541 | Class A      | LMMDX           |
| C000146542 | Class C      | LMMCX           |
| C000146544 | Class I      | LMMIX           |

### 1919 Variable Socially Responsive Balanced Fund (Series ID: S000046894)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000146545 | 1919 Variable Socially Responsive Balanced Fund | QLMICX          |

UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED <br> MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **<u>811-21422</u>**

**<u>Trust for Advised Portfolios</u>**

(Exact name of registrant as specified in charter)

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

**<u>Milwaukee, Wisconsin 53202</u>**<br> (Address of principal executive offices) (Zip code)

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

**<u>Trust for Advised Portfolios</u>**

**<u>777 East Wisconsin Avenue, 10<sup>th</sup> Floor</u>**

**<u>Milwaukee, Wisconsin 53202</u>**<br> (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>December 31</u>**

Date of reporting period: **<u>December 31, 2022</u>**

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

(a) Annual Report

December 31, 2022

![](j2322663_aa001.jpg)

1919 FINANCIAL SERVICES FUND

1919 MARYLAND TAX-FREE INCOME FUND

1919 SOCIALLY RESPONSIVE BALANCED FUND

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**Table of Contents**

---

| | |
|:---|:---|
| **1919 Financial Services Fund** | **1919 Financial Services Fund** |
| Letter to shareholders | 1 |
| Fund performance | 4 |
| Fund expenses | 6 |
| Fund at a glance | 7 |
| Schedule of investments | 8 |
| Statement of assets and liabilities | 10 |
| Statement of operations | 11 |
| Statements of changes in net assets | 12 |
| Financial highlights | 13 |
| **1919 Maryland Tax-Free Income Fund** | **1919 Maryland Tax-Free Income Fund** |
| Letter to shareholders | 16 |
| Fund performance | 19 |
| Fund expenses | 21 |
| Fund at a glance | 22 |
| Schedule of investments | 23 |
| Statement of assets and liabilities | 27 |
| Statement of operations | 28 |
| Statements of changes in net assets | 29 |
| Financial highlights | 30 |
| **1919 Socially Responsive Balanced Fund** | **1919 Socially Responsive Balanced Fund** |
| Letter to shareholders | 33 |
| Fund performance | 36 |
| Fund expenses | 38 |
| Fund at a glance | 39 |
| Schedule of investments | 40 |
| Statement of assets and liabilities | 48 |
| Statement of operations | 49 |
| Statements of changes in net assets | 50 |
| Financial highlights | 51 |
| **Notes to financial statements** | 54 |
| **Report of independent registered public accounting firm** | 68 |
| **Other information** | 70 |
| **Approval of investment advisory agreement** | 72 |
| **Trustee and officer information** | 75 |
| **Privacy notice** | 78 |
| **Directory of Funds' service providers** | Back Cover |

---

1919 Funds 2022 Annual Report

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1919 Financial Services Fund<br>Letter to Shareholders (unaudited)

**Dear Shareholder,**

Investors confronted dramatic changes to monetary policy, growth expectations, and discount rates during 2022. Global central banks adjusted overnight lending rates at a pace not seen since the 1980s — with the US Federal Reserve increasing its target-funding rate seven times in nine months or +425 bps during 2022. The aggressive monetary policy abruptly followed an equally unprecedented period of "war-time finance," that is zero interest rates and a dramatic increase in the money supply, which helped fund the stimulus needed to combat the pandemic's economic hardships on consumers and businesses. The impacts of the rising cost of money and a reduction in money supply will remain in place during 2023, as inflation, Fed rate hikes, and recession concerns continue to dominate the headlines and investor attention.

While the US real GDP growth slowed to +2.1% in 2022 from the +5.9% in 2021, the unemployment rate actually declined further to 3.5% from 3.9% at the end 2021. Strong employment in the face of slowing growth is a great example of how the markets and central banks underestimated the stickiness of the forces that have kept inflation readings high. Thus, the central banks had to raise the "cost of money" faster than ever, and the rate of change largely drove the stock price declines in 2022. The rise in interest rates reduced the valuation of most assets, including stocks and bonds. The bellwether 10-year US Treasury began the year yielding 1.63%, then rose to a peak of 4.25%, before ending the year at 3.83%. In addition, six-month LIBOR increased to 5.14% at year end after starting at 0.34%.

For the full year ending December 31, 2022, the 1919 Financial Services Fund I Shares returned -13.71%. The Fund's unmanaged benchmarks, the S&P 500 Index returned -18.11% and the S&P 500 Financial Index returned -10.53%.

**How did we respond to these changing market conditions?**

During the year, the fund added a few new positions and opportunistically added to a number of existing holdings in the regional and large cap banks, insurance, capital markets, and fin-tech sub-sectors. The fund exited out of several positions that were more fully valued and better positioned the portfolio

1919 Funds 2022 Annual Report<br>1

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1919 Financial Services Fund<br>Letter to Shareholders (unaudited) (cont'd)

for a continued higher interest rate environment and a hard insurance pricing market.

**What were the leading contributors to performance?**

Our selections within the insurance industry contributed the most to performance. The top contributors to were Chubb Limited, Heritage Financial Corp., Banner Corp., Stock Yards Bancorp Inc. and American Financial Group Inc. These companies benefitted from strong underlying growth and recovery from depressed 2021 revenues.

**What were the leading detractors to performance?**

The largest detractors to performance were SVB Financial Group, Bank of America Corp., Western Alliance Bancorp, First Republic Bank and First Foundation Inc. These companies faced sub-optimal capital allocation and greater than average deposit and funding cost increases.

Thank you for your investment in 1919 Financial Services Fund. As always, we appreciate that you have chosen us to manage your assets and we remain focused on achieving the Fund's investment goals.

Sincerely,

![](j2322663_ba002.jpg)

Charles C. King, CFA<br>Portfolio Manager & Chief Investment Officer<br>1919 Investment Counsel, LLC

![](j2322663_ba003.jpg)

John F. Helfst<br>Managing Director<br>1919 Investment Counsel, LLC

**S&P 500 Index** — The S&P 500 Index is a broad based unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general.

**S&P 500 Financials Index** — The S&P 500 Financials Index is an unmanaged index that comprises those companies included in the S&P 500 that are classified as members of the Global Industry Classification Standard financials sector.

One cannot invest directly in an index.

**Past performance is not a guarantee of future results.**

**Earnings growth is not representative of the Fund's future performance.**

Opinions expressed herein are as of 12/31/22 and are subject to change at any time, are not a guaranteed and should not be considered investment advice.

Fund holdings and sector allocations are subject to change and are not a recommendation to buy or sell any security. Please refer to the Schedule of Investments for a complete list of Fund holdings.

This report has been prepared for shareholders and may be distributed to other if preceded or accompanied by a current prospectus.

1919 Funds 2022 Annual Report<br>2

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**Mutual fund investing involves risk. Principal loss is possible. The Fund may invest in small and medium-capitalization companies which tend to have limited liquidity and greater price volatility than larger-capitalization companies. The Fund may invest in foreign and emerging market securities which will involve greater volatility and political, economic and currency risks and differences in accounting methods. The risks are particularly significant for funds that invest in emerging markets. The Fund may make short sales of securities, which involves the risk that losses may exceed the original amount invested.**

1919 Funds are distributed by Quasar Distributors, LLC.

1919 Funds 2022 Annual Report<br>3

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Fund performance (unaudited)

Value of $10,000 Investment

![](j2322663_ba004.jpg)

*This chart illustrates the performance of a hypothetical $10,000 investment in the Fund's Class A shares over ten years, and assumes the deduction of the maximum initial sales charge of 5.75% at the time of investment and the reinvestment of dividends and capital gains, but does not reflect the effect of any other applicable sales charge or redemption fees. This chart does not imply any future performance. The performance of the Fund's other classes may be greater or less than the Class A shares' performance indicated on this chart, depending on whether greater or lesser sales charges and fees were incurred by shareholders investing in the other classes.*

1919 Funds 2022 Annual Report<br>4

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**Total Returns\*** as of December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| 1919 Financial Services Fund Class A | 1919 Financial Services Fund Class A | 1919 Financial Services Fund Class A | 1919 Financial Services Fund Class A |
| With Sales Charges† | With Sales Charges† | With Sales Charges† | With Sales Charges† |
| Class A | -18.92% | 3.12% | 10.34% |
| Class C | -15.40 | 3.60 | 10.23 |
| Without Sales Charges | Without Sales Charges | Without Sales Charges | Without Sales Charges |
| Class A | -13.97 | 4.35 | 11.00 |
| Class C | -14.56 | 3.60 | 10.23 |
| Class I | -13.71 | 4.64 | 11.36 |
| S&P 500 Index<sup>(i)</sup> | -18.11 | 9.42 | 12.56 |
| S&P 500 Financials Index<sup>(ii)</sup> | -10.53 | 6.41 | 12.16 |

---

\* Returns over one year are annualized.

† Class A Shares have a maximum initial sales charge of 5.75% and Class C Shares have a contingent deferred sales charge (CDSC) of 1.00% for shares redeemed within one year of purchase.

As of the Fund's current prospectus dated April 30, 2022, the total annual operating expense ratios for Class A, Class C and Class I were 1.36%, 2.07% and 1.09% respectively. Actual expenses may be higher. For example, expenses may be higher than those shown if average net assets decrease. Net assets are more likely to decrease, and Fund expense ratios are more likely to increase when markets are volatile.

**All figures represent past performance and are not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Fund returns assume the reinvestment of all distributions, at net asset value and the deduction of all Fund expenses. Total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 1-844-828-1919.**

<sup>(i)</sup> The S&P 500 Index is an unmanaged index of 500 stocks and is generally representative of the performance of larger companies in the U.S.

<sup>(ii)</sup> The S&P 500 Financials Index is a capitalization-weighted index representing nine financial groups and fifty-three financial companies, calculated monthly with dividends reinvested at month-end.

The Indices are unmanaged and are not subject to the same management and trading expenses as a mutual fund. Please note that an investor cannot invest directly in an index.

1919 Funds 2022 Annual Report<br>5

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Fund expenses (unaudited)

**Example**

As a shareholder of the Fund, you may incur two types of costs: (1) transaction costs, including front-end and back-end sales charges (loads) on purchase payments; and (2) ongoing costs, including management fees; service and/or distribution (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

This example is based on an investment of $1,000 invested on July 1, 2022 and held for the six months ended December 31, 2022.

**Actual expenses**

The table below titled "Based on Actual Total Return" provides information about actual account values and actual expenses. You may use the information provided in this table, together with the amount you invested, to estimate the expenses that you paid over the period. To estimate the expenses you paid on your account, divide your ending account value by $1,000 (for example, an $8,600 ending account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled "Expenses Paid During the Period".

**Hypothetical example for comparison purposes**

The table below titled "Based on Hypothetical Total Return" provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5.00% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use the information provided in this table to compare the ongoing costs of investing in the Fund and other funds. To do so, compare the 5.00% hypothetical example relating to the Fund with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table below are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

**Based on actual total return<sup>1</sup>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Actual<br>Total<br>Return<sup>2</sup> | Beginning<br>Account<br>Value | Ending<br>Account<br>Value | Annualized<br>Expense<br>Ratio | Expenses<br>Paid<br>During<br>the<br>Period<sup>3</sup> |
| Class A | 4.61% | $1000.00 | $1046.10 | 1.38% | $7.12 |
| Class C | 4.24 | 1000.00 | 1042.40 | 2.11 | 10.86 |
| Class I | 4.79 | 1000.00 | 1047.90 | 1.12 | 5.78 |

---

**Based on hypothetical total return<sup>1</sup>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Hypothetical<br>Annualized<br>Total Return | Beginning<br>Account<br>Value | Ending<br>Account<br>Value | Annualized<br>Expense<br>Ratio | Expenses<br>Paid<br>During<br>the<br>Period<sup>3</sup> |
| Class A | 2.52% | $1000.00 | $1018.25 | 1.38% | $7.02 |
| Class C | 2.52 | 1000.00 | 1014.57 | 2.11 | 10.71 |
| Class I | 2.52 | 1000.00 | 1019.56 | 1.12 | 5.70 |

---

<sup>1</sup> For the six months ended December 31, 2022.

<sup>2</sup> Assumes the reinvestment of all distributions at net asset value and does not reflect the deduction of the applicable sales charge with respect to Class A shares or the applicable contingent deferred sales charge ("CDSC") with respect to Class C shares. Total return is not annualized, as it may not be representative of the total return for the year. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower.

<sup>3</sup> Expenses (net of fee waivers and/or expense reimbursements) are equal to each class' annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (184), then divided by 365.

1919 Funds 2022 Annual Report<br>6

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Fund at a glance (unaudited)

**Investment breakdown** (%) as a percent of total investments

![](j2322663_ba005.jpg)

1919 Funds 2022 Annual Report<br>7

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Schedule of investments

December 31, 2022

**1919 Financial Services Fund**

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 98.8%** | **Common Stocks — 98.8%** | **Common Stocks — 98.8%** |
| *Capital Markets — 4.9%* | *Capital Markets — 4.9%* | *Capital Markets — 4.9%* |
| Ameriprise Financial Inc. | 18425 | $5736992 |
| CME Group Inc. | 10000 | 1681600 |
| S&P Global Inc. | 2700 | 904338 |
| *Total Capital Markets* |  | *8322930* |
| *Commercial Banks — 50.7%* | *Commercial Banks — 50.7%* | *Commercial Banks — 50.7%* |
| Bank of America Corp. | 268000 | 8876160 |
| Banner Corp. | 79000 | 4992800 |
| Coastal Financial Corp./WA \* | 75000 | 3564000 |
| Columbia Banking System Inc. | 68805 | 2073095 |
| Comerica Inc. | 10000 | 668500 |
| Farmers & Merchants Bank of Long Beach | 200 | 1493000 |
| Fifth Third Bancorp | 88400 | 2900404 |
| First Foundation Inc. | 127000 | 1819910 |
| First Western Financial Inc. \* | 77000 | 2167550 |
| Glacier Bancorp Inc. | 54362 | 2686570 |
| HBT Financial Inc. | 60000 | 1174200 |
| Heritage Financial Corp. | 103000 | 3155920 |
| JPMorgan Chase & Co. | 68600 | 9199260 |
| M&T Bank Corp. | 12000 | 1740720 |
| Pacific Premier Bancorp Inc. | 96263 | 3038060 |
| PNC Financial Services Group Inc. | 18000 | 2842920 |
| QCR Holdings Inc. | 79000 | 3921560 |
| SmartFinancial Inc. | 61000 | 1677500 |
| South State Corp. | 47309 | 3612515 |
| Stock Yards Bancorp Inc. | 65000 | 4223700 |
| SVB Financial Group \* | 10400 | 2393456 |
| Truist Financial Corp. | 96905 | 4169822 |
| U.S. Bancorp | 120000 | 5233200 |
| Univest Corp. of Pennsylvania | 55126 | 1440443 |
| Webster Financial Corp. | 127000 | 6012180 |
| Western Alliance Bancorp | 24000 | 1429440 |
| *Total Commercial Banks* |  | *86506885* |
| *Diversified Financial Services — 10.6%* | *Diversified Financial Services — 10.6%* | *Diversified Financial Services — 10.6%* |
| Alerus Financial Corp. | 65000 | 1517750 |
| Charles Schwab Corp./The | 116000 | 9658160 |
| Intercontinental Exchange Inc. | 33000 | 3385470 |
| Voya Financial Inc. | 56000 | 3443440 |
| *Total Diversified Financial Services* |  | *18004820* |

---

1919 Funds 2022 Annual Report<br>8

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**1919 Financial Services Fund**

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| *Insurance — 17.4%* | *Insurance — 17.4%* | *Insurance — 17.4%* |
| American Financial Group Inc. | 26900 | $3692832 |
| Brown & Brown Inc. | 63000 | 3589110 |
| Chubb Limited | 47700 | 10522620 |
| Hanover Insurance Group Inc. | 25800 | 3486354 |
| Marsh & McLennan Cos. Inc. | 27500 | 4550700 |
| Reinsurance Group of America Inc. | 12000 | 1705080 |
| RenaissanceRe Holdings Ltd | 12000 | 2210760 |
| *Total Insurance* |  | *29757456* |
| *IT Services — 9.8%* | *IT Services — 9.8%* | *IT Services — 9.8%* |
| Black Knight Inc. \* | 15000 | 926250 |
| Fidelity National Information Services Inc. | 24787 | 1681798 |
| Fiserv Inc. \* | 34680 | 3505108 |
| Global Payments Inc. | 24199 | 2403445 |
| I3 Verticals Inc., Class A \* | 82480 | 2007563 |
| Visa Inc., Class A Shares | 30000 | 6232800 |
| *Total IT Services* |  | *16756964* |
| *Professional Services — 1.0%* | *Professional Services — 1.0%* | *Professional Services — 1.0%* |
| Verisk Analytics Inc., Class A Shares | 10000 | 1764200 |
| *Total Professional Services* |  | *1764200* |
| *Real Estate Investment Trusts (REITs) — 1.4%* | *Real Estate Investment Trusts (REITs) — 1.4%* | *Real Estate Investment Trusts (REITs) — 1.4%* |
| Crown Castle International Corp. | 8000 | 1085120 |
| Prologis Inc. | 12000 | 1352760 |
| *Total Real Estate Investment Trusts (REITs)* |  | *2437880* |
| *Thrifts & Mortgage Finance — 3.0%* | *Thrifts & Mortgage Finance — 3.0%* | *Thrifts & Mortgage Finance — 3.0%* |
| Bridgewater Bancshares Inc. \* | 143000 | 2536820 |
| WSFS Financial Corp. | 56803 | 2575448 |
| *Total Thrifts & Mortgage Finance* |  | *5112268* |
| **Total Common Stocks (Cost — $90,095,137)** |  | **168663403** |
| **Short Term Investment — 1.4%** | **Short Term Investment — 1.4%** | **Short Term Investment — 1.4%** |
| Fidelity Investments Money Market — Government <br>Portfolio — Class I — 4.06%<sup>(a)</sup> | 2457823 | 2457823 |
| **Total Short Term Investment (Cost — $2,457,823)** |  | **2457823** |
| **Total Investments — 100.2% (Cost — $92,552,960)** |  | **171121226** |
| Liabilities in Excess of Other Assets — (0.2)% |  | (320958) |
| **Total Net Assets — 100.0%** |  | $**170800268** |

---

**Notes:**

\* Non-income producing security

<sup>(a)</sup> The rate reported is the annualized seven-day yield at period end.

The Accompanying Notes are an Integral Part of these Financial Statements.

1919 Funds 2022 Annual Report<br>9

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**1919 Financial Services Fund**

Statement of assets and liabilities

December 31, 2022

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments in securities at value (cost $92,552,960) | $171121226 |
| Cash | 4440 |
| Foreign currency at value (cost $18,177) | 17232 |
| Receivable for Fund shares sold | 48482 |
| Dividends and interest receivable | 209757 |
| Prepaid expenses | 33984 |
| ***Total Assets*** | ***171435121*** |
| **Liabilities:** | **Liabilities:** |
| Payable for Fund shares repurchased | 287314 |
| Advisory fees payable | 117963 |
| Distribution fees payable | 87331 |
| Accrued other expenses | 142245 |
| ***Total Liabilities*** | ***634853*** |
| **Net Assets** | $**170800268** |
| **Components of Net Assets:** | **Components of Net Assets:** |
| Paid-in capital | $92108063 |
| Total distributable earnings | 78692205 |
| **Net Assets** | $**170800268** |
| **Class A:** | **Class A:** |
| Net Assets | $73800134 |
| Shares Issued and Outstanding (unlimited shares authorized, no par value) | 2622186 |
| **Net Asset Value, Redemption Price and Offering Price Per Share** | $**28.14** |
| **Maximum Public Offering Price (based on maximum initial sales charge of 5.75%)** | $**29.86** |
| **Class C:** | **Class C:** |
| Net Assets | $27395078 |
| Shares Issued and Outstanding (unlimited shares authorized, no par value) | 1077340 |
| **Net Asset Value, Redemption Price\* and Offering Price Per Share** | $**25.43** |
| **Class I:** | **Class I:** |
| Net Assets | $69605056 |
| Shares Issued and Outstanding (unlimited shares authorized, no par value) | 2447714 |
| **Net Asset Value, Redemption Price and Offering Price Per Share** | $**28.44** |

---

\* Redemption price per share of Class C shares is NAV reduced by a 1.00% CDSC if shares are redeemed within one year of purchase. (See Note 7).

The Accompanying Notes are an Integral Part of these Financial Statements.

1919 Funds 2022 Annual Report<br>10

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**1919 Financial Services Fund**

Statement of operations

For the Year Ended December 31, 2022

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividend income (Net of foreign tax of $5,616) | $3830194 |
| Investment interest income | 59226 |
| ***Total Investment Income*** | ***3889420*** |
| **Expenses:** | **Expenses:** |
| Advisory fees (Note 3) | 1523647 |
| Distribution fees (Note 6) | 503583 |
| Transfer agent fees and expenses (Note 3 & Note 6) | 283161 |
| Administration and fund accounting fees (Note 3) | 126284 |
| Registration fees | 50758 |
| Legal fees | 24521 |
| Custody fees (Note 3) | 20390 |
| Audit fees | 15499 |
| Trustees' fees (Note 3) | 15114 |
| Shareholder reporting fees | 14547 |
| Insurance fees | 8043 |
| Compliance fees (Note 3) | 6074 |
| Miscellaneous | 7618 |
| ***Total Expenses*** | ***2599239*** |
| **Net Investment Income** | **1290181** |
| **Realized and Unrealized Gain (Loss) on Investments and Foreign Currency** | **Realized and Unrealized Gain (Loss) on Investments and Foreign Currency** |
| Net realized gain on investments | 2073089 |
| Net change in unrealized appreciation/depreciation on: | Net change in unrealized appreciation/depreciation on: |
| Investments | (34063337) |
| Foreign Currency | (1213) |
| ***Net Change in Unrealized Appreciation/Depreciation*** | ***(34064550***<br>***)*** |
| **Net Realized and Unrealized Loss on Investments** | **(31991461)** |
| **Net Decrease in Net Assets Resulting from Operations** | $**(30701280)** |

---

The Accompanying Notes are an Integral Part of these Financial Statements.

1919 Funds 2022 Annual Report<br>11

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**1919 Financial Services Fund**

Statements of changes in net assets

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| | | |
|:---|:---|:---|
| For the Year Ended December 31, | 2022 | 2021 |
| **Increase (Decrease) in Net Assets from:** | **Increase (Decrease) in Net Assets from:** | **Increase (Decrease) in Net Assets from:** |
| **Operations:** | **Operations:** | **Operations:** |
| Net investment income | $1290181 | $1264118 |
| Net realized gain | 2073089 | 8782720 |
| Net change in unrealized appreciation/depreciation | (34064550) | 41702386 |
| ***Net Increase (Decrease) in Net Assets Resulting from Operations*** | ***(30701280***<br>***)*** | ***51749224*** |
| **Distributions to Shareholders:** | **Distributions to Shareholders:** | **Distributions to Shareholders:** |
| Class A | (1740572) | (3995325) |
| Class C | (469124) | (1669186) |
| Class I | (1834821) | (5192681) |
| ***Total Distributions to Shareholders*** | ***(4044517***<br>***)*** | ***(10857192***<br>***)*** |
| **Capital Transactions (Note 7):** | **Capital Transactions (Note 7):** | **Capital Transactions (Note 7):** |
| Net proceeds from shares sold | 25267230 | 61570850 |
| Reinvestment of distributions | 3721712 | 10094813 |
| Cost of shares repurchased | (49838164) | (46959220) |
| ***Net Increase (Decrease) in Net Assets from Capital Transactions*** | ***(20849222***<br>***)*** | ***24706443*** |
| ***Total Increase (Decrease) in Net Assets*** | ***(55595019***<br>***)*** | ***65598475*** |
| **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of year | 226395287 | 160796812 |
| **End of year** | $**170800268** | $**226395287** |

---

The Accompanying Notes are an Integral Part of these Financial Statements.

1919 Funds 2022 Annual Report<br>12

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**1919 Financial Services Fund**

Financial highlights

**For a share of beneficial interest outstanding through each year presented:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class A Shares | 2022 | 2021 | 2020 | 2019 | 2018 |
| **Net asset value, beginning of year** | $33.49 | $26.87 | $28.27 | $22.77 | $27.16 |
| **Income from investment operations:** | **Income from investment operations:** | **Income from investment operations:** | **Income from investment operations:** | **Income from investment operations:** | **Income from investment operations:** |
| Net investment income<sup>1</sup> | 0.21 | 0.19 | 0.20 | 0.17 | 0.05 |
| Net realized and unrealized gain (loss) <br>on investments | (4.88) | 8.05 | (0.23) | 6.42 | (4.08) |
| ***Total income (loss) from investment <br>operations*** | ***(4.67***<br>***)*** | ***8.24*** | ***(0.03***<br>***)*** | ***6.59*** | ***(4.03***<br>***)*** |
| **Less distributions:** | **Less distributions:** | **Less distributions:** | **Less distributions:** | **Less distributions:** | **Less distributions:** |
| From net investment income | (0.24) | (0.15) | (0.25) | (0.17) | (0.01) |
| From net realized gain on investments | (0.44) | (1.47) | (1.12) | (0.92) | (0.35) |
| ***Total distributions*** | ***(0.68***<br>***)*** | ***(1.62***<br>***)*** | ***(1.37***<br>***)*** | ***(1.09***<br>***)*** | ***(0.36***<br>***)*** |
| **Net asset value, end of year** | $28.14 | $33.49 | $26.87 | $28.27 | $22.77 |
| ***Total return<sup>2</sup>*** | ***(13.97***<br>*)%*** | ***30.88***<br>*%*** | ***0.05***<br>*%*** | ***29.10***<br>*%*** | ***(14.93***<br>*)%*** |
| **Supplemental data and ratios:** | **Supplemental data and ratios:** | **Supplemental data and ratios:** | **Supplemental data and ratios:** | **Supplemental data and ratios:** | **Supplemental data and ratios:** |
| Net assets, end of year (in thousands) | $73800 | $86303 | $67047 | $78401 | $71082 |
| Ratios to average net assets<br>Gross expenses | 1.36% | 1.36% | 1.46% | 1.37% | 1.33% |
| Net expenses<sup>3</sup> | 1.36 | 1.36 | 1.46 | 1.37 | 1.33 |
| Net investment income | 0.69 | 0.59 | 0.86 | 0.64 | 0.19 |
| **Portfolio turnover rate<sup>4</sup>** | **4%** | **10%** | **2%** | **8%** | **18%** |

---

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

<sup>2</sup> Performance figures, exclusive of sales charges, may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.

<sup>3</sup> The advisor agreed to limit the ratio of expenses, other than brokerage, interest, taxes, extraordinary expenses and acquired fund fees and expenses, to 1.50% of the average net assets of Class A shares. This expense limitation arrangement cannot be terminated prior to April 30, 2024 without the Board of Trustees' consent. See Note 3.

<sup>4</sup> Portfolio turnover rate is calculated for the Fund without distinguishing between classes.

The Accompanying Notes are an Integral Part of these Financial Statements.

1919 Funds 2022 Annual Report<br>13

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**1919 Financial Services Fund**

Financial highlights (cont'd)

**For a share of beneficial interest outstanding through each year presented:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class C Shares | 2022 | 2021 | 2020 | 2019 | 2018 |
| **Net asset value, beginning of year** | $30.27 | $24.48 | $25.82 | $20.88 | $25.12 |
| **Income from investment operations:** | **Income from investment operations:** | **Income from investment operations:** | **Income from investment operations:** | **Income from investment operations:** | **Income from investment operations:** |
| Net investment income (loss)<sup>1</sup> | (0.01) | (0.04) | 0.03 | (0.02) | (0.13) |
| Net realized and unrealized gain (loss) <br>on investments | (4.39) | 7.30 | (0.23) | 5.88 | (3.76) |
| ***Total income (loss) from investment <br>operations*** | ***(4.40***<br>***)*** | ***7.26*** | ***(0.20***<br>***)*** | ***5.86*** | ***(3.89***<br>***)*** |
| **Less distributions:** | **Less distributions:** | **Less distributions:** | **Less distributions:** | **Less distributions:** | **Less distributions:** |
| From net investment income |  |  | (0.02) |  |  |
| From net realized gain on investments | (0.44) | (1.47) | (1.12) | (0.92) | (0.35) |
| ***Total distributions*** | ***(0.44***<br>***)*** | ***(1.47***<br>***)*** | ***(1.14***<br>***)*** | ***(0.92***<br>***)*** | ***(0.35***<br>***)*** |
| **Net asset value, end of year** | $25.43 | $30.27 | $24.48 | $25.82 | $20.88 |
| ***Total return<sup>2</sup>*** | ***(14.56***<br>*)%*** | ***29.88***<br>*%*** | ***(0.64***<br>*)%*** | ***28.21***<br>*%*** | ***(15.57***<br>*)%*** |
| **Supplemental data and ratios:** | **Supplemental data and ratios:** | **Supplemental data and ratios:** | **Supplemental data and ratios:** | **Supplemental data and ratios:** | **Supplemental data and ratios:** |
| Net assets, end of year (in thousands) | $27395 | $36122 | $26404 | $40880 | $46763 |
| Ratios to average net assets<br>Gross expenses | 2.08% | 2.07% | 2.16% | 2.09% | 2.05% |
| Net expenses<sup>3</sup> | 2.08 | 2.07 | 2.16 | 2.09 | 2.05 |
| Net investment income (loss) | (0.04) | (0.12) | 0.15 | (0.09) | (0.52) |
| **Portfolio turnover rate<sup>4</sup>** | **4%** | **10%** | **2%** | **8%** | **18%** |

---

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

<sup>2</sup> Performance figures, exclusive of CDSC, may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.

<sup>3</sup> The advisor agreed to limit the ratio of expenses, other than brokerage, interest, taxes, extraordinary expenses and acquired fund fees and expenses, to 2.25% of the average net assets of Class C shares. This expense limitation arrangement cannot be terminated prior to April 30, 2024 without the Board of Trustees' consent. See Note 3.

<sup>4</sup> Portfolio turnover rate is calculated for the Fund without distinguishing between classes.

The Accompanying Notes are an Integral Part of these Financial Statements.

1919 Funds 2022 Annual Report<br>14

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**For a share of beneficial interest outstanding through each year presented:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class I Shares | 2022 | 2021 | 2020 | 2019 | 2018 |
| **Net asset value, beginning of year** | $33.82 | $27.18 | $28.56 | $22.98 | $27.41 |
| **Income from investment operations:** | **Income from investment operations:** | **Income from investment operations:** | **Income from investment operations:** | **Income from investment operations:** | **Income from investment operations:** |
| Net investment income<sup>1</sup> | 0.28 | 0.29 | 0.27 | 0.24 | 0.13 |
| Net realized and unrealized gain (loss) <br>on investments | (4.90) | 8.11 | (0.22) | 6.50 | (4.13) |
| ***Total income (loss) from investment <br>operations*** | ***(4.62***<br>***)*** | ***8.40*** | ***0.05*** | ***6.74*** | ***(4.00***<br>***)*** |
| **Less distributions:** | **Less distributions:** | **Less distributions:** | **Less distributions:** | **Less distributions:** | **Less distributions:** |
| From net investment income | (0.32) | (0.29) | (0.31) | (0.24) | (0.08) |
| From net realized gain on investments | (0.44) | (1.47) | (1.12) | (0.92) | (0.35) |
| ***Total distributions*** | ***(0.76***<br>***)*** | ***(1.76***<br>***)*** | ***(1.43***<br>***)*** | ***(1.16***<br>***)*** | ***(0.43***<br>***)*** |
| **Net asset value, end of year** | $28.44 | $33.82 | $27.18 | $28.56 | $22.98 |
| ***Total return<sup>2</sup>*** | ***(13.71***<br>*)%*** | ***31.16***<br>*%*** | ***0.35***<br>*%*** | ***29.49***<br>*%*** | ***(14.72***<br>*)%*** |
| **Supplemental data and ratios:** | **Supplemental data and ratios:** | **Supplemental data and ratios:** | **Supplemental data and ratios:** | **Supplemental data and ratios:** | **Supplemental data and ratios:** |
| Net assets, end of year (in thousands) | $69605 | $103970 | $67346 | $97936 | $104664 |
| Ratios to average net assets<br>Gross expenses | 1.10% | 1.09% | 1.17% | 1.09% | 1.06% |
| Net expenses<sup>3</sup> | 1.10 | 1.09 | 1.17 | 1.09 | 1.06 |
| Net investment income | 0.93 | 0.87 | 1.14 | 0.92 | 0.49 |
| **Portfolio turnover rate<sup>4</sup>** | **4%** | **10%** | **2%** | **8%** | **18%** |

---

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

<sup>2</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.

<sup>3</sup> The advisor agreed to limit the ratio of expenses, other than brokerage, interest, taxes, extraordinary expenses and acquired fund fees and expenses, to 1.25% of the average net assets of Class I shares. See Note 3. This expense limitation arrangement cannot be terminated prior to April 30, 2024 without the Board of Trustees' consent. See Note 3.

<sup>4</sup> Portfolio turnover rate is calculated for the Fund without distinguishing between classes.

The Accompanying Notes are an Integral Part of these Financial Statements.

1919 Funds 2022 Annual Report<br>15

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1919 Maryland Tax-Free Income Fund<br>Letter to Shareholders (unaudited)

**Dear Shareholder,**

Calendar year 2022 was a historically difficult one for the municipal bond market. The Bloomberg Municipal Bond Index, the 1919 Maryland Tax-Free Income Fund's primary benchmark, lost a record 8.53% for the year, as interest rates rose sharply from the record low levels seen in 2021. Supply chains struggled to keep up with a surge in pent-up demand from consumers flush with federal stimulus payments as the economy reopened post-pandemic, fueling a surge in inflation to the highest levels in over forty years. The Federal Reserve responded with an aggressive tightening campaign, raising overnight yields from the near-zero emergency level set at the height of the pandemic to 4.5% as of year-end in hopes of slowing the economy enough to bring inflation readings back down to their 2% target. In spite of the Fed's efforts, the tight labor market underpinned heady wage gains and an increase in consumer inflation expectations, keeping inflation stubbornly high. Longer term interest rates spiked accordingly, generating huge losses for all fixed income sectors. As we have communicated for some time, we saw little value in the tax-free market while yields resided at record lows, and structured the portfolio defensively to cushion shareholder principal when yields inevitably rose.

Despite the difficult year, trends in the municipal market actually helped the results from being even worse. While the economy was in disarray during the pandemic shutdown and immediate aftermath, the generous emergency stimulus payments to the states and local governments, as well as hospitals, airports and mass transit systems helped solidify credit quality within the tax-free market. The CARES Act and American Rescue Plan provided billions of dollars in direct fiscal relief to local governments, with much of the funds yet to be fully deployed. In addition to supporting education spending and COVID-related expenditures, these dollars bolstered rainy day funds and reserves, in sharp contrast to the Great Recession of 2008 where rainy day funds were run down and credit quality deteriorated significantly. Specific to Maryland, the Board of Revenue Estimates projects the rainy day fund to be $1.5 billion at the end of the 2022 fiscal year, an upward revision from $1.1 billion from the previous estimate. Ironically,

1919 Funds 2022 Annual Report<br>16

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high inflation, to the extent it does not cause consumer spending to collapse, is helpful to growing tax revenues, which likewise have come in above estimates. Higher goods prices result in higher sales tax revenues, and the surge in assessed values on real estate generates higher property tax revenues. While real estate and consumer spending are likely to slow in sympathy with higher borrowing costs, municipalities are in excellent position to weather a downshift in economic activity.

In addition to supporting municipal credit quality and the tax-free market in general, stimulus dollars also reduced local governments' borrowing requirements for capital projects, resulting in a huge drop in new issue volume in calendar year 2022. Aggregate municipal new issue volume came in 20.5% lower versus 2021 levels as refunding volume collapsed despite record low borrowing costs. Maryland issuance was down an incredible 40.8% versus last year, which likewise was 8.2% below the 2020 level of issuance. Therefore, this year's supply of new bonds was nearly half the level we saw prior to the pandemic. Although tax-free mutual funds saw persistent outflows for the bulk of the year, demand from coupon and maturity reinvestment still exceeded the amount of new bonds being issued, which helped stem losses in the municipal market compared to what was seen in the Treasury and corporate bond markets. With muni yields now competitive on a risk-adjusted basis to other asset classes following the sharp rise in yields, we expect demand to be somewhat stronger this coming year. We also

expect municipal issuance to pick up moderately despite higher borrowing costs, although probably not to the degree to bring the market back into a healthy balance. Therefore, we expect municipal bonds to remain somewhat rich to taxable bonds as the opportunity set of tax-free securities remains scarce.

Given the more attractive interest rate environment and our expectation that attractively priced bonds will be hard to find early in 2023, we took steps to increase the Fund's duration during the latter part of 2022. Yields on bonds maturing in the 15 to 20-year range approached 4% in the fourth quarter (levels not seen since before the credit crisis in 2008), and we softened our cautious posture to take advantage of an opportunity to augment the Fund's yield. The Fund's duration at year-end now resides at a more neutral 5.5, compared to an extremely defensive 3.22 at the beginning of the reporting period. We accomplished this restructuring by drawing down the Fund's cash balance but continue to have ample liquidity for additional purchases when opportunities arise. A longer duration versus our recent positioning will allow for greater price appreciation on current holdings should interest rates fall in 2023, which we expect as inflation slowly falls in response to the Fed's tighter monetary policy. That being said, we will be mindful of adding risk to the portfolio given the global uncertainties that remain, and only deploy funds when we believe we are adding meaningful incremental return on our investments.

1919 Funds 2022 Annual Report<br>17

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1919 Maryland Tax-Free Income Fund <br>Letter to Shareholders (unaudited) (cont'd)

Sincerely,

![](j2322663_da006.jpg)

R. Scott Pierce, CFA<br>Portfolio Manager<br>1919 Investment Counsel, LLC

![](j2322663_da007.jpg)

Lauren K. Webb, CFA<br>Portfolio Manager<br>1919 Investment Counsel, LLC

**Past performance is not a guarantee of future results.**

Opinions expressed herein are as of 12/31/22 and are subject to change at any time, are not a guaranteed and should not be considered investment advice.

Fund holdings and sector allocations are subject to change and are not a recommendation to buy or sell any security. Please refer to the Schedule of Investments for a complete list of Fund holdings.

This report has been prepared for shareholders and may be distributed to others if preceded or accompanied by a current prospectus.

**Mutual fund investing involves risk; Principal loss is possible. Bonds are subject to a variety of risks, including interest rate, credit and inflation risks. As interest rates rise, bond prices fall, reducing the value of a fixed-income investment. Municipal securities purchased by the Fund may be adversely affected by changes in the financial condition of municipal issuers and insurers, regulatory and political developments, uncertainties** 

**and public perceptions, and other factors. The Fund is non-diversified, meaning it concentrates its assets in fewer individual holdings than a diversified fund, specifically in the State of Maryland issues. The Fund is susceptible to adverse economic, political, tax, or regulatory changes specific to Maryland, which may magnify other risks and make the Fund more volatile than a municipal bond fund that invests in more than one state. Income from tax-exempt funds may become subject to state and local taxes and a portion of income may be subject to the Federal Alternative minimum tax for certain investors. Please see the Fund's prospectus for a more complete discussion of these and other risks, and the Fund's investment strategies.**

Nothing contained in this communication constitutes tax or investment advice.

Investors must consult their tax advisor for advice and information concerning their particular situation.

1919 Funds are distributed by Quasar Distributors, LLC.

Bloomberg Municipal Bond Index is an unmanaged index that is considered representative of the broad market for investment grade, tax-exempt bonds with a maturity of at least one year. One cannot invest in an index.

Investment grade is a rating that indicates that a municipal or corporate bond has a relatively low risk of default.

1919 Funds 2022 Annual Report<br>18

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Fund performance (unaudited)

Value of $10,000 Investment

![](j2322663_da008.jpg)

*This chart illustrates the performance of a hypothetical $10,000 investment in the Fund's Class A shares over ten years, and assumes the deduction of the maximum initial sales charge of 4.25% at the time of investment and the reinvestment of dividends and capital gains, but does not reflect the effect of any other applicable sales charge or redemption fees. This chart does not imply any future performance. The performance of the Fund's other classes may be greater or less than the Class A shares' performance indicated on this chart, depending on whether greater or lesser sales charges and fees were incurred by shareholders investing in the other classes.*

1919 Funds 2022 Annual Report<br>19

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Fund performance (unaudited) (cont'd)

**Total Returns\*** as of December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| 1919 Maryland Tax-Free Income Fund | 1919 Maryland Tax-Free Income Fund | 1919 Maryland Tax-Free Income Fund | 1919 Maryland Tax-Free Income Fund |
| With Sales Charges† | With Sales Charges† | With Sales Charges† | With Sales Charges† |
| Class A | -10.05% | -0.11% | 0.73% |
| Class C | -7.50 | 0.21 | 0.61 |
| Without Sales Charges | Without Sales Charges | Without Sales Charges | Without Sales Charges |
| Class A | -6.06 | 0.76 | 1.17 |
| Class C | -6.57 | 0.21 | 0.61 |
| Class I | -5.91 | 0.92 | 1.32 |
| Bloomberg Municipal Bond Index<sup>(ii)</sup> | -8.53 | 1.25 | 2.13 |

---

\* Returns over one year are annualized.

† Class A Shares have a maximum initial sales charge of 4.25% and Class C Shares have a contingent deferred sales charge (CDSC) of 1.00% for shares redeemed within one year of purchase.

As of the Fund's current prospectus dated April 30, 2022, the total gross annual operating expense ratios for Class A, Class C and Class I were 1.08%, 1.61% and 0.94%, respectively. The total net annual operating expense ratios for Class A, Class C and Class I were 0.75%<sup>(ii)</sup>, 1.30%<sup>(ii)</sup> and 0.60%<sup>(ii)</sup>, respectively. Actual expenses may be higher. For example, expenses may be higher than those shown if average net assets decrease. Net assets are more likely to decrease and Fund expense ratios are more likely to increase when markets are volatile.

**All figures represent past performance and are not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Fund returns assume the reinvestment of all distributions, at net asset value and the deduction of all Fund expenses. Total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 1-844-828-1919.**

<sup>(i)</sup> The Bloomberg Municipal Bond Index is a market value weighted index of investment grade municipal bonds with maturities of one year or more. The Index was previously named the Barclays Municipal Bond Index.

<sup>(ii)</sup> The Adviser has contractually agreed to waive fees and reimburse operating expenses through April 30, 2024.

The Indices are unmanaged and are not subject to the same management and trading expenses as a mutual fund. Please note that an investor cannot invest directly in an index.

1919 Funds 2022 Annual Report<br>20

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Fund expenses (unaudited)

**Example**

As a shareholder of the Fund, you may incur two types of costs: (1) transaction costs, including front-end and back-end sales charges (loads) on purchase payments; and (2) ongoing costs, including management fees; service and/or distribution (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

This example is based on an investment of $1,000 invested on July 1, 2022 and held for the six months ended December 31, 2022.

**Actual expenses**

The table below titled "Based on Actual Total Return" provides information about actual account values and actual expenses. You may use the information provided in this table, together with the amount you invested, to estimate the expenses that you paid over the period. To estimate the expenses you paid on your account, divide your ending account value by $1,000 (for example, an $8,600 ending account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled "Expenses Paid During the Period".

**Hypothetical example for comparison purposes**

The table below titled "Based on Hypothetical Total Return" provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5.00% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use the information provided in this table to compare the ongoing costs of investing in the Fund and other funds. To do so, compare the 5.00% hypothetical example relating to the Fund with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table below are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

**Based on actual total return<sup>1</sup>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Actual<br>Total<br>Return<sup>2</sup> | Beginning<br>Account<br>Value | Ending<br>Account<br>Value | Annualized<br>Expense<br>Ratio | Expenses<br>Paid<br>During<br>the<br>Period<sup>3</sup> |
| Class A | -0.04% | $1000.00 | $999.60 | 0.75% | $3.78 |
| Class C | -0.31 | 1000.00 | 996.90 | 1.30 | 6.54 |
| Class I | 0.11 | 1000.00 | 1001.10 | 0.60 | 3.03 |

---

**Based on hypothetical total return<sup>1</sup>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Hypothetical<br>Annualized<br>Total Return | Beginning<br>Account<br>Value | Ending<br>Account<br>Value | Annualized<br>Expense<br>Ratio | Expenses<br>Paid<br>During<br>the<br>Period<sup>3</sup> |
| Class A | 2.52% | $1000.00 | $1021.42 | 0.75% | $3.82 |
| Class C | 2.52 | 1000.00 | 1018.65 | 1.30 | 6.61 |
| Class I | 2.52 | 1000.00 | 1022.18 | 0.60 | 3.06 |

---

<sup>1</sup> The six months ended December 31, 2022.

<sup>2</sup> Assumes the reinvestment of all distributions at net asset value and does not reflect the deduction of the applicable sales charge with respect to Class A shares or the applicable contingent deferred sales charge ("CDSC") with respect to Class C shares. Total return is not annualized, as it may not be representative of the total return for the year. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower.

<sup>3</sup> Expenses (net of fee waivers and/or expense reimbursements) are equal to each class' annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (184), then divided by 365.

1919 Funds 2022 Annual Report<br>21

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Fund at a glance (unaudited)

**Investment breakdown** (%) as a percent of total investments

![](j2322663_da009.jpg)

1919 Funds 2022 Annual Report<br>22

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Schedule of investments

December 31, 2022

**1919 Maryland Tax-Free Income Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Rate | Maturity<br>Date | Face<br>Amount | Value |
| **Municipal Bonds — 97.9%** | **Municipal Bonds — 97.9%** | **Municipal Bonds — 97.9%** | **Municipal Bonds — 97.9%** | **Municipal Bonds — 97.9%** |
| *Education — 10.0%* | *Education — 10.0%* | *Education — 10.0%* | *Education — 10.0%* | *Education — 10.0%* |
| Maryland Stadium Authority | 5.000% | 5/1/42 | $2000000 | $2103692 |
| Maryland Stadium Authority, Built to Learn Revenue | 4.000% | 6/1/39 | 500000 | 484975 |
| Maryland State EDC, Student Housing Revenue Bonds: | Maryland State EDC, Student Housing Revenue Bonds: | Maryland State EDC, Student Housing Revenue Bonds: | Maryland State EDC, Student Housing Revenue Bonds: | Maryland State EDC, Student Housing Revenue Bonds: |
| Maryland Economic Development Corp. | 5.000% | 7/1/36 | 250000 | 242600 |
| Morgan State University Project | 5.625% | 7/1/43 | 565000 | 600643 |
| Salisbury University Project | 5.000% | 6/1/27 | 455000 | 455691 |
| University of Maryland, College Park Projects | 5.000% | 7/1/31 | 500000 | 502087 |
| Washington College, Town of Chestertown MD | 5.000% | 3/1/28 | 500000 | 535260 |
| Maryland State Health & Higher EFA Revenue Bonds: | Maryland State Health & Higher EFA Revenue Bonds: | Maryland State Health & Higher EFA Revenue Bonds: | Maryland State Health & Higher EFA Revenue Bonds: | Maryland State Health & Higher EFA Revenue Bonds: |
| Johns Hopkins University <sup>(a)</sup> | 3.630% | 7/1/36 | 1000000 | 1000000 |
| Maryland Institute College of Art | 4.000% | 6/1/42 | 250000 | 231149 |
| Stevenson University | 4.000% | 6/1/34 | 500000 | 487033 |
| *Total Education* |  |  |  | *6643130* |
| *Health Care — 29.8%* | *Health Care — 29.8%* | *Health Care — 29.8%* | *Health Care — 29.8%* | *Health Care — 29.8%* |
| County of Baltimore, Maryland: | County of Baltimore, Maryland: | County of Baltimore, Maryland: | County of Baltimore, Maryland: | County of Baltimore, Maryland: |
| Oak Crest Village Inc. | 5.000% | 1/1/30 | 495000 | 513863 |
| Oak Crest Village Inc. | 4.000% | 1/1/40 | 500000 | 456300 |
| Riderwood Village Obligated Group | 4.000% | 1/1/45 | 1000000 | 898423 |
| County of Prince George's, MD, COPS | 3.000% | 10/1/31 | 2500000 | 2464137 |
| Maryland State EDC, Howard Hughes Medical Institute <sup>(a)</sup> | 3.550% | 2/15/43 | 1300000 | 1300000 |
| Maryland State Health & Higher EFA Revenue Bonds: | Maryland State Health & Higher EFA Revenue Bonds: | Maryland State Health & Higher EFA Revenue Bonds: | Maryland State Health & Higher EFA Revenue Bonds: | Maryland State Health & Higher EFA Revenue Bonds: |
| Adventist Healthcare Obligated Group | 5.000% | 1/1/33 | 2500000 | 2609032 |
| Adventist Rehabilitation Hospital | 5.500% | 1/1/27 | 1250000 | 1326777 |
| Broadmead Inc. | 4.250% | 7/1/40 | 1150000 | 1057776 |
| Doctors Hospital Inc. Obligated Group | 5.000% | 7/1/38 | 1000000 | 1014076 |
| Greater Baltimore Medical Center Inc. <sup>(a)</sup> | 3.900% | 7/1/25 | 400000 | 400000 |
| Greater Baltimore Medical Center Inc. | 4.000% | 7/1/38 | 1000000 | 951317 |
| Helix Health Issue, AMBAC | 5.250% | 8/15/38 | 3000000 | 3268515 |
| James Lawrence Kernan Hospital <sup>(a)</sup> | 3.580% | 7/1/41 | 510000 | 510000 |
| MedStar Health Obligated Group | 5.000% | 5/15/42 | 2000000 | 2054192 |
| UPMC Obligated Group | 4.000% | 4/15/45 | 1000000 | 887682 |
| *Total Health Care* |  |  |  | *19712090* |
| *Housing — 8.7%* | *Housing — 8.7%* | *Housing — 8.7%* | *Housing — 8.7%* | *Housing — 8.7%* |
| Maryland Community Development Administration <br>Local Government Infrastructure | 4.000% | 6/1/47 | 1000000 | 934330 |
| Maryland State Community Development Administration, <br>Department of Housing and Community Development: | Maryland State Community Development Administration, <br>Department of Housing and Community Development: | Maryland State Community Development Administration, <br>Department of Housing and Community Development: | Maryland State Community Development Administration, <br>Department of Housing and Community Development: | Maryland State Community Development Administration, <br>Department of Housing and Community Development: |
| Bolton North LP | 3.350% | 9/15/34 | 1000000 | 958363 |
| Kirkwood House Preservation LP <sup>(a)</sup> | 3.600% | 12/1/38 | 1000000 | 1000000 |
| Montgomery County Housing Opportunities Commission <sup>(a)</sup> | 3.670% | 1/1/41 | 1000000 | 1000000 |

---

1919 Funds 2022 Annual Report<br>23

------

Schedule of investments (cont'd)

December 31, 2022

**1919 Maryland Tax-Free Income Fund**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Rate | Maturity<br>Date | Face<br>Amount | Face<br>Amount | Value | Value |
| *Housing — continued* | *Housing — continued* | *Housing — continued* | *Housing — continued* | *Housing — continued* | *Housing — continued* | *Housing — continued* |
| Montgomery County Housing Opportunities Commission | 3.050% | 7/1/44 | $| 1000000 | $| 837333 |
| Montgomery County Housing Opportunities <br>Commission <sup>(a)</sup> | 3.660% | 1/1/49 |  | 1000000 |  | 1000000 |
| *Total Housing* |  |  |  |  |  | *5730026* |
| *Industrial Revenue — 0.6%* | *Industrial Revenue — 0.6%* | *Industrial Revenue — 0.6%* | *Industrial Revenue — 0.6%* | *Industrial Revenue — 0.6%* | *Industrial Revenue — 0.6%* | *Industrial Revenue — 0.6%* |
| Maryland EDC, EDR, Lutheran World Relief Inc. and <br>Immigration and Refugee Service | 5.250% | 4/1/29 |  | 430000 |  | 430283 |
| *Total Industrial Revenue* |  |  |  |  |  | *430283* |
| *Leasing — 1.5%* | *Leasing — 1.5%* | *Leasing — 1.5%* | *Leasing — 1.5%* | *Leasing — 1.5%* | *Leasing — 1.5%* | *Leasing — 1.5%* |
| Montgomery County, MD, Lease Revenue, <br>Metrorail Garage Project | 5.000% | 6/1/24 |  | 1000000 |  | 1000871 |
| *Total Leasing* |  |  |  |  |  | *1000871* |
| *Local General Obligation — 22.9%* | *Local General Obligation — 22.9%* | *Local General Obligation — 22.9%* | *Local General Obligation — 22.9%* | *Local General Obligation — 22.9%* | *Local General Obligation — 22.9%* | *Local General Obligation — 22.9%* |
| Anne Arundel County, Maryland, GO Bonds, <br>Water & Sewer | 4.000% | 4/1/27 |  | 1150000 |  | 1153799 |
| County of Baltimore, Maryland | 4.000% | 3/24/23 |  | 3000000 |  | 3005814 |
| County of Baltimore, Maryland | 5.000% | 3/1/30 |  | 1000000 |  | 1095025 |
| County of Baltimore, Maryland | 4.000% | 3/1/40 |  | 1000000 |  | 1002576 |
| County of Harford, Maryland | 5.000% | 2/1/23 |  | 1000000 |  | 1001495 |
| County of Howard, Maryland | 4.000% | 8/15/45 |  | 2000000 |  | 1944937 |
| County of Montgomery, Maryland <sup>(a)</sup> | 3.650% | 11/1/37 |  | 300000 |  | 300000 |
| County of Prince George's, Maryland | 5.000% | 7/15/40 |  | 1750000 |  | 1897815 |
| County of St Mary's, Maryland | 5.000% | 5/1/23 |  | 500000 |  | 503338 |
| County of Wicomico, Maryland | 4.000% | 11/1/31 |  | 500000 |  | 518434 |
| Maryland Stadium Authority, Ocean City Convention <br>Facility Expansion | 4.000% | 12/15/39 |  | 525000 |  | 515720 |
| State of Maryland | 5.000% | 6/1/26 |  | 610000 |  | 630509 |
| State of Maryland | 4.000% | 8/1/29 |  | 500000 |  | 503903 |
| State of Maryland | 5.000% | 3/15/31 |  | 1000000 |  | 1095329 |
| *Total Local General Obligation* |  |  |  |  |  | *15168694* |
| *Pre-Refunded/Escrowed to Maturity <sup>(b)</sup> — 8.8%* | *Pre-Refunded/Escrowed to Maturity <sup>(b)</sup> — 8.8%* | *Pre-Refunded/Escrowed to Maturity <sup>(b)</sup> — 8.8%* | *Pre-Refunded/Escrowed to Maturity <sup>(b)</sup> — 8.8%* | *Pre-Refunded/Escrowed to Maturity <sup>(b)</sup> — 8.8%* | *Pre-Refunded/Escrowed to Maturity <sup>(b)</sup> — 8.8%* | *Pre-Refunded/Escrowed to Maturity <sup>(b)</sup> — 8.8%* |
| City of Baltimore, Maryland, Mayor and City Council of <br>Baltimore, Project and Refunding Revenue Bonds, <br>Water Projects | 5.000% | 7/1/24 |  | 2320000 |  | 2351185 |
| County of Howard, Maryland | 5.000% | 2/15/24 |  | 500000 |  | 501120 |
| Howard County, Maryland, GO Bonds, Consolidated <br>Public Improvement Project and Refunding Bonds | 3.000% | 2/15/29 |  | 3000000 |  | 2999883 |
| *Total Pre-Refunded/Escrowed to Maturity* |  |  |  |  |  | *5852188* |

---

1919 Funds 2022 Annual Report<br>24

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**1919 Maryland Tax-Free Income Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Rate | Maturity<br>Date | Face<br>Amount | Value |
| *Transportation — 10.8%* | *Transportation — 10.8%* | *Transportation — 10.8%* | *Transportation — 10.8%* | *Transportation — 10.8%* |
| Maryland Economic Development Corp., Air Cargo <br>Obligated Group | 4.000% | 7/1/44 | $1795000 | $1550113 |
| Maryland State Department of Transportation, <br>Consolidated Transportation Revenue Bonds | 4.000% | 5/1/30 | 3000000 | 3180562 |
| Maryland State Transportation Authority <br>Transportation Facilities Project Revenue | 3.000% | 7/1/31 | 2000000 | 1958914 |
| Maryland State Transportation Authority <br>Transportation Facilities Project Revenue | 5.000% | 7/1/40 | 400000 | 437430 |
| *Total Transportation* |  |  |  | *7127019* |
| *Water & Sewer — 4.8%* | *Water & Sewer — 4.8%* | *Water & Sewer — 4.8%* | *Water & Sewer — 4.8%* | *Water & Sewer — 4.8%* |
| County of Montgomery, Maryland, Water Quality <br>Protection Charge Revenue | 4.000% | 4/1/41 | 575000 | 556025 |
| County of Montgomery, Maryland, Water Quality <br>Protection Charge Revenue | 4.000% | 4/1/42 | 525000 | 507111 |
| County of Montgomery, Maryland, Water Quality <br>Protection Charge Revenue | 4.000% | 4/1/43 | 560000 | 536830 |
| Washington Suburban Sanitary District, Maryland, <br>Montgomery and Prince George's Counties, Water <br>Supply Refunding Bonds | 5.000% | 6/15/23 | 500000 | 504686 |
| Washington Suburban Sanitary District, Maryland, <br>Montgomery and Prince George's Counties, Water <br>Supply Refunding Bonds | 5.000% | 6/1/37 | 1000000 | 1060601 |
| *Total Water & Sewer* |  |  |  | *3165253* |
| **Total Municipal Bonds (Cost — $66,805,390)** |  |  |  | **64829554** |
| **Investments in Securities at Value — 97.9% <br>(Cost — $66,805,390)** |  |  |  | **64829554** |
| Other Assets in Excess of Liabilities — 2.1% |  |  |  | 1393600 |
| **Total Net Assets — 100.0%** |  |  |  | $**66223154** |

---

<sup>(a)</sup> Variable rate security. Rate is determined on a periodic basis by Remarketing Agents to make a market for the bonds. Interest rate disclosed is rate at period end.

<sup>(b)</sup> Pre-Refunded bonds are escrowed with U.S. government obligations and/or U.S. government agency securities and are considered by the manager to be triple-A rated even if issuer has not applied for new ratings.

**Abbreviations used in this schedule:**

AMBAC — American Municipal Bond Assurance Corporation — Insured Bonds

COPS — Community Oriented Policing Services

EDC — Economic Development Corporation

EDR — Economic Development Revenue

EFA — Educational Facilities Authority

GO — General Obligation

LP — Limited Partnership

1919 Funds 2022 Annual Report<br>25

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Schedule of investments (cont'd)

December 31, 2022

**1919 Maryland Tax-Free Income Fund**

**Ratings table\***

---

| | |
|:---|:---|
| Standard & Poor's/Moody's/Fitch\*\* | Standard & Poor's/Moody's/Fitch\*\* |
| AAA/Aaa | 34.2% |
| AA/Aa | 33.5% |
| A | 16.2% |
| BBB/Baa | 14.3% |
| BB/Bb | 1.2% |
| NR/Not rated | 0.6% |
|  | **100.0%** |

---

\* As a percentage of total investments.

\*\* The ratings shown are based on each portfolio security's rating as determined by Standard & Poor's, Moody's or Fitch, each a Nationally Recognized Statistical Rating Organization ("NRSRO"). These ratings are the opinions of the NRSRO and are not measures of quality or guarantees of performance. Securities may be rated by other NRSROs, and these ratings may be higher or lower. In the event that a security is rated by multiple NRSROs and receives different ratings, the Fund will treat the security as being rated in the highest rating category received from a NRSRO.

The Accompanying Notes are an Integral Part of these Financial Statements.

1919 Funds 2022 Annual Report<br>26

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**1919 Maryland Tax-Free Income Fund**

Statement of assets and liabilities

December 31, 2022

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments in securities at value (cost $66,805,390) | $64829554 |
| Cash | 38601 |
| Receivable for securities sold | 1000183 |
| Receivable for Fund shares sold | 35529 |
| Interest receivable | 845098 |
| Prepaid expenses | 23448 |
| ***Total Assets*** | ***66772413*** |
| **Liabilities:** | **Liabilities:** |
| Payable for Fund shares repurchased | 421786 |
| Distributions to shareholders | 9292 |
| Advisory fees payable | 12345 |
| Distribution fees payable | 12953 |
| Accrued other expenses | 92883 |
| ***Total Liabilities*** | ***549259*** |
| **Net Assets** | $**66223154** |
| **Components of Net Assets:** | **Components of Net Assets:** |
| Paid-in capital | $70006380 |
| Total accumulated losses | (3783226) |
| **Net Assets** | $**66223154** |
| **Class A:** | **Class A:** |
| Net Assets | $38648034 |
| Shares Issued and Outstanding (unlimited shares authorized, no par value) | 2656029 |
| **Net Asset Value, Redemption Price and Offering Price Per Share** | $**14.55** |
| **Maximum Public Offering Price (based on maximum initial sales charge of 4.25%)** | $**15.20** |
| **Class C:** | **Class C:** |
| Net Assets | $4177565 |
| Shares Issued and Outstanding (unlimited shares authorized, no par value) | 287059 |
| **Net Asset Value, Redemption Price\* and Offering Price Per Share** | $**14.55** |
| **Class I:** | **Class I:** |
| Net Assets | $23397555 |
| Shares Issued and Outstanding (unlimited shares authorized, no par value) | 1607144 |
| **Net Asset Value, Redemption Price and Offering Price Per Share** | $**14.56** |

---

\* Redemption price per share of Class C shares is NAV reduced by a 1.00% CDSC if shares are redeemed within one year of purchase (See Note 7).

The Accompanying Notes are an Integral Part of these Financial Statements.

1919 Funds 2022 Annual Report<br>27

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**1919 Maryland Tax-Free Income Fund**

Statement of operations

For the Year Ended December 31, 2022

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| ***Interest Income*** | $***1958578*** |
| **Expenses:** | **Expenses:** |
| Advisory fees (Note 3) | 427836 |
| Distribution fees (Note 6) | 103872 |
| Transfer agent fees and expenses (Note 3 & Note 6) | 103460 |
| Administration and fund accounting fees (Note 3) | 89506 |
| Registration fees | 33259 |
| Legal fees | 23079 |
| Audit fees | 20600 |
| Trustees' fees (Note 3) | 15095 |
| Shareholder reporting fees | 7113 |
| Compliance fees (Note 3) | 6218 |
| Insurance fees | 6158 |
| Custody fees (Note 3) | 4654 |
| Miscellaneous | 8411 |
| ***Total Expenses*** | ***849261*** |
| Expenses waived by the Adviser (Note 3) | (278616) |
| ***Net Expenses*** | ***570645*** |
| **Net Investment Income** | **1387933** |
| **Realized and Unrealized Gain (Loss) on Investments** | **Realized and Unrealized Gain (Loss) on Investments** |
| ***Net Realized Gain*** | ***9994*** |
| ***Net Change in Unrealized Appreciation/Depreciation*** | ***(6704558***<br>***)*** |
| **Net Realized and Unrealized Loss on Investments** | **(6694564)** |
| **Net Decrease in Net Assets Resulting from Operations** | $**(5306631)** |

---

The Accompanying Notes are an Integral Part of these Financial Statements.

1919 Funds 2022 Annual Report<br>28

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**1919 Maryland Tax-Free Income Fund**

Statements of changes in net assets

---

| | | |
|:---|:---|:---|
| For the Year Ended December 31, | 2022 | 2021 |
| **Increase (Decrease) in Net Assets from:** | **Increase (Decrease) in Net Assets from:** | **Increase (Decrease) in Net Assets from:** |
| **Operations:** | **Operations:** | **Operations:** |
| Net investment income | $1387933 | $1270921 |
| Net realized gain on investments | 9994 | 745960 |
| Net change in unrealized appreciation/depreciation on investments | (6704558) | (1436940) |
| ***Net Increase (Decrease) in Net Assets Resulting from Operations*** | ***(5306631***<br>***)*** | ***579941*** |
| **Distributions to Shareholders:** | **Distributions to Shareholders:** | **Distributions to Shareholders:** |
| From net investment income: | From net investment income: | From net investment income: |
| Class A | (836400) | (794757) |
| Class C | (57151) | (55173) |
| Class I | (494384) | (420979) |
| ***Total Distributions to Shareholders*** | ***(1387935***<br>***)*** | ***(1270909***<br>***)*** |
| **Capital Transactions (Note 7):** | **Capital Transactions (Note 7):** | **Capital Transactions (Note 7):** |
| Net proceeds from shares sold | 12362081 | 13539503 |
| Reinvestment of distributions | 1266740 | 1126895 |
| Cost of shares repurchased | (29155048) | (13097678) |
| ***Net Increase (Decrease) in Net Assets from Capital Transactions*** | ***(15526227***<br>***)*** | ***1568720*** |
| ***Total Increase (Decrease) in Net Assets*** | ***(22220793***<br>***)*** | ***877752*** |
| **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of year | 88443947 | 87566195 |
| **End of year** | $**66223154** | $**88443947** |

---

The Accompanying Notes are an Integral Part of these Financial Statements.

1919 Funds 2022 Annual Report<br>29

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**1919 Maryland Tax-Free Income Fund**

Financial highlights

**For a share of beneficial interest outstanding through each year presented.**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class A Shares | 2022 | 2021 | 2020 | 2019 | 2018 |
| **Net asset value, beginning of year** | $15.77 | $15.90 | $15.68 | $15.34 | $15.63 |
| **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** |
| Net investment income<sup>1</sup> | 0.26 | 0.23 | 0.35 | 0.40 | 0.45 |
| Net realized and unrealized gain (loss) <br>on investments | (1.21) | (0.14) | 0.22 | 0.34 | (0.29) |
| ***Total income (loss) from investment <br>operations*** | ***(0.95***<br>***)*** | ***0.09*** | ***0.57*** | ***0.74*** | ***0.16*** |
| **Less distributions:** | **Less distributions:** | **Less distributions:** | **Less distributions:** | **Less distributions:** | **Less distributions:** |
| From net investment income | (0.27) | (0.22) | (0.35) | (0.40) | (0.45) |
| ***Total distributions*** | ***(0.27***<br>***)*** | ***(0.22***<br>***)*** | ***(0.35***<br>***)*** | ***(0.40***<br>***)*** | ***(0.45***<br>***)*** |
| **Net asset value, end of year** | $14.55 | $15.77 | $15.90 | $15.68 | $15.34 |
| ***Total return<sup>2</sup>*** | ***(6.06***<br>*)%*** | ***0.61***<br>*%*** | ***3.70***<br>*%*** | ***4.87***<br>*%*** | ***1.04***<br>*%*** |
| **Supplemental data and ratios:** | **Supplemental data and ratios:** | **Supplemental data and ratios:** | **Supplemental data and ratios:** | **Supplemental data and ratios:** | **Supplemental data and ratios:** |
| Net assets, end of year (in thousands) | $38648 | $54353 | $55439 | $57000 | $55710 |
| Ratios to average net assets<br>Gross expenses | 1.10% | 1.08% | 1.09% | 1.07% | 1.04% |
| Net Expenses<sup>3</sup> | 0.75 | 0.75 | 0.75<sup>4</sup> | 0.75<sup>4</sup> | 0.75 |
| Net investment income | 1.77 | 1.42 | 2.24 | 2.57 | 2.92 |
| **Portfolio turnover rate<sup>5</sup>** | **33%** | **26%** | **27%** | **21%** | **43%** |

---

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

<sup>2</sup> Performance figures, exclusive of sales charges, may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.

<sup>3</sup> The Adviser agreed to limit the ratio of expenses, other than brokerage, interest, taxes, extraordinary expenses and acquired fund fees and expenses, to 0.75% of the average net assets of Class A shares. This expense limitation arrangement cannot be terminated prior to April 30, 2024 without the Board of Trustees' consent. See Note 3.

<sup>4</sup> Interest expense was less than 0.01% for the year ended December 31, 2020 and 2019.

<sup>5</sup> Portfolio turnover rate is calculated for the Fund without distinguishing between classes.

The Accompanying Notes are an Integral Part of these Financial Statements.

1919 Funds 2022 Annual Report<br>30

------

**For a share of beneficial interest outstanding through each year presented.**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class C Shares | 2022 | 2021 | 2020 | 2019 | 2018 |
| **Net asset value, beginning of year** | $15.77 | $15.90 | $15.68 | $15.34 | $15.63 |
| **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** |
| Net investment income<sup>1</sup> | 0.18 | 0.14 | 0.27 | 0.32 | 0.36 |
| Net realized and unrealized gain (loss) <br>on investments | (1.22) | (0.13) | 0.22 | 0.34 | (0.29) |
| ***Total income (loss) from investment <br>operations*** | ***(1.04***<br>***)*** | ***0.01*** | ***0.49*** | ***0.66*** | ***0.07*** |
| **Less distributions:** | **Less distributions:** | **Less distributions:** | **Less distributions:** | **Less distributions:** | **Less distributions:** |
| From net investment income | (0.18) | (0.14) | (0.27) | (0.32) | (0.36) |
| ***Total distributions*** | ***(0.18***<br>***)*** | ***(0.14***<br>***)*** | ***(0.27***<br>***)*** | ***(0.32***<br>***)*** | ***(0.36***<br>***)*** |
| **Net asset value, end of year** | $14.55 | $15.77 | $15.90 | $15.68 | $15.34 |
| ***Total return<sup>2</sup>*** | ***(6.57***<br>*)%*** | ***0.06***<br>*%*** | ***3.13***<br>*%*** | ***4.29***<br>*%*** | ***0.49***<br>*%*** |
| **Supplemental data and ratios:** | **Supplemental data and ratios:** | **Supplemental data and ratios:** | **Supplemental data and ratios:** | **Supplemental data and ratios:** | **Supplemental data and ratios:** |
| Net assets, end of year (in thousands) | $4178 | $5454 | $7436 | $7875 | $14421 |
| Ratios to average net assets<br>Gross expenses | 1.64% | 1.61% | 1.62% | 1.61% | 1.59% |
| Net Expenses<sup>3</sup> | 1.30 | 1.30 | 1.30<sup>4</sup> | 1.30<sup>4</sup> | 1.30 |
| Net investment income | 1.22 | 0.89 | 1.70 | 2.07 | 2.37 |
| **Portfolio turnover rate<sup>5</sup>** | **33%** | **26%** | **27%** | **21%** | **43%** |

---

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

<sup>2</sup> Performance figures, exclusive of sales charges, may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.

<sup>3</sup> The Adviser agreed to limit the ratio of expenses, other than brokerage, interest, taxes, extraordinary expenses and acquired fund fees and expenses, to 1.30% of the average net assets of Class C shares. This expense limitation arrangement cannot be terminated prior to April 30, 2024 without the Board of Trustees' consent. See Note 3.

<sup>4</sup> Interest expense was less than 0.01% for the year ended December 31, 2020 and 2019.

<sup>5</sup> Portfolio turnover rate is calculated for the Fund without distinguishing between classes.

The Accompanying Notes are an Integral Part of these Financial Statements.

1919 Funds 2022 Annual Report<br>31

------

**1919 Maryland Tax-Free Income Fund**

Financial highlights (cont'd)

**For a share of beneficial interest outstanding through each year presented.**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class I Shares | 2022 | 2021 | 2020 | 2019 | 2018 |
| **Net asset value, beginning of year** | $15.78 | $15.90 | $15.69 | $15.35 | $15.63 |
| **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** |
| Net investment income<sup>1</sup> | 0.29 | 0.25 | 0.37 | 0.42 | 0.47 |
| Net realized and unrealized gain (loss) <br>on investments | (1.22) | (0.12) | 0.22 | 0.34 | (0.28) |
| ***Total income (loss) from investment <br>operations*** | ***(0.93***<br>***)*** | ***0.13*** | ***0.59*** | ***0.76*** | ***0.19*** |
| **Less distributions:** | **Less distributions:** | **Less distributions:** | **Less distributions:** | **Less distributions:** | **Less distributions:** |
| From net investment income | (0.29) | (0.25) | (0.38) | (0.42) | (0.47) |
| ***Total distributions*** | ***(0.29***<br>***)*** | ***(0.25***<br>***)*** | ***(0.38***<br>***)*** | ***(0.42***<br>***)*** | ***(0.47***<br>***)*** |
| **Net asset value, end of year** | $14.56 | $15.78 | $15.90 | $15.69 | $15.35 |
| ***Total return<sup>2</sup>*** | ***(5.91***<br>*)%*** | ***0.83***<br>*%*** | ***3.79***<br>*%*** | ***5.02***<br>*%*** | ***1.26***<br>*%*** |
| **Supplemental data and ratios:** | **Supplemental data and ratios:** | **Supplemental data and ratios:** | **Supplemental data and ratios:** | **Supplemental data and ratios:** | **Supplemental data and ratios:** |
| Net assets, end of year (in thousands) | $23398 | $28636 | $24691 | $19277 | $14256 |
| Ratios to average net assets<br>Gross expenses | 0.97% | 0.94% | 0.96% | 0.93% | 0.90% |
| Net Expenses<sup>3</sup> | 0.60 | 0.60 | 0.60<sup>4</sup> | 0.60<sup>4</sup> | 0.60 |
| Net investment income | 1.92 | 1.57 | 2.38 | 2.69 | 3.06 |
| **Portfolio turnover rate<sup>5</sup>** | **33%** | **26%** | **27%** | **21%** | **43%** |

---

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

<sup>2</sup> Performance figures, exclusive of sales charges, may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.

<sup>3</sup> The Adviser agreed to limit the ratio of expenses, other than brokerage, interest, taxes, extraordinary expenses and acquired fund fees and expenses, to 0.60% of the average net assets of Class I shares. This expense limitation arrangement cannot be terminated prior to April 30, 2024 without the Board of Trustees' consent. See Note 3.

<sup>4</sup> Interest expense was less than 0.01% for the year ended December 31, 2020 and 2019.

<sup>5</sup> Portfolio turnover rate is calculated for the Fund without distinguishing between classes.

The Accompanying Notes are an Integral Part of these Financial Statements.

1919 Funds 2022 Annual Report<br>32

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1919 Socially Responsive Balanced Fund<br>Letter to Shareholders (unaudited)

**Dear Shareholder,**

We are pleased to bring you the annual report on the 1919 Socially Responsive Balanced Fund ("the Fund") through December 31, 2022.

Throughout the year, the Fund took a variety of measures to respond to changing market conditions. During the first half of the year we increased exposure to Health Care, Real Estate, and Utilities and decreased exposure to Information Technology, Communication Services, and Consumer Discretionary sectors. During the second half of the year we added to the Materials sectors and decreased exposure to the Information Technology, Industrials, and Consumer Staples sectors.

Throughout the year, we remained overweight in the Health Care, Financials, and Industrials sectors and maintained our underweight positioning in the Energy, Real Estate, and Utilities sectors.

In the fixed-income portion of the Fund, we purchased Treasuries and Corporates including six green or sustainable bonds in the 3-10 year maturity range. Going forward, as the Fed draws closer to the end of the hiking cycle and the economy slows down, we will look to strategically extend the duration of the portfolio in defensive securities.

In the equity portion of the Fund, our stock selection in the Consumer Discretionary and Materials sectors contributed to relative performance in 2022. In terms of sector positioning, our underweighting of Consumer Discretionary and overweighting of Health Care and Industrials sectors also enhanced results. On an individual stock basis, the largest contributors to performance for the year were Eli Lilly & Co., TJX Cos. Inc., Chubb Limited, UnitedHealth Group Inc., and Steel Dynamics Inc.

The leading contributor to performance in the fixed-income portion of the Fund was a duration shorter than the benchmark. On an individual security basis, the largest contributors to return were Target Corp. 4.5% 9/15/32, QUALCOMM Inc. FRN 1/30/23, Goldman Sachs Group Inc. 0.481% 1/27/23, U.S. Treasury 4.125% 11/15/32 and Apple Inc. 2.85% 2/23/23.

In the equity portion of the Fund, our stock selection in the Industrials, Consumer Staples, and Communication Services sectors detracted from relative results for the year. In terms of

1919 Funds 2022 Annual Report<br>33

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1919 Socially Responsive Balanced Fund<br>Letter to Shareholders (unaudited) (cont'd)

sector positioning, our underweighting of the Energy and Utilities sectors detracted from performance. On an individual stock basis, the largest detractors from performance were Amazon.com Inc., Apple Inc., Microsoft Corp., NVIDIA Corp., and Meta Platforms Inc.

In the fixed-income portion of the Fund, the leading detractor to performance was our overweight to the 7-10 year part of the curve in the A-rated corporate sector. On an individual security basis, the largest detractors from performance were FNMA 0.875% 8/5/30, Mastercard Inc. 1.9% 3/15/31, U.S. Treasury 1.5% 2/15/30, Autodesk Inc. 2.4% 12/15/31 and U.S. Treasury 2.125% 5/31/26.

Thank you for your investment in the 1919 Socially Responsive Balanced Fund. As always, we appreciate that you have chosen us to manage your assets and we remain focused on achieving the Fund's investment and social goals.

Sincerely,

![](j2322663_ea010.jpg)

Ronald T. Bates<br>Portfolio Manager (Equity Portion)<br>1919 Investment Counsel, LLC

![](j2322663_ea011.jpg)

Aimee M. Eudy<br>Portfolio Manager (Fixed-Income Portion)<br>1919 Investment Counsel, LLC

![](j2322663_ea012.jpg)

Robert Huesman, CFA<br>Portfolio Manager (Equity Portion)<br>1919 Investment Counsel, LLC

![](j2322663_ea013.jpg)

Alison Bevilacqua<br>Portfolio Manager <br>(Head of Social Research)<br>1919 Investment Counsel, LLC

**Past performance is not a guarantee of future results.**

Opinions expressed herein are as of 12/31/2022 and are subject to change at any time, are not a guaranteed and should not be considered investment advice.

Fund holdings and sector allocations are subject to change and are not a recommendation to buy or sell any security. Please refer to the Schedule of Investments for a complete list of Fund holdings.

This report has been prepared for shareholders and may be distributed to other if preceded or accompanied by a current prospectus.

**Mutual fund investing involves risk. Principal loss is possible. The Fund's social policy may cause it to make or avoid investments for social reasons when it is otherwise disadvantageous to do so. The Fund may invest in foreign and emerging market securities which will involve greater volatility and political, economic and currency risks and differences in** 

1919 Funds 2022 Annual Report<br>34

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**accounting methods. The risks are particularly significant for funds that invest in emerging markets. The Fund may make short sales of securities, which involves the risk that losses may exceed the original amount invested. Fixed income securities involve interest rate, credit, inflation and reinvestment risks; and possible loss of principal. As interest rates rise, the value of fixed income securities falls. The Fund may focus its investments in certain regions or industries, increasing its vulnerability to market volatility. The manager's investment style may become out of favor and/or the manager's selection process may prove incorrect; which may have a negative impact on the Fund's performance.**

1919 Funds are distributed by Quasar Distributors, LLC.

1919 Funds 2022 Annual Report<br>35

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Fund performance (unaudited)

Value of $10,000 Investment

(Assumes reinvestment of dividends and capital gains)

![](j2322663_ea014.jpg)

*This chart illustrates the performance of a hypothetical $10,000 investment in the Fund's Class A shares over ten years, and assumes the deduction of the maximum initial sales charge of 5.75% at the time of investment and the reinvestment of dividends and capital gains, but does not reflect the effect of any other applicable sales charge or redemption fees. This chart does not imply any future performance. The performance of the Fund's other classes may be greater or less than the Class A shares' performance indicated on this chart, depending on whether greater or lesser sales charges and fees were incurred by shareholders investing in the other classes.*

1919 Funds 2022 Annual Report<br>36

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**Total Returns\*** as of December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| 1919 Socially Responsive Balanced Fund | 1919 Socially Responsive Balanced Fund | 1919 Socially Responsive Balanced Fund | 1919 Socially Responsive Balanced Fund |
| With Sales Charges† | With Sales Charges† | With Sales Charges† | With Sales Charges† |
| Class A | -24.60% | 5.58% | 7.35% |
| Class C | -21.41 | 6.09 | 7.22 |
| Without Sales Charges | Without Sales Charges | Without Sales Charges | Without Sales Charges |
| Class A | -20.00 | 6.84 | 7.99 |
| Class C | -20.62 | 6.09 | 7.22 |
| Class I | -19.82 | 7.15 | 8.29 |
| S&P 500 Index<sup>(i)</sup> | -18.11 | 9.42 | 12.56 |
| Bloomberg U.S. Aggregate Bond Index<sup>(ii)</sup> | -13.01 | 0.02 | 1.06 |
| Blended S&P 500 Index (70%) and Bloomberg U.S. Aggregate Index (30%)<sup>(iii)</sup> | -16.33 | 6.86 | 9.22 |

---

\* Returns over one year are annualized.

† Class A Shares have a maximum initial sales charge of 5.75%. Class C Shares have a CDSC of 1.00% for shares redeemed within one year of purchase.

As of the Fund's current prospectus dated April 30, 2022, the total annual operating expense ratios for Class A, Class C and Class I were 0.97%, 1.69% and 0.72%, respectively. Actual expenses may be higher. For example, expenses may be higher than those shown if average net assets decrease. Net assets are more likely to decrease and Fund expense ratios are more likely to increase when markets are volatile.

**All figures represent past performance and are not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Fund returns assume the reinvestment of all distributions, at net asset value and the deduction of all Fund expenses. Total returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 1-844-828-1919.**

<sup>(i)</sup> The S&P 500 Index is an unmanaged index of 500 stocks and is generally representative of the performance of larger companies in the U.S.

<sup>(ii)</sup> The Bloomberg U.S. Aggregate Bond Index is a broad-based bond index comprised of government, corporate, mortgage and asset-backed issues, rated investment grade or higher, and having at least one year to maturity. The Index was previously named the Barclays Aggregate Bond Index.

<sup>(iii)</sup> The Blended S&P 500 Index (70%) and Bloomberg U.S. Aggregate Index (30%) has been prepared to parallel the targeted allocation of investments between equity and fixed-income securities. It consists of 70% of the performance of the S&P 500 Index and 30% of the Bloomberg Barclays U.S. Aggregate Index.

The Indices are unmanaged and are not subject to the same management and trading expenses as a mutual fund. Please note that an investor cannot invest directly in an index.

1919 Funds 2022 Annual Report<br>37

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Fund expenses (unaudited)

**Example**

As a shareholder of the Fund, you may incur two types of costs: (1) transaction costs, including front-end and back-end sales charges (loads) on purchase payments; and (2) ongoing costs, including management fees; service and/or distribution (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

This example is based on an investment of $1,000 invested on July 1, 2022 and held for the six months ended December 31, 2022.

**Actual expenses**

The table below titled "Based on Actual Total Return" provides information about actual account values and actual expenses. You may use the information provided in this table, together with the amount you invested, to estimate the expenses that you paid over the period. To estimate the expenses you paid on your account, divide your ending account value by $1,000 (for example, an $8,600 ending account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled "Expenses Paid During the Period".

**Hypothetical example for comparison purposes**

The table below titled "Based on Hypothetical Total Return" provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5.00% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use the information provided in this table to compare the ongoing costs of investing in the Fund and other funds. To do so, compare the 5.00% hypothetical example relating to the Fund with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table below are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

**Based on actual total return<sup>1</sup>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Actual<br>Total <br>Return<sup>2</sup> | Beginning<br>Account<br>Value | Ending <br>Account<br>Value | Annualized<br>Expense<br>Ratio | Expenses<br>Paid<br>During<br>the<br>Period<sup>3</sup> |
| Class A | -0.22% | $1000.00 | $997.80 | 0.99% | $4.99 |
| Class C | -0.64 | 1000.00 | 993.60 | 1.72 | 8.64 |
| Class I | -0.12 | 1000.00 | 998.80 | 0.73 | 3.68 |

---

**Based on hypothetical total return<sup>1</sup>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Hypothetical<br>Annualized <br>Total Return | Beginning<br>Account<br>Value | Ending <br>Account<br>Value | Annualized<br>Expense<br>Ratio | Expenses<br>Paid<br>During<br>the<br>Period<sup>3</sup> |
| Class A | 2.52% | $1000.00 | $1020.21 | 0.99% | $5.04 |
| Class C | 2.52 | 1000.00 | 1016.53 | 1.72 | 8.74 |
| Class I | 2.52 | 1000.00 | 1021.53 | 0.73 | 3.72 |

---

<sup>1</sup> For the six months ended December 31, 2022.

<sup>2</sup> Assumes the reinvestment of all distributions at net asset value and does not reflect the deduction of the applicable sales charge with respect to Class A shares or the applicable contingent deferred sales charge ("CDSC") with respect to Class C shares. Total return is not annualized, as it may not be representative of the total return for the year. Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower.

<sup>3</sup> Expenses (net of fee waivers and/or expense reimbursements) are equal to each class' annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (184), then divided by 365.

1919 Funds 2022 Annual Report<br>38

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Fund at a glance (unaudited)

**Investment breakdown** (%) as a percent of total investments

![](j2322663_ea015.jpg)

\* Less than 0.01%.

1919 Funds 2022 Annual Report<br>39

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Schedule of investments

December 31, 2022

**1919 Socially Responsive Balanced Fund**

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 66.6%** | **Common Stocks — 66.6%** | **Common Stocks — 66.6%** |
| *Communication Services — 4.4%* | *Communication Services — 4.4%* | *Communication Services — 4.4%* |
| Alphabet Inc., Class A Shares \* | 204140 | $18011272 |
| Netflix Inc. \* | 25345 | 7473734 |
| Walt Disney Co/The \* | 54591 | 4742866 |
| *Total Communication Services* |  | *30227872* |
| *Consumer Discretionary — 5.9%* | *Consumer Discretionary — 5.9%* | *Consumer Discretionary — 5.9%* |
| Amazon.com Inc. \* | 150420 | 12635280 |
| Chipotle Mexican Grill Inc. \* | 3492 | 4845115 |
| Home Depot Inc/The | 32955 | 10409166 |
| TJX Cos Inc. | 150686 | 11994606 |
| *Total Consumer Discretionary* |  | *39884167* |
| *Consumer Staples — 5.0%* | *Consumer Staples — 5.0%* | *Consumer Staples — 5.0%* |
| Costco Wholesale Corp. | 20208 | 9224952 |
| Darling International Inc. \* | 81386 | 5093950 |
| Estee Lauder Cos. Inc. Class A Shares | 36187 | 8978356 |
| PepsiCo Inc. | 58515 | 10571320 |
| *Total Consumer Staples* |  | *33868578* |
| *Financials — 8.6%* | *Financials — 8.6%* | *Financials — 8.6%* |
| Bank of America Corp. | 321757 | 10656592 |
| Charles Schwab Corp/The | 151670 | 12628044 |
| Chubb Limited | 33191 | 7321934 |
| Hannon Armstrong Sustainable Infrastructure Capital Inc. | 162574 | 4711394 |
| M&T Bank Corp. | 28332 | 4109840 |
| Reinsurance Group of America, Inc. | 51545 | 7324029 |
| Truist Financial Corp. | 272363 | 11719780 |
| *Total Financials* |  | *58471613* |
| *Health Care — 13.6%* | *Health Care — 13.6%* | *Health Care — 13.6%* |
| AstraZeneca PLC | 142302 | 9648075 |
| Boston Scientific Corp. \* | 276123 | 12776211 |
| Danaher Corp. | 48348 | 12832526 |
| Eli Lilly & Co. | 40022 | 14641649 |
| IQVIA Holdings Inc. \* | 54782 | 11224284 |
| Thermo Fisher Scientific Inc. | 26054 | 14347677 |
| UnitedHealth Group Inc. | 32501 | 17231380 |
| *Total Health Care* |  | *92701802* |
| *Industrials — 6.2%* | *Industrials — 6.2%* | *Industrials — 6.2%* |
| Advanced Drainage Systems, Inc. | 80849 | 6627193 |
| Cintas Corp. | 23215 | 10484358 |
| Eaton Corp. PLC | 63152 | 9911706 |
| Old Dominion Freight Line, Inc. | 19247 | 5461914 |

---

1919 Funds 2022 Annual Report<br>40

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**1919 Socially Responsive Balanced Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security |  |  | Shares | Value |
| *Industrials — continued* | *Industrials — continued* | *Industrials — continued* | *Industrials — continued* | *Industrials — continued* |
| Rockwell Automation, Inc. |  |  | 14873 | $3830839 |
| Union Pacific Corp. |  |  | 29266 | 6060111 |
| *Total Industrials* |  |  |  | *42376121* |
| *Information Technology — 17.9%* | *Information Technology — 17.9%* | *Information Technology — 17.9%* | *Information Technology — 17.9%* | *Information Technology — 17.9%* |
| Adobe Systems Inc. \* |  |  | 22840 | 7686345 |
| Apple Inc. |  |  | 187597 | 24374478 |
| Broadcom Inc. |  |  | 16116 | 9010939 |
| Intuit Inc. |  |  | 15250 | 5935605 |
| Microsoft Corp. |  |  | 112544 | 26990302 |
| NVIDIA Corp. |  |  | 50798 | 7423620 |
| Palo Alto Networks Inc. \* |  |  | 49480 | 6904439 |
| PayPal Holdings Inc. \* |  |  | 55842 | 3977067 |
| QUALCOMM Inc. |  |  | 47005 | 5167730 |
| Salesforce.com Inc. \* |  |  | 43782 | 5805055 |
| SolarEdge Technologies Inc. \* |  |  | 30083 | 8521612 |
| Visa Inc. Class A Shares |  |  | 46468 | 9654192 |
| *Total Information Technology* |  |  |  | *121451384* |
| *Materials — 1.1%* | *Materials — 1.1%* | *Materials — 1.1%* | *Materials — 1.1%* | *Materials — 1.1%* |
| Linde PLC |  |  | 10323 | 3367156 |
| Steel Dynamics Inc. |  |  | 45454 | 4440856 |
| *Total Materials* |  |  |  | *7808012* |
| *Real Estate Investment Trusts (REITs) — 2.1%* | *Real Estate Investment Trusts (REITs) — 2.1%* | *Real Estate Investment Trusts (REITs) — 2.1%* | *Real Estate Investment Trusts (REITs) — 2.1%* | *Real Estate Investment Trusts (REITs) — 2.1%* |
| Crown Castle International Corp. |  |  | 44782 | 6074231 |
| Prologis Inc. |  |  | 73866 | 8326914 |
| *Total Real Estate Investment Trusts (REITs)* |  |  |  | *14401145* |
| *Utilities — 1.8%* | *Utilities — 1.8%* | *Utilities — 1.8%* | *Utilities — 1.8%* | *Utilities — 1.8%* |
| American Water Works Co. Inc. |  |  | 80183 | 12221493 |
| *Total Utilities* |  |  |  | *12221493* |
| **Total Common Stocks (Cost — $359,972,797)** |  |  |  | **453412187** |
| Security | Rate | Maturity<br>Date | Face<br>Amount | Value |
| **Asset Backed Securities — 0.5%** | **Asset Backed Securities — 0.5%** | **Asset Backed Securities — 0.5%** | **Asset Backed Securities — 0.5%** | **Asset Backed Securities — 0.5%** |
| World Omni Auto Receivables Trust 2021-B, A-3 | 0.420% | 6/15/26 | $3800000 | $*3648423* |
| **Total Asset Backed Securities (Cost — $3,799,779)** |  |  |  | **3648423** |
| **Collateralized Mortgage Obligations — 0.0%** | **Collateralized Mortgage Obligations — 0.0%** | **Collateralized Mortgage Obligations — 0.0%** | **Collateralized Mortgage Obligations — 0.0%** | **Collateralized Mortgage Obligations — 0.0%** |
| Federal National Mortgage Association (FNMA), <br>2011-53 CY | 4.000% | 6/25/41 | 24893 | *24043* |
| **Total Collateralized Mortgage Obligations <br>(Cost — $25,129)** |  |  |  | **24043** |

---

1919 Funds 2022 Annual Report<br>41

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Schedule of investments (cont'd)

December 31, 2022

**1919 Socially Responsive Balanced Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br>Date | Face<br>Amount | Value |
| **Corporate Bonds — 20.9%** | **Corporate Bonds — 20.9%** | **Corporate Bonds — 20.9%** | **Corporate Bonds — 20.9%** | **Corporate Bonds — 20.9%** |
| *Communication Services — 2.2%* | *Communication Services — 2.2%* | *Communication Services — 2.2%* | *Communication Services — 2.2%* | *Communication Services — 2.2%* |
| Alphabet Inc. | 0.450% | 8/15/25 | $1500000 | $1354630 |
| AT&T Inc. | 2.300% | 6/1/27 | 1350000 | 1205097 |
| AT&T Inc. | 4.350% | 3/1/29 | 465000 | 444974 |
| AT&T, Inc. | 0.900% | 3/25/24 | 2730000 | 2594567 |
| AT&T, Inc. | 2.750% | 6/1/31 | 1250000 | 1042391 |
| Comcast Corp. | 3.375% | 2/15/25 | 210000 | 203887 |
| Comcast Corp. | 5.650% | 6/15/35 | 600000 | 633607 |
| Verizon Communications Inc. | 4.329% | 9/21/28 | 777000 | 750027 |
| Verizon Communications Inc. | 3.875% | 2/8/29 | 410000 | 386375 |
| Verizon Communications Inc. | 4.500% | 8/10/33 | 350000 | 330008 |
| Verizon Communications Inc. | 5.250% | 3/16/37 | 335000 | 333869 |
| Verizon Communications, Inc. | 1.750% | 1/20/31 | 1325000 | 1034452 |
| Walt Disney Co/The | 1.750% | 1/13/26 | 1550000 | 1421862 |
| Walt Disney Co/The | 2.200% | 1/13/28 | 3215000 | 2871067 |
| *Total Communication Services* |  |  |  | *14606813* |
| *Consumer Discretionary — 3.4%* | *Consumer Discretionary — 3.4%* | *Consumer Discretionary — 3.4%* | *Consumer Discretionary — 3.4%* | *Consumer Discretionary — 3.4%* |
| Amazon.com Inc. | 0.250% | 5/12/23 | 3650000 | 3593013 |
| Amazon.com, Inc. | 4.700% | 12/1/32 | 905000 | 901801 |
| California Endowment/The | 2.498% | 4/1/51 | 1700000 | 1062506 |
| Ford Foundation/The | 2.415% | 6/1/50 | 1000000 | 639352 |
| Home Depot Inc/The | 1.500% | 9/15/28 | 1900000 | 1622511 |
| Honda Motor Co Ltd. | 2.271% | 3/10/25 | 6150000 | 5828878 |
| Lowe's Cos Inc. | 1.300% | 4/15/28 | 2100000 | 1751617 |
| Starbucks Corp. | 2.450% | 6/15/26 | 250000 | 232241 |
| Starbucks Corp. | 2.250% | 3/12/30 | 1255000 | 1047290 |
| Target Corp. | 4.500% | 9/15/32 | 3600000 | 3522464 |
| Toyota Motor Credit Corp. | 1.350% | 8/25/23 | 740000 | 723629 |
| Toyota Motor Credit Corp. | 1.125% | 6/18/26 | 965000 | 854866 |
| Whirlpool Corp. | 2.400% | 5/15/31 | 1775000 | 1415543 |
| *Total Consumer Discretionary* |  |  |  | *23195711* |
| *Consumer Staples — 0.7%* | *Consumer Staples — 0.7%* | *Consumer Staples — 0.7%* | *Consumer Staples — 0.7%* | *Consumer Staples — 0.7%* |
| CVS Health Corp. | 3.875% | 7/20/25 | 910000 | 889553 |
| PepsiCo, Inc. | 3.900% | 7/18/32 | 1200000 | 1138554 |
| PepsiCo Inc. | 3.500% | 3/19/40 | 575000 | 484641 |
| Walmart, Inc. | 1.800% | 9/22/31 | 2700000 | 2212588 |
| *Total Consumer Staples* |  |  |  | *4725336* |
| *Financials — 5.9%* | *Financials — 5.9%* | *Financials — 5.9%* | *Financials — 5.9%* | *Financials — 5.9%* |
| Affiliated Managers Group Inc. | 3.300% | 6/15/30 | 755000 | 627807 |
| Allstate Corp/The | 1.450% | 12/15/30 | 1345000 | 1036682 |

---

1919 Funds 2022 Annual Report<br>42

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**1919 Socially Responsive Balanced Fund**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br>Date | Face<br>Amount | Face<br>Amount | Value | Value |
| *Financials — continued* | *Financials — continued* | *Financials — continued* | *Financials — continued* | *Financials — continued* | *Financials — continued* | *Financials — continued* |
| Bank of America Corp. (effective 9/25/2024, <br>US SOFR + 0.910%) <sup>(a)</sup> | 0.981% | 9/25/25 | $| 1650000 | $| 1520203 |
| Bank of America Corp.(effective 12/6/2024, <br>US SOFR + 0.650%) <sup>(a)</sup> | 1.530% | 12/6/25 |  | 4425000 |  | 4086919 |
| Bank of America Corp. (effective 1/23/2025, <br>3M US LIBOR + 0.810%) <sup>(a)</sup> | 3.366% | 1/23/26 |  | 550000 |  | 526070 |
| Bank of America Corp. (3M US LIBOR + 0.760%) <sup>(a)(b)</sup> | 5.529% | 9/15/26 |  | 1602000 |  | 1555763 |
| Bank of America Corp. | 4.183% | 11/25/27 |  | 525000 |  | 499615 |
| Bank of Montreal (effective 1/10/2032, <br>5 YR CMT + 1.400%) <sup>(a)</sup> | 3.088% | 1/10/37 |  | 2515000 |  | 1914059 |
| Bank of New York Mellon Corp/The | 1.600% | 4/24/25 |  | 415000 |  | 386227 |
| BlackRock Inc. | 3.250% | 4/30/29 |  | 455000 |  | 422315 |
| BlackRock Inc. | 2.400% | 4/30/30 |  | 710000 |  | 608900 |
| Boston Properties LP | 4.500% | 12/1/28 |  | 1335000 |  | 1242459 |
| Citigroup Inc. (effective 10/30/2023, US SOFR + 0.686%) <sup>(a)</sup> | 0.776% | 10/30/24 |  | 2200000 |  | 2109127 |
| Citigroup Inc. | 5.500% | 9/13/25 |  | 325000 |  | 327594 |
| Citigroup Inc. (effective 11/3/2024, US SOFR + 0.528%) <sup>(a)</sup> | 1.281% | 11/3/25 |  | 690000 |  | 636575 |
| Citigroup Inc. (effective 6/3/2030, US SOFR + 2.107%) <sup>(a)</sup> | 2.572% | 6/3/31 |  | 1500000 |  | 1220109 |
| Goldman Sachs Group Inc/The | 3.500% | 11/16/26 |  | 1830000 |  | 1719744 |
| Goldman Sachs Group Inc/The | 2.600% | 2/7/30 |  | 1250000 |  | 1048909 |
| Host Hotels & Resorts LP | 3.375% | 12/15/29 |  | 1600000 |  | 1344559 |
| Intercontinental Exchange Inc. | 3.750% | 12/1/25 |  | 500000 |  | 487481 |
| JPMorgan Chase & Co. (effective 9/16/2023, <br>US SOFR + 0.600%) <sup>(a)</sup> | 0.653% | 9/16/24 |  | 2000000 |  | 1929614 |
| MetLife Inc. | 4.550% | 3/23/30 |  | 660000 |  | 653327 |
| PNC Financial Services Group Inc. | 2.200% | 11/1/24 |  | 975000 |  | 932723 |
| Prudential Financial Inc. | 1.500% | 3/10/26 |  | 1570000 |  | 1414937 |
| Royal Bank of Canada | 1.150% | 7/14/26 |  | 3500000 |  | 3090229 |
| Simon Property Group LP | 3.375% | 12/1/27 |  | 510000 |  | 473179 |
| State Street Corp. | 3.700% | 11/20/23 |  | 370000 |  | 365542 |
| State Street Corp. | 3.550% | 8/18/25 |  | 360000 |  | 350611 |
| State Street Corp. (effective 11/1/2029, <br>US SOFR + 1.490%) <sup>(a)</sup> | 3.031% | 11/1/34 |  | 1000000 |  | 845762 |
| Toronto-Dominion Bank/The | 1.150% | 6/12/25 |  | 1175000 |  | 1072899 |
| Truist Financial Corp. (effective 3/2/2026, <br>US SOFR + 0.609%) <sup>(a)</sup> | 1.267% | 3/2/27 |  | 2675000 |  | 2374780 |
| Wells Fargo & Co. (effective 5/19/2024, <br>US SOFR + 0.510%) <sup>(a)</sup> | 0.805% | 5/19/25 |  | 3300000 |  | 3091848 |
| *Total Financials* |  |  |  |  |  | *39916568* |
| *Health Care — 1.8%* | *Health Care — 1.8%* | *Health Care — 1.8%* | *Health Care — 1.8%* | *Health Care — 1.8%* | *Health Care — 1.8%* | *Health Care — 1.8%* |
| AbbVie Inc. | 4.250% | 11/14/28 |  | 600000 |  | 580940 |
| AbbVie Inc. | 4.400% | 11/6/42 |  | 1120000 |  | 981640 |

---

1919 Funds 2022 Annual Report<br>43

------

Schedule of investments (cont'd)

December 31, 2022

**1919 Socially Responsive Balanced Fund**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br>Date | Face<br>Amount | Face<br>Amount | Value | Value |
| *Health Care — continued* | *Health Care — continued* | *Health Care — continued* | *Health Care — continued* | *Health Care — continued* | *Health Care — continued* | *Health Care — continued* |
| Amgen, Inc. | 3.000% | 2/22/29 | $| 3475000 | $| 3090326 |
| Anthem Inc. | 2.875% | 9/15/29 |  | 1530000 |  | 1351162 |
| Bristol-Myers Squibb Co. | 3.900% | 2/20/28 |  | 365000 |  | 352704 |
| Bristol-Myers Squibb Co. | 3.400% | 7/26/29 |  | 725000 |  | 675382 |
| Bristol-Myers Squibb Co. | 1.450% | 11/13/30 |  | 1580000 |  | 1254036 |
| CVS Health Corp. | 4.780% | 3/25/38 |  | 345000 |  | 316775 |
| Gilead Sciences Inc. | 4.600% | 9/1/35 |  | 320000 |  | 306574 |
| Gilead Sciences, Inc. | 1.650% | 10/1/30 |  | 1700000 |  | 1356315 |
| UnitedHealth Group Inc. | 3.500% | 8/15/39 |  | 515000 |  | 425232 |
| UnitedHealth Group, Inc. | 2.000% | 5/15/30 |  | 1600000 |  | 1326382 |
| *Total Health Care* |  |  |  |  |  | *12017468* |
| *Industrials — 1.2%* | *Industrials — 1.2%* | *Industrials — 1.2%* | *Industrials — 1.2%* | *Industrials — 1.2%* | *Industrials — 1.2%* | *Industrials — 1.2%* |
| Allegion US Holding Co, Inc. | 5.411% | 7/1/32 |  | 2300000 |  | 2238306 |
| Archer-Daniels-Midland Co. | 2.900% | 3/1/32 |  | 3000000 |  | 2593761 |
| Johnson Controls International PLC | 1.750% | 9/15/30 |  | 2225000 |  | 1788527 |
| Xylem Inc./NY | 1.950% | 1/30/28 |  | 1785000 |  | 1538320 |
| *Total Industrials* |  |  |  |  |  | *8158914* |
| *Information Technology — 2.9%* | *Information Technology — 2.9%* | *Information Technology — 2.9%* | *Information Technology — 2.9%* | *Information Technology — 2.9%* | *Information Technology — 2.9%* | *Information Technology — 2.9%* |
| Adobe Inc. | 2.150% | 2/1/27 |  | 850000 |  | 775875 |
| Apple Inc. | 2.850% | 2/23/23 |  | 575000 |  | 573451 |
| Autodesk, Inc. | 2.400% | 12/15/31 |  | 3775000 |  | 3044855 |
| Fortinet, Inc. | 1.000% | 3/15/26 |  | 2185000 |  | 1917344 |
| Jabil, Inc. | 4.250% | 5/15/27 |  | 2515000 |  | 2384559 |
| Mastercard Inc. | 3.300% | 3/26/27 |  | 1350000 |  | 1289995 |
| Mastercard Inc. | 1.900% | 3/15/31 |  | 4000000 |  | 3271493 |
| Microsoft Corp. | 4.200% | 11/3/35 |  | 565000 |  | 552305 |
| NVIDIA Corp. | 0.584% | 6/14/24 |  | 3115000 |  | 2942031 |
| QUALCOMM Inc. (3M US LIBOR + 0.730%) <sup>(a)(b)</sup> | 5.145% | 1/30/23 |  | 340000 |  | 340022 |
| QUALCOMM Inc. | 3.450% | 5/20/25 |  | 500000 |  | 487537 |
| Salesforce.com Inc. | 1.500% | 7/15/28 |  | 2135000 |  | 1828323 |
| *Total Information Technology* |  |  |  |  |  | *19407790* |
| *Materials — 0.1%* | *Materials — 0.1%* | *Materials — 0.1%* | *Materials — 0.1%* | *Materials — 0.1%* | *Materials — 0.1%* | *Materials — 0.1%* |
| Nutrien Ltd. | 4.200% | 4/1/29 |  | 425000 |  | 401143 |
| *Total Materials* |  |  |  |  |  | *401143* |
| *Real Estate Investment Trusts (REITs) — 1.0%* | *Real Estate Investment Trusts (REITs) — 1.0%* | *Real Estate Investment Trusts (REITs) — 1.0%* | *Real Estate Investment Trusts (REITs) — 1.0%* | *Real Estate Investment Trusts (REITs) — 1.0%* | *Real Estate Investment Trusts (REITs) — 1.0%* | *Real Estate Investment Trusts (REITs) — 1.0%* |
| Crown Castle, Inc. | 1.050% | 7/15/26 |  | 2050000 |  | 1775916 |
| Prologis LP | 2.250% | 4/15/30 |  | 1620000 |  | 1357354 |
| Prologis LP | 1.250% | 10/15/30 |  | 3000000 |  | 2288513 |
| Welltower Inc. | 2.700% | 2/15/27 |  | 1600000 |  | 1444757 |
| *Total Real Estate Investment Trusts (REITs)* |  |  |  |  |  | *6866540* |

---

1919 Funds 2022 Annual Report<br>44

------

**1919 Socially Responsive Balanced Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br>Date | Face<br>Amount | Value |
| *Utilities — 1.7%* | *Utilities — 1.7%* | *Utilities — 1.7%* | *Utilities — 1.7%* | *Utilities — 1.7%* |
| Avangrid Inc. | 3.800% | 6/1/29 | $650000 | $593509 |
| DTE Electric Co. | 1.900% | 4/1/28 | 2145000 | 1871298 |
| DTE Electric Co. | 4.050% | 5/15/48 | 1480000 | 1244889 |
| Duke Energy Florida LLC | 2.400% | 12/15/31 | 3225000 | 2650557 |
| Georgia Power Co. | 3.250% | 4/1/26 | 345000 | 326221 |
| MidAmerican Energy Co. | 3.650% | 4/15/29 | 1375000 | 1292432 |
| NextEra Energy Capital Holdings Inc. | 1.900% | 6/15/28 | 2720000 | 2331498 |
| Public Service Co of Colorado | 3.200% | 3/1/50 | 520000 | 374578 |
| Union Electric Co. | 2.625% | 3/15/51 | 1280000 | 818834 |
| *Total Utilities* |  |  |  | *11503816* |
| **Total Corporate Bonds (Cost — $160,531,054)** |  |  |  | **140800099** |
| **Foreign Government Agency Issues — 0.4%** | **Foreign Government Agency Issues — 0.4%** | **Foreign Government Agency Issues — 0.4%** | **Foreign Government Agency Issues — 0.4%** | **Foreign Government Agency Issues — 0.4%** |
| International Bank for Reconstruction & Development | 0.625% | 4/22/25 | 1620000 | 1487748 |
| International Bank for Reconstruction & Development | 3.125% | 11/20/25 | 930000 | 899658 |
| **Total Foreign Government Agency Issues <br>(Cost — $2,544,820)** |  |  |  | **2387406** |
| **Mortgage Backed Securities — 0.7%** | **Mortgage Backed Securities — 0.7%** | **Mortgage Backed Securities — 0.7%** | **Mortgage Backed Securities — 0.7%** | **Mortgage Backed Securities — 0.7%** |
| Federal Home Loan Mortgage Corporation (FHLMC) | Federal Home Loan Mortgage Corporation (FHLMC) | Federal Home Loan Mortgage Corporation (FHLMC) | Federal Home Loan Mortgage Corporation (FHLMC) | Federal Home Loan Mortgage Corporation (FHLMC) |
| Gold Pool C91417 | 3.500% | 1/1/32 | 45443 | 44158 |
| Gold Pool A35826 | 5.000% | 7/1/35 | 21628 | 21706 |
| Gold Pool G08112 | 6.000% | 2/1/36 | 38112 | 39581 |
| Gold Pool G08179 | 5.500% | 2/1/37 | 12105 | 12586 |
| Gold Pool A65694 | 6.000% | 9/1/37 | 12656 | 12924 |
| Gold Pool G02564 | 6.500% | 1/1/37 | 16481 | 17102 |
| Federal National Mortgage Association (FNMA) | Federal National Mortgage Association (FNMA) | Federal National Mortgage Association (FNMA) | Federal National Mortgage Association (FNMA) | Federal National Mortgage Association (FNMA) |
| Pool 891596 | 5.500% | 6/1/36 | 353 | 363 |
| Pool 946594 | 6.000% | 9/1/37 | 18295 | 19026 |
| Pool 190375 | 5.500% | 11/1/36 | 2155 | 2238 |
| Pool 490446 | 6.500% | 3/1/29 | 8 | 9 |
| Pool 808156 | 4.500% | 2/1/35 | 6228 | 6120 |
| Pool 916386 | 6.000% | 5/1/37 | 11849 | 12244 |
| General National Mortgage Association (GNMA) | General National Mortgage Association (GNMA) | General National Mortgage Association (GNMA) | General National Mortgage Association (GNMA) | General National Mortgage Association (GNMA) |
| Gold Pool MA3873 | 3.000% | 8/20/46 | 875553 | 793731 |
| Gold Pool MA6310 | 3.000% | 12/20/34 | 201123 | 188884 |
| Gold Pool MA6409 | 3.000% | 1/20/50 | 523326 | 471745 |
| Gold Pool MA6572 | 3.000% | 4/20/35 | 460751 | 432673 |
| Gold Pool MA6740 | 2.500% | 8/20/35 | 725732 | 663719 |
| Gold Pool 003922M | 7.000% | 11/20/36 | 10856 | 11491 |

---

1919 Funds 2022 Annual Report<br>45

------

Schedule of investments (cont'd)

December 31, 2022

**1919 Socially Responsive Balanced Fund**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br>Date | Face<br>Amount | Face<br>Amount | Value | Value |
| **Mortgage Backed Securities — continued** | **Mortgage Backed Securities — continued** | **Mortgage Backed Securities — continued** | **Mortgage Backed Securities — continued** | **Mortgage Backed Securities — continued** | **Mortgage Backed Securities — continued** | **Mortgage Backed Securities — continued** |
| Gold Pool 550763X | 5.000% | 12/15/35 | $| 56198 | $| 57414 |
| Gold Pool 2020-194 | 1.000% | 6/16/62 |  | 2058891 |  | 1635763 |
| **Total Mortgage Backed Securities <br>(Cost — $5,139,688)** |  |  |  |  |  | **4443477** |
| **U.S. Government Agency Issue — 2.2%** | **U.S. Government Agency Issue — 2.2%** | **U.S. Government Agency Issue — 2.2%** | **U.S. Government Agency Issue — 2.2%** | **U.S. Government Agency Issue — 2.2%** | **U.S. Government Agency Issue — 2.2%** | **U.S. Government Agency Issue — 2.2%** |
| Federal Home Loan Bank (FHLB) | 5.500% | 7/15/36 |  | 125000 |  | 137951 |
| Federal Home Loan Bank (FHLB) | 3.250% | 11/16/28 |  | 2125000 |  | 2045962 |
| Federal Home Loan Mortgage Corp (FHLMC) | 6.250% | 7/15/32 |  | 380000 |  | 444834 |
| Federal Home Loan Mortgage Corp (FHLMC) | 6.750% | 9/15/29 |  | 115000 |  | 132204 |
| Federal National Mortgage Association (FNMA) | 6.625% | 11/15/30 |  | 303000 |  | 356429 |
| Federal National Mortgage Association (FNMA) | 0.875% | 8/5/30 |  | 8670000 |  | 6906792 |
| Federal National Mortgage Association (FNMA) | 6.250% | 5/15/29 |  | 985000 |  | 1106358 |
| Federal National Mortgage Association (FNMA) | 0.750% | 10/8/27 |  | 2270000 |  | 1959513 |
| Federal National Mortgage Association (FNMA) | 0.500% | 11/7/25 |  | 2200000 |  | 1980784 |
| **Total U.S. Government Agency Issue (Cost — $17,526,782)** |  |  |  |  |  | **15070827** |
| **U.S. Treasury Obligations — 7.4%** | **U.S. Treasury Obligations — 7.4%** | **U.S. Treasury Obligations — 7.4%** | **U.S. Treasury Obligations — 7.4%** | **U.S. Treasury Obligations — 7.4%** | **U.S. Treasury Obligations — 7.4%** | **U.S. Treasury Obligations — 7.4%** |
| United States Treasury Bonds | 4.375% | 11/15/39 |  | 204000 |  | 214188 |
| United States Treasury Bonds | 3.500% | 2/15/39 |  | 573000 |  | 542000 |
| United States Treasury Bonds | 5.500% | 8/15/28 |  | 335000 |  | 359248 |
| United States Treasury Bonds | 6.125% | 11/15/27 |  | 675000 |  | 737543 |
| United States Treasury Bonds | 6.500% | 11/15/26 |  | 135000 |  | 146464 |
| United States Treasury Bonds | 6.750% | 8/15/26 |  | 90000 |  | 97889 |
| United States Treasury Bonds | 6.875% | 8/15/25 |  | 100000 |  | 106344 |
| United States Treasury Bonds | 7.625% | 2/15/25 |  | 390000 |  | 415289 |
| United States Treasury Bonds | 7.500% | 11/15/24 |  | 1105000 |  | 1166185 |
| United States Treasury Bonds | 6.250% | 8/15/23 |  | 550000 |  | 554743 |
| United States Treasury Bonds | 7.125% | 2/15/23 |  | 325000 |  | 326027 |
| United States Treasury Notes | 4.125% | 11/15/32 |  | 1200000 |  | 1229250 |
| United States Treasury Notes | 1.500% | 2/15/30 |  | 4670000 |  | 3991391 |
| United States Treasury Notes | 2.875% | 8/15/28 |  | 5300000 |  | 5001875 |
| United States Treasury Notes | 2.875% | 5/15/28 |  | 3500000 |  | 3309414 |
| United States Treasury Notes | 2.250% | 11/15/27 |  | 2200000 |  | 2031305 |
| United States Treasury Notes | 2.000% | 11/15/26 |  | 3375000 |  | 3125434 |
| United States Treasury Notes | 1.500% | 8/15/26 |  | 2110000 |  | 1926034 |
| United States Treasury Notes | 2.125% | 5/31/26 |  | 6700000 |  | 6277848 |
| United States Treasury Notes | 2.625% | 1/31/26 |  | 1625000 |  | 1554541 |
| United States Treasury Notes | 2.500% | 1/31/25 |  | 10300000 |  | 9916969 |
| United States Treasury Notes | 2.125% | 11/30/24 |  | 2000000 |  | 1916016 |
| United States Treasury Notes | 3.125% | 11/15/28 |  | 2900000 |  | 2772162 |
| United States Treasury Notes | 2.750% | 2/15/28 |  | 1630000 |  | 1535638 |
| United States Treasury Notes | 3.000% | 10/31/25 |  | 905000 |  | 875022 |
| **Total U.S. Treasury Obligations (Cost — $55,068,760)** |  |  |  |  |  | **50128819** |

---

1919 Funds 2022 Annual Report<br>46

------

**1919 Socially Responsive Balanced Fund**

---

| | | | |
|:---|:---|:---|:---|
| Security | Rate | Face<br>Amount | Value |
| **Short-Term Investment — 1.3%** | **Short-Term Investment — 1.3%** | **Short-Term Investment — 1.3%** | **Short-Term Investment — 1.3%** |
| Fidelity Investments Money Market — Government <br>Portfolio — Class I <sup>(c)</sup> | 4.060% | $8704210 | $8704210 |
| **Total Short Term Investment (Cost — $8,704,210)** |  |  | **8704210** |
| **Total Investments — 100.0% (Cost — $613,313,019)** |  |  | **678619491** |
| Liabilities in Excess of Other Assets — 0.0% |  |  | (238069) |
| **Total Net Assets — 100.0%** |  |  | $**678381422** |

---

**Notes:**

 \* Non-income producing security.

<sup>(a)</sup> Fixed to floating rate. Effective date of change and formula disclosed.

<sup>(b)</sup> Variable rate security. Reference rate and spread are included in the description.

<sup>(c)</sup> The rate is the annualized seven-day yield at period end.

**Abbreviations used in this schedule:**

CMT — Constant Maturity Treasury Rate

LIBOR — London Inter-Bank Offered Rate

LLC — Limited Liability Corporation

LP — Limited Partnership

PLC — Public Limited Company

SOFR — Secured Overnight Financing Rate

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

The Accompanying Notes are an Integral Part of these Financial Statements.

1919 Funds 2022 Annual Report<br>47

------

**1919 Socially Responsive Balanced Fund**

Statement of assets and liabilities

December 31, 2022

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments in securities at value (cost $613,313,019) | $678619491 |
| Receivable for Fund shares sold | 381733 |
| Dividends and interest receivable | 1640653 |
| Prepaid expenses | 37088 |
| ***Total Assets*** | ***680678965*** |
| **Liabilities:** | **Liabilities:** |
| Payable for Fund shares repurchased | 1252211 |
| Advisory fees payable | 306009 |
| Distribution fees payable | 365622 |
| Accrued other expenses | 373701 |
| ***Total Liabilities*** | ***2297543*** |
| **Net Assets** | $**678381422** |
| **Components of Net Assets:** | **Components of Net Assets:** |
| Paid-in capital | $631684545 |
| Total distributable earnings | 46696877 |
| **Net Assets** | $**678381422** |
| **Class A:** | **Class A:** |
| Net Assets | $209003267 |
| Issued and Outstanding (unlimited shares authorized, no par value) | 9085046 |
| **Net Asset Value, Redemption Price and Offering Price Per Share** | $**23.01** |
| **Maximum Public Offering Price (based on maximum initial sales charge of 5.75%)** | $**24.41** |
| **Class C:** | **Class C:** |
| Net Assets | $107014376 |
| Issued and Outstanding (unlimited shares authorized, no par value) | 4701290 |
| **Net Asset Value, Redemption Price\* and Offering Price Per Share** | $**22.76** |
| **Class I:** | **Class I:** |
| Net Assets | $362363779 |
| Issued and Outstanding (unlimited shares authorized, no par value) | 15728245 |
| **Net Asset Value, Redemption Price and Offering Price Per Share** | $**23.04** |

---

\* Redemption price per share is NAV of Class C shares reduced by a CDSC of up to 1.00%, contingent upon timing of redemption (See Note 7).

The Accompanying Notes are an Integral Part of these Financial Statements.

1919 Funds 2022 Annual Report<br>48

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**1919 Socially Responsive Balanced Fund**

Statement of operations

For the Year Ended December 31, 2022

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividend income (Net of foreign tax of $6,760) | $5057519 |
| Interest income | 4742595 |
| ***Total Investment Income*** | ***9800114*** |
| **Expenses:** | **Expenses:** |
| Advisory fees (Note 3) | 3926727 |
| Distribution fees (Note 6) | 1751653 |
| Transfer agent fees and expenses (Note 3 & Note 6) | 810224 |
| Administration and fund accounting fees (Note 3) | 414427 |
| Registration fees | 131588 |
| Shareholder reporting fees | 90165 |
| Custody fees (Note 3) | 45268 |
| Legal fees | 24323 |
| Audit fees | 17504 |
| Insurance fees | 17393 |
| Trustees' fees (Note 3) | 15102 |
| Compliance fees (Note 3) | 6074 |
| Miscellaneous fees | 11324 |
| ***Total Expenses*** | ***7261772*** |
| **Net Investment Income** | **2538342** |
| **Realized and Unrealized Loss on Investments** | **Realized and Unrealized Loss on Investments** |
| ***Net Realized Loss*** | ***(18585478***<br>***)*** |
| ***Net Change in Unrealized Appreciation/Depreciation*** | ***(170101890***<br>***)*** |
| **Net Realized and Unrealized Loss on Investments** | **(188687368)** |
| **Net Decrease in Net Assets Resulting from Operations** | $**(186149026)** |

---

The Accompanying Notes are an Integral Part of these Financial Statements.

1919 Funds 2022 Annual Report<br>49

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**1919 Socially Responsive Balanced Fund**

Statements of changes in net assets

---

| | | |
|:---|:---|:---|
| For the Year Ended December 31, | 2022 | 2021 |
| **Increase (Decrease) in Net Assets From:** | **Increase (Decrease) in Net Assets From:** | **Increase (Decrease) in Net Assets From:** |
| **Operations:** | **Operations:** | **Operations:** |
| Net investment income | $2538342 | $306773 |
| Net realized gain (loss) on investments | (18585478) | 6619343 |
| Net change in unrealized appreciation/depreciation on investments | (170101890) | 109223881 |
| ***Net Increase (Decrease) in Net Assets Resulting from Operations*** | ***(186149026***<br>***)*** | ***116149997*** |
| **Distributions to Shareholders:** | **Distributions to Shareholders:** | **Distributions to Shareholders:** |
| Class A | (491662) | (1061249) |
| Class C | (69747) | (484086) |
| Class I | (1950394) | (2442530) |
| ***Total Distributions to Shareholders*** | ***(2511803***<br>***)*** | ***(3987865***<br>***)*** |
| **Capital Transactions (Note 7):** | **Capital Transactions (Note 7):** | **Capital Transactions (Note 7):** |
| Net proceeds from shares sold: | 169362558 | 412355342 |
| Reinvestment of distributions: | 2310033 | 3759570 |
| Cost of shares repurchased: | (223780654) | (99407547) |
| ***Net Increase (Decrease) in Net Assets from Capital Transactions*** | ***(52108063***<br>***)*** | ***316707365*** |
| ***Total Increase (Decrease) in Net Assets*** | ***(240768892***<br>***)*** | ***428869497*** |
| **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of year | 919150314 | 490280817 |
| **End of year** | $**678381422** | $**919150314** |

---

The Accompanying Notes are an Integral Part of these Financial Statements.

1919 Funds 2022 Annual Report<br>50

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**1919 Socially Responsive Balanced Fund**

Financial highlights

**For a share of beneficial interest outstanding through each year presented.**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class A Shares | 2022 | 2021 | 2020 | 2019 | 2018 |
| **Net asset value, beginning of year** | $28.83 | $24.69 | $20.55 | $16.59 | $17.94 |
| **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** |
| Net investment income (loss)<sup>1</sup> | 0.08 | (0.00)<sup>2</sup> | 0.05 | 0.12 | 0.10 |
| Net realized and unrealized gain (loss) <br>on investments | (5.85) | 4.26 | 4.15 | 3.97 | (0.28) |
| ***Total income (loss) from investment <br>operations*** | ***(5.77***<br>***)*** | ***4.26*** | ***4.20*** | ***4.09*** | ***(0.18***<br>***)*** |
| **Less distributions:** | **Less distributions:** | **Less distributions:** | **Less distributions:** | **Less distributions:** | **Less distributions:** |
| From net investment income | (0.04) | (0.01) | (0.06) | (0.10) | (0.10) |
| From net realized gain on investments | (0.01) | (0.11) | 0.00 | (0.03) | (1.07) |
| ***Total distributions*** | ***(0.05***<br>***)*** | ***(0.12***<br>***)*** | ***(0.06***<br>***)*** | ***(0.13***<br>***)*** | ***(1.17***<br>***)*** |
| **Net asset value, end of year** | $23.01 | $28.83 | $24.69 | $20.55 | $16.59 |
| ***Total return<sup>3</sup>*** | ***(20.00***<br>*)%*** | ***17.26***<br>*%*** | ***20.57***<br>*%*** | ***24.69***<br>*%*** | ***(1.31***<br>*)%*** |
| **Supplemental data and ratios:** | **Supplemental data and ratios:** | **Supplemental data and ratios:** | **Supplemental data and ratios:** | **Supplemental data and ratios:** | **Supplemental data and ratios:** |
| Net assets, end of year (in thousands) | $209003 | $264785 | $190180 | $137213 | $100584 |
| Ratios to average net assets<br>Gross expenses | 0.97% | 0.96% | 1.16% | 1.25% | 1.28% |
| Net expenses<sup>4</sup> | 0.97 | 0.96 | 1.16 | 1.25 | 1.25 |
| Net investment income (loss) | 0.31 | (0.01) | 0.25 | 0.62 | 0.55 |
| **Portfolio turnover rate<sup>5</sup>** | **13%** | **9%** | **16%** | **11%** | **13%** |

---

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

<sup>2</sup> Amount represents less than $(0.01) per share.

<sup>3</sup> Performance figures, exclusive of sales charges, may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.

<sup>4</sup> The advisor agreed to limit the ratio of expenses, other than brokerage, interest, taxes, extraordinary expenses and acquired fund fees and expenses, to 1.25% of the average net assets of Class A shares. This expense limitation arrangement cannot be terminated prior to April 30, 2024 without the Board of Trustees' consent. See Note 3.

<sup>5</sup> Portfolio turnover rate is calculated for the Fund without distinguishing between classes.

The Accompanying Notes are an Integral Part of these Financial Statements.

1919 Funds 2022 Annual Report<br>51

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**1919 Socially Responsive Balanced Fund**

Financial highlights (cont'd)

**For a share of beneficial interest outstanding through each year presented.**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class C Shares | 2022 | 2021 | 2020 | 2019 | 2018 |
| **Net asset value, beginning of year** | $28.69 | $24.73 | $20.67 | $16.73 | $18.11 |
| **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** |
| Net investment loss<sup>1</sup> | (0.10) | (0.19) | (0.09) | (0.01) | (0.03) |
| Net realized and unrealized gain (loss) <br>on investments | (5.82) | 4.26 | 4.17 | 3.99 | (0.28) |
| ***Total income (loss) from investment <br>operations*** | ***(5.92***<br>***)*** | ***4.07*** | ***4.08*** | ***3.98*** | ***(0.31***<br>***)*** |
| **Less distributions:** | **Less distributions:** | **Less distributions:** | **Less distributions:** | **Less distributions:** | **Less distributions:** |
| From net investment income |  |  | (0.02) | (0.01) |  |
| From net realized gain on investments | (0.01) | (0.11) |  | (0.03) | (1.07) |
| ***Total distributions*** | ***(0.01***<br>***)*** | ***(0.11***<br>***)*** | ***(0.02***<br>***)*** | ***(0.04***<br>***)*** | ***(1.07***<br>***)*** |
| **Net asset value, end of year** | $22.76 | $28.69 | $24.73 | $20.67 | $16.73 |
| ***Total return<sup>2</sup>*** | ***(20.62***<br>*)%*** | ***16.46***<br>*%*** | ***19.77***<br>*%*** | ***23.78***<br>*%*** | ***(1.95***<br>*)%*** |
| **Supplemental data and ratios:** | **Supplemental data and ratios:** | **Supplemental data and ratios:** | **Supplemental data and ratios:** | **Supplemental data and ratios:** | **Supplemental data and ratios:** |
| Net assets, end of year (in thousands) | $107014 | $133861 | $59784 | $19006 | $12732 |
| Ratios to average net assets<br>Gross expenses | 1.70% | 1.68% | 1.82% | 1.93% | 1.97% |
| Net expenses<sup>3</sup> | 1.70 | 1.68 | 1.82 | 1.93 | 1.97 |
| Net investment loss | (0.42) | (0.72) | (0.40) | (0.07) | (0.17) |
| **Portfolio turnover rate<sup>4</sup>** | **13%** | **9%** | **16%** | **11%** | **13%** |

---

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

<sup>2</sup> Performance figures, exclusive of CDSC, may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.

<sup>3</sup> The advisor agreed to limit the ratio of expenses, other than brokerage, interest, taxes, extraordinary expenses and acquired fund fees and expenses, to 2.00% of the average net assets of Class C shares. This expense limitation arrangement cannot be terminated prior to April 30, 2024 without the Board of Trustees' consent. See Note 3.

<sup>4</sup> Portfolio turnover rate is calculated for the Fund without distinguishing between classes.

The Accompanying Notes are an Integral Part of these Financial Statements.

1919 Funds 2022 Annual Report<br>52

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**For a share of beneficial interest outstanding through each year presented.**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Class I Shares | 2022 | 2021 | 2020 | 2019 | 2018 |
| **Net asset value, beginning of year** | $28.88 | $24.70 | $20.54 | $16.57 | $17.91 |
| **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** |
| Net investment income<sup>1</sup> | 0.14 | 0.07 | 0.13 | 0.19 | 0.16 |
| Net realized and unrealized gain (loss) <br>on investments | (5.87) | 4.26 | 4.15 | 3.96 | (0.29) |
| ***Total Income (loss) from investment <br>operations*** | ***(5.73***<br>***)*** | ***4.33*** | ***4.28*** | ***4.15*** | ***(0.13***<br>***)*** |
| **Less distributions:** | **Less distributions:** | **Less distributions:** | **Less distributions:** | **Less distributions:** | **Less distributions:** |
| From net investment income | (0.10) | (0.04) | (0.12) | (0.15) | (0.14) |
| From net realized gain on investments | (0.01) | (0.11) |  | (0.03) | (1.07) |
| ***Total distributions*** | ***(0.11***<br>***)*** | ***(0.15***<br>***)*** | ***(0.12***<br>***)*** | ***(0.18***<br>***)*** | ***(1.21***<br>***)*** |
| **Net asset value, end of year** | $23.04 | $28.88 | $24.70 | $20.54 | $16.57 |
| ***Total return<sup>2</sup>*** | ***(19.82***<br>*)%*** | ***17.61***<br>*%*** | ***20.93***<br>*%*** | ***25.10***<br>*%*** | ***(1.00***<br>*)%*** |
| **Supplemental data and ratios:** | **Supplemental data and ratios:** | **Supplemental data and ratios:** | **Supplemental data and ratios:** | **Supplemental data and ratios:** | **Supplemental data and ratios:** |
| Net assets, end of year (in thousands) | $362364 | $520504 | $240316 | $72849 | $18027 |
| Ratios to average net assets<br>Gross expenses | 0.72% | 0.71% | 0.83% | 0.91% | 0.96% |
| Net expenses<sup>3</sup> | 0.72 | 0.71 | 0.83 | 0.91 | 0.96 |
| Net investment income | 0.55 | 0.26 | 0.59 | 0.98 | 0.89 |
| **Portfolio turnover rate<sup>4</sup>** | **13%** | **9%** | **16%** | **11%** | **13%** |

---

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

<sup>2</sup> Performance figures may reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.

<sup>3</sup> The advisor agreed to limit the ratio of expenses, other than brokerage, interest, taxes, extraordinary expenses and acquired fund fees and expenses, to 1.00% of the average net assets of Class I shares. This expense limitation arrangement cannot be terminated prior to April 30, 2024 without the Board of Trustees' consent. See Note 3.

<sup>4</sup> Portfolio turnover rate is calculated for the Fund without distinguishing between classes.

The Accompanying Notes are an Integral Part of these Financial Statements.

1919 Funds 2022 Annual Report<br>53

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Notes to financial statements

**Note 1. Organization**

The 1919 Financial Services Fund (the "Financial Services Fund"), 1919 Maryland Tax-Free Income Fund (the "Maryland Fund") and 1919 Socially Responsive Balanced Fund (the "Socially Responsive Fund", each a Fund and together, the "Funds") are separate series of the Trust for Advised Portfolios (the "Trust"), a Delaware Statutory Trust registered under the Investment Company Act of 1940, as amended (the "1940 Act") as an open-end investment management company. The Financial Services Fund and Socially Responsive Fund are registered as a diversified series; the Maryland Fund is registered as non-diversified investment series.

The Financial Services Fund seeks long-term capital appreciation by investing primarily in common stocks. The Maryland Fund seeks a high level of current income exempt from federal and Maryland state and local income taxes, consistent with prudent investment risk and preservation of capital. The Socially Responsive Fund seeks to provide high total return consisting of capital appreciation and current income.

**Note 2. Significant accounting policies**

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP") for investment companies. The Funds are each considered an investment company under GAAP and follow 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. Actual results may differ from those estimates.

**(a) Securities valuation.** 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 Funds 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.

Long-term fixed income securities are valued using prices provided by an independent pricing service approved by the Board. Pricing services may use various valuation methodologies, including matrix pricing and other analytical models as well as market transactions and dealer quotations. Securities for which market quotations are not readily available are valued at their estimated fair value as determined in good faith by 1919 Investment Counsel, LLC (the "Adviser") under procedures established by and under the general supervision and responsibility of the Trust's Board of Trustees.

1919 Funds 2022 Annual Report<br>54

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When reliable market quotations are not readily available or a pricing service does not provide a valuation (or provides a valuation that in the judgment of the Adviser does not represent the security's fair value) or when, in the judgment of the Adviser, events have rendered the market value unreliable, a security is fair valued in good faith by the Adviser under procedures approved by the Board. Valuing securities at fair value is intended to ensure that the Funds are accurately priced and involves reliance on judgment. There can be no assurance that the Funds will obtain the fair value assigned to a security if it were to sell the security at approximately the time at which the Funds determine its NAV per share.

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

• Level 1 — quoted prices in active markets for identical investments

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

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

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used in valuing the Funds' assets carried at value:

**FINANCIAL SERVICES FUND**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Level 1 | Level 2 | Level 3 | Total |
| Long-term investments\*: | Long-term investments\*: | Long-term investments\*: | Long-term investments\*: | Long-term investments\*: |
| Common Stocks | $168663403 | $— | $— | $168663403 |
| Total long-term investments | 168663403 |  |  | 168663403 |
| Short-term investment | 2457823 |  |  | 2457823 |
| **Total investments** | $**171121226** | $**—** | $**—** | $**171121226** |

---

**MARYLAND FUND**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Level 1 | Level 2 | Level 3 | Total |
| Long-term investments\*: | Long-term investments\*: | Long-term investments\*: | Long-term investments\*: | Long-term investments\*: |
| Municipal Bonds | $— | $64829554 | $— | $64829554 |
| **Total investments** | $**—** | $**64829554** | $**—** | $**64829554** |

---

**SOCIALLY RESPONSIVE FUND**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Level 1 | Level 2 | Level 3 | Total |
| Long-term investments\*: | Long-term investments\*: | Long-term investments\*: | Long-term investments\*: | Long-term investments\*: |
| Common Stocks | $453412187 | $— | $— | $453412187 |
| Asset Backed Securities |  | 3648423 |  | 3648423 |
| Collateralized Mortgage Obligations |  | 24043 |  | 24043 |
| Corporate Bonds |  | 140800099 |  | 140800099 |
| Foreign Government Agency Issues |  | 2387406 |  | 2387406 |
| Mortgage Backed Securities |  | 4443477 |  | 4443477 |
| U.S. Government & Agency Obligations |  | 65199646 |  | 65199646 |
| Total long-term investments | 453412187 | 216503094 |  | 669915281 |
| Short-term investment | 8704210 |  |  | 8704210 |
| **Total investments** | $**462116397** | $**216503094** | $**—** | $**678619491** |

---

\* See Schedule of investments for additional detailed categorizations.

1919 Funds 2022 Annual Report<br>55

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Notes to financial statements (cont'd)

**(b) Foreign currency translation.** Investment securities and other assets and liabilities in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the respective dates of such transactions.

The Funds do not isolate the portion of the results of operations resulting from fluctuations in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from sales of foreign currencies, including gains and losses on forward foreign currency contracts, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds' books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, other than investments in securities, on the date of valuation, resulting from changes in exchange rates.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability. As of December 31, 2022 the Financial Services Fund held foreign currency and securities.

**(c) REIT distributions.** The character of distributions received from Real Estate Investment Trusts (''REITs'') held by the Financial Services Fund and Socially Responsive Fund are generally comprised of net investment income, capital gains, and return of capital. It is the policy of the Funds to estimate the character of distributions received from underlying REITs based on historical data provided by the REITs. After each calendar year end, REITs report the actual tax character of these distributions. Differences between the estimated and actual amounts reported by the REITs are reflected in the Funds' records in the year in which they are reported by the REITs by adjusting related investment cost basis, capital gains and income, as necessary.

**(d) Concentration risk.** The Financial Services Fund normally invests at least 80% of its assets in financial services related investments. As a result of this investment policy, an investment in the Fund may be subject to greater risk and market fluctuation than an investment in a fund that invests in securities representing a broader range of investment alternatives.

The Maryland Fund invests substantially all of its assets in securities issued by or on behalf of the State of Maryland, its political subdivisions, municipalities, agencies, instrumentalities, and public authorities. Changes in economic conditions in, or governmental

1919 Funds 2022 Annual Report<br>56

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policies of, the State of Maryland could have a significant impact on the performance of the Fund.

The Maryland Fund may focus a significant amount of its investments in a single sector of the municipal securities market. In doing so, the Fund is more susceptible to factors adversely affecting that sector than a fund not following that practice.

The Maryland Fund may invest a significant portion of assets in securities issued by local governments or public authorities that are rated according to their particular creditworthiness, which may vary significantly from the state's general obligations. The value of the Fund's shares will be more susceptible to being materially impacted by a single economic, political or regulatory event affecting those issuers or their securities than shares of a diversified fund.

**(e) Foreign investment risk.** The Financial Services Fund's investments in foreign securities may involve risks not present in domestic investments. Since securities may be denominated in foreign currencies, may require settlement in foreign currencies or pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Fund. Foreign investments may also subject the Fund to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which affect the market and/or credit risk of the investments.

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

**(g) Distribution to shareholders.** The Financial Services Fund makes distributions from net investment income, if any, at least annually. The Maryland Fund declares income distributions each business day to shareholders of record, which are paid monthly. The Maryland Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from federal and certain state income taxes, to retain such tax-exempt status when distributed to the shareholders of the Fund. The Socially Responsive Fund makes distributions from net investment income on a quarterly basis. Distributions of net realized gains, if any, are declared at least annually for each of the Funds (these are taxable for shareholders of the Maryland Fund). Distributions to shareholders of the Funds are recorded on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from GAAP.

1919 Funds 2022 Annual Report<br>57

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Notes to financial statements (cont'd)

**(h) Indemnifications.** In the normal course of business, the Funds enter into contracts that contain a variety of representations, which provide general indemnifications. The Funds' maximum exposure under these arrangements are unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

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

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

Management has analyzed the Funds' tax positions taken on income tax returns for all open tax years (prior three fiscal years) and has concluded that as of December 31, 2022, no provision for income tax is required in the Funds' financial statements. The Funds' federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue. The Funds have no examination in progress and are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

Under the applicable foreign tax laws, a withholding tax may be imposed on interest, dividends and capital gains at various rates.

**Note 3. Investment management agreement and other transactions with affiliates**

The Trust has an agreement with the Adviser to furnish investment advisory services to the Funds.

Under the terms of this agreement, the Funds pay an investment management fee, calculated daily and paid monthly for each Fund as follows:

---

| | |
|:---|:---|
| Fund | Annual Rate |
| Financial Services Fund | 0.80% on average net assets |
| Maryland Fund | 0.55% on average net assets |
| Socially Responsive Fund | 0.65% on average net assets up to $100 million<br>0.61% on next $100 million<br>0.51% on next $100 million<br>0.46% thereafter |

---

1919 Funds 2022 Annual Report<br>58

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The Adviser has contractually agreed to reduce fees and pay expenses (other than shareholder servicing fees pursuant to a Shareholder Servicing Plan, any front-end or contingent deferred loads, taxes, leverage interest, brokerage commissions, acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization, portfolio transaction expenses, interest expense and dividends paid on short sales or extraordinary expenses such as litigation) so that total annual operating expenses do not exceed the levels set forth below.

---

| | | | |
|:---|:---|:---|:---|
| Fund | Class A | Class C | Class I |
| Financial Services Fund | 1.50% | 2.25% | 1.25% |
| Maryland Fund | 0.75% | 1.30% | 0.60% |
| Socially Responsive Fund | 1.25% | 2.00% | 1.00% |

---

The arrangements are in place until April 30, 2024, but may be terminated or amended at any time by the Board upon 60 days' notice to the Adviser or by the Adviser with consent of the Board. These arrangements, however, may be modified by the Adviser to decrease total annual operating expenses at any time.

The Adviser is permitted to recapture amounts waived and/or reimbursed to a class within a rolling 36 month period from the month the Adviser earned the fee or incurred the expense if the class' total annual operating expenses have fallen to a level below the limits described above. The amounts waived are detailed on each Fund's Statement of operations.

At December 31, 2022, the amounts waived by the Adviser and the eligible recapture periods are as follows:

---

| | |
|:---|:---|
| December 31, | Maryland<br>Fund |
| 2023: | $293780 |
| 2024 | 292964 |
| 2025 | 278616 |
| **Total** | $**865360** |

---

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services"), serves as the Funds' administrator & fund accountant and transfer agent. The officers of the Trust are employees of Fund Services. U.S. Bank, N.A. serves as the Funds' custodian and provides compliance services to the Funds. Quasar Distributors, LLC ("Quasar") serves as the Funds' distributor and principal underwriter. For the year ended,

1919 Funds 2022 Annual Report<br>59

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Notes to financial statements (cont'd)

December 31, 2022, the Funds incurred the following expenses for administration & fund accounting, custody, transfer agent and compliance fees:

---

| | | | |
|:---|:---|:---|:---|
| | 1919 Financial<br>Services | 1919 Maryland <br>Tax-Free Income Fund | 1919 Socially Responsive <br>Balanced Fund |
| Administration & fund accounting | $126284 | $89506 | $414427 |
| Custody | 20390 | 4654 | 45268 |
| Transfer agent\* | 124858 | 61018 | 258287 |
| Compliance | 6074 | 6218 | 6074 |

---

\* Statements of operations include combined service fees paid to various intermediaries as detailed on Note 6.

At December 31, 2022, the Funds had payables for administration & fund accounting, custody, transfer agent and compliance fees in the following amounts:

---

| | | | |
|:---|:---|:---|:---|
| | 1919 Financial <br>Services | 1919 Maryland <br>Tax-Free Income Fund | 1919 Socially Responsive <br>Balanced Fund |
| Administration & fund accounting | $41171 | $31736 | $130562 |
| Custody | 3327 | 782 | 6190 |
| Transfer agent | 41528 | 20537 | 86663 |
| Compliance | 2025 | 2074 | 2025 |

---

The above payable amounts are included in Accrued other expenses in each Fund's Statement of assets and liabilities.

The Independent Trustees in total were paid $45,311 for their services and reimbursement of travel expenses during the year ended December 31, 2022. The Funds pay no compensation to the Interested Trustee or officers of the Trust.

**Note 4. Investments transactions**

During the year ended December 31, 2022 the aggregate cost of purchases and proceeds from sales of investments (excluding short-term investments) and U.S Government & Agency Obligations were as follow:

**FINANCIAL SERVICES FUND**

---

| | | |
|:---|:---|:---|
| | Investments | U.S. Government & <br>Agency Obligations |
| Purchases | $8327162 |  |
| Sales | $29426437 |  |

---

**MARYLAND FUND**

---

| | | |
|:---|:---|:---|
| | Investments | U.S. Government & <br>Agency Obligations |
| Purchases | $25002959 |  |
| Sales | $41485000 |  |

---

1919 Funds 2022 Annual Report<br>60

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**SOCIALLY RESPONSIVE FUND**

---

| | | |
|:---|:---|:---|
| | Investments | U.S. Government & <br>Agency Obligations |
| Purchases | $107684621 | $19147872 |
| Sales | $91103028 | $3279103 |

---

**Note 5. Income tax information and distributions to shareholders**

At December 31, 2022, the components of distributable earnings for federal income tax purposes were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | Financial <br>Services Fund | Maryland<br>Fund | Socially Responsive <br>Fund |
| Cost of Investments for tax purposes | $92622186 | $66805390 | $613752425 |
| Gross tax unrealized appreciation | 80672098 | 669955 | 129763981 |
| Gross tax unrealized depreciation | (2155824) | (2645791) | (64896916) |
| Net tax unrealized appreciation/depreciation <br>on investment | 78516274 | (1975836) | 64867065 |
| Undistributed ordinary income | 80715 | 96445 | 506880 |
| Undistributed tax-exempt income |  |  |  |
| Undistributed long-term capital gains | 121428 |  |  |
| Capital loss carryforwards |  | (1831955) | (18636693) |
| Other book/tax temporary differences\* | (26212) | (71880) | (40375) |
| **Total distributable earnings (loss)** | $**78692205** | $**(3783226)** | $**46696877** |

---

\* Other book/tax differences are attributable primarily to the timing of the deductibility of various expenses.

The tax character of distributions paid during the years ended December 31, 2022 and December 31, 2021, for each Fund was as follows:

**FINANCIAL SERVICES FUND**

---

| | | |
|:---|:---|:---|
| | Year Ended<br>December 31, 2022 | Year Ended<br>December 31, 2021 |
| **Distribution Paid From:** | **Distribution Paid From:** | **Distribution Paid From:** |
| Ordinary Income | $1524687 | $1566751 |
| Net Long Term Capital Gains | 2519830 | 9290441 |
| **Total** | $**4044517** | $**10857192** |

---

**MARYLAND FUND**

---

| | | |
|:---|:---|:---|
| | Year Ended<br>December 31, 2022 | Year Ended<br>December 31, 2021 |
| **Distribution Paid From:** | **Distribution Paid From:** | **Distribution Paid From:** |
| Tax Exempt Income | $1374789 | $1245738 |
| Ordinary Income | 13146 | 25171 |
| **Total** | $**1387935** | $**1270909** |

---

1919 Funds 2022 Annual Report<br>61

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Notes to financial statements (cont'd)

**SOCIALLY RESPONSIVE FUND**

---

| | | |
|:---|:---|:---|
| | Year Ended<br>December 31, 2022 | Year Ended<br>December 31, 2021 |
| **Distribution Paid From:** | **Distribution Paid From:** | **Distribution Paid From:** |
| Ordinary Income | $2271617 | $2233241 |
| Net Long Term Capital Gains | 240186 | 1754624 |
| **Total** | $**2511803** | $**3987865** |

---

The Funds are required, in order to meet certain excise tax requirements, to measure and distribute annually, net capital gains realized during the twelve month period ending October 31. In connection with this requirement, the Funds are permitted, for tax purposes, to defer in to their next fiscal year any net capital losses incurred from November 1 through the end of the fiscal year. Late year losses incurred after December 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. As of December 31, 2022, the Funds did not have any late year or post October losses.

As of December 31, 2022, the Funds have capital loss carry forward amounts ("CLCFs") as summarized in the following table. Under the provision of the Regulated Investment Company Modernization Act of 2010, CLCFs can be carried forward indefinitely, and applied to offset future capital gains. CLCFs are applied consistent with the character in which they originated as a new loss on the first day of the immediately succeeding tax year.

---

| | | | |
|:---|:---|:---|:---|
| | Financial <br>Services Fund | Maryland<br>Fund | Socially Responsive <br>Fund |
| Capital Loss Carryovers — Short-Term |  | $146181 | $8701911 |
| Capital Loss Carryovers — Long-Term |  | 1685774 | 9934782 |
| Total |  | $1831955 | $18636693 |

---

**Note 6. Class specific expenses**

The Funds have each adopted a Rule 12b-1 distribution plan, under which the Funds pay a service fee with respect to their Class A and Class C shares as reflected in the table below. The Funds pay a distribution fee with respect to Class C shares as reflected in the table below. Service and distribution fees are accrued daily and paid monthly.

---

| | | | |
|:---|:---|:---|:---|
| Fund | Class A<br>Service | Class C<br>Service | Class C<br>Distribution |
| Financial Services Fund | 0.25% | 0.25% | 0.75% |
| Maryland Fund | 0.15% | 0.25% | 0.45% |
| Socially Responsive Fund | 0.25% | 0.25% | 0.75% |

---

1919 Funds 2022 Annual Report<br>62

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For the year ended December 31, 2022, class specific expenses were as follows:

**FINANCIAL SERVICES FUND**

---

| | | |
|:---|:---|:---|
|  | December 31, 2022 | December 31, 2022 |
| | Distribution Fees | Transfer Agent Fees |
| Class A | $193835 | $70735 |
| Class C | 309748 | 20500 |
| Class I |  | 67068 |
| **Total** | $**503583** | $**158303** |

---

**MARYLAND FUND**

---

| | | |
|:---|:---|:---|
|  | December 31, 2022 | December 31, 2022 |
| | Distribution Fees | Transfer Agent Fees |
| Class A | $71047 | $22527 |
| Class C | 32825 | 1520 |
| Class I |  | 18395 |
| **Total** | $**103872** | $**42442** |

---

**SOCIALLY RESPONSIVE FUND**

---

| | | |
|:---|:---|:---|
|  | December 31, 2022 | December 31, 2022 |
| | Distribution Fees | Transfer Agent Fees |
| Class A | $561635 | $163404 |
| Class C | 1190018 | 61784 |
| Class I |  | 326749 |
| **Total** | $**1751653** | $**551937** |

---

1919 Funds 2022 Annual Report<br>63

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Notes to financial statements (cont'd)

**Note 7. Shares of beneficial interest**

The Funds have an unlimited number of shares of beneficial interest authorized with no par value per share. The Funds have the ability to issue multiple classes of shares. Each class of shares represents an identical interest and has the same rights, except that each class bears certain direct expenses, including those specifically related to the distribution of its shares. Transactions in shares of each class were as follows:

**1919 FINANCIAL SERVICES FUND**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br>December 31, 2022 | Year Ended<br>December 31, 2022 | Year Ended<br>December 31, 2021 | Year Ended<br>December 31, 2021 |
|  | Shares | Amount | Shares | Amount |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Shares sold | 365638 | $11013582 | 407317 | $13216184 |
| Shares issued on reinvestment | 57342 | 1627932 | 116482 | 3761188 |
| Shares repurchased | (378031) | (11216229) | (441422) | (14249425) |
| **Net increase** | **44949** | $**1425285** | **82377** | $**2727947** |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Shares sold | 67074 | $1817740 | 214451 | $6159813 |
| Shares issued on reinvestment | 17436 | 447398 | 54589 | 1594000 |
| Shares repurchased | (200458) | (5326473) | (154472) | (4417360) |
| **Net increase (decrease)** | **(115948)** | $**(3061335)** | **114568** | $**3336453** |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| Shares sold | 393744 | $12435908 | 1310084 | $42194853 |
| Shares issued on reinvestment | 57405 | 1646382 | 145343 | 4739625 |
| Shares repurchased | (1077243) | (33295462) | (859700) | (28292435) |
| **Net increase (decrease)** | **(626094)** | $**(19213172)** | **595727** | $**18642043** |

---

1919 Funds 2022 Annual Report<br>64

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**1919 MARYLAND TAX-FREE INCOME FUND**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br>December 31, 2022 | Year Ended<br>December 31, 2022 | Year Ended<br>December 31, 2021 | Year Ended<br>December 31, 2021 |
|  | Shares | Amount | Shares | Amount |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Shares sold | 86289 | $1301446 | 355129 | $5623019 |
| Shares issued on reinvestment | 51927 | 766096 | 44883 | 709283 |
| Shares repurchased | (928250) | (13672068) | (441502) | (6980217) |
| **Net decrease** | **(790034)** | $**(11604526)** | **(41490)** | $**(647915)** |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Shares sold | 45125 | $665587 | 31123 | $493034 |
| Shares issued on reinvestment | 3264 | 48085 | 3131 | 49496 |
| Shares repurchased | (107125) | (1580792) | (156190) | (2475027) |
| **Net decrease** | **(58736)** | $**(867120)** | **(121936)** | $**(1932497)** |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| Shares sold | 696717 | $10395048 | 468999 | $7423450 |
| Shares issued on reinvestment | 30660 | 452559 | 23286 | 368116 |
| Shares repurchased | (934955) | (13902188) | (230103) | (3642434) |
| **Net increase (decrease)** | **(207578)** | $**(3054581)** | **262182** | $**4149132** |

---

**1919 SOCIALLY RESPONSIVE BALANCED FUND**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended <br>December 31, 2022 | Year Ended <br>December 31, 2022 | Year Ended<br>December 31, 2021 | Year Ended<br>December 31, 2021 |
|  | Shares | Amount | Shares | Amount |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| Shares sold | 1349282 | $33610165 | 2280787 | $60996309 |
| Shares issued on reinvestment | 20553 | 469012 | 36319 | 1011434 |
| Shares repurchased | (1468362) | (36010585) | (836225) | (22368521) |
| **Net increase (decrease)** | **(98527)** | $**(1931408)** | **1480881** | $**39639222** |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| Shares sold | 817632 | $20669717 | 2523705 | $66636392 |
| Shares issued on reinvestment | 2800 | 65064 | 16220 | 454128 |
| Shares repurchased | (785365) | (18632975) | (290880) | (7774560) |
| **Net increase** | **35067** | $**2101806** | **2249045** | $**59315960** |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| Shares sold | 4513353 | $115082676 | 10842512 | $284722641 |
| Shares issued on reinvestment | 75873 | 1775957 | 83332 | 2294007 |
| Shares repurchased | (6885066) | (169137094) | (2633034) | (69264465) |
| **Net increase (decrease)** | **(2295840)** | $**(52278461)** | **8292810** | $**217752183** |

---

There is a maximum initial sales charge of 5.75% for Class A shares of the Financial Services Fund and Socially Responsive Fund; the maximum initial sales charge for Class A shares of the Maryland Fund is 4.25%. There is a contingent deferred sales charge ("CDSC") of 1.00% on Class C shares for the Funds, which applies if redemption occurs within 12 months from purchase. In certain cases, Class A shares have a 1.00% CDSC,

1919 Funds 2022 Annual Report<br>65

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Notes to financial statements (cont'd)

which applies if redemption occurs within 18 months from purchase. This CDSC only applies to those purchases of Class A shares, which, when combined with other purchases in the Funds, equal or exceed $1,000,000 in the aggregate. These purchases do not incur an initial sales charge.

For Class A shares sold by the Distributor, the Distributor will receive the sales charge imposed on purchases of Class A shares (or any contingent deferred sales charge paid on redemptions) and will retain the full amount of such sales charge.

For the year ended December 31, 2022, Quasar, did not retain sales charges on sales of the Class A shares of the Financial Services Fund, Maryland Fund, and Socially Responsive Fund. In addition, for the year ended December 31, 2022, CDSCs paid to Quasar were:

---

| | | |
|:---|:---|:---|
| CDSCs | Class A | Class C |
| Financial Services Fund | N/A | $1148 |
| Maryland Fund | N/A | $— |
| Socially Responsive Fund | N/A | $23154 |

---

**Note 8. Control Ownership**

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumption of control of the fund under 2(a)(9) of the 1940 Act. As of December 31, 2022, Morgan Stanley, LLC. held approximately 41%, in aggregate for the benefit of others, of the outstanding shares of the Maryland Fund.

**Note 9. LIBOR**

The London Interbank Offered Rate ("LIBOR") is an interest-rate average calculated from estimates submitted by the leading banks in London. LIBOR represents the rate which banks may obtain short-term borrowings from each other. It is the primary interest rate benchmark for short-term interest rates around the world. The regulator of the LIBOR administrator phased out the use of LIBOR on December 30, 2021 such that the one-week and 2-month USD LIBOR settings ceased to be published or will no longer be representative. The remaining USD LIBOR settings will cease to be published or will no longer be representative after June 30, 2023. Because the usefulness of LIBOR as a reference rate could deteriorate during the transition from LIBOR to an alternative reference rate, these effects could occur prior to June 30, 2023. The expected discontinuation of LIBOR could have a significant impact on the financial markets, and may present a risk for certain market participants, including the risk that the transition from LIBOR to an alternative interest rate will not be orderly, will occur over various time periods or will have unintended consequences.

1919 Funds 2022 Annual Report<br>66

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**Note 10. Subsequent events**

In preparing these financial statements, the Funds have evaluated events and transactions for potential recognition or disclosure through the date the financial statements were available to be issued. Subsequent to the year end, the Maryland Fund has made the following distributions per share:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Record Date | Payable Date | Class A | Class C | Class I |
| Daily | 1/31/2023 | $0.03048 | $0.02347 | $0.03237 |

---

1919 Funds 2022 Annual Report<br>67

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Report of independent registered public accounting firm

**To the Board of Trustees of Trust for Advised Portfolios<br>and the Shareholders of 1919 Financial Services Fund, <br>1919 Maryland Tax-Free Income Fund, and <br>1919 Socially Responsive Balanced Fund**

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of 1919 Financial Services Fund, 1919 Maryland Tax-Free Income Fund, and 1919 Socially Responsive Balanced Fund, each a series of shares of beneficial interest in Trust for Advised Portfolios (the ***"Funds"***), including the schedules of investments, as of December 31, 2022, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, the financial highlights for each of the years in the five-year period then ended, and the related notes (collectively referred to as the ***"financial statements"***). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of December 31, 2022, and the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended and their financial highlights for each of the years in the five-year period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risk of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the

1919 Funds 2022 Annual Report<br>68

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custodian, brokers, or by other appropriate auditing procedures where replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](j2322663_ha016.jpg)

**BBD, LLP**

*We have served as the auditor of one or more of the Funds in the Trust for Advised Portfolios since 2010.*

**Philadelphia, Pennsylvania<br>March 1, 2023**

1919 Funds 2022 Annual Report<br>69

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**1919 Funds**

Other information (unaudited)

December 31, 2022

**Quarterly Portfolio Schedule**

Each Fund files its complete schedule of portfolio holdings for the first and third quarters of each fiscal year with the SEC as an exhibit to its reports on Form N-PORT. Each Fund's Form N-PORT reports are available without charge by visiting the SEC's website at www.sec.gov and may be reviewed and copied at the SEC's Public Reference Room in Washington D.C. You may obtain information on the operation of the Public Reference Room by calling (800) SEC-0330.

**Proxy Voting**

You may obtain a description of the Funds' proxy voting policy and voting records, without charge, upon request by contacting the Fund directly at (844) 828-1919 or on the EDGAR Database on the SEC's website at www.sec.gov. The Funds file their proxy voting records annually as of June 30 with the SEC on Form N-PX. The Funds' Form N-PX is available without charge by visiting the SEC's website at www.sec.gov and may be reviewed and copied at the SEC's Public Reference Room in Washington D.C. You may obtain information on the operation of the Public Reference Room by calling (800) SEC-0330.

**Tax Information**

The percentage of the ordinary income distributions paid monthly by the Maryland Tax-Free Income Fund for the year ended December 31, 2021 qualifying as tax-exempt interest dividends for Federal income tax purposes is 99.05%.

Certain dividends paid by the Funds may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income for the year ended December 31, 2022, designated as qualified dividend/net interest income for the Funds is as follows:

---

| | |
|:---|:---|
| | Percentage |
| 1919 Financial Services Fund | 100.00% |
| 1919 Socially Responsive Balanced Fund | 100.00% |

---

100% of the ordinary income distributions paid monthly by the 1919 Maryland Tax-Free Income Fund for the year ended December 31, 2022, are Qualified Net Investment Income.

For corporate shareholders, the percentage of ordinary income distributions qualifying for the corporate dividends received deduction for the year ended December 31, 2022, is as follows:

---

| | |
|:---|:---|
| | Percentage |
| 1919 Financial Services Fund | 100.00% |
| 1919 Maryland Tax-Free Income Fund |  |
| 1919 Socially Responsive Balanced Fund | 100.00% |

---

1919 Funds 2022 Annual Report<br>70

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The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871 (k)(2)(C) for the year ended December 31, 2022, by Funds is as follows:

---

| | |
|:---|:---|
| | Percentage |
| 1919 Financial Services Fund | 8.85% |
| 1919 Maryland Tax-Free Income Fund |  |
| 1919 Socially Responsive Balanced Fund | 8.64% |

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**Statement Regarding Liquidity Risk Management Program**

The Funds have adopted a liquidity risk management program (the "program"). The Board has designated a Liquidity Risk Committee ("Committee") of the Adviser to serve as the administrator of the program. The Committee conducts the day-to-day operation of the program pursuant to policies and procedures administered by the Committee.

Under the program, the Committee manages the Funds' liquidity risk, which is the risk that a fund could not meet shareholder redemption requests without significant dilution of remaining shareholders' interests in a fund. This risk is managed by monitoring the degree of liquidity of the Funds' investments, limiting the amount of the Funds' illiquid investments, and utilizing various risk management tools and facilities available to the Fund for meeting shareholder redemptions, among other means. The Committee's process of determining the degree of liquidity of the Funds' investments is supported by one or more third-party liquidity assessment vendors.

The Funds' Board reviewed a report prepared by the Committee regarding the operation and effectiveness of the program for the period January 1, 2022 through December 31, 2022. No significant liquidity events impacting the Funds were noted in the report. In addition, the Committee provided its assessment that the program had been effective in managing the Funds' liquidity risk.

1919 Funds 2022 Annual Report<br>71

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Approval of Investment Advisory Agreements<br>1919 Financial Services Fund<br>1919 Socially Responsive Balanced Fund<br>1919 Maryland Tax-Free Income Fund (unaudited)

At a meeting held on August 25 and 26, 2022, the Board of Trustees (the "Board") of Trust for Advised Portfolios (the "Trust"), including all Trustees who are not "interested persons" of the Trust ("Independent Trustees"), as that term is defined in the Investment Company Act of 1940, considered and approved the continuance of the investment advisory agreements ("Advisory Agreements") with 1919 Investment Counsel, LLC ("Adviser"), for the 1919 Financial Services Fund (the "Financial Services Fund"), 1919 Socially Responsive Balanced Fund (the "Socially Responsive Fund"), 1919 Maryland Tax-Free Income Fund (the "Maryland Fund") (each a "Fund" and together, the "Funds").

Ahead of the August meeting, the Board received and reviewed substantial information regarding the Funds, the Adviser and the services provided by the Adviser to the Funds under the Advisory Agreements. This information formed the primary (but not exclusive) basis for the Board's determinations. The information prepared specifically for the annual review of the Advisory Agreements supplemented the information provided to the Board and its committees throughout the year. The Board and its committees met regularly during the year and the information provided and topics discussed at such meetings were relevant to the review of the Advisory Agreements. Some of these reports and other data included, among other things, materials that outlined the investment performance of the Funds; compliance, regulatory, and risk management matters; the trading practices of the Adviser; valuation of investments; fund expenses; and overall market and regulatory developments. The Trustees considered the review of the Advisory Agreements to be an ongoing process and employed the accumulated information, knowledge, and experience they had gained during their tenure on the Board governing the Funds and working with the Adviser in their review of the Advisory Agreements. The Independent Trustees were advised by independent legal counsel during the annual review process as well as throughout the year, including meeting in executive sessions with such counsel without representatives from the Adviser present. In connection with their annual review, the Independent Trustees also received a memorandum from independent legal counsel outlining their fiduciary duties and legal standards in reviewing the Advisory Agreements.

In considering the continuance of the Advisory Agreements, the Board considered the following factors and made the following determinations. In its deliberations, the Board did not identify any single factor or piece of information as all important, controlling, or determinative of its decision, and each Trustee may have attributed different weights to the various factors and information.

• In considering the nature, extent and quality of the services provided by the Adviser, the Trustees considered the Adviser's specific responsibilities in all aspects of the day-to-day management of the Funds, as well as the qualifications, experience and responsibilities of the portfolio managers and other key personnel involved in the day-to-day

1919 Funds 2022 Annual Report<br>72

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activities of the Funds. The Board also considered the resources and compliance structure of the Adviser, including information regarding its compliance program, chief compliance officer, and compliance record, and its disaster recovery/business continuity plan. The Board also considered the existing relationship between the Adviser and the Trust, as well as the Board's knowledge of the Adviser's operations, and noted that during the course of the year it met with the Adviser to discuss fund performance and investment outlook, as well as various marketing and compliance topics, including the Adviser's risk management process. The Board concluded that the Adviser had sufficient quality and depth of personnel, resources, investment methods and compliance policies and procedures essential to performing its duties under the Advisory Agreements and that, in the Board's view, the nature, overall quality, and extent of the management services provided were and would continue to be satisfactory and reliable.

• In assessing the quality of the portfolio management delivered by the Adviser, the Board reviewed the performance of the Funds on both an absolute basis and in comparison to each Fund's peer group and relevant benchmark index.

° For the Financial Services Fund, the Board considered that the Financial Services Fund underperformed relative to its benchmark index for the 1-, 3-, 5-, and 10-year periods as of June 30, 2022. The Board also considered that the Fund outperformed relative to its peer median and average for the 1-, 3-, 5-, and 10-year periods as of June 30, 2022. The Board noted that the Financial Services Fund had achieved more than twenty calendar years of performance results.

° For the Socially Responsive Fund, the Board considered that the Socially Responsive Fund underperformed relative to its benchmark index for the 1-, 3-, and 10-year periods and outperformed relative to its benchmark index for the 5-year period as of June 30, 2022. The Board also considered that the Fund outperformed relative to its peer group median/average for the 3-, 5-, and 10- year periods and underperformed relative to its peer group median/average for the 1-year period as of June 30, 2022. The Board noted that the Socially Responsive Fund had achieved nearly thirty calendar years of performance results.

° For the Maryland Fund, the Board considered that the Maryland Fund outperformed relative to its benchmark index for the 1- and 3-year periods and underperformed relative to its benchmark index for the 5- and 10-year periods. The Board also considered that the Fund underperformed relative to its peer group median/average for the 10-year period, underperformed relative to its peer group average for the 3-year period, outperformed relative to its peer group median for the 3-year period, and outperformed relative to its peer group median and average for the 1- and 5-year

1919 Funds 2022 Annual Report<br>73

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Approval of Investment Advisory Agreements<br>1919 Financial Services Fund<br>1919 Socially Responsive Balanced Fund<br>1919 Maryland Tax-Free Income Fund (unaudited) (cont'd)

periods as of June 30, 2022. The Board noted that the Maryland Fund had achieved nearly thirty calendar years of performance results.

• The Trustees also reviewed the cost of the Adviser's services, and the structure and level of the advisory fees payable by each Fund, including a comparison of the fees to fees payable by a peer group of funds. The Board noted that the Adviser had contractually agreed to maintain an annual expense cap for each Fund and that the Financial Services Fund and Socially Responsive Fund are operating below their expense caps. After reviewing the materials that were provided, the Trustees noted that the fee to be received by the Adviser for each Fund was within the range of advisory fees charged to comparable funds and concluded that each fee was fair and reasonable.

° For the Financial Services Fund, the Board noted that the advisory fee and net expense ratio were higher than its peer group median and average, but were well within the peer group range.

° For the Socially Responsive Fund, the Board noted that the advisory fee was lower than its peer group median/average and that the net expense ratio was lower than its peer group median/average.

° For the Maryland Fund, the Board noted that the advisory fee was higher than its peer group median/average and that the net expense ratio was higher than its peer group median/average, but well within the peer group range.

• The Trustees considered whether, based on the asset size of each Fund, economies of scale had been achieved. The Board considered that, in addition to the Adviser's commitment to maintain its cap on each Fund's expense ratio, the Adviser's advisory fee schedule for the Socially Responsive Fund includes breakpoints, which allow for economies of scale to be shared through reductions in the advisory fee as that Fund's assets grow. The Trustees concluded that they will have the opportunity to periodically reexamine whether economies of scale have been achieved.

• The Trustees considered the profitability of the Adviser from managing each Fund. In assessing the Adviser's profitability, the Trustees reviewed the Adviser's financial information that was provided in the materials and took into account both the direct and indirect benefits to the Adviser from managing each Fund. The Trustees concluded that the Adviser's profits from managing each Fund were not excessive and, after a review of the relevant financial information, that the Adviser appeared to have adequate capitalization and/or would maintain adequate profit levels to support the Funds.

1919 Funds 2022 Annual Report<br>74

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Trustee and officer information (unaudited)

December 31, 2022

**Independent Trustees<sup>4</sup>:**

---

| | |
|:---|:---|
| **Harry E. Resis** | |
| 615 E. Michigan Street |  |
| Milwaukee, WI 53202 |  |
| Year of birth | 1945 |
| Position(s) held with Trust | Trustee |
| Term of office<sup>1</sup> and length of time served | Since 2012 |
| Principal occupation(s) during past 5 years | Private investor. Previously served as Director of US Fixed Income for Henderson Global Investors. |
| Number of portfolios in fund complex<sup>2</sup> overseen by Trustee | 4 |
| Other Directorships<sup>3</sup> held during past 5 years by Trustee |  |
| **Brian S. Ferrie** |  |
| 615 E. Michigan Street |  |
| Milwaukee, WI 53202 |  |
| Year of birth | 1958 |
| Position(s) held with Trust | Trustee |
| Term of office<sup>1</sup> and length of time served | Since 2020 |
| Principal occupation(s) during past 5 years | Chief Compliance Officer, Treasurer, The Jensen Quality Growth Fund (2004 to 2020); Treasurer, Jensen Investment Management (2003 to 2020) |
| Number of portfolios in fund complex<sup>2</sup> overseen by Trustee | 4 |
| Other Directorships<sup>3</sup> held during past 5 years by Trustee |  |
| **Wan-Chong Kung** |  |
| 615 E. Michigan Street |  |
| Milwaukee, WI 53202 |  |
| Year of birth | 1960 |
| Position(s) held with Trust | Trustee |
| Term of office<sup>1</sup> and length of time served | Since 2020 |
| Principal occupation(s) during past 5 years | Senior Fund Manager, Nuveen Asset Management (FAF Advisors/First American Funds) (2011 to 2019) |
| Number of portfolios in fund complex<sup>2</sup> overseen by Trustee | 4 |
| Other Directorships<sup>3</sup> held during past 5 years by Trustee | Federal Home Loan Bank of Des Moines (February 2022 to present); Trustee, Securian Funds Trust (12 portfolios) October 2022 to present) |

---

1919 Funds 2022 Annual Report<br>75

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Trustee and officer information (unaudited) (cont'd)

December 31, 2022

**Interested Trustee<sup>5</sup>:**

---

| | |
|:---|:---|
| **Christopher E. Kashmerick** | |
| 615 E. Michigan Street |  |
| Milwaukee, WI 53202 |  |
| Year of birth | 1974 |
| Position(s) held with Trust | Trustee, Chairman |
| Term of office<sup>1</sup> and length of time served | Since 2018 |
| Principal occupation(s) during past 5 years | Senior Vice President, U.S. Bancorp Fund Services, LLC (2011 – present) |
| Number of portfolios in fund complex<sup>2</sup> overseen by Trustee | 4 |
| Other Directorships<sup>3</sup> held during past 5 years by Trustee |  |

---

**Officers:**

---

| | |
|:---|:---|
| **Russell B. Simon** | |
| 615 E. Michigan Street |  |
| Milwaukee, WI 53202 |  |
| Year of birth | 1980 |
| Position(s) held with Trust | President and Principal Executive Officer |
| Term of office<sup>1</sup> and length of time served | Since 2022 |
| Principal occupation(s) during past 5 years | Vice President, U.S. Bancorp Fund Services, LLC (2011 – present) |
| **Elizabeth B. Scalf** |  |
| 615 E. Michigan Street |  |
| Milwaukee, WI 53202 |  |
| Year of birth | 1972 |
| Position(s) held with Trust | Interim Chief Compliance Officer and AML Officer |
| Term of office<sup>1</sup> and length of time served | Since November 2022 |
| Principal occupation(s) during past 5 years | Senior Vice President, U.S. Bancorp Fund Services, LLC (since 2017); Vice President and Assistant CCO, Heartland Advisers, Inc. (2016 – 2017); Vice President and CCO, Heartland Group, Inc. (2016) |
| **Eric T. McCormick** |  |
| 615 E. Michigan Street |  |
| Milwaukee, WI 53202 |  |
| Year of birth | 1971 |
| Position(s) held with Trust | Treasurer and Principal Financial Officer |
| Term of office<sup>1</sup> and length of time served | Since 2022 |
| Principal occupation(s) during past 5 years | Vice President, U.S. Bancorp Fund Services, LLC (2005 to present) |

---

1919 Funds 2022 Annual Report<br>76

------

**Officers cont'd**

---

| | |
|:---|:---|
| **Scott A. Resnick** | |
| 615 E. Michigan Street |  |
| Milwaukee, WI 53202 |  |
| Year of birth | 1983 |
| Position(s) held with Trust | Secretary |
| Term of office<sup>1</sup> and length of time served | Since 2019 |
| Principal occupation(s) during past 5 years | Assistant Vice President, U.S. Bancorp Fund Services, LLC (2018 – present); Associate, Legal & Compliance, PIMCO (2012 – 2018) |

---

<sup>1</sup> Each Trustee serves an indefinite term; however, under the terms of the Board's retirement policy, a Trustee shall retire at the end of the calendar year in which he or she reaches the age of 75 (this policy does not apply to any Trustee serving at the time the policy was adopted). Each officer serves an indefinite term until the election of a successor.

<sup>2</sup> The Trust is comprised of numerous series managed by unaffiliated investment advisers. The term "Fund Complex" applies only to the Funds. The Funds do not hold themselves out as related to any other series within the Trust for purposes of investment and investor services, nor do they share the same investment adviser with any other series.

<sup>3</sup> "Other Directorships Held" includes only directorships of companies required to register or file reports with the SEC under the Securities Exchange Act of 1934, as amended, (that is, "public companies") or other investment companies registered under the 1940 Act.

<sup>4</sup> The Trustees of the Trust who are not "interested persons" of the Trust as defined under the 1940 Act ("Independent Trustees").

<sup>5</sup> Mr. Kashmerick is an "interested person" of the Trust as defined by the 1940 Act. Mr. Kashmerick is an interested Trustee of the Trust by virtue of the fact that he is an interested person of U.S. Bancorp Fund Services, LLC, the Funds' administrator, fund accountant, and transfer agent.

The Funds' Statement of Additional Information ("SAI") includes information about the Funds' Trustees and is available without charge, upon request, by calling 1-844-828-1919.

1919 Funds 2022 Annual Report<br>77

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Privacy notice

The 1919 Funds collect non-public information about you from the following sources:

Information we receive about you on applications or other forms;

Information you give us orally; and/or

Information about your transactions with us or others

We do not disclose any non-public personal information about our customers or former customers without the customer's authorization, except as permitted by law or in response to inquiries from governmental authorities. We may share information with affiliated and unaffiliated third parties with whom we have contracts for servicing a Fund. We will provide unaffiliated third parties with only the information necessary to carry out their assigned responsibilities. We maintain physical, electronic and procedural safeguards to guard your personal information and require third parties to treat your personal information with the same high degree of confidentiality.

In the event that you hold shares of a Fund through a financial intermediary, including, but not limited to, a broker-dealer, bank, or trust company, the privacy policy of your financial intermediary would govern how your non-public personal information would be shared with unaffiliated third parties.

1919 Funds 2022 Annual Report<br>78

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**Investment adviser**

1919 Investment Counsel, LLC<br>One South Street, Suite 2500<br>Baltimore, MD 21202

**Distributor**

Quasar Distributors, LLC<br>111 East Kilbourn Ave. <br>Suite 2200<br>Milwaukee, Wisconsin 53202

**Custodian**

U.S. Bank National Association<br>Custody Operations<br>1555 North River Center Drive, Suite 302<br>Milwaukee, Wisconsin 53212

**Transfer agent, fund accountant and fund administrator**

U.S. Bancorp Fund Services, LLC<br>615 East Michigan Street<br>Milwaukee, Wisconsin 53202

**Independent registered public accounting firm**

BBD, LLP<br>1835 Market Street, 3<sup>rd</sup> Floor<br>Philadelphia, PA 19103

**Legal counsel**

Morgan, Lewis & Bockius LLP<br>1111 Pennsylvania Ave, NW<br>Washington, DC 20004

*This report has been prepared for shareholders and may be distributed to others only if preceded or accompanied by a current prospectus.*

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Annual Report

December 31, 2022

![](j2316042_aa001.jpg)

1919 VARIABLE SOCIALLY RESPONSIVE BALANCED FUND

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**Table of Contents**

---

| | |
|:---|:---|
| Letter to Shareholders | II |
| Fund performance | 1 |
| Fund expenses | 3 |
| Fund at a glance | 4 |
| Schedule of investments | 5 |
| Statement of assets and <br>liabilities | 11 |
| Statement of operations | 12 |
| Statements of changes in<br>net assets | 13 |
| Financial highlights | 14 |
| Notes to financial<br>statements | 15 |
| Report of independent<br>registered public<br>accounting firm | 21 |
| Other information | 23 |
| Approval of investment<br>advisory agreement | 25 |
| Trustee and officer<br>information | 27 |
| Privacy notice | 30 |
| Directory of Fund's<br>service providers | Back<br>Cover |

---

Letter to Shareholders (unaudited)

**Dear Shareholder,**

We are pleased to bring you the annual report on the 1919 Variable Socially Responsive Balanced Fund ("the Fund") through December 31, 2022.

Throughout the year, the Fund took a variety of measures to respond to changing market conditions. During the first half of the year we increased exposure to Health Care, Real Estate, and Utilities and decreased exposure to Information Technology, Communication Services, and Consumer Discretionary sectors. During the second half of the year we added to the Materials sectors and decreased exposure to the Information Technology, Industrials, and Consumer Staples sectors.

Throughout the year, we remained overweight in the Health Care, Financials, and Industrials sectors and maintained our underweight positioning in the Energy, Real Estate and Utilities sectors.

In the fixed-income portion of the Fund, we purchased Treasuries and Corporates including six green or sustainable bonds in the 3-10 year maturity range. Going forward, as the Fed draws closer to the end of the hiking cycle and the economy slows down, we will look to strategically extend the duration of the portfolio in defensive securities.

In the equity portion of the Fund, our stock selection in the Consumer Discretionary and Materials sectors contributed to relative performance in 2022. In terms of sector positioning, our underweighting of Consumer Discretionary and overweighting of Health Care and Industrials sectors also enhanced results. On an individual stock basis, the largest contributors to performance for the year were Eli Lilly & Co., TJX Cos. Inc., Chubb Limited, UnitedHealth Group Inc., and Steel Dynamics Inc.

The leading contributor to performance in the fixed-income portion of the Fund was a duration shorter than the benchmark. On an individual security basis, the largest contributors to return were Target Corp. 4.5% 9/15/32, QUALCOMM Inc. FRN 1/30/23, Goldman Sachs Group Inc. 0.481% 1/27/23, U.S. Treasury 4.125% 11/15/32 and Apple Inc. 2.85% 2/23/23.

In the equity portion of the Fund, our stock selection in the Industrials, Consumer Staples and Communication Services sectors detracted from relative results for the year. In terms of

1919 Variable Socially Responsive Balanced Fund 2022 Annual Report<br>ii

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sector positioning, our underweighting of the Energy and Utilities sectors detracted from performance. On an individual stock basis, the largest detractors from performance were Amazon.com Inc., Apple Inc., Microsoft Corp., NVIDIA Corp., and Meta Platforms Inc.

In the fixed-income portion of the Fund, the leading detractor to performance was our overweight to the 7-10 year part of the curve in the A-rated corporate sector. Ratings received from S&P<sup>®</sup>, Moody's, and/or Fitch and measured on a scale that generally ranges from AAA (highest) to D (lowest) and may change over time. Obligations rated A are considered upper-medium-grade and are subject to low credit risk. On an individual security basis, the largest detractors from performance were FNMA 0.875% 8/5/30, Mastercard Inc. 1.9% 3/15/31, U.S. Treasury 1.5% 2/15/30, Autodesk Inc. 2.4% 12/15/31 and U.S. Treasury 2.125% 5/31/26.

Thank you for your investment in the 1919 Variable Socially Responsive Balanced Fund. As always, we appreciate that you have chosen us to manage your assets and we remain focused on achieving the Fund's investment and social goals.

Sincerely,

![](j2316042_ba002.jpg)

Ronald T. Bates<br>Portfolio Manager (Equity Portion)<br>1919 Investment Counsel, LLC

![](j2316042_ba003.jpg)

Aimee M. Eudy<br>Portfolio Manager (Fixed-Income Portion)<br>1919 Investment Counsel, LLC

![](j2316042_ba004.jpg)

Robert Huesman, CFA<br>Portfolio Manager (Equity Portion)<br>1919 Investment Counsel, LLC

![](j2316042_ba005.jpg)

Alison Bevilacqua<br>Portfolio Manager (Head of Social Research) 1919 Investment Counsel, LLC

**Past performance is not a guarantee of future results.**

**Duration —** commonly used measure of the potential volatility of the price of a debt security, or the aggregate market value of a portfolio of debt securities, prior to maturity. Securities with a longer duration generally have more volatile prices than securities of a comparable quality with a shorter duration.

Opinions expressed herein are as of 12/31/22 and are subject to change at any time, are not a guarantee and should not be considered investment advice.

Fund holdings and sector allocations are subject to change and are not a recommendation to buy or sell any security. Please refer to the Schedule of Investments for a complete list of Fund holdings.

This report has been prepared for shareholders and may be distributed to others

1919 Variable Socially Responsive Balanced Fund 2022 Annual Report<br>iii

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Letter to Shareholders (unaudited) (cont'd)

only if preceded or accompanied by a current prospectus.

**Mutual fund investing involves risk. Principal loss is possible. The Fund's social policy may cause it to make or avoid investments for social reasons when it is otherwise disadvantageous to do so. The Fund may invest in foreign and emerging market securities which will involve greater volatility and political, economic and currency risks and differences in accounting methods. The risks are particularly significant for funds that invest in emerging markets. Fixed income securities involve interest rate, credit, inflation and reinvestment risks; and possible loss of principal. As interest rates rise, the value of fixed income securities falls. The manager's investment style may become out of favor and/or the manager's selection process may prove incorrect, which may have a negative impact on the Fund's performance. Investments in asset-backed and mortgage-backed securities include additional risks that investors should be aware of such as credit risk, prepayment risk, possible illiquidity and default, as well as increased susceptibility to adverse economic developments.**

1919 Funds are distributed by Quasar Distributors, LLC.

1919 Variable Socially Responsive Balanced Fund 2022 Annual Report<br>iv

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Fund performance (unaudited)

**Hypothetical comparison** of Change in Value of $10,000

![](j2316042_ca006.jpg)

*This chart illustrates the performance of a hypothetical $10,000 investment made in the Fund over ten years, and assumes reinvestment of dividends and capital gains. This chart does not imply any future performance.*

**Total Returns** as of December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
|  | 1 Year | 5 Years\* | 10 Years\* |
| 1919 Variable Socially Responsive Balanced Fund | -20.94% | 7.65% | 8.62% |
| S&P 500 Index<sup>(i)</sup> | -18.11 | 9.42 | 12.56 |
| Bloomberg U.S. Aggregate Index<sup>(ii)</sup> | -13.01 | 0.02 | 1.06 |
| Blended S&P 500 Index (70%) and Bloomberg U.S. Aggregate <br>Index (30%)<sup>(iii)</sup> | -16.33 | 6.86 | 9.22 |

---

\* Average annualized returns

As of the Fund's current prospectus dated April 30, 2022, the gross total and net annual operating expense ratios were 1.29% and 0.89%<sup>(iv)</sup>, respectively. Actual expenses may be higher. For example, expenses may be higher than those shown if average net assets decrease. Net assets are more likely to decrease and Fund expense ratios are more likely to increase when markets are volatile.

**All figures represent past performance and are not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Fund returns assume the reinvestment of all distributions, at net asset value and the deduction of all Fund expenses. The returns shown do not reflect expenses associated with separate accounts such as administrative fees, account charges and surrender charges, which, if reflected, would reduce the total returns. Performance figures may reflect compensating balance arrangements, fee waivers and/or expense reimbursements. In the absence of compensating balance arrangements, fee waivers and/or expense reimbursements, the total return would have been lower. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 1-844-828-1919.**

<sup>(i)</sup> The S&P 500 Index is an unmanaged index of 500 stocks and is generally representative of the performance of larger companies in the U.S.

<sup>(ii)</sup> The Bloomberg U.S. Aggregate Index is a broad-based bond index comprised of government, corporate, mortgage and asset-backed issues, rated investment grade or higher, and having at least one year to maturity.

1919 Variable Socially Responsive Balanced Fund 2022 Annual Report<br>1

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Fund performance (unaudited) (cont'd)

<sup>(iii)</sup> The Blended S&P 500 Index (70%) and Bloomberg U.S. Aggregate Index (30%) has been prepared to parallel the targeted allocation of investments between equity and fixed-income securities. It consists of 70% of the performance of the S&P 500 Index and 30% of the Bloomberg U.S. Aggregate Index.

<sup>(iv)</sup> The Adviser has contractually agreed to waive fees and reimburse operating expenses through April 30, 2024.

The Indices are unmanaged and are not subject to the same management and trading expenses as a mutual fund. Please note that an investor cannot invest directly in an index.

1919 Variable Socially Responsive Balanced Fund 2022 Annual Report<br>2

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Fund expenses (unaudited)

**Example**

As a shareholder of the Fund, you may incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

This example is based on an investment of $1,000 invested on July 1, 2022 and held for the six months ended December 31, 2022.

**Actual expenses**

The table below titled "Based on Actual Total Return" provides information about actual account values and actual expenses. You may use the information provided in this table, together with the amount you invested, to estimate the expenses that you paid over the period. To estimate the expenses you paid on your account, divide your ending account value by $1,000 (for example, an $8,600 ending account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled "Expenses Paid During the Period".

**Hypothetical example for comparison purposes**

The table below titled "Based on Hypothetical Total Return" provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5.00% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use the information provided in this table to compare the ongoing costs of investing in the Fund and other funds. To do so, compare the 5.00% hypothetical example relating to the Fund with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table below are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

**Based on actual total return<sup>1</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Actual<br>Total Return<sup>2</sup> | Beginning<br>Account<br>Value | Ending<br>Account<br>Value | Annualized<br>Expense<br>Ratio | Expenses<br>Paid<br>During<br>the<br>Period<sup>3</sup> |
| -0.19% | $1000.00 | $998.10 | 0.89% | $4.48 |

---

**Based on hypothetical total return<sup>1</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Hypothetical<br>Annualized<br>Total Return | Beginning<br>Account<br>Value | Ending<br>Account<br>Value | Annualized<br>Expense<br>Ratio | Expenses<br>Paid<br>During<br>the<br>Period<sup>3</sup> |
| 2.52% | $1000.00 | $1020.72 | 0.89% | $4.53 |

---

<sup>1</sup> For the six months ended December 31, 2022.

<sup>2</sup> Assumes the reinvestment of all distributions, including returns of capital, if any, at net asset value. Total return is not annualized, as it may not be representative of the total return for the year. Total returns do not reflect expenses associated with separate accounts such as administrative fees, account charges and surrender charges, which, if reflected, would reduce the total returns. Performance figures reflect fee waivers and/or expense reimbursements. In the absence of fee waivers and/or expense reimbursements, the total return would have been lower. Past performance is no guarantee of future results.

<sup>3</sup> Expenses (net of fee waivers and/or expense reimbursements) are equal to the Fund's annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (184), then divided by 365.

1919 Variable Socially Responsive Balanced Fund 2022 Annual Report<br>3

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Fund at a glance<sup>†</sup> (unaudited)

**Investment breakdown** (%) as a percent of total investments

![](j2316042_cc007.jpg)

† The bar graph above represents the composition of the Fund's investments as of December 31, 2022 and December 31, 2021. The Fund is actively managed. As a result, the composition of the Fund's investments is subject to change at any time.

\* Less than 0.01%.

1919 Variable Socially Responsive Balanced Fund 2022 Annual Report<br>4

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Schedule of investments

December 31, 2022

**1919 Variable Socially Responsive Balanced Fund**

---

| | | |
|:---|:---|:---|
| Security | Shares | Value |
| **Common Stocks — 67.1%** | **Common Stocks — 67.1%** | **Common Stocks — 67.1%** |
| **Communication Services — 4.5%** | **Communication Services — 4.5%** | **Communication Services — 4.5%** |
| Alphabet Inc.\* | 9960 | $878771 |
| Netflix Inc.\* | 1240 | 365651 |
| Walt Disney Co/The\* | 2671 | 232056 |
| **Total Communication Services** |  | **1476478** |
| **Consumer Discretionary — 5.9%** | **Consumer Discretionary — 5.9%** | **Consumer Discretionary — 5.9%** |
| Amazon.com Inc.\* | 7340 | 616560 |
| Chipotle Mexican Grill Inc.\* | 170 | 235873 |
| Home Depot Inc./The | 1650 | 521169 |
| TJX Cos. Inc. | 7357 | 585617 |
| **Total Consumer Discretionary** |  | **1959219** |
| **Consumer Staples — 5.0%** | **Consumer Staples — 5.0%** | **Consumer Staples — 5.0%** |
| Costco Wholesale Corp. | 989 | 451479 |
| Darling International Inc.\* | 3975 | 248795 |
| Estee Lauder Cos. Inc., Class A | 1772 | 439651 |
| PepsiCo Inc. | 2865 | 517591 |
| **Total Consumer Staples** |  | **1657516** |
| **Financials — 8.6%** | **Financials — 8.6%** | **Financials — 8.6%** |
| Bank of America Corp. | 15753 | 521739 |
| Charles Schwab Corp. | 7420 | 617789 |
| Chubb Limited | 1625 | 358475 |
| Hannon Armstrong Sustainable Infrastructure Capital Inc. | 7959 | 230652 |
| M&T Bank Corp | 1387 | 201198 |
| Reinsurance Group of America Inc. | 2513 | 357072 |
| Truist Financial Corp. | 13284 | 571611 |
| **Total Financials** |  | **2858536** |
| **Health Care — 13.7%** | **Health Care — 13.7%** | **Health Care — 13.7%** |
| AstraZeneca PLC | 6966 | 472295 |
| Boston Scientific Corp.\* | 13458 | 622701 |
| Danaher Corp. | 2355 | 625064 |
| Eli Lilly & Co. | 1956 | 715583 |
| IQVIA Holdings Inc.\* | 2764 | 566316 |
| Thermo Fisher Scientific Inc. | 1271 | 699927 |
| UnitedHealth Group Inc. | 1587 | 841396 |
| **Total Health Care** |  | **4543282** |
| **Industrials — 6.3%** | **Industrials — 6.3%** | **Industrials — 6.3%** |
| Advanced Drainage Systems Inc. | 3943 | 323208 |
| Cintas Corp. | 1136 | 513040 |
| Eaton Corp. PLC | 3090 | 484976 |

---

1919 Variable Socially Responsive Balanced Fund 2022 Annual Report<br>5

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Schedule of investments (cont'd)

December 31, 2022

**1919 Variable Socially Responsive Balanced Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Security |  |  | Shares | Value | Value |
| **Industrials — continued** | **Industrials — continued** | **Industrials — continued** | **Industrials — continued** | **Industrials — continued** | **Industrials — continued** |
| Old Dominion Freight Line Inc |  |  | 942 | $| 267321 |
| Rockwell Automation Inc. |  |  | 728 |  | 187511 |
| Union Pacific Corp. |  |  | 1432 |  | 296524 |
| **Total Industrials** |  |  |  |  | **2072580** |
| **Information Technology — 18.0%** | **Information Technology — 18.0%** | **Information Technology — 18.0%** | **Information Technology — 18.0%** | **Information Technology — 18.0%** | **Information Technology — 18.0%** |
| Adobe Systems Inc.\* |  |  | 1118 |  | 376241 |
| Apple Inc. |  |  | 9178 |  | 1192498 |
| Broadcom Inc. |  |  | 787 |  | 440035 |
| Intuit Inc. |  |  | 746 |  | 290358 |
| Microsoft Corp. |  |  | 5492 |  | 1317091 |
| NVIDIA Corp. |  |  | 2487 |  | 363450 |
| Palo Alto Networks Inc.\* |  |  | 2423 |  | 338105 |
| PayPal Holdings Inc.\* |  |  | 2734 |  | 194716 |
| QUALCOMM Inc. |  |  | 2295 |  | 252312 |
| Salesforce.com Inc.\* |  |  | 2137 |  | 283345 |
| SolarEdge Technologies Inc.\* |  |  | 1470 |  | 416407 |
| Visa Inc., Class A |  |  | 2267 |  | 470992 |
| **Total Information Technology** |  |  |  |  | **5935550** |
| **Materials — 1.2%** | **Materials — 1.2%** | **Materials — 1.2%** | **Materials — 1.2%** | **Materials — 1.2%** | **Materials — 1.2%** |
| Linde PLC |  |  | 505 |  | 164721 |
| Steel Dynamics Inc. |  |  | 2225 |  | 217383 |
| **Total Materials** |  |  |  |  | **382104** |
| **Real Estate Investment Trusts (REITs) — 2.1%** | **Real Estate Investment Trusts (REITs) — 2.1%** | **Real Estate Investment Trusts (REITs) — 2.1%** | **Real Estate Investment Trusts (REITs) — 2.1%** | **Real Estate Investment Trusts (REITs) — 2.1%** | **Real Estate Investment Trusts (REITs) — 2.1%** |
| Crown Castle International Corp. |  |  | 2193 |  | 297459 |
| Prologis Inc. |  |  | 3602 |  | 406053 |
| **Total Real Estate Investment Trusts (REITs)** |  |  |  |  | **703512** |
| **Utilities — 1.8%** | **Utilities — 1.8%** | **Utilities — 1.8%** | **Utilities — 1.8%** | **Utilities — 1.8%** | **Utilities — 1.8%** |
| American Water Works Co. Inc. |  |  | 3925 |  | 598249 |
| **Total Utilities** |  |  |  |  | **598249** |
| **Total Common Stocks (Cost — $10,845,423)** |  |  |  |  | **22187026** |
|  | Rate | Maturity<br>Date | Face<br>Amount |  |  |
| **Collateralized Mortgage Obligations — 0.0%** | **Collateralized Mortgage Obligations — 0.0%** | **Collateralized Mortgage Obligations — 0.0%** | **Collateralized Mortgage Obligations — 0.0%** | **Collateralized Mortgage Obligations — 0.0%** | **Collateralized Mortgage Obligations — 0.0%** |
| Federal National Mortgage Association <br>(FNMA), 2011-53 CY | 4.000% | 6/25/41 | $3423 |  | 3306 |
| **Total Collateralized Mortgage Obligations <br>(Cost — $3,452)** |  |  |  |  | **3306** |

---

1919 Variable Socially Responsive Balanced Fund 2022 Annual Report<br>6

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**1919 Variable Socially Responsive Balanced Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br>Date | Face<br>Amount | Value |
| **Corporate Bonds — 23.0%** | **Corporate Bonds — 23.0%** | **Corporate Bonds — 23.0%** | **Corporate Bonds — 23.0%** | **Corporate Bonds — 23.0%** |
| **Communication Services — 3.0%** | **Communication Services — 3.0%** | **Communication Services — 3.0%** | **Communication Services — 3.0%** | **Communication Services — 3.0%** |
| Alphabet Inc. | 0.450% | 8/15/25 | $130000 | $117401 |
| AT&T Inc. | 4.350% | 3/1/29 | 115000 | 110047 |
| Comcast Corp. | 3.375% | 2/15/25 | 70000 | 67962 |
| Comcast Corp. | 5.650% | 6/15/35 | 200000 | 211202 |
| Verizon Communications Inc. | 4.329% | 9/21/28 | 104000 | 100390 |
| Verizon Communications Inc. | 3.875% | 2/8/29 | 100000 | 94238 |
| Verizon Communications Inc. | 4.500% | 8/10/33 | 110000 | 103717 |
| Verizon Communications Inc. | 5.250% | 3/16/37 | 105000 | 104646 |
| Walt Disney Co/The | 2.200% | 1/13/28 | 90000 | 80372 |
| **Total Communication Services** |  |  |  | **989975** |
| **Consumer Discretionary — 2.2%** | **Consumer Discretionary — 2.2%** | **Consumer Discretionary — 2.2%** | **Consumer Discretionary — 2.2%** | **Consumer Discretionary — 2.2%** |
| Amazon.com Inc. | 0.250% | 5/12/23 | 115000 | 113205 |
| Amazon.com Inc. | 4.700% | 12/1/32 | 50000 | 49823 |
| Ford Foundation/The | 2.415% | 6/1/50 | 60000 | 38361 |
| Home Depot Inc./The | 1.500% | 9/15/28 | 60000 | 51237 |
| Honda Motor Co. Ltd. | 2.271% | 3/10/25 | 200000 | 189557 |
| Lowe's Cos. Inc. | 1.300% | 4/15/28 | 115000 | 95922 |
| Target Corp. | 4.500% | 9/15/32 | 205000 | 200585 |
| **Total Consumer Discretionary** |  |  |  | **738690** |
| **Consumer Staples — 1.1%** | **Consumer Staples — 1.1%** | **Consumer Staples — 1.1%** | **Consumer Staples — 1.1%** | **Consumer Staples — 1.1%** |
| Archer-Daniels-Midland Co. | 2.900% | 3/1/32 | 125000 | 108073 |
| PepsiCo Inc. | 3.900% | 7/18/32 | 100000 | 94879 |
| PepsiCo Inc. | 3.500% | 3/19/40 | 65000 | 54785 |
| Walmart Inc. | 1.800% | 9/22/31 | 115000 | 94240 |
| **Total Consumer Staples** |  |  |  | **351977** |
| **Financials — 7.3%** | **Financials — 7.3%** | **Financials — 7.3%** | **Financials — 7.3%** | **Financials — 7.3%** |
| Affiliated Managers Group Inc. | 3.300% | 6/15/30 | 65000 | 54050 |
| Bank of America Corp. (effective 9/25/2024, <br>US SOFR + 0.910%) <sup>(a)</sup> | 0.981% | 9/25/25 | 125000 | 115167 |
| Bank of America Corp. (effective 12/06/2024, <br>US SOFR + 0.650%) <sup>(a)</sup> | 1.530% | 12/6/25 | 125000 | 115450 |
| Bank of America Corp. | 4.183% | 11/25/27 | 165000 | 157022 |
| Bank of Montreal (effective 1/10/2032, <br>5 YR CMT + 1.400%) <sup>(a)</sup> | 3.088% | 1/10/37 | 115000 | 87522 |
| BlackRock Inc. | 3.250% | 4/30/29 | 105000 | 97457 |
| Boston Properties LP | 4.500% | 12/1/28 | 155000 | 144255 |
| Citigroup Inc. (effective 10/30/2023, <br>US SOFR + 0.686%) <sup>(a)</sup> | 0.776% | 10/30/24 | 175000 | 167771 |

---

1919 Variable Socially Responsive Balanced Fund 2022 Annual Report<br>7

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Schedule of investments (cont'd)

December 31, 2022

**1919 Variable Socially Responsive Balanced Fund**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br>Date | Face<br>Amount | Face<br>Amount | Value | Value |
| **Financials — continued** | **Financials — continued** | **Financials — continued** | **Financials — continued** | **Financials — continued** | **Financials — continued** | **Financials — continued** |
| Citigroup Inc. | 5.500% | 9/13/25 | $| 110000 | $| 110878 |
| Citigroup Inc. (effective 11/3/2024, <br>US SOFR + 0.528%) <sup>(a)</sup> | 1.281% | 11/3/25 |  | 50000 |  | 46129 |
| Host Hotels & Resorts LP | 3.375% | 12/15/29 |  | 225000 |  | 189079 |
| Intercontinental Exchange Inc. | 3.750% | 12/1/25 |  | 75000 |  | 73122 |
| JPMorgan Chase & Co. (effective 9/16/2023, <br>US SOFR + 0.600%) <sup>(a)</sup> | 0.653% | 9/16/24 |  | 140000 |  | 135073 |
| MetLife Inc. | 4.550% | 3/23/30 |  | 55000 |  | 54444 |
| PNC Financial Services Group Inc. | 2.200% | 11/1/24 |  | 110000 |  | 105230 |
| Prudential Financial Inc. | 1.500% | 3/10/26 |  | 170000 |  | 153210 |
| Royal Bank of Canada | 1.150% | 7/14/26 |  | 125000 |  | 110365 |
| Simon Property Group LP | 3.375% | 12/1/27 |  | 155000 |  | 143809 |
| State Street Corp. (effective 11/1/2029, <br>US SOFR + 1.490%) <sup>(a)</sup> | 3.031% | 11/1/34 |  | 85000 |  | 71890 |
| Toronto-Dominion Bank/The | 1.150% | 6/12/25 |  | 55000 |  | 50221 |
| Truist Financial Corp. (effective 3/2/2026, <br>US SOFR + 0.609%) <sup>(a)</sup> | 1.267% | 3/2/27 |  | 115000 |  | 102093 |
| Wells Fargo & Co. (effective 5/19/2024, <br>US SOFR + 0.510%) <sup>(a)</sup> | 0.805% | 5/19/25 |  | 145000 |  | 135854 |
| **Total Financials** |  |  |  |  |  | **2420091** |
| **Health Care — 2.3%** | **Health Care — 2.3%** | **Health Care — 2.3%** | **Health Care — 2.3%** | **Health Care — 2.3%** | **Health Care — 2.3%** | **Health Care — 2.3%** |
| AbbVie Inc. | 4.400% | 11/6/42 |  | 150000 |  | 131470 |
| Amgen Inc. | 3.000% | 2/22/29 |  | 150000 |  | 133395 |
| Bristol-Myers Squibb Co. | 3.900% | 2/20/28 |  | 105000 |  | 101463 |
| Bristol-Myers Squibb Co. | 3.400% | 7/26/29 |  | 125000 |  | 116445 |
| CVS Health Corp. | 4.780% | 3/25/38 |  | 105000 |  | 96410 |
| Gilead Sciences Inc. | 4.600% | 9/1/35 |  | 100000 |  | 95804 |
| UnitedHealth Group Inc. | 3.500% | 8/15/39 |  | 95000 |  | 78441 |
| **Total Health Care** |  |  |  |  |  | **753428** |
| **Industrials — 0.7%** | **Industrials — 0.7%** | **Industrials — 0.7%** | **Industrials — 0.7%** | **Industrials — 0.7%** | **Industrials — 0.7%** | **Industrials — 0.7%** |
| Johnson Controls International PLC | 1.750% | 9/15/30 |  | 150000 |  | 120575 |
| Xylem Inc./NY | 1.950% | 1/30/28 |  | 115000 |  | 99108 |
| **Total Industrials** |  |  |  |  |  | **219683** |
| **Information Technology — 3.1%** | **Information Technology — 3.1%** | **Information Technology — 3.1%** | **Information Technology — 3.1%** | **Information Technology — 3.1%** | **Information Technology — 3.1%** | **Information Technology — 3.1%** |
| Apple Inc. | 2.850% | 2/23/23 |  | 185000 |  | 184502 |
| Autodesk Inc. | 2.400% | 12/15/31 |  | 175000 |  | 141152 |
| Jabil Inc. | 4.250% | 5/15/27 |  | 125000 |  | 118517 |
| Mastercard Inc. | 1.900% | 3/15/31 |  | 155000 |  | 126770 |
| Microsoft Corp. | 4.200% | 11/3/35 |  | 175000 |  | 171068 |
| QUALCOMM Inc. | 3.450% | 5/20/25 |  | 175000 |  | 170638 |
| Salesforce.com Inc. | 1.500% | 7/15/28 |  | 120000 |  | 102763 |
| **Total Information Technology** |  |  |  |  |  | **1015410** |

---

1919 Variable Socially Responsive Balanced Fund 2022 Annual Report<br>8

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**1919 Variable Socially Responsive Balanced Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br>Date | Face<br>Amount | Value |
| **Materials — 0.3%** | **Materials — 0.3%** | **Materials — 0.3%** | **Materials — 0.3%** | **Materials — 0.3%** |
| Nutrien Ltd. | 4.200% | 4/1/29 | $110000 | $103825 |
| **Total Materials** |  |  |  | **103825** |
| **Real Estate Investment Trusts (REITs) — 0.9%** | **Real Estate Investment Trusts (REITs) — 0.9%** | **Real Estate Investment Trusts (REITs) — 0.9%** | **Real Estate Investment Trusts (REITs) — 0.9%** | **Real Estate Investment Trusts (REITs) — 0.9%** |
| Prologis LP | 2.250% | 4/15/30 | 115000 | 96355 |
| Prologis LP | 1.250% | 10/15/30 | 115000 | 87726 |
| Welltower Inc. | 2.700% | 2/15/27 | 125000 | 112872 |
| **Total Real Estate Investment Trusts (REITs)** |  |  |  | **296953** |
| **Utilities — 2.2%** | **Utilities — 2.2%** | **Utilities — 2.2%** | **Utilities — 2.2%** | **Utilities — 2.2%** |
| Avangrid Inc. | 3.800% | 6/1/29 | 125000 | 114136 |
| DTE Electric Co. | 1.900% | 4/1/28 | 125000 | 109050 |
| DTE Electric Co. | 4.050% | 5/15/48 | 120000 | 100937 |
| Georgia Power Co. | 3.250% | 4/1/26 | 100000 | 94557 |
| MidAmerican Energy Co. | 3.650% | 4/15/29 | 90000 | 84596 |
| NextEra Energy Capital Holdings Inc. | 1.900% | 6/15/28 | 120000 | 102860 |
| Public Service Co. of Colorado | 3.200% | 3/1/50 | 55000 | 39619 |
| Union Electric Co. | 2.625% | 3/15/51 | 115000 | 73567 |
| **Total Utilities** |  |  |  | **719322** |
| **Total Corporate Bonds (Cost — $8,394,238)** |  |  |  | **7609354** |
| **Foreign Government Agency Issues — 1.3%** | **Foreign Government Agency Issues — 1.3%** | **Foreign Government Agency Issues — 1.3%** | **Foreign Government Agency Issues — 1.3%** | **Foreign Government Agency Issues — 1.3%** |
| International Bank for Reconstruction & Development | 0.625% | 4/22/25 | 175000 | 160713 |
| International Bank for Reconstruction & Development | 3.125% | 11/20/25 | 270000 | 261191 |
| **Total Foreign Government Agency Issues <br>(Cost — $444,028)** |  |  |  | **421904** |
| **Mortgage Backed Securities — 0.2%** | **Mortgage Backed Securities — 0.2%** | **Mortgage Backed Securities — 0.2%** | **Mortgage Backed Securities — 0.2%** | **Mortgage Backed Securities — 0.2%** |
| *Federal Home Loan Mortgage Corporation (FHLMC)* | *Federal Home Loan Mortgage Corporation (FHLMC)* | *Federal Home Loan Mortgage Corporation (FHLMC)* | *Federal Home Loan Mortgage Corporation (FHLMC)* | *Federal Home Loan Mortgage Corporation (FHLMC)* |
| Gold Pool C91417 | 3.500% | 1/1/32 | 16039 | 15585 |
| Gold Pool A35826 | 5.000% | 7/1/35 | 9423 | 9457 |
| Gold Pool A49479 | 5.000% | 6/1/36 | 4036 | 4026 |
| Gold Pool A65694 | 6.000% | 9/1/37 | 8544 | 8726 |
| *Federal National Mortgage Association (FNMA)* | *Federal National Mortgage Association (FNMA)* | *Federal National Mortgage Association (FNMA)* | *Federal National Mortgage Association (FNMA)* | *Federal National Mortgage Association (FNMA)* |
| Pool 995262 | 5.500% | 1/1/24 | 507 | 505 |
| Pool 891596 | 5.500% | 6/1/36 | 8826 | 9082 |
| Pool 900936 | 6.500% | 2/1/37 | 2438 | 2502 |
| Pool 946594 | 6.000% | 9/1/37 | 11210 | 11658 |
| **Total Mortgage Backed Securities <br>(Cost — $61,017)** |  |  |  | **61541** |
| **U.S. Government & Agency Obligations — 4.6%** | **U.S. Government & Agency Obligations — 4.6%** | **U.S. Government & Agency Obligations — 4.6%** | **U.S. Government & Agency Obligations — 4.6%** | **U.S. Government & Agency Obligations — 4.6%** |
| Federal Home Loan Mortgage Corp. (FHLMC) | 6.250% | 7/15/32 | 70000 | 81943 |
| Federal National Mortgage Association (FNMA) | 6.250% | 5/15/29 | 110000 | 123553 |
| Federal National Mortgage Association (FNMA) | 6.625% | 11/15/30 | 365000 | 429362 |

---

1919 Variable Socially Responsive Balanced Fund 2022 Annual Report<br>9

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Schedule of investments (cont'd)

December 31, 2022

**1919 Variable Socially Responsive Balanced Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Security | Rate | Maturity<br>Date | Face<br>Amount | Face<br>Amount | Value |
| **U.S. Government & Agency Obligations — continued** | **U.S. Government & Agency Obligations — continued** | **U.S. Government & Agency Obligations — continued** | **U.S. Government & Agency Obligations — continued** | **U.S. Government & Agency Obligations — continued** | **U.S. Government & Agency Obligations — continued** |
| United States Treasury Bill <sup>(b)</sup> | 3.661% | 1/3/23 | $| 125000 | $125000 |
| United States Treasury Bill <sup>(b)</sup> | 3.732% | 1/10/23 |  | 125000 | 124912 |
| United States Treasury Bonds | 3.500% | 2/15/39 |  | 131000 | 123913 |
| United States Treasury Bonds | 4.375% | 11/15/39 |  | 177000 | 185839 |
| United States Treasury Notes | 1.750% | 5/15/23 |  | 135000 | 133589 |
| United States Treasury Notes | 2.500% | 1/31/25 |  | 125000 | 120352 |
| United States Treasury Notes | 4.125% | 11/15/32 |  | 60000 | 61462 |
| **Total U.S. Government & Agency Obligations <br>(Cost — $1,472,660)** |  |  |  |  | **1509925** |
| **Short Term Investment — 3.8%** | **Short Term Investment — 3.8%** | **Short Term Investment — 3.8%** | **Short Term Investment — 3.8%** | **Short Term Investment — 3.8%** | **Short Term Investment — 3.8%** |
| Fidelity Investments Money Market - <br>Government Portfolio — Class I <sup>(c)</sup> | 4.060% |  |  | 1270397 | 1270397 |
| **Total Short Term Investment (Cost — $1,270,397)** |  |  |  |  | **1270397** |
| **Total Investments — 100.0% <br>(Cost — $22,491,215)** |  |  |  |  | **33063453** |
| Other Assets in Excess of Liabilities — 0.0% |  |  |  |  | 7643 |
| **Total Net Assets — 100.0%** |  |  |  |  | $**33071096** |

---

**Notes:**

\* Non-income producing security.

<sup>(a)</sup> Fixed to floating rate. Effective date of change and formula disclosed.

<sup>(b)</sup> Rate disclosed is the yield of the position.

<sup>(c)</sup> The rate is the annualized seven-day yield at period end.

**Abbreviations used in this schedule:**

CMT — Constant Maturity Treasury Rate

LP — Limited Partnership

PLC — Public Limited Company

SOFR — Secured Overnight Financing Rate

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

The Accompanying Notes are an Integral Part of these Financial Statements.

1919 Variable Socially Responsive Balanced Fund 2022 Annual Report<br>10

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Statement of assets and liabilities

December 31, 2022

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments in securities at value (cost $22,491,215) | $33063453 |
| Receivable from Adviser | 9860 |
| Dividends and interest receivable | 86766 |
| Prepaid expenses | 954 |
| ***Total assets*** | ***33161033*** |
| **Liabilities:** | **Liabilities:** |
| Payable for Fund shares repurchased | 1545 |
| Accrued other expenses | 88392 |
| ***Total liabilities*** | ***89937*** |
| **Net Assets** | $**33071096** |
| **Components of Net Assets:** | **Components of Net Assets:** |
| Paid-in capital | $22336809 |
| Total distributable earnings | 10734287 |
| **Net Assets** | $**33071096** |
| **Total Fund:** | **Total Fund:** |
| Net Assets | $33071096 |
| Shares Issued and Outstanding (unlimited shares authorized, no par value) | 1194157 |
| **Net Asset Value, Redemption Price and Offering Price Per Share** | $**27.69** |

---

The Accompanying Notes are an Integral Part of these Financial Statements.

1919 Variable Socially Responsive Balanced Fund 2022 Annual Report<br>11

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Statement of operations

For the Year Ended December 31, 2022

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividend income (Net of foreign tax of $396) | $248813 |
| Interest income | 325495 |
| ***Total Investment Income*** | ***574308*** |
| **Expenses:** | **Expenses:** |
| Advisory fees (Note 3) | 238932 |
| Transfer agent fees and expenses (Note 3) | 96258 |
| Administration and fund accounting fees (Note 3) | 88631 |
| Shareholder reporting fees | 29071 |
| Legal fees | 19064 |
| Audit fees | 17499 |
| Trustees' fees (Note 3) | 14973 |
| Compliance fees (Note 3) | 6071 |
| Insurance fees | 5467 |
| Custody fees (Note 3) | 3211 |
| Miscellaneous fees | 9123 |
| ***Total Expenses*** | ***528300*** |
| Expenses waived by the Adviser (Note 3) | (201146) |
| ***Net Expenses*** | ***327154*** |
| **Net Investment Income** | **247154** |
| **Realized and Unrealized Gain (Loss) on Investments** | **Realized and Unrealized Gain (Loss) on Investments** |
| Net realized gain on investments | 849044 |
| Net change in unrealized appreciation/depreciation on investments | (10396726) |
| **Net Realized and Unrealized Loss on Investments** | **(9547682)** |
| **Net Decrease in Net Assets Resulting from Operations** | $**(9300528)** |

---

The Accompanying Notes are an Integral Part of these Financial Statements.

1919 Variable Socially Responsive Balanced Fund 2022 Annual Report<br>12

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Statements of changes in net assets

---

| | | |
|:---|:---|:---|
| For the Year Ended December 31, | 2022 | 2021 |
| **Increase (Decrease) in Net Assets from:** | **Increase (Decrease) in Net Assets from:** | **Increase (Decrease) in Net Assets from:** |
| **Operations:** | **Operations:** | **Operations:** |
| Net investment income | $247154 | $158154 |
| Net realized gain on investments | 849044 | 4338892 |
| Net change in unrealized appreciation/depreciation on investments | (10396726) | 2975570 |
| ***Net Increase (Decrease) in Net Assets Resulting from Operations*** | ***(9300528***<br>***)*** | ***7472616*** |
| **Distributions to shareholders** | **(1974030)** | **(4299341)** |
| **Capital Transactions:** | **Capital Transactions:** | **Capital Transactions:** |
| Net proceeds from shares sold | 1236052 | 905540 |
| Reinvestment of distributions | 1974030 | 4299341 |
| Cost of shares repurchased | (3909008) | (5508159) |
| ***Net Decrease in Net Assets from Capital Transactions*** | ***(698926***<br>***)*** | ***(303278***<br>***)*** |
| ***Total Increase (Decrease) in Net Assets*** | ***(11973484***<br>***)*** | ***2869997*** |
| **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of year | 45044580 | 42174583 |
| **End of year** | $**33071096** | $**45044580** |
| **Capital Share Transactions:** | **Capital Share Transactions:** | **Capital Share Transactions:** |
| Shares sold | 37934 | 23969 |
| Shares reinvested | 69803 | 118766 |
| Shares repurchased | (124727) | (146076) |
| ***Net Decrease in Shares Outstanding*** | ***(16990***<br>***)*** | ***(3341***<br>***)*** |

---

The Accompanying Notes are an Integral Part of these Financial Statements.

1919 Variable Socially Responsive Balanced Fund 2022 Annual Report<br>13

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Financial highlights

**For a share of beneficial interest outstanding throughout each year ended December 31,**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | 2022 | 2021 | 2020 | 2019 | 2018 |
| **Net asset value, beginning of year** | $37.19 | $34.73 | $30.24 | $25.06 | $27.88 |
| **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** | **Income (loss) from investment operations:** |
| Net investment income<sup>1</sup> | 0.21 | 0.13 | 0.24 | 0.29 | 0.28 |
| Net realized and unrealized gain (loss) on investments | (7.96) | 6.20 | 6.63 | 6.36 | (0.42) |
| ***Total income (loss) from investment <br>operations*** | ***(7.75***<br>***)*** | ***6.33*** | ***6.87*** | ***6.65*** | ***(0.14***<br>***)*** |
| **Less distributions:** | **Less distributions:** | **Less distributions:** | **Less distributions:** | **Less distributions:** | **Less distributions:** |
| From net investment income | (0.22) | (0.14) | (0.25) | (0.28) | (0.30) |
| From net realized gain on investments | (1.53) | (3.73) | (2.13) | (1.19) | (2.38) |
| ***Total distributions*** | ***(1.75***<br>***)*** | ***(3.87***<br>***)*** | ***(2.38***<br>***)*** | ***(1.47***<br>***)*** | ***(2.68***<br>***)*** |
| **Net asset value, end of year** | $27.69 | $37.19 | $34.73 | $30.24 | $25.06 |
| ***Total return<sup>2</sup>*** | ***-20.94***<br>*%*** | ***18.53***<br>*%*** | ***22.93***<br>*%*** | ***26.70***<br>*%*** | ***-0.94***<br>*%*** |
| **Supplemental data and ratios:** | **Supplemental data and ratios:** | **Supplemental data and ratios:** | **Supplemental data and ratios:** | **Supplemental data and ratios:** | **Supplemental data and ratios:** |
| Net assets, end of year (in thousands) | $33071 | $45045 | $42175 | $36994 | $35111 |
| Ratios to average net assets<br>Gross expenses | 1.44% | 1.29% | 1.38% | 1.34% | 1.30% |
| Net expenses<sup>3,4</sup> | 0.89 | 0.89 | 0.89 | 0.89<sup>5</sup> | 0.89 |
| Net investment income | 0.67 | 0.36 | 0.74 | 1.00 | 0.96 |
| **Portfolio turnover rate** | **12%** | **11%** | **22%** | **12%** | **19%** |

---

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

<sup>2</sup> Total returns do not reflect expenses associated with separate accounts such as administrative fees, account charges and surrender charges which, if reflected, would reduce the total return for all periods shown. Past performance is no guarantee of future results.

<sup>3</sup> The Adviser has agreed to limit expenses, other than brokerage, interest, taxes, extraordinary expenses and acquired fund fees and expenses, to no more than 0.89% of the Fund's average net assets. This expense limitation arrangement cannot be terminated prior to April 30, 2024 without the Board of Trustees' consent.

<sup>4</sup> Reflects fee waivers and/or expense reimbursements.

<sup>5</sup> Interest expense was less than 0.01% for the year ended December 31, 2019.

The Accompanying Notes are an Integral Part of these Financial Statements.

1919 Variable Socially Responsive Balanced Fund 2022 Annual Report<br>14

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Notes to financial statements

**Note 1. Organization**

1919 Variable Socially Responsive Balanced Fund (the "Fund") is a diversified series of Trust for Advised Portfolios (the "Trust"). The Trust, a Delaware Statutory Trust, is registered under the Investment Company Act of 1940, as amended (the "1940 Act") as an open-end investment management company.

Shares of the Fund may only be purchased or redeemed through variable annuity contracts and variable life insurance policies offered by the separate accounts of participating insurance companies or through eligible pension or other qualified plans.

The Fund seeks capital appreciation and retention of net investment income.

**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. Actual results may differ from those estimates.

**(a) Securities valuation.** 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.

Long-term fixed income securities are valued using prices provided by an independent pricing service approved by the Board of Trustees. Pricing services may use various valuation methodologies, including matrix pricing and other analytical models as well as market transactions and dealer quotations. Securities for which market quotations are not readily available are valued at their estimated fair value as determined in good faith by 1919 Investment Counsel, LLC (the "Adviser" or "1919") under procedures established by and under the general supervision and responsibility of the Trust's Board of Trustees.

1919 Variable Socially Responsive Balanced Fund 2022 Annual Report<br>15

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Notes to financial statements (cont'd)

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 — quoted prices in active markets for identical investments

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

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

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used in valuing the Fund's assets carried at value:

**ASSETS**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Quoted Prices<br>(Level 1) | Other Significant<br>Observable Inputs<br>(Level 2) | Significant<br>Unobservable<br>Inputs<br>(Level 3) | Total |
| Long-term investments\* | Long-term investments\* | Long-term investments\* | Long-term investments\* | Long-term investments\* |
| Common Stocks | $22187026 | $— | $— | $22187026 |
| Collateralized Mortgage Obligations |  | 3306 |  | 3306 |
| Corporate Bonds |  | 7609354 |  | 7609354 |
| Foreign Government Agency Issues |  | 421904 |  | 421904 |
| Mortgage Backed Securities |  | 61541 |  | 61541 |
| U.S. Government & Agency Obligations |  | 1509925 |  | 1509925 |
| Total long-term investments | $22187026 | $9606030 | $— | $31793056 |
| Short-term investment | $1270397 | $— | $— | $1270397 |
| **Total investments** | $**23457423** | $**9606030** | $**—** | $**33063453** |

---

\* See Schedule of investments for additional detailed categorizations.

**(b) Foreign currency translation.** Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts based upon prevailing exchange rates on the respective dates of such transactions.

The Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from sales of foreign currencies, including gains and losses on forward foreign currency contracts, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded

1919 Variable Socially Responsive Balanced Fund 2022 Annual Report<br>16

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on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, other than investments in securities, on the date of valuation, resulting from changes in exchange rates.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

**(c) Foreign investment risk.** The Fund's investments in foreign securities may involve risks not present in domestic investments. Since securities may be denominated in foreign currencies, may require settlement in foreign currencies or pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Fund. Foreign investments may also subject the Fund to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which affect the market and/or credit risk of the investments.

**(d) Credit and market risk.** Investments in securities that are collateralized by residential real estate mortgages are subject to certain credit and liquidity risks. When market conditions result in an increase in default rates of the underlying mortgages and the foreclosure values of underlying real estate properties are materially below the outstanding amount of these underlying mortgages, collection of the full amount of accrued interest and principal on these investments may be doubtful. Such market conditions may significantly impair the value and liquidity of these investments and may result in a lack of correlation between their credit ratings and values.

**(e) Security transactions and investment income.** Security transactions are accounted for on a trade date basis. Interest income, adjusted for amortization of premium and accretion of discount, is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date. Foreign dividend income is recorded on the ex-dividend date or as soon as practicable after the Fund determines the existence of a dividend declaration after exercising reasonable due diligence. The cost of investments sold is determined by use of the specific identification method. To the extent any issuer defaults or a credit event occurs that impacts the issuer, the Fund may halt any additional interest income accruals and consider the realizability of interest accrued up to the date of default or credit event.

**(f) Distribution 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.

1919 Variable Socially Responsive Balanced Fund 2022 Annual Report<br>17

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Notes to financial statements (cont'd)

**(g) REIT distributions.** The character of distributions received from Real Estate Investment Trusts (''REITs'') held by the Fund is generally comprised of net investment income, capital gains, and return of capital. It is the policy of the Fund to estimate the character of distributions received from underlying REITs based on historical data provided by the REITs. After each calendar year end, REITs report the actual tax character of these distributions. Differences between the estimated and actual amounts reported by the REITs are reflected in the Fund's records in the year in which they are reported by the REITs by adjusting related investment cost basis, capital gains and income, as necessary.

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

Management has analyzed the Fund's tax positions taken on income tax returns for all open tax years (prior three fiscal years) and has concluded that as of December 31, 2022, no provision for income tax is required in the Fund's financial statements. The Fund's federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue. The Fund has no examination in progress and is not aware of any tax position for which it is reasonably possible that the total amount of unrecognized tax benefits will significantly change in the next twelve months.

Under the applicable foreign tax laws, a withholding tax may be imposed on interest, dividends and capital gains at various rates.

**Note 3. Investment management agreement and other transactions with affiliates**

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

---

| | |
|:---|:---|
| Average Daily Net Assets | Annual Rate |
| First $100 million | 0.65% |
| Next $100 million | 0.61 |
| Next $100 million | 0.51 |
| Over $300 million | 0.46 |

---

The Adviser has agreed to waive fees and reimburse operating expenses (other than shareholder servicing fees pursuant to a Shareholder Servicing Plan, any front-end or contingent deferred loads, taxes, leverage interest, brokerage commissions, acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization, portfolio transaction expenses, interest expense and dividends paid on short sales or

1919 Variable Socially Responsive Balanced Fund 2022 Annual Report<br>18

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extraordinary expenses such as litigation) so that total annual operating expenses do not exceed 0.89% (the "expense cap"). This expense limitation arrangement cannot be terminated prior to April 30, 2024, without the Board of Trustees' consent.

The Adviser is permitted to recapture amounts waived or reimbursed to the Fund over a rolling three year period, provided that the total operating expenses of the Fund, including the recoupment, is limited to the lower of: (1) the applicable expense cap at time of waiver and/or reimbursement; or (2) the applicable expense cap at the time of the recapture.

At December 31, 2022, the amounts waived by the Adviser and the eligible recapture periods are as follows:

---

| | |
|:---|:---|
| December 31, |  |
| 2023: | $185711 |
| 2024: | 174580 |
| 2025: | 201146 |
| **Total** | **561437** |

---

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. The officers of the Trust are employees of Fund Services. U.S. Bank, N.A. serves as the Fund's custodian. Quasar Distributors, LLC ("Quasar") acts as the Fund's distributor and principal underwriter. For the year ended December 31, 2022, the Fund incurred the following expenses for administration & fund accounting, transfer agent, compliance and custody fees:

---

| | |
|:---|:---|
| Administration & fund accounting | $88631 |
| Transfer agent\* | $48746 |
| Compliance | $6071 |
| Custody | $3211 |

---

\* Statement of operations includes service fees paid to participating insurance companies.

At December 31, 2022, the Fund had payables for administration & fund accounting, transfer agent, compliance and custody fees in the following amounts:

---

| | |
|:---|:---|
| Administration & fund accounting | $29676 |
| Transfer agent | $13607 |
| Compliance | $2024 |
| Custody | $447 |

---

The above payable amounts are included in Accrued other expenses in the Statement of assets and liabilities.

The Independent Trustees were paid $14,973 for their services and reimbursement of travel expenses during the year ended December 31, 2022. The Fund pays no compensation to the Interested Trustee or officers of the Trust.

1919 Variable Socially Responsive Balanced Fund 2022 Annual Report<br>19

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Notes to financial statements (cont'd)

**Note 4. Investment transactions**

During the year ended December 31, 2022, the aggregate cost of purchases and proceeds from sales of investments (excluding short-term investments) and U.S. Government & Agency Obligations were as follow:

---

| | | |
|:---|:---|:---|
| | Investments | U.S. Government &<br>Agency Obligations |
| Purchases | $3909766 | $189875 |
| Sales | 6036069 | 385767 |

---

**Note 5. Income tax information and distributions to shareholders**

At December 31, 2022, the components of distributable accumulated earnings (deficit) on a tax basis were as follows:

---

| | |
|:---|:---|
| Cost of Investments for tax purposes | $**22491215** |
| Gross tax unrealized appreciation | 11808621 |
| Gross tax unrealized depreciation | (1236383) |
| Net tax unrealized appreciation on investments | **10572238** |
| Undistributed ordinary income | 82741 |
| Undistributed long-term capital gains | 107072 |
| Other accumulated earnings (loss) | (27764) |
| **Total distributable earnings** | $**10734287** |

---

As of December 31, 2022, the Fund has no capital loss carryforward balance.

The tax character of distributions paid during the fiscal years ended December 31, 2022 and December 31, 2021, was as follows:

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| | | |
|:---|:---|:---|
| | Year Ended<br>December 31, 2022 | Year Ended<br>December 31, 2021 |
| **Distribution Paid From:** | **Distribution Paid From:** | **Distribution Paid From:** |
| Ordinary Income | $313451 | $442660 |
| Net Long Term Capital Gains | 1660579 | 3856681 |
| **Total** | $**1974030** | $**4299341** |

---

**Note 6. Subsequent events**

In preparing these financial statements, the Fund has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were available to be issued. The Fund has determined that there were no subsequent events that would need to be disclosed in the Fund's financial statements.

1919 Variable Socially Responsive Balanced Fund 2022 Annual Report<br>20

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Report of independent registered public accounting firm

**To the Board of Trustees of Trust for Advised Portfolios<br>and the Shareholders of 1919 Variable Socially Responsive Balanced Fund**

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of 1919 Variable Socially Responsive Balanced Fund (the ***"Fund"***), including the schedule of investments, as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended and the financial highlights for each of the years in the five-year period then ended, and the related notes (collectively referred to as the ***"financial statements"***). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended and its financial highlights for each of the years in the five-year period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risk of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of

1919 Variable Socially Responsive Balanced Fund 2022 Annual Report<br>21

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Report of independent registered public accounting firm (cont'd)

the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](j2316042_ha008.jpg)

**BBD, LLP**

*We have served as the auditor of one or more of the Funds in the Trust for Advised Portfolios since 2010.*

**Philadelphia, Pennsylvania<br>February 16, 2023**

1919 Variable Socially Responsive Balanced Fund 2022 Annual Report<br>22

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Other information (unaudited)

December 31, 2022

**Quarterly Portfolio Schedule**

The Fund files its complete schedule of portfolio holdings for the first and third quarters of each fiscal year with the SEC as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT reports are available without charge by visiting the SEC's website at <u>www.sec.gov</u> and may be reviewed and copied at the SEC's Public Reference Room in Washington D.C. You may obtain information on the operation of the Public Reference Room by calling (800) SEC-0330.

**Proxy Voting**

You may obtain a description of the Fund's proxy voting policy and voting records, without charge, upon request by contacting the Fund directly at (844) 828-1919 or on the EDGAR Database on the SEC's website at www.sec.gov. The Fund files its proxy voting records annually as of June 30 with the SEC on Form N-PX. The Fund's Form N-PX is available without charge by visiting the SEC's website at www.sec.gov and may be reviewed and copied at the SEC's Public Reference Room in Washington D.C. You may obtain information on the operation of the Public Reference Room by calling (800) SEC-0330.

**Tax Information**

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871 (k)(2)(C) for the period ended December 31, 2022 was 20.51%.

For the year ended December 31, 2022, certain dividends paid by the Fund may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was 72.74%.

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the year ended December 31, 2022, was 64.81%.

**Statement Regarding Liquidity Risk Management Program**

The Fund has adopted a liquidity risk management program (the "program"). The Board has designated a Liquidity Risk Committee ("Committee") of the Adviser to serve as the administrator of the program. The Committee conducts the day-to-day operation of the program pursuant to policies and procedures administered by the Committee.

Under the program, the Committee manages the Fund's liquidity risk, which is the risk that a fund could not meet shareholder redemption requests without significant dilution of remaining shareholders' interests in a fund. This risk is managed by monitoring the degree of liquidity of the Fund's investments, limiting the amount of the Fund's illiquid investments, and utilizing various risk management tools and facilities available to the Fund for

1919 Variable Socially Responsive Balanced Fund 2022 Annual Report<br>23

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Other information (unaudited) (cont'd)

December 31, 2022

meeting shareholder redemptions, among other means. The Committee's process of determining the degree of liquidity of the Fund's investments is supported by one or more third-party liquidity assessment vendors.

The Fund's Board reviewed a report prepared by the Committee regarding the operation and effectiveness of the program for the period January 1, 2022 through December 31, 2022. No significant liquidity events impacting the Fund was noted in the report. In addition, the Committee provided its assessment that the program had been effective in managing the Fund's liquidity risk.

1919 Variable Socially Responsive Balanced Fund 2022 Annual Report<br>24

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Approval of Investment Advisory Agreement (unaudited)<br>1919 Variable Socially Responsive Balanced Fund<br>Annual Report — Period Ended December 31, 2022

At a meeting held on August 25 and 26, 2022, the Board of Trustees (the "Board") of Trust for Advised Portfolios (the "Trust"), including all Trustees who are not "interested persons" of the Trust ("Independent Trustees"), as that term is defined in the Investment Company Act of 1940, considered and approved the continuance of the investment advisory agreement ("Advisory Agreement") with 1919 Investment Counsel, LLC ("Adviser"), for the 1919 Variable Socially Responsive Balanced Fund (the "Fund").

Ahead of the August meeting, the Board received and reviewed substantial information regarding the Fund, the Adviser and the services provided by the Adviser to the Fund under the Advisory Agreement. This information formed the primary (but not exclusive) basis for the Board's determinations. The information prepared specifically for the annual review of the Advisory Agreement supplemented the information provided to the Board and its committees throughout the year. The Board and its committees met regularly during the year and the information provided and topics discussed at such meetings were relevant to the review of the Advisory Agreement. Some of these reports and other data included, among other things, materials that outlined the investment performance of the Fund; compliance, regulatory, and risk management matters; the trading practices of the Adviser; valuation of investments; fund expenses; and overall market and regulatory developments. The Trustees considered the review of the Advisory Agreement to be an ongoing process and employed the accumulated information, knowledge, and experience they had gained during their tenure on the Board governing the Fund and working with the Adviser in their review of the Advisory Agreement. The Independent Trustees were advised by independent legal counsel during the annual review process as well as throughout the year, including meeting in executive sessions with such counsel without representatives from the Adviser present. In connection with their annual review, the Independent Trustees also received a memorandum from independent legal counsel outlining their fiduciary duties and legal standards in reviewing the Advisory Agreement.

In considering the continuance of the Advisory Agreement, the Board considered the following factors and made the following determinations. In its deliberations, the Board did not identify any single factor or piece of information as all important, controlling, or determinative of its decision, and each Trustee may have attributed different weights to the various factors and information.

• In considering the nature, extent and quality of the services provided by the Adviser, the Trustees considered the Adviser's specific responsibilities in all aspects of the day-to-day management of the Fund, as well as the qualifications, experience and responsibilities of the portfolio managers and other key personnel involved in the day-to-day activities of the Fund. The Board also considered the resources and compliance structure of the Adviser, including information regarding its compliance program, chief compliance officer, and compliance record, and its disaster recovery/business continuity plan. The

1919 Variable Socially Responsive Balanced Fund 2022 Annual Report<br>25

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Approval of Investment Advisory Agreement (unaudited) (cont'd)<br>1919 Variable Socially Responsive Balanced Fund<br>Annual Report — Period Ended December 31, 2022

Board also considered the existing relationship between the Adviser and the Trust, as well as the Board's knowledge of the Adviser's operations, and noted that during the course of the year it met with the Adviser to discuss fund performance and investment outlook, as well as various marketing and compliance topics, including the Adviser's risk management process. The Board concluded that the Adviser had sufficient quality and depth of personnel, resources, investment methods and compliance policies and procedures essential to performing its duties under the Advisory Agreement and that, in the Board's view, the nature, overall quality, and extent of the management services provided were and would continue to be satisfactory and reliable.

• In assessing the quality of the portfolio management delivered by the Adviser, the Board reviewed the performance of the Fund on both an absolute basis and in comparison to its peer group and relevant benchmark index. The Board considered that the Fund outperformed relative to its benchmark index for the 3- and 5-year periods and underperformed relative to its benchmark index for the 1- and 10-year periods as of June 30, 2022. The Board also noted that the Fund outperformed relative to its peer group median/average for the 3-, 5-, and 10-year periods and underperformed relative to its peer group median/average for the 1-year period as of June 30, 2022. The Board noted that the Fund had achieved more than ten calendar years of performance results.

• The Trustees also reviewed the cost of the Adviser's services, and the structure and level of the advisory fee payable by the Fund, including a comparison of the fee to fees payable by a peer group of funds. The Board noted that the Adviser had contractually agreed to maintain an annual expense cap for the Fund. The Board noted that the Fund's advisory fee was lower than its peer group median/average and that the Fund's net expense ratio was higher than its peer group median/average, but was well within the peer group range. After reviewing the materials that were provided, the Trustees noted that the fee to be received by the Adviser was within the range of advisory fees charged to comparable funds and concluded that such fee was fair and reasonable.

• The Trustees considered whether, based on the asset size of the Fund, economies of scale had been achieved. The Board considered that, in addition to the Adviser's commitment to maintain its cap on the Fund's expense ratio, the Adviser's advisory fee schedule includes breakpoints, which allow for economies of scale to be shared through reductions in the advisory fee as Fund assets grow.

• The Trustees considered the profitability of the Adviser from managing the Fund. In assessing the Adviser's profitability, the Trustees reviewed the Adviser's financial information that was provided in the materials and took into account both the direct and indirect benefits to the Adviser from managing the Fund. The Trustees concluded that the Adviser's profits from managing the Fund were not excessive and, after a review of the relevant financial information, that the Adviser appeared to have adequate capitalization and/or would maintain adequate profit levels to support the Fund.

1919 Variable Socially Responsive Balanced Fund 2022 Annual Report<br>26

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Trustee and officer information (unaudited)

December 31, 2022

**Independent Trustees<sup>4</sup>:**

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| | |
|:---|:---|
| **Harry E. Resis** | |
| 615 E. Michigan Street |  |
| Milwaukee, WI 53202 |  |
| Year of birth | 1945 |
| Position(s) held with Trust | Trustee |
| Term of office<sup>1</sup> and length of time served | Since 2012 |
| Principal occupation(s) during past 5 years | Private investor. Previously served as Director of US Fixed Income for Henderson Global Investors. |
| Number of portfolios in fund complex<sup>2</sup> overseen by Trustee | 4 |
| Other Directorships<sup>3</sup> held during past 5 years by Trustee |  |
| **Brian S. Ferrie** |  |
| 615 E. Michigan Street |  |
| Milwaukee, WI 53202 |  |
| Year of birth | 1958 |
| Position(s) held with Trust | Trustee |
| Term of office<sup>1</sup> and length of time served | Since 2020 |
| Principal occupation(s) during past 5 years | Chief Compliance Officer, Treasurer, The Jensen Quality Growth Fund (2004 to 2020); Treasurer, Jensen Investment Management (2003 to 2020) |
| Number of portfolios in fund complex<sup>2</sup> overseen by Trustee | 4 |
| Other Directorships<sup>3</sup> held during past 5 years by Trustee |  |
| **Wan-Chong Kung** |  |
| 615 E. Michigan Street |  |
| Milwaukee, WI 53202 |  |
| Year of birth | 1960 |
| Position(s) held with Trust | Trustee |
| Term of office<sup>1</sup> and length of time served | Since 2020 |
| Principal occupation(s) during past 5 years | Senior Fund Manager, Nuveen Asset Management (FAF Advisors/First American Funds) (2011 to 2019) |
| Number of portfolios in fund complex<sup>2</sup> overseen by Trustee | 4 |
| Other Directorships<sup>3</sup> held during past 5 years by Trustee | Federal Home Loan Bank of Des Moines (February 2022 to present); Trustee, Securian Funds Trust (12 portfolios) (October 2022 to present) |

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1919 Variable Socially Responsive Balanced Fund 2022 Annual Report<br>27

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Trustee and officer information (unaudited) (cont'd)

December 31, 2022

**Interested Trustee<sup>5</sup>:**

---

| | |
|:---|:---|
| **Christopher E. Kashmerick** | |
| 615 E. Michigan Street |  |
| Milwaukee, WI 53202 |  |
| Year of birth | 1974 |
| Position(s) held with Trust | Trustee, Chairman |
| Term of office<sup>1</sup> and length of time served | Since 2018 |
| Principal occupation(s) during past 5 years | Senior Vice President, U.S. Bancorp Fund Services, LLC (2011 – present) |
| Number of portfolios in fund complex<sup>2</sup> overseen by Trustee | 4 |
| Other Directorships<sup>3</sup> held during past 5 years by Trustee |  |

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**Officers:**

---

| | |
|:---|:---|
| **Russell B. Simon** | |
| 615 E. Michigan Street |  |
| Milwaukee, WI 53202 |  |
| Year of birth | 1980 |
| Position(s) held with Trust | President and Principal Executive Officer |
| Term of office<sup>1</sup> and length of time served | Since 2022 |
| Principal occupation(s) during past 5 years | Vice President, U.S. Bancorp Fund Services, LLC (2011 – present) |
| **Elizabeth B. Scalf** |  |
| 615 E. Michigan Street |  |
| Milwaukee, WI 53202 |  |
| Year of birth | 1972 |
| Position(s) held with Trust | Interim Chief Compliance Officer and AML Officer |
| Term of office<sup>1</sup> and length of time served | Since November 2022 |
| Principal occupation(s) during past 5 years | Senior Vice President, U.S. Bancorp Fund Services, LLC (since 2017); Vice President and Assistant CCO, Heartland Advisers, Inc. (2016 – 2017); Vice President and CCO, Heartland Group, Inc. (2016) |
| **Eric T. McCormick** |  |
| 615 E. Michigan Street |  |
| Milwaukee, WI 53202 |  |
| Year of birth | 1971 |
| Position(s) held with Trust | Treasurer and Principal Financial Officer |
| Term of office<sup>1</sup> and length of time served | Since 2022 |
| Principal occupation(s) during past 5 years | Vice President, U.S. Bancorp Fund Services, LLC (2005 to present) |

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1919 Variable Socially Responsive Balanced Fund 2022 Annual Report<br>28

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**Officers cont'd**

---

| | |
|:---|:---|
| **Scott A. Resnick** | |
| 615 E. Michigan Street |  |
| Milwaukee, WI 53202 |  |
| Year of birth | 1983 |
| Position(s) held with Trust | Secretary |
| Term of office<sup>1</sup> and length of time served | Since 2019 |
| Principal occupation(s) during past 5 years | Assistant Vice President, U.S. Bancorp Fund Services, LLC (2018 – present); Associate, Legal & Compliance, PIMCO (2012 – 2018) |

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<sup>1</sup> Each Trustee serves an indefinite term; however, under the terms of the Board's retirement policy, a Trustee shall retire at the end of the calendar year in which he or she reaches the age of 75 (this policy does not apply to any Trustee serving at the time the policy was adopted). Each officer serves an indefinite term until the election of a successor.

<sup>2</sup> The Trust is comprised of numerous series managed by unaffiliated investment advisers. The term "Fund Complex" applies only to the Fund. The Fund does not hold itself out as related to any other series within the Trust for purposes of investment and investor services, nor do they share the same investment adviser with any other series.

<sup>3</sup> "Other Directorships Held" includes only directorships of companies required to register or file reports with the SEC under the Securities Exchange Act of 1934, as amended, (that is, "public companies") or other investment companies registered under the 1940 Act.

<sup>4</sup> The Trustees of the Trust who are not "interested persons" of the Trust as defined under the 1940 Act ("Independent Trustees").

<sup>5</sup> Mr. Kashmerick is an "interested person" of the Trust as defined by the 1940 Act. Mr. Kashmerick is an interested Trustee of the Trust by virtue of the fact that he is an interested person of U.S. Bancorp Fund Services, LLC, the Fund's administrator, fund accountant, and transfer agent.

The Fund's Statement of Additional Information ("SAI") includes information about the Fund's Trustees and is available without charge, upon request, by calling 1-844-828-1919.

1919 Variable Socially Responsive Balanced Fund 2022 Annual Report<br>29

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Privacy notice

The 1919 Funds collect non-public information about you from the following sources:

Information we receive about you on applications or other forms;<br>Information you give us orally; and/or<br>Information about your transactions with us or others

We do not disclose any non-public personal information about our customers or former customers without the customer's authorization, except as permitted by law or in response to inquiries from governmental authorities. We may share information with affiliated and unaffiliated third parties with whom we have contracts for servicing a Fund. We will provide unaffiliated third parties with only the information necessary to carry out their assigned responsibilities. We maintain physical, electronic and procedural safeguards to guard your personal information and require third parties to treat your personal information with the same high degree of confidentiality.

In the event that you hold shares of a Fund through a financial intermediary, including, but not limited to, a broker-dealer, bank, or trust company, the privacy policy of your financial intermediary would govern how your non-public personal information would be shared with unaffiliated third parties.

1919 Variable Socially Responsive Balanced Fund 2022 Annual Report<br>30

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1919<br>Variable Socially Responsive Balanced Fund

**Investment adviser**

1919 Investment Counsel, LLC<br>One South Street, Suite 2500<br>Baltimore, MD 21202

**Distributor**

Quasar Distributors, LLC<br>111 East Kilbourn Ave.<br>Suite 2200<br>Milwaukee, Wisconsin 53202

**Custodian**

U.S. Bank National Association<br>Custody Operations<br>1555 North River Center Drive, Suite 302<br>Milwaukee, Wisconsin 53212

**Transfer agent, fund accountant and fund administrator**

U.S. Bancorp Fund Services, LLC<br>615 East Michigan Street<br>Milwaukee, Wisconsin 53202

**Independent registered public accounting firm**

BBD, LLP<br>1835 Market Street, 3<sup>rd</sup> Floor<br>Philadelphia, PA 19103

**Legal counsel**

Morgan, Lewis & Bockius LLP<br>1111 Pennsylvania Ave. NW<br>Washington, DC 20004

*This report has been prepared for shareholders and may be distributed to others only if preceded or accompanied by a current prospectus.*

------

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable for this Registrant.

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

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

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

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

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

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

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

**1919 Financial Services Fund**

---

| | | |
|:---|:---|:---|
|  | FYE 12/31/2022 | FYE 12/31/2021 |
| Audit Fees | $12650 | $12400 |
| Audit-Related Fees | N/A | N/A |
| Tax Fees | $3100 | $3100 |
| All Other Fees | N/A | N/A |

---

**1919 Maryland Tax-Free Income Fund**

---

| | | |
|:---|:---|:---|
|  | FYE 12/31/2022 | FYE 12/31/2021 |
| Audit Fees | $17850 | $17500 |
| Audit-Related Fees | N/A | N/A |
| Tax Fees | $3100 | $3100 |
| All Other Fees | N/A | N/A |

---

**1919 Socially Responsive Balanced Fund** 

---

| | | |
|:---|:---|:---|
|  | FYE 12/31/2022 | FYE 12/31/2021 |
| Audit Fees | $14700 | $14400 |
| Audit-Related Fees | N/A | N/A |
| Tax Fees | $3100 | $3100 |
| All Other Fees | N/A | N/A |

---

**1919 Variable Socially Responsive Balanced Fund** 

---

| | | |
|:---|:---|:---|
|  | FYE 12/31/2022 | FYE 12/31/2021 |
| Audit Fees | $14700 | $14400 |
| Audit-Related Fees | N/A | N/A |
| Tax Fees | $3100 | $3100 |
| All Other Fees | N/A | N/A |

---

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

(e)(2) The percentage of fees billed by the principal accountant applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

**1919 Financial Services Fund**

---

| | | |
|:---|:---|:---|
|  | FYE 12/31/2022 | FYE 12/31/2021 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

**1919 Maryland Tax-Free Income Fund**

---

| | | |
|:---|:---|:---|
|  | FYE 12/31/2022 | FYE 12/31/2021 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

**1919 Socially Responsive Balanced Fund**

---

| | | |
|:---|:---|:---|
|  | FYE 12/31/2022 | FYE 12/31/2021 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

**1919 Variable Socially Responsive Balanced Fund**

---

| | | |
|:---|:---|:---|
|  | FYE 12/31/2022 | FYE 12/31/2021 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

(f) All of the principal accountant's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal accountant.

(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.

**1919 Financial Services Fund**

---

| | | |
|:---|:---|:---|
| Non-Audit Related Fees | FYE 12/31/2022 | FYE 12/31/2021 |
| Registrant | $3100 | $3100 |
| Registrant's Investment Adviser | N/A | N/A |

---

**1919 Maryland Tax-Free Income Fund**

---

| | | |
|:---|:---|:---|
| Non-Audit Related Fees | FYE 12/31/2022 | FYE 12/31/2021 |
| Registrant | $3100 | $3100 |
| Registrant's Investment Adviser | N/A | N/A |

---

**1919 Socially Responsive Balanced Fund**

---

| | | |
|:---|:---|:---|
| Non-Audit Related Fees | FYE 12/31/2022 | FYE 12/31/2021 |
| Registrant | $3100 | $3100 |
| Registrant's Investment Adviser | N/A | N/A |

---

**1919 Variable Socially Responsive Balanced Fund**

---

| | | |
|:---|:---|:---|
| Non-Audit Related Fees | FYE 12/31/2022 | FYE 12/31/2021 |
| Registrant | $3100 | $3100 |
| Registrant's Investment Adviser | N/A | N/A |

---

(h) The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

(i) Not applicable

(j) Not applicable

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

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

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

(a) Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

(b) Not Applicable

**<u>Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 8. Portfolio Managers of Closed-End Management Investment Companies.</u>**

 

Not applicable to open-end investment companies.

**<u>Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 10. 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 11. Controls and Procedures.</u>**

(a) The Registrant's President and Treasurer 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.

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

Not applicable to open-end investment companies.

**<u>Item 13. Exhibits.</u>**

[*(a)*](tm231604d1_ex99-codeeth.htm) [(1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Filed herewith.](tm231604d1_ex99-codeeth.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(2) *A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* Filed herewith.](tm231604d1_ex99-cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) *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;(4) *Change in the registrant's independent public accountant.* There was no change in the registrant's independent public accountant for the period covered by this report.

 

[*(b)*](tm231604d1_ex99-906cert.htm) [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](tm231604d1_ex99-906cert.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.

(Registrant) Trust for Advised Portfolios

---

| | |
|:---|:---|
| By | */s/ Russell B. Simon* |
|  | *Russell B. Simon*, President |
| Date | 3/6/2023 |

---

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 |
| Date | 3/6/2023 |
| By | */s/ Eric T. McCormick* |
|  | *Eric T. McCormick*, Treasurer |
| Date | 3/6/2023 |

---

## Ex-99.Codeeth

Exhibit 99.CODEETH

**TRUST FOR ADVISED PORTFOLIOS**

**Code of Ethics** 

**For Principal Executive Officer & Principal Financial Officer**

This Code of Ethics is designed to comply with Section 406 of the Sarbanes-Oxley Act of 2002 and the rules promulgated by the Securities and Exchange Commission (the "SEC") thereunder. This Code of Ethics is in addition to, not in replacement of, the Trust for Advised Portfolios (the "Trust") Code of Ethics for access persons (the "Investment Company Code of Ethics"), adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940, as amended (the "Investment Company Act"). The persons covered by this Code of Ethics may also be subject to the Investment Company Code of Ethics.

The Trust requires its Principal Executive Officer, Principal Financial Officer, or other Trust officers performing similar functions (the "Principal Officers"), to maintain the highest ethical and legal standards while performing their duties and responsibilities to the Trust and each of its series (each a "Fund," collectively the "Funds"), with particular emphasis on those duties that relate to the preparation and reporting of the financial information of the Funds. The following principles and responsibilities shall govern the professional conduct of the Principal Officers:

1. HONEST AND ETHICAL CONDUCT.

The Principal Officers shall act with honesty and integrity, avoiding actual or apparent conflicts of interest in personal and professional relationships, and shall report any material transaction or relationship that reasonably could be expected to give rise to such conflict between their interests and those of a Fund to the Audit Committee, the full Board of Trustees of the Trust, and, in addition, to any other appropriate person or entity that may reasonably be expected to deal with any conflict of interest in timely and expeditious manner.

The Principal Officers shall act in good faith, responsibly, with due care, competence and diligence, without misrepresenting material facts or allowing their independent judgment to be subordinated or compromised.

2. FINANCIAL RECORDS AND REPORTING

The Principal Officers shall provide full, fair, accurate, timely and understandable disclosure in the reports and/or other documents to be filed with or submitted to the SEC or other applicable body by a Fund, or that is otherwise publicly disclosed or communicated. The Principal Officers shall comply with applicable rules and regulations of federal, state, and local governments, and other appropriate private and public regulatory agencies.

The Principal Officers shall respect the confidentiality of information acquired in the course of their work and shall not disclose such information except when authorized or legally obligated to disclose. The Principal Officers will not use confidential information acquired in the course of their duties as Principal Officers.

The Principal Officers shall share knowledge and maintain skills important and relevant to the Trust's needs; shall proactively promote ethical behavior of the Trust's employees and as a partner with industry peers and associates; and shall maintain control over and responsibly manage assets and resources employed or entrusted to them by the Trust.

3. COMPLIANCE WITH LAWS, RULES AND REGULATIONS

The Principal Officers shall establish and maintain mechanisms to oversee the compliance of the Funds with applicable federal, state or local law, regulation or administrative rule, and to identify, report and correct in a swift and certain manner, any detected deviations from applicable federal, state or local law regulation or rule.

4. COMPLIANCE WITH THIS CODE OF ETHICS

The Principal Officers shall promptly report any violations of this Code of Ethics to the Audit Committee as well as the full Board of Trustees of the Trust and shall be held accountable for strict adherence to this Code of Ethics. A proven failure to uphold the standards stated herein shall be grounds for such sanctions as shall be reasonably imposed by the Board of Trustees of the Trust.

5. AMENDMENT AND WAIVER

This Code of Ethics may only be amended or modified by approval of the Board of Trustees. Any substantive amendment that is not technical or administrative in nature or any material waiver, implicit or otherwise, of any provision of this Code of Ethics, shall be communicated publicly in accordance with Item 2 of Form N-CSR under the Investment Company Act.

**Adopted by the Board of Trustees on February 14, 2014**

## Ex-99.Cert

Exhibit 99.CERT

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

I, Russell B. Simon, certify that:

1. I have reviewed this report on Form N-CSR of Trust for Advised Portfolios;

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;

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;

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;(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;(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;(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;(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

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: | 3/6/2023 | /s/ Russell B. Simon |
|  |  | Russell B. Simon, President |

---

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

I, Eric T McCormick, certify that:

1. I have reviewed this report on Form N-CSR of Trust for Advised Portfolios;

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;

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;

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;(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;(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;(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;(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

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: | 3/6/2023 | /s/ Eric T. McCormick |
|  |  | Eric T. McCormick, Treasurer |

---

## Exhibit 99.906

Exhibit 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 Trust for Advised Portfolios, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Trust for Advised Portfolios, for the year ended December 31, 2022 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 Trust for Advised Portfolios for the stated period.

---

| | | | |
|:---|:---|:---|:---|
| /s/ Russell B. Simon | /s/ Russell B. Simon | /s/ Eric T. McCormick | /s/ Eric T. McCormick |
| Russell B. Simon <br> President, Trust for Advised Portfolios | Russell B. Simon <br> President, Trust for Advised Portfolios | Eric T. McCormick <br> Treasurer, Trust for Advised Portfolios | Eric T. McCormick <br> Treasurer, Trust for Advised Portfolios |
| Dated: | 3/6/2023 | Dated: | 3/6/2023 |

---

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 Trust for Advised Portfolios for purposes of Section 18 of the Securities Exchange Act of 1934.