# EDGAR Filing Document

**Accession Number:** 0001970751
**File Stem:** 0001133228-25-009613
**Filing Date:** 2025-9
**Character Count:** 127308
**Document Hash:** fcdcfd758c12561a00c7ca61e503e413
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-009613.hdr.sgml**: 20250908

**ACCESSION NUMBER**: 0001133228-25-009613

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 26

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250908

**DATE AS OF CHANGE**: 20250908

**EFFECTIVENESS DATE**: 20250908

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Advisor Managed Portfolios
- **CENTRAL INDEX KEY:** 0001970751

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23859
- **FILM NUMBER:** 251300802

**BUSINESS ADDRESS:**
- **STREET 1:** 615 EAST MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** (626) 914-7385

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

## Series and Classes Contracts Data

### 1919 Financial Services Fund (Series ID: S000082984)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000246443 | Class C      | SFSLX           |
| C000246445 | Class I      | LMRIX           |
| C000246446 | Class A      | SBFAX           |

### 1919 Socially Responsive Balanced Fund (Series ID: S000082985)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000246448 | Class I      | LMRNX           |
| C000246450 | Class A      | SSIAX           |
| C000246451 | Class C      | SESLX           |

?xml version='1.0' encoding='ASCII'? 2025-07-01191901_1919FinancialServicesFund_ClassA_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Advisor Managed Portfolios</u>**

(Exact name of registrant as specified in charter)

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

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

(Address of principal executive offices) (Zip code)

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

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

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

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

(Name and address of agent for service)

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

Registrant's telephone number, including area code

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

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

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

(a) ---

| | | |
|:---|:---|:---|
| ![image](img99104_202412301733560.jpg) | **1919 Financial Services Fund**  | ![image](img101999_202501131757655.jpg) |
| ![image](img99104_202412301733560.jpg) | Class A \| SBFAX  | ![image](img101999_202501131757655.jpg) |
| ![image](img99104_202412301733560.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img101999_202501131757655.jpg) |

---

This semi-annual shareholder report contains important information about the 1919 Financial Services Fund for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://1919funds.com/financial-services-fund.php. You can also request this information by contacting us at (844) 828-1919.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment<sup>1</sup>**  |
| Class A | $74 | 1.46% |

---

1 Annualized

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

---

| | |
|:---|:---|
| **Net Assets** | $122128034 |
| **Number of Holdings** | 41 |
| **Net Advisory Fee** | $477095 |
| **Portfolio Turnover** | 8% |

---

Visit https://1919funds.com/financial-services-fund.php for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Financials  | 93.1% |
|  Industrials  | 2.6% |
|  Real Estate  | 1.8% |
|  Information Technology | 1.7% |
|  Cash & Other  | 0.8% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  JPMorgan Chase & Co.  | 9.2% |
|  Chubb Limited  | 5.9% |
|  Visa Inc. Shares  | 5.5% |
|  Coastal Financial Corp./WA  | 4.8% |
|  Intercontinental Exchange Inc.  | 4.7% |
|  Bank of America Corp.  | 4.4% |
|  Berkshire Hathaway, Inc.  | 4.2% |
|  Ameriprise Financial Inc.  | 4.0% |
|  Brown & Brown Inc.  | 3.7% |
|  Fiserv Inc.  | 3.2% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://1919funds.com/financial-services-fund.php.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your 1919 Investment Counsel, LLC documents not be householded, please contact 1919 Investment Counsel, LLC at (844) 828-1919, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by 1919 Investment Counsel, LLC or your financial intermediary.

1919 Financial Services Fund PAGE 1 TSR-SAR-00777X850

------

---

| | | |
|:---|:---|:---|
| ![image](img99104_202412301733560.jpg) | **1919 Financial Services Fund**  | ![image](img101999_202501131757655.jpg) |
| ![image](img99104_202412301733560.jpg) | Class C \| SFSLX  | ![image](img101999_202501131757655.jpg) |
| ![image](img99104_202412301733560.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img101999_202501131757655.jpg) |

---

This semi-annual shareholder report contains important information about the 1919 Financial Services Fund for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://1919funds.com/financial-services-fund.php. You can also request this information by contacting us at (844) 828-1919.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment<sup>1</sup>**  |
| Class C | $110 | 2.19% |

---

1 Annualized

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

---

| | |
|:---|:---|
| **Net Assets** | $122128034 |
| **Number of Holdings** | 41 |
| **Net Advisory Fee** | $477095 |
| **Portfolio Turnover** | 8% |

---

Visit https://1919funds.com/financial-services-fund.php for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Financials  | 93.1% |
|  Industrials  | 2.6% |
|  Real Estate  | 1.8% |
|  Information Technology | 1.7% |
|  Cash & Other  | 0.8% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  JPMorgan Chase & Co.  | 9.2% |
|  Chubb Limited  | 5.9% |
|  Visa Inc. Shares  | 5.5% |
|  Coastal Financial Corp./WA  | 4.8% |
|  Intercontinental Exchange Inc.  | 4.7% |
|  Bank of America Corp.  | 4.4% |
|  Berkshire Hathaway, Inc.  | 4.2% |
|  Ameriprise Financial Inc.  | 4.0% |
|  Brown & Brown Inc.  | 3.7% |
|  Fiserv Inc.  | 3.2% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://1919funds.com/financial-services-fund.php.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your 1919 Investment Counsel, LLC documents not be householded, please contact 1919 Investment Counsel, LLC at (844) 828-1919, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by 1919 Investment Counsel, LLC or your financial intermediary.

1919 Financial Services Fund PAGE 1 TSR-SAR-00777X843

------

---

| | | |
|:---|:---|:---|
| ![image](img99104_202412301733560.jpg) | **1919 Financial Services Fund**  | ![image](img101999_202501131757655.jpg) |
| ![image](img99104_202412301733560.jpg) | Class I \| LMRIX  | ![image](img101999_202501131757655.jpg) |
| ![image](img99104_202412301733560.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img101999_202501131757655.jpg) |

---

This semi-annual shareholder report contains important information about the 1919 Financial Services Fund for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://1919funds.com/financial-services-fund.php. You can also request this information by contacting us at (844) 828-1919.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment<sup>1</sup>**  |
| Class I | $62 | 1.22% |

---

1 Annualized

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

---

| | |
|:---|:---|
| **Net Assets** | $122128034 |
| **Number of Holdings** | 41 |
| **Net Advisory Fee** | $477095 |
| **Portfolio Turnover** | 8% |

---

Visit https://1919funds.com/financial-services-fund.php for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Financials  | 93.1% |
|  Industrials  | 2.6% |
|  Real Estate  | 1.8% |
|  Information Technology | 1.7% |
|  Cash & Other  | 0.8% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  JPMorgan Chase & Co.  | 9.2% |
|  Chubb Limited  | 5.9% |
|  Visa Inc. Shares  | 5.5% |
|  Coastal Financial Corp./WA  | 4.8% |
|  Intercontinental Exchange Inc.  | 4.7% |
|  Bank of America Corp.  | 4.4% |
|  Berkshire Hathaway, Inc.  | 4.2% |
|  Ameriprise Financial Inc.  | 4.0% |
|  Brown & Brown Inc.  | 3.7% |
|  Fiserv Inc.  | 3.2% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://1919funds.com/financial-services-fund.php.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your 1919 Investment Counsel, LLC documents not be householded, please contact 1919 Investment Counsel, LLC at (844) 828-1919, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by 1919 Investment Counsel, LLC or your financial intermediary.

1919 Financial Services Fund PAGE 1 TSR-SAR-00777X819

------

---

| | | |
|:---|:---|:---|
| ![image](img90493_202412301731751.jpg) | **1919 Socially Responsive Balanced Fund**  | ![image](img101999_202501131757655.jpg) |
| ![image](img90493_202412301731751.jpg) | Class A \| SSIAX  | ![image](img101999_202501131757655.jpg) |
| ![image](img90493_202412301731751.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img101999_202501131757655.jpg) |

---

This semi-annual shareholder report contains important information about the 1919 Socially Responsive Balanced Fund for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://1919funds.com. You can also request this information by contacting us at (844) 828-1919.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment<sup>1</sup>**  |
| Class A | $49 | 0.97% |

---

1 Annualized

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

---

| | |
|:---|:---|
| **Net Assets** | $909600497 |
| **Number of Holdings** | 215 |
| **Net Advisory Fee** | $2190042 |
| **Portfolio Turnover** | 5% |

---

Visit https://1919funds.com for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Common Stocks  | 67.7% |
|  Corporate Bonds  | 18.2% |
|  U.S. Treasury Securities  | 7.5% |
|  Short-Term Investments  | 2.8% |
|  U.S. Government Agency Issues  | 1.8% |
|  U.S. Treasury Bills  | 0.9% |
|  Collateralized Mortgage Obligations  | 0.6% |
|  Mortgage-Backed Securities  | 0.2% |
|  Foreign Government Agency Issues  | 0.1% |
|  Cash & Other  | 0.2% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  NVIDIA Corp.  | 5.4% |
|  United States Treasury Notes  | 5.4% |
|  Microsoft Corp.  | 4.9% |
|  Apple Inc.  | 3.4% |
|  Netflix Inc.  | 3.2% |
|  Amazon.com Inc.  | 3.2% |
|  Alphabet Inc.  | 3.1% |
|  Broadcom Inc.  | 2.8% |
|  Fidelity Investments Money Market - Government Portfolio  | 2.8% |
|  Eli Lilly & Co.  | 2.2% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://1919funds.com.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your 1919 Investment Counsel, LLC documents not be householded, please contact 1919 Investment Counsel, LLC at (844) 828-1919, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by 1919 Investment Counsel, LLC or your financial intermediary.

1919 Socially Responsive Balanced Fund PAGE 1 TSR-SAR-00777X769

------

---

| | | |
|:---|:---|:---|
| ![image](img90493_202412301731751.jpg) | **1919 Socially Responsive Balanced Fund**  | ![image](img101999_202501131757655.jpg) |
| ![image](img90493_202412301731751.jpg) | Class C \| SESLX  | ![image](img101999_202501131757655.jpg) |
| ![image](img90493_202412301731751.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img101999_202501131757655.jpg) |

---

This semi-annual shareholder report contains important information about the 1919 Socially Responsive Balanced Fund for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://1919funds.com. You can also request this information by contacting us at (844) 828-1919.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment<sup>1</sup>**  |
| Class C | $86 | 1.70% |

---

1 Annualized

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

---

| | |
|:---|:---|
| **Net Assets** | $909600497 |
| **Number of Holdings** | 215 |
| **Net Advisory Fee** | $2190042 |
| **Portfolio Turnover** | 5% |

---

Visit https://1919funds.com for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Common Stocks  | 67.7% |
|  Corporate Bonds  | 18.2% |
|  U.S. Treasury Securities  | 7.5% |
|  Short-Term Investments  | 2.8% |
|  U.S. Government Agency Issues  | 1.8% |
|  U.S. Treasury Bills  | 0.9% |
|  Collateralized Mortgage Obligations  | 0.6% |
|  Mortgage-Backed Securities  | 0.2% |
|  Foreign Government Agency Issues  | 0.1% |
|  Cash & Other  | 0.2% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  NVIDIA Corp.  | 5.4% |
|  United States Treasury Notes  | 5.4% |
|  Microsoft Corp.  | 4.9% |
|  Apple Inc.  | 3.4% |
|  Netflix Inc.  | 3.2% |
|  Amazon.com Inc.  | 3.2% |
|  Alphabet Inc.  | 3.1% |
|  Broadcom Inc.  | 2.8% |
|  Fidelity Investments Money Market - Government Portfolio  | 2.8% |
|  Eli Lilly & Co.  | 2.2% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://1919funds.com.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your 1919 Investment Counsel, LLC documents not be householded, please contact 1919 Investment Counsel, LLC at (844) 828-1919, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by 1919 Investment Counsel, LLC or your financial intermediary.

1919 Socially Responsive Balanced Fund PAGE 1 TSR-SAR-00777X751

------

---

| | | |
|:---|:---|:---|
| ![image](img90493_202412301731751.jpg) | **1919 Socially Responsive Balanced Fund**  | ![image](img101999_202501131757655.jpg) |
| ![image](img90493_202412301731751.jpg) | Class I \| LMRNX  | ![image](img101999_202501131757655.jpg) |
| ![image](img90493_202412301731751.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img101999_202501131757655.jpg) |

---

This semi-annual shareholder report contains important information about the 1919 Socially Responsive Balanced Fund for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://1919funds.com. You can also request this information by contacting us at (844) 828-1919.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment<sup>1</sup>**  |
| Class I | $36 | 0.70% |

---

1 Annualized

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

---

| | |
|:---|:---|
| **Net Assets** | $909600497 |
| **Number of Holdings** | 215 |
| **Net Advisory Fee** | $2190042 |
| **Portfolio Turnover** | 5% |

---

Visit https://1919funds.com for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Common Stocks  | 67.7% |
|  Corporate Bonds  | 18.2% |
|  U.S. Treasury Securities  | 7.5% |
|  Short-Term Investments  | 2.8% |
|  U.S. Government Agency Issues  | 1.8% |
|  U.S. Treasury Bills  | 0.9% |
|  Collateralized Mortgage Obligations  | 0.6% |
|  Mortgage-Backed Securities  | 0.2% |
|  Foreign Government Agency Issues  | 0.1% |
|  Cash & Other  | 0.2% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  NVIDIA Corp.  | 5.4% |
|  United States Treasury Notes  | 5.4% |
|  Microsoft Corp.  | 4.9% |
|  Apple Inc.  | 3.4% |
|  Netflix Inc.  | 3.2% |
|  Amazon.com Inc.  | 3.2% |
|  Alphabet Inc.  | 3.1% |
|  Broadcom Inc.  | 2.8% |
|  Fidelity Investments Money Market - Government Portfolio  | 2.8% |
|  Eli Lilly & Co.  | 2.2% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://1919funds.com.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your 1919 Investment Counsel, LLC documents not be householded, please contact 1919 Investment Counsel, LLC at (844) 828-1919, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by 1919 Investment Counsel, LLC or your financial intermediary.

1919 Socially Responsive Balanced Fund PAGE 1 TSR-SAR-00777X744

------

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

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

Not applicable 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>**

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

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

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

(a) ![](ic1919-logo.jpg)

**1919 Financial Services Fund** 

**1919 Socially Responsive Balanced Fund** 

Semi-Annual Financial Statements

June 30, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Schedule of Investments](#sai_90)<br>|  |
| &nbsp;&nbsp;&nbsp; [1919 Financial Services Fund](#soi1) | [1](#soi1) |
| &nbsp;&nbsp;&nbsp; [1919 Socially Responsive Balanced Fund](#soi2) | [2](#soi2) |
| [Statements of Assets and Liabilities](#sal) | [7](#sal) |
| [Statements of Operations](#sop) | [9](#sop) |
| [Statements of Changes in Net Assets](#scna) | [10](#scna) |
| [Financial Highlights](#fihi) | [11](#fihi) |
| [Notes to Financial Statements](#notes) | [17](#notes) |
| [Additional Information](#ai1) | [26](#ai1) |

---

------

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

**1919 Financial Services Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.2%** <br>|  |  |
| **Capital Markets - 7.4%** <br>|  |  |
| Ameriprise Financial Inc. | 9235 | $4928997  |
| CME Group Inc. | 6300 | 1736406  |
| S&P Global Inc. | 4400 | 2320076  |
|  |  | 8985479  |
| **Commercial Banks - 42.6%<sup>(a)</sup>** <br>|  |  |
| Amalgamated Financial Corp. | 18500 | 577200  |
| Bancorp Inc.<sup>(a)</sup> | 13370 | 761689  |
| Bank of America Corp. | 113700 | 5380284  |
| Banner Corp. | 49670 | 3186330  |
| Coastal Financial Corp./WA<sup>(a)</sup> | 60200 | 5831574  |
| Columbia Banking System Inc. | 16474 | 385162  |
| Community Bank System Inc. | 24800 | 1410376  |
| Fifth Third Bancorp | 88300 | 3631779  |
| JPMorgan Chase & Co. | 38939 | 11288805  |
| M&T Bank Corp. | 14400 | 2793456  |
| PNC Financial Services Group Inc. | 16737 | 3120112  |
| QCR Holdings Inc. | 56007 | 3802875  |
| SmartFinancial Inc. | 55343 | 1869487  |
| South State Corp. | 24075 | 2215622  |
| Stock Yards Bancorp Inc. | 45473 | 3591458  |
| Webster Financial Corp. | 40535 | 2213211  |
|  |  | 52059420  |
| **Diversified Financial Services - 7.1%** <br>|  |  |
| Charles Schwab Corp/The | 32596 | 2974059  |
| Intercontinental Exchange Inc. | 31365 | 5754537  |
|  |  | 8728596  |
| **Insurance - 23.4%**<br>|  |  |
| Arch Capital Group Ltd. | 13520 | 1230996  |
| Berkshire Hathaway Inc.<sup>(a)</sup> | 10500 | 5100585  |
| Brown & Brown Inc. | 40501 | 4490346  |
| Chubb Limited | 24948 | 7227935  |
| First American Financial Corp. | 11000 | 675290  |
| Globe Life Inc. | 12172 | 1512858  |
| Hanover Insurance Group Inc. | 12283 | 2086513  |
| Marsh & McLennan Cos Inc. | 11708 | 2559837  |
| Progressive Corp. | 2500 | 667150  |
| Reinsurance Group of America Inc. | 10779 | 2138122  |
| RLI Corp. | 12720 | 918638  |
|  |  | 28608270  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **IT Services - 14.3%**<br>|  |  |
|  Fidelity National Information Services Inc. | 34752 | $2829160  |
| Fiserv Inc.<sup>(a)</sup> | 22630 | 3901638  |
| Global Payments Inc. | 24000 | 1920960  |
| I3 Verticals Inc. Shares - Class A<sup>(a)</sup> | 75980 | 2087931  |
| Visa Inc. Shares - Class A | 19000 | 6745950  |
|  |  | 17485639  |
| **Professional Services - 2.6%**<br>|  |  |
| Verisk Analytics Inc. | 10000 | 3115000  |
| **Real Estate Investment Trusts (REITs) - 1.8%** | **Real Estate Investment Trusts (REITs) - 1.8%** |  |
| Simon Property Group LP | 5700 | 916332  |
| Terreno Realty Corp. | 22183 | 1243801  |
|  |  | 2160133  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $48,984,718)** |  | 121142537  |
| **SHORT-TERM INVESTMENTS - 1.1%** | **SHORT-TERM INVESTMENTS - 1.1%** |  |
|  Fidelity Investments Money Market - Government Portfolio - Class I, 4.23%<sup>(b)</sup> | 1354393 | 1354393  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $1,354,393)** |  | 1354393  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.3%** <br>**(Cost $50,339,111)** |  | $122496930  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of <br>Liabilities - (0.3)% |  | (368896)  |
| **TOTAL NET ASSETS - 100.0%** |  | $122128034 |

---

Percentages are stated as a percent of net assets.

LP - Limited Partnership

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

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

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

1<br>

------

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

**1919 Socially Responsive Balanced Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares**  | **Value**  |
| **COMMON STOCKS - 67.7%**<br>|  |  |
| **Capital Markets - 1.1%** <br>|  |  |
| S&P Global Inc. | 19490 | $10276882  |
| **Communication Services - 6.1%**<br>|  |  |
| Alphabet Inc. - Class A | 149253 | 26302856  |
| Netflix Inc.<sup>(a)</sup> | 21820 | 29219817  |
|  |  | 55522673  |
| **Consumer Discretionary - 6.2%**<br>|  |  |
| Amazon.com Inc.<sup>(a)</sup> | 127476 | 27966960  |
| Chipotle Mexican Grill Inc.<sup>(a)</sup> | 166295 | 9337464  |
| Home Depot Inc/The | 26692 | 9786355  |
| TJX Cos Inc. | 72082 | 8901406  |
|  |  | 55992185  |
| **Consumer Staples - 3.7%**<br>|  |  |
| Costco Wholesale Corp. | 14967 | 14816432  |
| Darling International Inc.<sup>(a)</sup> | 167937 | 6371530  |
| Hershey Co. | 42368 | 7030969  |
| PepsiCo Inc. | 41945 | 5538418  |
|  |  | 33757349  |
| **Financials - 6.8%**<br>|  |  |
| Bank of America Corp. | 338944 | 16038830  |
| Charles Schwab Corp/The | 90456 | 8253205  |
| Chubb Limited | 28387 | 8224282  |
| LPL Financial Holdings Inc. | 29776 | 11165107  |
| M&T Bank Corp. | 52113 | 10109401  |
| Reinsurance Group of America Inc. | 38343 | 7605717  |
|  |  | 61396542  |
| **Health Care - 7.7%**<br>|  |  |
| AstraZeneca PLC | 129011 | 9015289  |
| Boston Scientific Corp.<sup>(a)</sup> | 120658 | 12959876  |
| Danaher Corp. | 41097 | 8118301  |
| Eli Lilly & Co. | 25421 | 19816432  |
| Intuitive Surgical Inc.<sup>(a)</sup> | 12205 | 6632319  |
| Thermo Fisher Scientific Inc. | 19913 | 8073925  |
| UnitedHealth Group Inc. | 18219 | 5683781  |
|  |  | 70299923  |
| **Industrials - 6.5%**<br>|  |  |
| Advanced Drainage Systems Inc. | 63764 | 7323933  |
| Cintas Corp. | 83042 | 18507570  |
| Eaton Corp. PLC | 40038 | 14293166  |
| Old Dominion Freight Line Inc. | 32200 | 5226060  |
| Rockwell Automation Inc. | 22879 | 7599717  |
| Union Pacific Corp. | 24786 | 5702763  |
|  |  | 58653209  |
| **Information Technology - 25.8%**<br>|  |  |
| Analog Devices Inc. | 33764 | 8036507  |
| Apple Inc. | 149983 | 30772012  |
| Broadcom Inc. | 91092 | 25109510  |
| Intuit Inc. | 12923 | 10178543  |
| Microsoft Corp. | 88761 | 44150609  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares**  | **Value**  |
| NVIDIA Corp. | 311405 | $49198876  |
| Palo Alto Networks Inc.<sup>(a)</sup> | 86008 | 17600677  |
| Salesforce.com Inc. | 42792 | 11668950  |
| ServiceNow Inc.<sup>(a)</sup> | 13770 | 14156662  |
| Visa Inc. Shares - Class A | 40462 | 14366033  |
| Workday Inc. - Class A<sup>(a)</sup> | 40892 | 9814080  |
|  |  | 235052459  |
| **Materials - 1.5%**<br>|  |  |
| Linde PLC | 18007 | 8448524  |
| Steel Dynamics Inc. | 39836 | 5099407  |
|  |  | 13547931  |
| **Real Estate Investment Trusts (REITs) - 1.3%** | **Real Estate Investment Trusts (REITs) - 1.3%** |  |
| Equinix Inc. | 8709 | 6927748  |
| Terreno Realty Corp. | 90734 | 5087456  |
|  |  | 12015204  |
| **Utilities - 1.0%**<br>|  |  |
| American Water Works Co. Inc. | 68425 | 9518602  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $279,734,034)** |  | 616032959 |
|  | **Principal Amount**  |  |
|  **COLLATERALIZED MORTGAGE OBLIGATIONS - 0.6%**<br>|  |  |
|  Federal National Mortgage Association (FNMA), Series 2011-53, Class CY, 4.00%, 06/25/2041 | $16606 | 16355  |
|  Government National Mortgage Association (GNMA) <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-194, Class AD, <br>Pool 2020-194, <br>1.00%, 06/16/2062 | 1811712 | 1316903  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-163, Class C, <br>5.00%, 09/20/2049 | 491186 | 492008  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-4, Class KB, <br>5.50%, 04/20/2052 | 4025949 | 4124375  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** <br>**(Cost $6,334,664)** |  | 5949641  |
| **CORPORATE BONDS - 18.2%**<br>|  |  |
| **Communication Services - 1.7%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Alphabet Inc., <br>0.45%, 08/15/2025 | 1500000 | 1492669  |
| AT&T Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.30%, 06/01/2027 | 1350000 | 1302043  |
| &nbsp;&nbsp;&nbsp; 4.35%, 03/01/2029 | 465000 | 466034  |
| &nbsp;&nbsp;&nbsp; 2.75%, 06/01/2031 | 1250000 | 1133327  |
| Comcast Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.65%, 02/15/2033 | 2680000 | 2664805  |
| &nbsp;&nbsp;&nbsp; 5.65%, 06/15/2035 | 600000 | 627881  |
| &nbsp;&nbsp;&nbsp; Netflix Inc., <br>5.40%, 08/15/2054 | 255000 | 252078 |

---

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

2<br>

------

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

**1919 Socially Responsive Balanced Fund** 

**Schedule of Investments** 

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

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Communication Services - (Continued)** | **Communication Services - (Continued)** | **Communication Services - (Continued)** |
| Verizon Communications Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.33%, 09/21/2028 | $777000 | $780303  |
| &nbsp;&nbsp;&nbsp; 3.88%, 02/08/2029 | 410000 | 404917  |
| &nbsp;&nbsp;&nbsp; 1.75%, 01/20/2031 | 1325000 | 1141420  |
| &nbsp;&nbsp;&nbsp; 4.50%, 08/10/2033 | 350000 | 340331  |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/16/2037 | 335000 | 333588  |
| Walt Disney Co/The <br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.75%, 01/13/2026 | 1550000 | 1528687  |
| &nbsp;&nbsp;&nbsp; 2.20%, 01/13/2028 | 3215000 | 3083386  |
|  |  | 15551469  |
| **Consumer Discretionary - 1.4%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Amazon.com Inc., <br>4.70%, 12/01/2032 | 905000 | 921899  |
| &nbsp;&nbsp;&nbsp; California Endowment/The, <br>2.50%, 04/01/2051 | 1700000 | 990078  |
| &nbsp;&nbsp;&nbsp; Ford Foundation/The, <br>2.42%, 06/01/2050 | 1000000 | 586316  |
| &nbsp;&nbsp;&nbsp; Home Depot Inc/The, <br>1.50%, 09/15/2028 | 1900000 | 1756215  |
| &nbsp;&nbsp;&nbsp; Lowe's Cos Inc., <br>1.30%, 04/15/2028 | 2100000 | 1943356  |
| Starbucks Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.45%, 06/15/2026 | 250000 | 245341  |
| &nbsp;&nbsp;&nbsp; 2.25%, 03/12/2030 | 1255000 | 1138173  |
| &nbsp;&nbsp;&nbsp; Target Corp., <br>4.50%, 09/15/2032 | 3600000 | 3581326  |
| &nbsp;&nbsp;&nbsp; Toyota Motor Corp., <br>4.45%, 06/30/2030 | 690000 | 692831  |
| &nbsp;&nbsp;&nbsp; Toyota Motor Credit Corp., <br>1.13%, 06/18/2026 | 965000 | 936746  |
|  |  | 12792281  |
| **Consumer Staples - 0.7%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Kroger Co., <br>5.50%, 09/15/2054 | 2475000 | 2352944  |
| PepsiCo Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.90%, 07/18/2032 | 1200000 | 1160275  |
| &nbsp;&nbsp;&nbsp; 3.50%, 03/19/2040 | 575000 | 478588  |
| &nbsp;&nbsp;&nbsp; Walmart Inc., <br>1.80%, 09/22/2031 | 2700000 | 2352779  |
|  |  | 6344586  |
| **Financials - 3.8%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Affiliated Managers Group Inc., <br>3.30%, 06/15/2030 | 755000 | 709171  |
| &nbsp;&nbsp;&nbsp; Allstate Corp/The, <br>1.45%, 12/15/2030 | 1345000 | 1145516  |
| &nbsp;&nbsp;&nbsp; Apollo Global Management Inc., <br>5.80%, 05/21/2054 | 2375000 | 2353913  |
| Bank of America Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.34% (3 mo. Term SOFR + 1.02%), 09/15/2026<sup>(b)</sup> | 1602000 | 1599854  |
| &nbsp;&nbsp;&nbsp; 4.18%, 11/25/2027 | 525000 | 523027  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
|  Bank of Montreal, 3.09% to 01/10/2032 then 5 yr. CMT Rate + 1.40%, 01/10/2037<sup>(c)</sup> | $2515000 | $2176009  |
| BlackRock Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 04/30/2029 | 455000 | 442407  |
| &nbsp;&nbsp;&nbsp; 2.40%, 04/30/2030 | 710000 | 653487  |
| &nbsp;&nbsp;&nbsp; Boston Properties LP, <br>4.50%, 12/01/2028 | 1335000 | 1324553  |
| Citigroup Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 09/13/2025 | 325000 | 325412  |
| &nbsp;&nbsp;&nbsp; 2.57% to 06/03/2030 then SOFR + 2.11%, 06/03/2031<sup>(c)</sup> | 1500000 | 1360536  |
| &nbsp;&nbsp;&nbsp; 5.41% to 09/19/2034 then 5 yr. CMT Rate + 1.73%, 09/19/2039<sup>(c)</sup> | 570000 | 553855  |
| Goldman Sachs Group Inc/The <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 11/16/2026 | 1830000 | 1809770  |
| &nbsp;&nbsp;&nbsp; 2.60%, 02/07/2030 | 1250000 | 1155476  |
| &nbsp;&nbsp;&nbsp; Host Hotels & Resorts LP, <br>3.38%, 12/15/2029 | 1600000 | 1510789  |
| &nbsp;&nbsp;&nbsp; Intercontinental Exchange Inc., <br>3.75%, 12/01/2025 | 500000 | 498106  |
| &nbsp;&nbsp;&nbsp; MetLife Inc., <br>4.55%, 03/23/2030 | 660000 | 669005  |
|  PNC Financial Services Group Inc., 4.76% to 01/26/2026 then SOFR + 1.09%, 01/26/2027<sup>(c)</sup> | 1350000 | 1352127  |
| &nbsp;&nbsp;&nbsp; Prudential Financial Inc., <br>1.50%, 03/10/2026 | 1570000 | 1540423  |
|  Reinsurance Group of America Inc., 6.65% to 09/15/2035 then 5 yr. CMT Rate + 2.39%, 09/15/2055<sup>(c)</sup> | 3150000 | 3141739  |
| &nbsp;&nbsp;&nbsp; Royal Bank of Canada, <br>1.15%, 07/14/2026 | 3500000 | 3393266  |
| &nbsp;&nbsp;&nbsp; Simon Property Group LP, <br>3.38%, 12/01/2027 | 510000 | 500886  |
| State Street Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.55%, 08/18/2025 | 360000 | 359482  |
| &nbsp;&nbsp;&nbsp; 3.03% to 11/01/2029 then SOFR + 1.49%, 11/01/2034<sup>(c)</sup> | 1000000 | 924184  |
|  Toronto-Dominion Bank/The, 5.15% to 09/10/2029 then 5 yr. CMT Rate + 1.50%, 09/10/2034<sup>(c)</sup> | 1490000 | 1497451  |
|  Truist Financial Corp., 1.27% to 03/02/2026 then SOFR + 0.61%, 03/02/2027<sup>(c)</sup> | 2675000 | 2615659  |
|  |  | 34136103  |
| **Health Care - 2.2%**<br>|  |  |
| AbbVie Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 11/14/2028 | 600000 | 602838  |
| &nbsp;&nbsp;&nbsp; 4.40%, 11/06/2042 | 1120000 | 986621  |
| &nbsp;&nbsp;&nbsp; Amgen Inc., <br>3.00%, 02/22/2029 | 3475000 | 3320857  |
| &nbsp;&nbsp;&nbsp; Anthem Inc., <br>2.88%, 09/15/2029 | 1530000 | 1442303  |

---

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

3<br>

------

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

**1919 Socially Responsive Balanced Fund** 

**Schedule of Investments** 

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

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Health Care - (Continued)**  | **Health Care - (Continued)**  | **Health Care - (Continued)**  |
| Bristol-Myers Squibb Co. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.90%, 02/20/2028 | $365000 | $363385  |
| &nbsp;&nbsp;&nbsp; 3.40%, 07/26/2029 | 725000 | 702652  |
| &nbsp;&nbsp;&nbsp; 1.45%, 11/13/2030 | 1580000 | 1366838  |
| CVS Health Corp. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 07/20/2025 | 910000 | 909378  |
| &nbsp;&nbsp;&nbsp; 4.78%, 03/25/2038 | 345000 | 316792  |
| &nbsp;&nbsp;&nbsp; 5.63%, 02/21/2053 | 3445000 | 3189846  |
| Gilead Sciences Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.65%, 10/01/2030 | 1700000 | 1486472  |
| &nbsp;&nbsp;&nbsp; 4.60%, 09/01/2035 | 320000 | 311053  |
|  Pfizer Investment Enterprises Pte Ltd., 5.30%, 05/19/2053 | 1100000 | 1041067  |
| UnitedHealth Group Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 05/15/2030 | 1600000 | 1431789  |
| &nbsp;&nbsp;&nbsp; 3.50%, 08/15/2039 | 515000 | 415716  |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/15/2044 | 2500000 | 2438457  |
|  |  | 20326064  |
| **Industrials - 1.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Allegion US Holding Co. Inc., <br>5.41%, 07/01/2032 | 2300000 | 2372372  |
| &nbsp;&nbsp;&nbsp; Archer-Daniels-Midland Co., <br>2.90%, 03/01/2032 | 3000000 | 2709858  |
|  Johnson Controls International PLC, 1.75%, 09/15/2030 | 2225000 | 1952784  |
| &nbsp;&nbsp;&nbsp; Xylem Inc./NY, <br>1.95%, 01/30/2028 | 1785000 | 1689066  |
|  |  | 8724080  |
| **Information Technology - 3.4%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Adobe Inc., <br>2.15%, 02/01/2027 | 850000 | 826653  |
| &nbsp;&nbsp;&nbsp; Autodesk Inc., <br>2.40%, 12/15/2031 | 3775000 | 3312100  |
|  Dell International LLC / EMC Corp., 5.50%, 04/01/2035 | 4000000 | 4041493  |
| &nbsp;&nbsp;&nbsp; Fortinet Inc., <br>1.00%, 03/15/2026 | 2185000 | 2129051  |
| &nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co., <br>5.60%, 10/15/2054 | 1000000 | 927135  |
| &nbsp;&nbsp;&nbsp; Intuit Inc., <br>5.50%, 09/15/2053 | 2215000 | 2203488  |
| &nbsp;&nbsp;&nbsp; Jabil Inc., <br>4.25%, 05/15/2027 | 2515000 | 2508994  |
| Mastercard Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.30%, 03/26/2027 | 1350000 | 1335926  |
| &nbsp;&nbsp;&nbsp; 1.90%, 03/15/2031 | 4000000 | 3535422  |
| &nbsp;&nbsp;&nbsp; Microsoft Corp., <br>4.20%, 11/03/2035 | 565000 | 557403  |
| &nbsp;&nbsp;&nbsp; Oracle Corp., <br>5.38%, 09/27/2054 | 5000000 | 4581366  |
| &nbsp;&nbsp;&nbsp; Salesforce.com Inc., <br>1.50%, 07/15/2028 | 2135000 | 1984510  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
| &nbsp;&nbsp;&nbsp; Synopsys Inc., <br>5.15%, 04/01/2035 | $1605000 | $1621410  |
| &nbsp;&nbsp;&nbsp; Texas Instruments Inc., <br>5.00%, 03/14/2053 | 1150000 | 1063094  |
|  |  | 30628045  |
| **Materials - 0.8%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Dow Chemical Co., <br>5.60%, 02/15/2054 | 3000000 | 2737329  |
| &nbsp;&nbsp;&nbsp; Nutrien Ltd., <br>4.20%, 04/01/2029 | 425000 | 420817  |
| Steel Dynamics Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 08/15/2034 | 2915000 | 2962459  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/15/2035 | 1500000 | 1501877  |
|  |  | 7622482  |
| **Real Estate Investment Trusts (REITs) - 1.2%** | **Real Estate Investment Trusts (REITs) - 1.2%** |  |
| &nbsp;&nbsp;&nbsp; Crown Castle Inc., <br>1.05%, 07/15/2026 | 2050000 | 1974702  |
| Prologis LP <br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.25%, 04/15/2030 | 1620000 | 1473103  |
| &nbsp;&nbsp;&nbsp; 1.25%, 10/15/2030 | 3000000 | 2565824  |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/15/2054 | 1000000 | 940858  |
| &nbsp;&nbsp;&nbsp; Realty Income Corp., <br>5.38%, 09/01/2054 | 2500000 | 2403864  |
| &nbsp;&nbsp;&nbsp; Welltower Inc., <br>2.70%, 02/15/2027 | 1600000 | 1564208  |
|  |  | 10922559  |
| **Utilities - 2.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Avangrid Inc., <br>3.80%, 06/01/2029 | 650000 | 635164  |
| DTE Electric Co. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.90%, 04/01/2028 | 2145000 | 2024388  |
| &nbsp;&nbsp;&nbsp; 4.05%, 05/15/2048 | 1480000 | 1196996  |
| &nbsp;&nbsp;&nbsp; Duke Energy Florida LLC, <br>2.40%, 12/15/2031 | 3225000 | 2854147  |
| &nbsp;&nbsp;&nbsp; Duke Energy Progress LLC, <br>5.10%, 03/15/2034 | 2685000 | 2725691  |
| &nbsp;&nbsp;&nbsp; Georgia Power Co., <br>3.25%, 04/01/2026 | 345000 | 342148  |
| MidAmerican Energy Co. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.65%, 04/15/2029 | 1375000 | 1349371  |
| &nbsp;&nbsp;&nbsp; 5.85%, 09/15/2054 | 2200000 | 2269602  |
|  NextEra Energy Capital Holdings Inc., 1.90%, 06/15/2028 | 2720000 | 2541976  |
| &nbsp;&nbsp;&nbsp; Public Service Co. of Colorado, <br>3.20%, 03/01/2050 | 520000 | 348409  |
| Union Electric Co. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.63%, 03/15/2051 | 1280000 | 765910  |
| &nbsp;&nbsp;&nbsp; 5.13%, 03/15/2055 | 1450000 | 1344642  |
|  |  | 18398444  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $176,416,269)** |  | 165446113  |

---

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

4<br>

------

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

**1919 Socially Responsive Balanced Fund** 

**Schedule of Investments** 

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

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
| **FOREIGN GOVERNMENT AGENCY ISSUES - 0.1%**<br>|  |  |
|  International Bank for Reconstruction & Development, 3.13%, 11/20/2025 | $930000 | $925410  |
| &nbsp;&nbsp;&nbsp; **TOTAL FOREIGN GOVERNMENT AGENCY ISSUES** <br>**(Cost $929,686)** |  | 925410  |
| **MORTGAGE-BACKED SECURITIES - 0.2%** | **MORTGAGE-BACKED SECURITIES - 0.2%** |  |
|  Federal Home Loan Mortgage Corporation (FHLMC) <br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool C91417, 3.50%, 01/01/2032 | 26999 | 26518  |
| &nbsp;&nbsp;&nbsp; Pool A35826, 5.00%, 07/01/2035 | 13362 | 13533  |
| &nbsp;&nbsp;&nbsp; Pool G08112, 6.00%, 02/01/2036 | 27274 | 28650  |
| &nbsp;&nbsp;&nbsp; Pool G02564, 6.50%, 01/01/2037 | 10108 | 10519  |
| &nbsp;&nbsp;&nbsp; Pool G08179, 5.50%, 02/01/2037 | 8435 | 8706  |
| &nbsp;&nbsp;&nbsp; Pool A65694, 6.00%, 09/01/2037 | 9270 | 9442  |
|  Federal National Mortgage Association (FNMA) <br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool 490446, 6.50%, 03/01/2029 | 5 | 5  |
| &nbsp;&nbsp;&nbsp; Pool 808156, 4.50%, 02/01/2035 | 5205 | 5185  |
| &nbsp;&nbsp;&nbsp; Pool 891596, 5.50%, 06/01/2036 | 251 | 259  |
| &nbsp;&nbsp;&nbsp; Pool 190375, 5.50%, 11/01/2036 | 1543 | 1594  |
| &nbsp;&nbsp;&nbsp; Pool 916386, 6.00%, 05/01/2037 | 10224 | 10695  |
| &nbsp;&nbsp;&nbsp; Pool 946594, 6.00%, 09/01/2037 | 14415 | 15125  |
|  General National Mortgage Association (GNMA) <br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool MA6310, 3.00%, 12/20/2034 | 126599 | 121197  |
| &nbsp;&nbsp;&nbsp; Pool MA6572, 3.00%, 04/20/2035 | 304945 | 291939  |
| &nbsp;&nbsp;&nbsp; Pool MA6740, 2.50%, 08/20/2035 | 478022 | 447836  |
| &nbsp;&nbsp;&nbsp; Pool 550763, 5.00%, 12/15/2035 | 41433 | 41600  |
| &nbsp;&nbsp;&nbsp; Pool 3922, 7.00%, 11/20/2036 | 8583 | 9027  |
| &nbsp;&nbsp;&nbsp; Pool MA3873, 3.00%, 08/20/2046 | 683945 | 614037  |
| &nbsp;&nbsp;&nbsp; Pool MA6409, 3.00%, 01/20/2050 | 409536 | 364097  |
| &nbsp;&nbsp;&nbsp; **TOTAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $2,204,956)** |  | 2019964  |
| **U.S. GOVERNMENT AGENCY ISSUES - 1.8%**<br>|  |  |
| Federal Home Loan Bank (FHLB) <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 11/16/2028 | 2125000 | 2096354  |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/15/2036 | 125000 | 136196  |
|  Federal Home Loan Mortgage Corp (FHLMC) <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 09/15/2029 | 115000 | 128129  |
| &nbsp;&nbsp;&nbsp; 6.25%, 07/15/2032 | 380000 | 431356  |
|  Federal National Mortgage Association (FNMA) <br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.50%, 11/07/2025 | 2200000 | 2170793  |
| &nbsp;&nbsp;&nbsp; 0.75%, 10/08/2027 | 2270000 | 2123938  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**  | **Value**  |
| &nbsp;&nbsp;&nbsp; 6.25%, 05/15/2029 | $985000 | $1072966  |
| &nbsp;&nbsp;&nbsp; 0.88%, 08/05/2030 | 8670000 | 7493196  |
| &nbsp;&nbsp;&nbsp; 6.63%, 11/15/2030 | 303000 | 342934  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. GOVERNMENT AGENCY ISSUES** <br>**(Cost $17,402,988)** |  | 15995862  |
| **U.S. TREASURY SECURITIES - 7.5%** | **U.S. TREASURY SECURITIES - 7.5%** |  |
| United States Treasury Bonds <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 08/15/2025 | 100000 | 100319  |
| &nbsp;&nbsp;&nbsp; 6.75%, 08/15/2026 | 90000 | 92858  |
| &nbsp;&nbsp;&nbsp; 6.50%, 11/15/2026 | 135000 | 140337  |
| &nbsp;&nbsp;&nbsp; 6.13%, 11/15/2027 | 675000 | 712072  |
| &nbsp;&nbsp;&nbsp; 5.50%, 08/15/2028 | 335000 | 353176  |
| &nbsp;&nbsp;&nbsp; 3.50%, 02/15/2039 | 573000 | 517916  |
| &nbsp;&nbsp;&nbsp; 4.38%, 11/15/2039 | 204000 | 200167  |
| &nbsp;&nbsp;&nbsp; 4.38%, 08/15/2043 | 6750000 | 6443613  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2044 | 4920000 | 4761061  |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/15/2044 | 6300000 | 5780988  |
| United States Treasury Notes <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 10/31/2025 | 905000 | 901221  |
| &nbsp;&nbsp;&nbsp; 2.63%, 01/31/2026 | 1625000 | 1610143  |
| &nbsp;&nbsp;&nbsp; 2.13%, 05/31/2026 | 6700000 | 6585171  |
| &nbsp;&nbsp;&nbsp; 1.50%, 08/15/2026 | 2110000 | 2053706  |
| &nbsp;&nbsp;&nbsp; 2.00%, 11/15/2026 | 3375000 | 3291218  |
| &nbsp;&nbsp;&nbsp; 2.25%, 11/15/2027 | 2200000 | 2127469  |
| &nbsp;&nbsp;&nbsp; 2.75%, 02/15/2028 | 1630000 | 1591097  |
| &nbsp;&nbsp;&nbsp; 2.88%, 05/15/2028 | 3500000 | 3421934  |
| &nbsp;&nbsp;&nbsp; 2.88%, 08/15/2028 | 5300000 | 5170191  |
| &nbsp;&nbsp;&nbsp; 3.13%, 11/15/2028 | 2900000 | 2846191  |
| &nbsp;&nbsp;&nbsp; 1.50%, 02/15/2030 | 4670000 | 4226350  |
| &nbsp;&nbsp;&nbsp; 4.13%, 11/15/2032 | 1200000 | 1208531  |
| &nbsp;&nbsp;&nbsp; 4.38%, 05/15/2034 | 7000000 | 7112383  |
| &nbsp;&nbsp;&nbsp; 4.25%, 11/15/2034 | 7000000 | 7026250  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $69,642,792)** |  | 68274362  |
|  | **Shares** |  |
| **SHORT-TERM INVESTMENTS - 3.7%** | **SHORT-TERM INVESTMENTS - 3.7%** |  |
| **Money Market Funds - 2.8%**<br>|  |  |
|  Fidelity Investments Money Market - Government Portfolio - Class I, 4.23%<sup>(d)</sup> | 25068223 | 25068223 |

---

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

5<br>

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

**1919 Socially Responsive Balanced Fund** 

**Schedule of Investments** 

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

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **U.S. Treasury Bills - 0.9%**<br>|  |  |
| 4.10%, 07/08/2025<sup>(e)</sup> | $8400000 | $8393222  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $33,461,542)** |  | 33461445  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.8%** <br>**(Cost $586,126,931)** |  | $908105756  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.2% |  | 1494741  |
| **TOTAL NET ASSETS - 100.0%** |  | $909600497 |

---

Percentages are stated as a percent of net assets.

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

CMT - Constant Maturity Treasury

LLC - Limited Liability Company

LP - Limited Partnership

PLC - Public Limited Company

SOFR - Secured Overnight Financing Rate

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

<sup>(b)</sup> Floating rate security.

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

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

<sup>(e)</sup> The rate shown is the annualized effective yield as of June 30, 2025.

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

6<br>

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

**1919 Funds** 

**Statements of Assets and Liabilities** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **1919 Financial** <br>**Services Fund** | **1919 Socially** <br>**Responsive Balanced** <br>**Fund**  |
| **ASSETS:**<br>|  |  |
| Investments, at value | $122496930 | &nbsp;&nbsp;&nbsp; $908105756  |
| Dividends receivable | 96605 | &nbsp;&nbsp;&nbsp; 134542  |
| Foreign currency, at value | 17134 | &nbsp;&nbsp;&nbsp; —  |
| Interest receivable | 7334 | &nbsp;&nbsp;&nbsp; 2486284  |
| Receivable for fund shares sold | 4823 | &nbsp;&nbsp;&nbsp; 1472267  |
| Dividend tax reclaims receivable |  | &nbsp;&nbsp;&nbsp; 5584  |
| Prepaid expenses and other assets | 23493 | &nbsp;&nbsp;&nbsp; 16120  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 122646319 | &nbsp;&nbsp;&nbsp; 912220553  |
| **LIABILITIES:**<br>|  |  |
| Payable for capital shares redeemed | 194697 | &nbsp;&nbsp;&nbsp; 934346  |
| Payable for transfer agent fees and expenses | 82280 | &nbsp;&nbsp;&nbsp; 315051  |
| Payable to adviser | 74330 | &nbsp;&nbsp;&nbsp; 368612  |
| Payable for distribution and shareholder servicing fees | 43537 | &nbsp;&nbsp;&nbsp; 537786  |
| Payable for fund administration and accounting fees | 42400 | &nbsp;&nbsp;&nbsp; 205516  |
| Payable for printing and mailing | 26553 | &nbsp;&nbsp;&nbsp; 36192  |
| Payable for custodian fees | 5749 | &nbsp;&nbsp;&nbsp; 15342  |
| Payable for compliance fees | 4002 | &nbsp;&nbsp;&nbsp; 3995  |
| Distributions payable |  | &nbsp;&nbsp;&nbsp; 151929  |
| Payable for expenses and other liabilities | 44737 | &nbsp;&nbsp;&nbsp; 51287  |
| &nbsp;&nbsp;&nbsp; **Total liabilities**<br>| 518285 | &nbsp;&nbsp;&nbsp; 2620056  |
| **NET ASSETS** | $122128034 | &nbsp;&nbsp;&nbsp; $909600497  |
| **NET ASSETS CONSISTS OF:**<br>|  |  |
| Paid-in capital | $40957986 | &nbsp;&nbsp;&nbsp; $591638201  |
| Total distributable earnings | 81170048 | &nbsp;&nbsp;&nbsp; 317962296  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $122128034 | &nbsp;&nbsp;&nbsp; $909600497  |
| **Class A**<br>|  |  |
| Net assets | $70783659 | &nbsp;&nbsp;&nbsp; $272444716  |
| Shares issued and outstanding<sup>(a)</sup> | 2351485 | &nbsp;&nbsp;&nbsp; 8320022  |
| Net asset value per share | $30.10 | &nbsp;&nbsp;&nbsp; $32.75  |
| Max offering price per share (Net asset value per share dividend by 0.9425)<sup>(1)</sup> | $31.94 | &nbsp;&nbsp;&nbsp; $34.74  |
| **Class C**<br>|  |  |
| Net assets | $14394709 | &nbsp;&nbsp;&nbsp; $133581158  |
| Shares issued and outstanding<sup>(a)(b)</sup> | 544358 | &nbsp;&nbsp;&nbsp; 4137025  |
| Net asset value per share | $26.44 | &nbsp;&nbsp;&nbsp; $32.29  |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

7<br>

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

**1919 Funds** 

**Statements of Assets and Liabilities** 

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

---

| | | |
|:---|:---|:---|
|  | **1919 Financial** <br>**Services Fund** | **1919 Socially** <br>**Responsive Balanced** <br>**Fund**  |
| **Class I**<br>|  |  |
| Net assets | $36949666 | &nbsp;&nbsp;&nbsp; $503574623  |
| Shares issued and outstanding<sup>(a)</sup> | 1210108 | &nbsp;&nbsp;&nbsp; 15363683  |
| Net asset value per share | $30.53 | &nbsp;&nbsp;&nbsp; $32.78  |
| **COST:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $50339111 | &nbsp;&nbsp;&nbsp; $586126931  |
| &nbsp;&nbsp;&nbsp; Foreign currency, at cost | $18176 | &nbsp;&nbsp;&nbsp; $— |

---

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

<sup>(b)</sup> 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.

8<br>

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

**1919 Funds** 

**Statements of Operations** 

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

---

| | | |
|:---|:---|:---|
|  | **1919 Financial** <br>**Services Fund** | **1919 Socially** <br>**Responsive Balanced**<br>**Fund**  |
| **INVESTMENT INCOME:**<br>|  |  |
| Dividend income | $979266 | &nbsp;&nbsp;&nbsp;&nbsp; $3575523  |
| Less: Dividend withholding taxes |  | &nbsp;&nbsp;&nbsp;&nbsp;(13)  |
| Less: Issuance fees |  | &nbsp;&nbsp;&nbsp;&nbsp; (2580)  |
| Interest income |  | &nbsp;&nbsp;&nbsp;&nbsp; 4094698  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 979266 | &nbsp;&nbsp;&nbsp;&nbsp; 7667628  |
| **EXPENSES:**<br>|  |  |
| Investment advisory fee | 477095 | &nbsp;&nbsp;&nbsp;&nbsp; 2190042  |
| Distribution expenses - Class A | 86712 | &nbsp;&nbsp;&nbsp;&nbsp; 328766  |
| Distribution expenses - Class C | 76866 | &nbsp;&nbsp;&nbsp;&nbsp; 642022  |
| Transfer agent fees | 118056 | &nbsp;&nbsp;&nbsp;&nbsp; 534574  |
| Fund administration and accounting fees | 42446 | &nbsp;&nbsp;&nbsp;&nbsp; 209729  |
| Federal and state registration fees | 37578 | &nbsp;&nbsp;&nbsp;&nbsp; 49048  |
| Audit fees | 9562 | &nbsp;&nbsp;&nbsp;&nbsp; 12236  |
| Legal fees | 8846 | &nbsp;&nbsp;&nbsp;&nbsp; 7486  |
| Custodian fees | 8705 | &nbsp;&nbsp;&nbsp;&nbsp; 23913  |
| Trustees' fees | 8699 | &nbsp;&nbsp;&nbsp;&nbsp; 11882  |
| Reports to shareholders | 8207 | &nbsp;&nbsp;&nbsp;&nbsp; 24464  |
| Compliance fees | 4002 | &nbsp;&nbsp;&nbsp;&nbsp; 3995  |
| Other expenses and fees | 6412 | &nbsp;&nbsp;&nbsp;&nbsp; 13051  |
| &nbsp;&nbsp;&nbsp; Total expenses | 893186 | &nbsp;&nbsp;&nbsp;&nbsp; 4051208  |
| **NET INVESTMENT INCOME** | 86080 | &nbsp;&nbsp;&nbsp;&nbsp; 3616420  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |
| Net realized gain from:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments | 6392798 | &nbsp;&nbsp;&nbsp;&nbsp; 6141132  |
| Net realized gain | 6392798 | &nbsp;&nbsp;&nbsp;&nbsp; 6141132  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments | (2063955) | &nbsp;&nbsp;&nbsp;&nbsp; 28105438  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | 902 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Net change in unrealized appreciation (depreciation) | (2063053) | &nbsp;&nbsp;&nbsp;&nbsp; 28105438  |
| **Net realized and unrealized gain** | 4329745 | &nbsp;&nbsp;&nbsp;&nbsp; 34246570  |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $4415825 | &nbsp;&nbsp;&nbsp;&nbsp; $37862990 |

---

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

9<br>

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

**1919 Funds** 

**Statements of Changes in Net Assets** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1919 Financial Services Fund** | **1919 Financial Services Fund** | **1919 Socially Responsive Balanced Fund**  | **1919 Socially Responsive Balanced Fund**  |
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended** <br>**December 31,** <br>**2024** | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended** <br>**December 31,** <br>**2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $86080 | $776865 | &nbsp;&nbsp;&nbsp; $3616420 | &nbsp;&nbsp;&nbsp; $5658166  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 6392798 | 10583883 | &nbsp;&nbsp;&nbsp; 6141132 | &nbsp;&nbsp;&nbsp; 16319187  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (2063053) | 14642149 | &nbsp;&nbsp;&nbsp; 28105438 | &nbsp;&nbsp;&nbsp; 98235687  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from** <br>**operations** | 4415825 | 26002897 | &nbsp;&nbsp;&nbsp; 37862990 | &nbsp;&nbsp;&nbsp; 120213040  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Class A |  | (6740317) | &nbsp;&nbsp;&nbsp; (1181661) | &nbsp;&nbsp;&nbsp; (1626356)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class C |  | (1810721) | &nbsp;&nbsp;&nbsp; (68646) | &nbsp;&nbsp;&nbsp; (74381)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class I |  | (3614965) | &nbsp;&nbsp;&nbsp; (2865682) | &nbsp;&nbsp;&nbsp; (3906570)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** |  | (12166003) | &nbsp;&nbsp;&nbsp; (4115989) | &nbsp;&nbsp;&nbsp; (5607307)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A | 4657337 | 5591538 | &nbsp;&nbsp;&nbsp; 12127778 | &nbsp;&nbsp;&nbsp; 36018519  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - <br>Class A |  | 6327649 | &nbsp;&nbsp;&nbsp; 1120314 | &nbsp;&nbsp;&nbsp; 1551007  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A | (5519924) | (11044716) | &nbsp;&nbsp;&nbsp; (22027431) | &nbsp;&nbsp;&nbsp; (42761201)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class C | 148250 | 313318 | &nbsp;&nbsp;&nbsp; 5836424 | &nbsp;&nbsp;&nbsp; 17589504  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - <br>Class C |  | 1749729 | &nbsp;&nbsp;&nbsp; 62297 | &nbsp;&nbsp;&nbsp; 68225  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class C | (3918782) | (5671480) | &nbsp;&nbsp;&nbsp; (8183381) | &nbsp;&nbsp;&nbsp; (17569208)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I | 3243922 | 1827871 | &nbsp;&nbsp;&nbsp; 41180133 | &nbsp;&nbsp;&nbsp; 103204300  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - <br>Class I |  | 3315046 | &nbsp;&nbsp;&nbsp; 2589796 | &nbsp;&nbsp;&nbsp; 3530101  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I | (3569558) | (13178210) | &nbsp;&nbsp;&nbsp; (43321826) | &nbsp;&nbsp;&nbsp; (88893326)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (4958755) | (10769255) | &nbsp;&nbsp;&nbsp; (10615896) | &nbsp;&nbsp;&nbsp; 12737921  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | (542930) | 3067639 | &nbsp;&nbsp;&nbsp; 23131105 | &nbsp;&nbsp;&nbsp; 127343654  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 122670964 | 119603325 | &nbsp;&nbsp;&nbsp; 886469392 | &nbsp;&nbsp;&nbsp; 759125738  |
| &nbsp;&nbsp;&nbsp; End of the period | $122128034 | $122670964 | &nbsp;&nbsp;&nbsp; $909600497 | &nbsp;&nbsp;&nbsp; $886469392  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A | 159213 | 191632 | &nbsp;&nbsp;&nbsp; 389095 | &nbsp;&nbsp;&nbsp; 1191436  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - <br>Class A |  | 211485 | &nbsp;&nbsp;&nbsp; 35806 | &nbsp;&nbsp;&nbsp; 50546  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A | (189268) | (401247) | &nbsp;&nbsp;&nbsp; (711188) | &nbsp;&nbsp;&nbsp; (1410003)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class C | 5752 | 13152 | &nbsp;&nbsp;&nbsp; 189299 | &nbsp;&nbsp;&nbsp; 592751  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - <br>Class C |  | 66303 | &nbsp;&nbsp;&nbsp; 2034 | &nbsp;&nbsp;&nbsp; 2356  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class C | (151713) | (226467) | &nbsp;&nbsp;&nbsp; (266326) | &nbsp;&nbsp;&nbsp; (590819)  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I | 108890 | 64121 | &nbsp;&nbsp;&nbsp; 1316749 | &nbsp;&nbsp;&nbsp; 3407315  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - <br>Class I |  | 109371 | &nbsp;&nbsp;&nbsp; 82624 | &nbsp;&nbsp;&nbsp; 114767  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I | (121029) | (476277) | &nbsp;&nbsp;&nbsp; (1394334) | &nbsp;&nbsp;&nbsp; (2948078)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (188155) | (302785) | &nbsp;&nbsp;&nbsp; (356241) | &nbsp;&nbsp;&nbsp; 574004 |

---

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

10<br>

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

**1919 Financial Services Fund** 

**Financial Highlights** 

**Class A** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $29.01 | $25.61 | $28.14 | $33.49 | $26.87 | $28.27  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | 0.19 | 0.28 | 0.21 | 0.19 | 0.20  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | 6.29 | (0.01) | (4.88) | 8.05 | (0.23)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | 6.48 | 0.27 | (4.67) | 8.24 | (0.03)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; — | (0.21) | (0.34) | (0.24) | (0.15) | (0.25)  |
| Net realized gains | &nbsp;&nbsp;&nbsp; — | (2.87) | (2.46) | (0.44) | (1.47) | (1.12)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; — | (3.08) | (2.80) | (0.68) | (1.62) | (1.37)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $30.10 | $29.01 | $25.61 | $28.14 | $33.49 | $26.87  |
| TOTAL RETURN<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 3.76% | 24.92% | 1.42% | (13.97)% | 30.88% | 0.05%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $70784 | $69090 | $60948 | $73800 | $86303 | $67047  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 1.47% | 1.46% | 1.46% | 1.36% | 1.36% | 1.46%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(d)(e)</sup> | &nbsp;&nbsp;&nbsp; 1.46% | 1.46% | 1.46% | 1.36% | 1.36% | 1.46%  |
|  Ratio of net investment income (loss) to average net assets<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 0.17% | 0.70% | 1.09% | 0.69% | 0.59% | 0.86%  |
| Portfolio turnover rate<sup>(c)(f)</sup> | &nbsp;&nbsp;&nbsp; 8% | 4% | 4% | 4% | 10% | 2% |

---

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

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

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

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

<sup>(e)</sup> The Advisor agreed to limit the ratio of expenses, to 1.50% of the average net assets of Class A shares. This expense limitation arrangement cannot be terminated prior to April 30, 2026 without the Board of Trustees' consent. See Note 3. 

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

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

11<br>

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

**1919 Financial Services Fund** 

**Financial Highlights** 

**Class C** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $25.58 | $22.87 | $25.43 | $30.27 | $24.48 | $25.82  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; (0.07) | (0.01) | 0.08 | (0.01) | (0.04) | 0.03  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | 5.59 | (0.03) | (4.39) | 7.30 | (0.23)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | 5.58 | 0.05 | (4.40) | 7.26 | (0.20)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; — |  | (0.15) |  |  | (0.02)  |
| Net realized gains | &nbsp;&nbsp;&nbsp; — | (2.87) | (2.46) | (0.44) | (1.47) | (1.12)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; — | (2.87) | (2.61) | (0.44) | (1.47) | (1.14)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $26.44 | $25.58 | $22.87 | $25.43 | $30.27 | $24.48  |
| TOTAL RETURN<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 3.36% | 23.99% | 0.69% | (14.56)% | 29.88% | (0.64)%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $14395 | $17657 | $19146 | $27395 | $36122 | $26404  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 2.19% | 2.19% | 2.18% | 2.08% | 2.07% | 2.16%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(d)(e)</sup> | &nbsp;&nbsp;&nbsp; 2.19% | 2.19% | 2.18% | 2.08% | 2.07% | 2.16%  |
|  Ratio of net investment income (loss) to average net assets<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; (0.58)% | (0.04)% | 0.36% | (0.04)% | (0.12)% | 0.15%  |
| Portfolio turnover rate<sup>(c)(f)</sup> | &nbsp;&nbsp;&nbsp; 8% | 4% | 4% | 4% | 10% | 2% |

---

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

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

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

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

<sup>(e)</sup> The Advisor agreed to limit the ratio of expenses, to 2.25% of the average net assets of Class C shares. This expense limitation arrangement cannot be terminated prior to April 30, 2026 without the Board of Trustees' consent. See Note 3. 

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

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

12<br>

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

**1919 Financial Services Fund** 

**Financial Highlights** 

**Class I** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $29.39 | $25.91 | $28.44 | $33.82 | $27.18 | $28.56  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | 0.26 | 0.35 | 0.28 | 0.29 | 0.27  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | 6.37 | (0.01) | (4.91) | 8.11 | (0.22)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | 6.63 | 0.34 | (4.63) | 8.40 | 0.05  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; — | (0.28) | (0.41) | (0.31) | (0.29) | (0.31)  |
| Net realized gains | &nbsp;&nbsp;&nbsp; — | (2.87) | (2.46) | (0.44) | (1.47) | (1.12)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; — | (3.15) | (2.87) | (0.75) | (1.76) | (1.43)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $30.53 | $29.39 | $25.91 | $28.44 | $33.82 | $27.18  |
| TOTAL RETURN<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 3.88% | 25.21% | 1.69% | (13.71)% | 31.16% | 0.35%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $36950 | $35924 | $39509 | $69605 | $103970 | $67346  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 1.24% | 1.21% | 1.18% | 1.10% | 1.09% | 1.17%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(d)(e)</sup> | &nbsp;&nbsp;&nbsp; 1.22% | 1.21% | 1.18% | 1.10% | 1.09% | 1.17%  |
|  Ratio of net investment income (loss) to average net assets<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 0.41% | 0.95% | 1.34% | 0.93% | 0.87% | 1.14%  |
| Portfolio turnover rate<sup>(c)(f)</sup> | &nbsp;&nbsp;&nbsp; 8% | 4% | 4% | 4% | 10% | 2% |

---

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

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

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

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

<sup>(e)</sup> The Advisor agreed to limit the ratio of expenses, to 1.25% of the average net assets of Class I shares. This expense limitation arrangement cannot be terminated prior to April 30, 2026 without the Board of Trustees' consent. See Note 3. 

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

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

13<br>

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

**1919 Socially Responsive BALANCED Fund** 

**Financial Highlights** 

**Class A** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $31.51 | $27.38 | $23.01 | $28.83 | $24.69 | $20.55  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | 0.20 | 0.15 | 0.08 | (0.00)<sup>(b)</sup> | 0.05  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | 4.12 | 4.36 | (5.85) | 4.26 | 4.15  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.38 | 4.32 | 4.51 | (5.77) | 4.26 | 4.20  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.14) | (0.19) | (0.14) | (0.04) | (0.01) | (0.06)  |
| Net realized gains | &nbsp;&nbsp; — |  |  | (0.01) | (0.11) | —  |
| **Total distributions** | &nbsp;&nbsp; (0.14) | (0.19) | (0.14) | (0.05) | (0.12) | (0.06)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $32.75 | $31.51 | $27.38 | $23.01 | $28.83 | $24.69  |
| TOTAL RETURN<sup>(d)</sup> | &nbsp;&nbsp; 4.40% | 15.79% | 19.66% | (20.00)% | 17.26% | 20.57%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $272445 | $271178 | $240209 | $209003 | $264785 | $190180  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 0.97% | 0.95% | 0.98% | 0.97% | 0.96% | 1.16%  |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 0.79% | 0.65% | 0.61% | 0.31% | (0.01)% | 0.25%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp; 5% | 12% | 10% | 13% | 9% | 16% |

---

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

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

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

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

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

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

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

14<br>

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

**1919 Socially Responsive BALANCED Fund** 

**Financial Highlights** 

**Class C** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $31.06 | $27.03 | $22.76 | $28.69 | $24.73 | $20.67  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | (0.02) | (0.03) | (0.10) | (0.19) | (0.09)  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | 4.07 | 4.31 | (5.82) | 4.26 | 4.17  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | 4.05 | 4.28 | (5.92) | 4.07 | 4.08  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.02) | (0.02) | (0.01) |  |  | (0.02)  |
| Net realized gains | &nbsp;&nbsp; — |  |  | (0.01) | (0.11) | —  |
| **Total distributions** | &nbsp;&nbsp; (0.02) | (0.02) | (0.01) | (0.01) | (0.11) | (0.02)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $32.29 | $31.06 | $27.03 | $22.76 | $28.69 | $24.73  |
| TOTAL RETURN<sup>(c)</sup> | &nbsp;&nbsp; 4.02% | 14.98% | 18.80% | (20.62)% | 16.46% | 19.77%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $133581 | $130823 | $113754 | $107014 | $133861 | $59784  |
| Ratio of expenses to average net assets<sup>(d)</sup> | &nbsp;&nbsp; 1.70% | 1.68% | 1.70% | 1.70% | 1.68% | 1.82%  |
|  Ratio of net investment income (loss) to average net assets<sup>(d)</sup> | &nbsp;&nbsp; 0.07% | (0.08)% | (0.11)% | (0.42)% | (0.72)% | (0.40)%  |
| Portfolio turnover rate<sup>(c)(e)</sup> | &nbsp;&nbsp; 5% | 12% | 10% | 13% | 9% | 16% |

---

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

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

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

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

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

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

15<br>

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

**1919 Socially Responsive BALANCED Fund** 

**Financial Highlights** 

**Class I** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $31.54 | $27.40 | $23.04 | $28.88 | $24.70 | $20.54  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | 0.27 | 0.22 | 0.14 | 0.07 | 0.13  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | 4.13 | 4.36 | (5.87) | 4.26 | 4.15  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.43 | 4.40 | 4.58 | (5.73) | 4.33 | 4.28  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.19) | (0.26) | (0.22) | (0.10) | (0.04) | (0.12)  |
| Net realized gains | &nbsp;&nbsp; — |  |  | (0.01) | (0.11) | —  |
| **Total distributions** | &nbsp;&nbsp; (0.19) | (0.26) | (0.22) | (0.11) | (0.15) | (0.12)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $32.78 | $31.54 | $27.40 | $23.04 | $28.88 | $24.70  |
| TOTAL RETURN<sup>(c)</sup> | &nbsp;&nbsp; 4.55% | 16.09% | 19.95% | (19.82)% | 17.61% | 20.93%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $503575 | $484468 | $405163 | $362364 | $520504 | $240316  |
| Ratio of expenses to average net assets<sup>(d)</sup> | &nbsp;&nbsp; 0.70% | 0.70% | 0.72% | 0.72% | 0.71% | 0.83%  |
|  Ratio of net investment income (loss) to average net assets<sup>(d)</sup> | &nbsp;&nbsp; 1.06% | 0.90% | 0.87% | 0.55% | 0.26% | 0.59%  |
| Portfolio turnover rate<sup>(c)(e)</sup> | &nbsp;&nbsp; 5% | 12% | 10% | 13% | 9% | 16% |

---

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

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

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

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

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

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

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

**1919 Funds** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)** 

**NOTE 1 – ORGANIZATION** 

The 1919 Financial Services Fund (the "Financial Services Fund") and 1919 Socially Responsive Balanced Fund (the "Socially Responsive Fund", each a Fund and together, the "Funds") are each a separate series of the Advisor Managed Portfolios (the "Trust"), a Delaware Statutory Trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Financial Services Fund and Socially Responsive Fund are each registered as a diversified series.

The Financial Services Fund seeks long-term capital appreciation by investing primarily in common stocks. The Socially Responsive Fund seeks to provide high total return consisting of capital appreciation and current income.

The Funds are the successor to the 1919 Financial Services Fund and 1919 Socially Responsive Balanced Fund (the "Predecessor Funds"), each a series of Trust for Advised Portfolios. The Predecessor Funds reorganized into the Funds on January 19, 2024 (the "AMP Reorganization").

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

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

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

**NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies consistently followed by the Funds in preparation of their financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") for investment companies. Each Fund is considered an investment company under U.S. 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 U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the period. Actual results may differ from those estimates.

&nbsp;&nbsp;&nbsp;&nbsp;A. *Securities Valuation.* The valuation of the Funds' investments is performed in accordance with the principles found in Rule 2a-5
 of the 1940 Act. Investments in securities traded on a national securities exchange are valued at the last reported sales price on the
 exchange on which the security is principally traded. Securities traded on the NASDAQ exchanges are valued at the NASDAQ Official Closing
 Price ("NOCP"). Exchange-traded securities for which no sale was reported and NASDAQ securities for which there is no NOCP
 are valued at the mean of the most recent quoted bid and ask prices. Unlisted securities held by the 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 of Trustees of the Trust (the "Board" or the "Trustees"). Pricing services may use various valuation methodologies, including matrix pricing and other analytical models as well as market transactions and dealer quotations. The Board has designated 1919 Investment Counsel, LLC (the "Advisor" to the Funds) as the valuation designee of the Funds. In its capacity as valuation designee, the Advisor has adopted procedures and methodologies to fair value the Funds' investments whose market prices are not "readily available" or are deemed to be unreliable.

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**1919 Funds** 

**Notes to Financial Statements** 

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

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

---

---

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

---

Level 3 – Significant unobservable inputs, including the Funds' own assumptions in determining the fair value of investments.

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

**Financial Services Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Long-term investments\***<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $121142537 | $— | $—  | $121142537  |
| **Total long-term investments** | 121142537 |  |  | 121142537  |
| **Short-term investments** | 1354393 |  |  | 1354393  |
| **Total long-term investments** | $122496930 | $— | $— | $122496930 |

---

**Socially Responsive Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Long-term investments\***<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $616032959 | $— | $—  | $616032959  |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  | 5949641 |  | 5949641  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds |  | 165446113 |  | 165446113  |
| &nbsp;&nbsp;&nbsp; Foreign Government Agency Issues |  | 925410 |  | 925410  |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |  | 2019964 |  | 2019964  |
| &nbsp;&nbsp;&nbsp; U.S. Government Agency Issues |  | 15995862 |  | 15995862  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities |  | 68274362 |  | 68274362  |
| **Total long-term investments** | 616032959 | 258611352 |  | 874644311  |
| **Short-term investments**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 25068223 |  |  | 25068223  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 8393222 |  | 8393222  |
| **Total short-term investments** | 25068223 | 8393222 |  | 33461445  |
| **Total investments** | $641101182 | $267004574 | $— | $908105756 |

---

\* See Schedule of investments for additional detailed categorizations.

18<br>

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

**1919 Funds** 

**Notes to Financial Statements** 

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

&nbsp;&nbsp;&nbsp;&nbsp;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 June 30, 2025, the Financial Services Fund held foreign currency and securities.

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;D. *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 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.

&nbsp;&nbsp;&nbsp;&nbsp;E. *Distribution to shareholders.* The Financial Services Fund makes distributions from net investment income, if any, at least annually. 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. 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.

&nbsp;&nbsp;&nbsp;&nbsp;F. *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.

&nbsp;&nbsp;&nbsp;&nbsp;G. *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.

&nbsp;&nbsp;&nbsp;&nbsp;H. *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

19<br>

------

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

**1919 Funds** 

**Notes to Financial Statements** 

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

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 of the Funds is required to analyze all open tax years, as defined by IRS statute of limitations for all major jurisdictions, including federal tax authorities and certain state tax authorities. As of and during the period ended June 30, 2025, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as interest expense and other expense for penalties in the statement of operations. During the period ended June 30, 2025, the Funds did not incur any interest or tax penalties. Generally, tax authorities can examine tax returns filed for the preceding three years. The Funds 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.

&nbsp;&nbsp;&nbsp;&nbsp;I. *Segment Reporting.* Management has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures
 with respect to the financial statements and disclosures and determined there is no material impact for the Funds. Each Fund operates
 as a single segment entity. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed by the Advisor,
 who serves as the chief operating decision maker, using the information presented in the financial statements and financial highlights.

**NOTE 3 – INVESTMENT MANAGEMENT AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES** 

The Trust has an agreement with the Advisor 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  |
| 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 |

---

The Advisor 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%  |
| Socially Responsive Fund | 1.25% | 2.00% | 1.00% |

---

The arrangements are in place until April 30, 2026, but may be terminated or amended at any time by the Board upon 60 days' notice to the Advisor or by the Advisor with consent of the Board. These arrangements, however, may be modified by the Advisor to decrease total annual operating expenses at any time.

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

20<br>

------

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

**1919 Funds** 

**Notes to Financial Statements** 

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

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 period ended June 30, 2025, the Funds incurred the following expenses for administration & fund accounting, custody, transfer agent and compliance fees:

---

| | | |
|:---|:---|:---|
|  | **Financial** <br>**Services Fund** | **Socially** <br>**Responsive Fund**  |
| Administration & fund accounting | &nbsp;&nbsp;&nbsp; $42446 | &nbsp;&nbsp;&nbsp; $209729  |
| Custody | &nbsp;&nbsp;&nbsp; 8705 | &nbsp;&nbsp;&nbsp; 23913  |
| Transfer agent\* | &nbsp;&nbsp;&nbsp; 59125 | &nbsp;&nbsp;&nbsp; 95124  |
| Compliance | &nbsp;&nbsp;&nbsp; 4002 | &nbsp;&nbsp;&nbsp; 399 |

---

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

At June 30, 2025, the Funds had payables for administration & fund accounting, custody, transfer agent and compliance fees in the following amounts:

---

| | | |
|:---|:---|:---|
|  | **Financial** <br>**Services Fund** | **Socially** <br>**Responsive Fund**  |
| Administration & fund accounting | &nbsp;&nbsp;&nbsp; $42400 | &nbsp;&nbsp;&nbsp; $205516  |
| Custody | &nbsp;&nbsp;&nbsp; 5749 | &nbsp;&nbsp;&nbsp; 15342  |
| Transfer agent | &nbsp;&nbsp;&nbsp; 27094 | &nbsp;&nbsp;&nbsp; 204116  |
| Compliance | &nbsp;&nbsp;&nbsp; 4002 | &nbsp;&nbsp;&nbsp; 3995 |

---

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 $14,850 for their services and reimbursement of travel expenses during the period ended June 30, 2025. The Funds pay no compensation to the Interested Trustee or officers of the Trust.

**NOTE 4 – INVESTMENT TRANSACTIONS** 

During the period ended June 30, 2025, the aggregate cost of purchases and proceeds from sales of investments (excluding short-term investments) were as follow:

**Financial Services Fund** 

---

| | | |
|:---|:---|:---|
|  | **Investments** | **U.S. Government &** <br>**Agency Obligations**  |
| Purchases | $9348565 | &nbsp;&nbsp;&nbsp; $—  |
| Sales | 13178168 | &nbsp;&nbsp;&nbsp; — |

---

**Socially Responsive Fund** 

---

| | | |
|:---|:---|:---|
|  | **Investments** | **U.S. Government &** <br>**Agency Obligations**  |
| Purchases | $39692116 | &nbsp;&nbsp;&nbsp; $22801193 |
| Sales | 32173169 | &nbsp;&nbsp;&nbsp; 12404393 |

---

21<br>

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

**1919 Funds** 

**Notes to Financial Statements** 

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

**NOTE 5 – FEDERAL INCOME TAX INFORMATION** 

At December 31, 2024, the components of distributable earnings for federal income tax purposes were as follows:

---

| | | |
|:---|:---|:---|
|  | **Financial** <br>**Services Fund** | **Socially** <br>**Responsive Fund**  |
| Cost of Investments for tax purposes | $48727582 | $590236241  |
| Gross tax unrealized appreciation | 75180330 | 319156629  |
| Gross tax unrealized depreciation | (986006) | (25717502)  |
| Net tax unrealized appreciation/depreciation on investment | 74194324 | 293439127  |
| Undistributed ordinary income | 78779 | 522185  |
| Undistributed long-term capital gains | 2521311 | —  |
| Capital loss carryforwards |  | (9710745)  |
| Other book/tax temporary differences\* | (40191) | (35272)  |
| Total distributable earnings (loss) | $76754223 | $284215295 |

---

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

The tax character of distributions paid during the period ended June 30, 2025 and the fiscal year ended December 31, 2024, for each Fund was as follows:

---

| | | |
|:---|:---|:---|
| **Financial Services Fund** | **Six Months Ended** <br>**June 30, 2025** | **Year Ended** <br>**December 30, 2024**  |
| **Distribution Paid From:**<br>|  |  |
| Ordinary Income | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; $903622  |
| Net Long Term Capital Gains | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 11262381  |
| **Total** | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; $12166003 |

---

---

| | | |
|:---|:---|:---|
| **Socially Responsive Fund** | **Six Months** <br>**Ended June 30, 2025** | **Year Ended** <br>**December 31, 2024**  |
| **Distribution Paid From:**<br>|  |  |
| Ordinary Income | &nbsp;&nbsp;&nbsp;&nbsp; $4115989 | &nbsp;&nbsp;&nbsp; $5607307  |
| Net Long Term Capital Gains | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp; $4115989 | &nbsp;&nbsp;&nbsp; $5607307 |

---

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 fiscal following fiscal year for tax purposes. As of December 31, 2024, the Funds did not have any late year or post October losses.

As of December 31, 2024, 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** | **Socially** <br>**Responsive Fund**  |
| Capital Loss Carryovers — Short-Term | $—  | &nbsp;&nbsp; $(8942463)  |
| Capital Loss Carryovers — Long-Term |  | &nbsp;&nbsp; (768282)  |
| **Total** | $— | &nbsp;&nbsp; $(9710745) |

---

22<br>

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

**1919 Funds** 

**Notes to Financial Statements** 

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

**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% | &nbsp;&nbsp;&nbsp;&nbsp; 0.75%  |
| Socially Responsive Fund | 0.25% | 0.25% | &nbsp;&nbsp;&nbsp;&nbsp; 0.75% |

---

For the period ended June 30, 2025, class specific expenses were as follows:

---

| | | |
|:---|:---|:---|
| **Financial Services Fund** | **Distribution** <br>**Fees** | **Transfer** <br>**Agent Fees**  |
| Class A | $86712 | $32483  |
| Class C | 76866 | 5850  |
| Class I |  | 20598  |
| **Total** | $163578 | $58931 |

---

---

| | | |
|:---|:---|:---|
| **Socially Responsive Fund** | **Distribution** <br>**Fees** | **Transfer** <br>**Agent Fees**  |
| Class A | $328766 | $150584  |
| Class C | 642022 | 59867  |
| Class I |  | 229000  |
| **Total** | $970788 | $439451 |

---

**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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six Months Ended** <br>**June 30, 2025** | **Six Months Ended** <br>**June 30, 2025** | **Year Ended** <br>**December 31, 2024**  | **Year Ended** <br>**December 31, 2024**  |
| <br>**Financial Services Fund** | **Shares** | **Amount** | **Shares** | **Amount**  |
| **Class A**<br>|  |  |  |  |
| Shares sold | 159213 | $4657337 | 191632 | $5591538  |
| Shares issued on reinvestment |  |  | 211485 | 6327649  |
| Shares repurchased | (189268) | (5519924) | (401247) | (11044716)  |
| **Net increase (decrease)** | (30055) | $(862587) | 1870 | $874471  |
| **Class C**<br>|  |  |  |  |
| Shares sold | 5752 | $148250 | 13152 | $313318  |
| Shares issued on reinvestment |  |  | 66303 | 1749729  |
| Shares repurchased | (151713) | (3918783) | (226467) | (5671480)  |
| **Net decrease** | (145961) | $(3770533) | (147012) | $(3608433)  |
| **Class I**<br>|  |  |  |  |
| Shares sold | 108890 | $3243922 | 64121 | $1827871  |
| Shares issued on reinvestment |  |  | 109371 | 3315046  |
| Shares repurchased | (121029) | (3569557) | (476277) | (13178210)  |
| **Net decrease** | (12139) | $(325635) | (302785) | $(8035293) |

---

23<br>

------

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

**1919 Funds** 

**Notes to Financial Statements** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six Months Ended** <br>**June 30, 2025** | **Six Months Ended** <br>**June 30, 2025** | **Year Ended** <br>**December 31, 2024**  | **Year Ended** <br>**December 31, 2024**  |
| <br>**Socially Responsive Fund** | **Shares** | **Amount** | **Shares** | **Amount**  |
| **Class A**<br>|  |  |  |  |
| Shares sold | 389095 | $12127777 | 1191436 | $36018519  |
| Shares issued on reinvestment | 2034 | 1120314 | 50546 | 1551007  |
| Shares repurchased | (711188) | (22027431) | (1410003) | (42761201)  |
| **Net decrease** | (286287) | $(8779340) | (168021) | $(5191675)  |
| **Class C**<br>|  |  |  |  |
| Shares sold | 189299 | $5836424 | 592751 | $17589504  |
| Shares issued on reinvestment | 2034 | 62297 | 2356 | 68225  |
| Shares repurchased | (266326) | (8183381) | (590819) | (17569208)  |
| **Net increase (decrease)** | (74993) | $(2284660) | 4288 | $88521  |
| **Class I**<br>|  |  |  |  |
| Shares sold | 1316749 | $41180133 | 3407315 | $103204300  |
| Shares issued on reinvestment | 82624 | 2589796 | 114767 | 3530101  |
| Shares repurchased | (1394334) | (43321826) | (2948078) | (88893326)  |
| **Net increase (decrease)** | 5039 | $448103 | 574004 | $17841075 |

---

There is a maximum initial sales charge of 5.75% for Class A shares of the Financial Services Fund and Socially Responsive Fund. 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, 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 period ended June 30, 2025, Quasar did not retain sales charges on sales of the Class A shares of the Financial Services Fund and Socially Responsive Fund. In addition, for the period ended June 30, 2025, CDSCs paid to Quasar were:

---

| | | |
|:---|:---|:---|
| **CDSCs** | **Class A** | **Class C**  |
| Financial Services Fund | N/A | $28  |
| Socially Responsive Fund | N/A | 1911 |

---

**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 the1940 Act. As of June 30, 2025, Charles Schwab held approximately 27% of the outstanding shares of the Financial Services Fund, for the benefit of their shareholders.

**NOTE 9 – SUBSEQUENT EVENTS** 

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

24<br>

------

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

**1919 Funds** 

**Notes to Financial Statements** 

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

**NOTE 10 – PRINCIPAL RISKS** 

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

&nbsp;&nbsp;&nbsp;&nbsp;A. *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.

&nbsp;&nbsp;&nbsp;&nbsp;B. *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.

&nbsp;&nbsp;&nbsp;&nbsp;C. *Fixed income securities risk.* The Socially Responsive Fund's investment in certain debt and fixed income securities share three principal
 risks: 1) the level of interest income generated by fixed income investments may decline due to a decrease in market interest rates; 2)
 values fluctuate with changes in interest rates; and 3) certain fixed income securities are subject to credit risk.

&nbsp;&nbsp;&nbsp;&nbsp;D. *Mortgage-backed and asset-backed securities risk.* The Socially Responsive Fund's investment in mortgage-backed securities (MBS) and asset-backed
 securities (ABS) are subject to credit, interest rate, prepayment, and extension risks. These securities may be illiquid and hard to value
 in declining markets. Changes in interest or prepayment rates may cause large and sudden price movements. Certain MBS and ABS may result
 in the Socially Responsive Fund becoming the holder of underlying assets it could not otherwise purchase, potentially making then difficult
 to dispose of due to adverse market conditions.

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

25<br>

------

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

**1919 Funds** 

**Additional Information** 

**June 30, 2025 (Unaudited)** 

**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 Funds directly at (844) 828-1919 or on the EDGAR Database on the SEC's website at ww.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 1-800-SEC-0330.

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

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

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

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

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

See Financial Statements.

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

Not applicable.

26<br>

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

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

See Item 7(a).

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

See Item 7(a).

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

See Item 7(a).

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

Not applicable

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

Not applicable to open-end investment companies.

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

 

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

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

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

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

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

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

Not applicable to open-end investment companies.

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

Not applicable

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

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* (1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Not Applicable for semi-annual reports.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).* Filed herewith.](f1919-efp17295_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.* Not applicable to open-end investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Change in the registrant's independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period. Not applicable to open-end investment companies and ETFs.

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](f1919-efp17295_ex99906cert.htm)

**SIGNATURES**

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

<u>Advisor Managed Portfolios</u>

---

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

---

Date <u>9/8/2025</u>

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

---

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

---

Date <u>9/8/2025</u>

---

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

---

Date <u>9/8/2025</u>

## Ex-99.Cert

**EX.99.CERT**

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

I, Russell B. Simon, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 9/8/2025 | /s/ Russell B. Simon |
|  |  | Russell B. Simon |
|  |  | President and Principal Executive Officer |

---

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

I, Eric T. McCormick, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 9/8/2025 | /s/ Eric T. McCormick |
|  |  | Eric T. McCormick |
|  |  | Treasurer and Principal Financial Officer |

---

## Exhibit 99.906

**EX.99.906CERT**

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Advisor Managed Portfolios, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Advisor Managed Portfolios for the period ended June 30, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Advisor Managed Portfolios for the stated period.

---

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

---

Dated: <u>9/8/2025</u> Dated: <u>9/8/2025</u>

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