# EDGAR Filing Document

**Accession Number:** 0001261788
**File Stem:** 0001145549-23-016554
**Filing Date:** 2023-3
**Character Count:** 98886
**Document Hash:** 4fdccd546193e32143aa3ef431816fdc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-016554.hdr.sgml**: 20230315

**ACCESSION NUMBER**: 0001145549-23-016554

**CONFORMED SUBMISSION TYPE**: N-CEN

**PUBLIC DOCUMENT COUNT**: 5

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230315

**DATE AS OF CHANGE**: 20230315

**EFFECTIVENESS DATE**: 20230315

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** N-CEN
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21422
- **FILM NUMBER:** 23735530

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

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

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

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

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

## Series and Classes Contracts Data

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000146530 | Class A      | SBFAX           |
| C000146531 | Class C      | SFSLX           |
| C000146532 | Class FI     |  |
| C000146533 | Class R      |  |
| C000146534 | Class I      | LMRIX           |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000146535 | Class R      |  |
| C000146536 | Class I      | LMRNX           |
| C000146537 | Class A      | SSIAX           |
| C000146539 | Class C      | SESLX           |
| C000146540 | Class FI     |  |

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

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000146541 | Class A      | LMMDX           |
| C000146542 | Class C      | LMMCX           |
| C000146543 | Class FI     |  |
| C000146544 | Class I      | LMMIX           |

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

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

### Opportunity Trust (Series ID: S000055730)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000175519 | Class A      | LGOAX           |
| C000175520 | Class C      | LMOPX           |
| C000175521 | Class FI     | LMOFX           |
| C000175522 | Class R      | LMORX           |
| C000175523 | Class I      | LMNOX           |
| C000175524 | Class IS     | MVISX           |

## Legal

#### Trust for Advised Portfolios: Form N-CEN
*Attachment for Item G.1.a.i of Form N-CEN* 

The following non-routine legal proceedings have been filed against Trust for Advised Portfolios ("TAP"), with respect to its series Infinity Q Diversified Alpha Fund ("Fund"):

1.  ***In re Infinity Q Diversified Alpha Fund Securities Litigation ; Index Number: 651295/2021 (Part 53) (N.Y. County Commercial Division). This action is a putative securities class action alleging claims under Sections 11, 12 and 15 of the Securities Act of 1933. The initiating plaintiffs are Andrea Hunter, David Rosenstein and Neil O'Connor and are alleged shareholders in the Fund. Defendants in the action are TAP, Infinity Q Capital Management, LLC ("IQCM"), Quasar Distributors, LLC ("Quasar"), Christopher E. Kashmerick, John C. Chrystal, Albert J. DiUlio, S.J., Harry E. Resis, Russell B. Simon, Steven J. Jensen, Scott Lindell, Leonard Potter, James Velissaris, EisnerAmper LLP, Bonderman Family Limited Partnership, LP, and Infinity Q Management Equity, LLC. The stated class period is February 25, 2018 through February 18, 2021.*** 

2.  ***In re Infinity Q Diversified Alpha Fund and Infinity Q Volatility Alpha Fund, L.P. Securities Litigation ; Case Number: 1:21-cv-0147 (E.D.N.Y.). This action is a putative securities class action alleging claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Sections 11, 12(a) and 15 of the Securities Act of 1933. The named plaintiffs are (i) Liang Yang, an alleged shareholder in the Fund; (ii) Schiavi + Company LLC ("S+C"), an investment advisor seeking to recover damages on behalf of itself and its client accounts on whose behalf S+C invested in the Fund during the class period; and (iii) Dominus Multimanager Fund, Ltd., an entity that invested in Infinity Q Volatility Alpha Offshore Fund, Ltd. during the class period. Defendants are TAP, IQCM, Infinity Q Management Equity, LLC, Infinity Q Volatility Alpha Offshore Fund, Ltd., Infinity Q Volatility Alpha Fund, L.P., Quasar, EisnerAmper LLP, U.S. Bancorp Fund Services, LLC ("USBFS"), Bonderman Family Limited Partnership, LP, Christopher E. Kashmerick, John C. Chrystal, Albert J. DiUlio, S.J., Harry E. Resis, Russell B. Simon, Leonard Potter, Scott Lindell, and James Velissaris. The stated class period is December 21, 2018 through February 22, 2021.*** 

3.  ***Oak Financial Group, Inc. v. Infinity Q Diversified Alpha Fund, et al.; Case Number: 1:21-cv-03249 (E.D.N.Y.). This action alleges claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, Sections 11, 12(a) and 15 of the Securities Act of 1933, as well as common law fraud under New York law. The plaintiff is Oak Financial Group, Inc. ("Oak Financial") which is an investment advisor seeking to recover damages on behalf of 257 of its client accounts on whose behalf Oak Financial invested in the Fund between October 27, 2015 and August 2020. Defendants are the Fund, TAP, IQCM, Christopher E. Kashmerick, John C. Chrystal, Albert J. DiUlio, S.J., Harry E. Resis, Russell B. Simon, Steven J. Jensen, James Velissaris, Leonard Potter, Scott Lindell, Quasar, EisnerAmper LLP, Bonderman Family Limited Partnership, LP, Infinity Q Management Equity, LLC, and USBFS.*** 

4.  ***Todd Rowan v. Infinity Q Capital Management, LLC, et al ., Index No. 2022-0176 (Delaware Chancery Court). This shareholder derivative action filed on February 23, 2022 asserts claims for breach of fiduciary duty and breach of contract. The plaintiff is Todd Rowan, a shareholder in the Fund. Defendants are IQCM, USBFS, John C. Chrystal, Albert J. DiUlio, S.J., Harry E. Resis, Brian S. Ferrie, Wan-Chong Kung, Christopher E. Kashmerick, Steven J. Jensen, Russell B. Simon, and Scott A. Resnick.*** 

5.  ***Dominus Multimanager Fund, Ltd., et al. v. Infinity Q Capital Management LLC et al. , Index Number: 652906/2022 (N.Y. County Commercial Division). This action is a putative securities class action alleging claims for common law fraud, fraudulent inducement, fraudulent concealment, negligence, negligent misrepresentation, unjust enrichment, and aiding and abetting. The initiating plaintiff is Dominus Multimanager Fund, Ltd., an entity that invested in Infinity Q Volatility Alpha Offshore Fund, Ltd. during the stated class period. Defendants in the action are TAP, IQCM, Infinity Q Volatility Alpha Fund, L.P., Infinity Q Volatility Alpha Offshore Fund, Ltd., Quasar, USBFS, Christopher E. Kashmerick, John C. Chrystal, Albert J. DiUlio, S.J., Harry E. Resis, Russell B. Simon, Steven J. Jensen, Scott Lindell, Leonard Potter, James Velissaris, EisnerAmper LLP, Bonderman Family Limited Partnership, LP, and Infinity Q Management Equity, LLC. The stated class period is February 1, 2017 through February 22, 2021.*** 

6.  ***The Glenmede Trust Company, N.A. v. Infinity Q Capital Management LLC, et al. , Index Number 160830/2022 (N.Y. County Commercial Division) . This action alleges claims under Sections 11, 12(a) and 15 of the Securities Act of 1933, brought by a plaintiff opting out of the settlement agreement that seeks to resolve the state and federal putative securities class actions. The initiating plaintiff is The Glenmede Trust Company, N.A., a shareholder in the Fund. Defendants in the action are TAP, IQCM, Quasar, USBFS, Christopher E. Kashmerick, John C. Chrystal, Albert J. DiUlio, S.J., Harry E. Resis, Russell B. Simon, Steven J. Jensen, Scott Lindell, Leonard Potter, James Velissaris, EisnerAmper LLP, Bonderman Family Limited Partnership, LP, Infinity Q Management Equity, LLC, and USBFS.*** 

7.  ***Flint Hills Diversified Strategies L.P., et al. v. Infinity Q Capital Management LLC, et al. , Index Number 160964/2022 (N.Y. County Commercial Division). This action alleges claims under Sections 11, 12(a) and 15 of the Securities Act of 1933, brought by several plaintiffs opting out of the settlement agreement that seeks to resolve the state and federal putative securities class actions. The plaintiffs areshareholders in the Fund. Defendants in the action are TAP, IQCM, Quasar, USBFS, Christopher E. Kashmerick, John C. Chrystal, Albert J. DiUlio, S.J., Harry E. Resis, Russell B. Simon, Steven J. Jensen, Scott Lindell, Leonard Potter, James Velissaris, EisnerAmper LLP, Bonderman Family Limited Partnership, LP, Infinity Q Management Equity, LLC, and USBFS.*** 

8.  ***Carson Family 2013 Dynasty Trust, et al. v. Infinity Q Capital Management LLC, et al. , Index Number 160834/2022 (N.Y. County Commercial Division) . This action alleges claims under Sections 11, 12(a) and 15 of the Securities Act of 1933, brought by a plaintiff opting out of the settlement agreement that seeks to resolve the state and federal putative securities class actions. The plaintiffs are shareholders in the Fund. Defendants in the action are TAP, IQCM, Quasar, USBFS, Christopher E. Kashmerick, John C. Chrystal, Albert J. DiUlio, S.J., Harry E. Resis, Russell B. Simon, Steven J. Jensen, Scott Lindell, Leonard Potter, James Velissaris, EisnerAmper LLP, Bonderman Family Limited Partnership, LP, Infinity Q Management Equity, LLC, and USBFS.***

## Internal

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

#### To the Board of Trustees of Trust for Advised Portfolios

#### and the Shareholders of 1919 Financial Services Fund, 1919 Maryland Tax-Free Income Fund, and 1919 Socially Responsive Balanced Fund
In planning and performing our audits of the financial statements of 1919 Financial Services Fund, 1919 Maryland Tax-Free Income Fund, and 1919 Socially Responsive Balanced Fund, each a series of shares of beneficial interest in Trust for Advised Portfolios (the ***"Funds"***), as of December 31, 2022, and for the year then ended, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (***"PCAOB"***), we considered the Funds' internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

The management of the Funds is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A fund's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America (***"GAAP"***). A fund's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of the financial statements in accordance with GAAP, and that receipts and expenditures of the fund are being made only in accordance with authorizations of management and trustees of the fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a fund's assets that could have a material effect on the financial statements.

Because of inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Funds' annual or interim financial statements will not be prevented or detected on a timely basis.

Our consideration of the Funds' internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the PCAOB. However, we noted no deficiencies in the Funds' internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be a material weakness, as defined above, as of December 31, 2022.

This report is intended solely for the information and use of management and the Board of Trustees of Trust for Advised Portfolios and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

/s/ BBD, LLP

#### BBD, LLP

#### Philadelphia, Pennsylvania

#### March 1, 2023

## Internal

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

#### To the Board of Trustees of Trust for Advised Portfolios

#### and the Shareholders of 1919 Variable Socially Responsive Balanced Fund
In planning and performing our audit of the financial statements of 1919 Variable Socially Responsive Balanced Fund, a series of shares of beneficial interest in Trust for Advised Portfolios (the ***"Fund"***), as of December 31, 2022, and for the year then ended, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (***"PCAOB"***), we considered the Fund's internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

The management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A fund's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America (***"GAAP"***). A fund's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of the financial statements in accordance with GAAP, and that receipts and expenditures of the fund are being made only in accordance with authorizations of management and trustees of the fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a fund's assets that could have a material effect on the financial statements.

Because of inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Fund's annual or interim financial statements will not be prevented or detected on a timely basis.

Our consideration of the Fund's internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the PCAOB. However, we noted no deficiencies in the Fund's internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be a material weakness, as defined above, as of December 31, 2022.

This report is intended solely for the information and use of management and the Board of Trustees of Trust for Advised Portfolios and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

/s/ BBD, LLP

#### BBD, LLP

#### Philadelphia, Pennsylvania

#### February 16, 2023

## Internal

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

#### To the Board of Trustees of Trust for Advised Portfolios

#### and the Shareholders of Opportunity Trust
In planning and performing our audit of the financial statements of Opportunity Trust (formerly known as Miller Opportunity Trust), a series of shares of beneficial interest in Trust for Advised Portfolios (the ***"Fund"***), as of December 31, 2022, and for the year then ended, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (***"PCAOB"***), we considered the Fund's internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

The management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A fund's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America (***"GAAP"***). A fund's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of the financial statements in accordance with GAAP, and that receipts and expenditures of the fund are being made only in accordance with authorizations of management and trustees of the fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a fund's assets that could have a material effect on the financial statements.

Because of inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Fund's annual or interim financial statements will not be prevented or detected on a timely basis.

Our consideration of the Fund's internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the PCAOB. However, we noted no deficiencies in the Fund's internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be a material weakness, as defined above, as of December 31, 2022.

This report is intended solely for the information and use of management and the Board of Trustees of Trust for Advised Portfolios and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

/s/ BBD, LLP

#### BBD, LLP

#### Philadelphia, Pennsylvania

#### March 1, 2023

# Form N-CEN: Annual Report for Registered Investment Companies

## N-CEN: Filer Information
**Submission Type:** N-CEN
**CIK:** 0001261788

## N-CEN: Series/Class (Contract) Information

**Series ID Record:1**
- **Series ID:** S000055730

**Series ID Record:2**
- **Series ID:** S000046891

**Series ID Record:3**
- **Series ID:** S000046893

**Series ID Record:4**
- **Series ID:** S000046892

**Series ID Record:5**
- **Series ID:** S000046894

### N-CEN: Part A: General Information

**Item A.1.a - Report for period ending:** 2022-12-31

**Item A.1.b - Does this report cover a period of less than 12 months?:** No

## N-CEN: Part B: Information About the Registrant

- **Item B.1.a - Full name of Registrant:** Trust for Advised Portfolios

- **Item B.1.b - Investment Company Act file number:** 811-21422

- **Item B.1.c - CIK:** 0001261788

- **Item B.1.d - LEI:** 549300YZEFREMRTE2K87

- **Item B.2.a - Street 1:** 615 East Michigan Street

- **Item B.2.b - City:** Milwaukee

- **Item B.2.c - State:** WI

- **Item B.2.e - Zip Code:** 53202-5210

- **Item B.2.f - Telephone:** 4142873700

- **Item B.2.g - Public Website:** www.millervaluefunds.com

### Item B.3 - Location of books and records

**Location books Record: 1**

- **a. Name of person (e.g., a custodian of records):** U.S. Bancorp Fund Services, LLC

- **b. Street 1:** 615 East Wisconsin Avenue

- **c. City:** Milwaukee

- **d. State, if applicable:** WI

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 53202

- **g. Telephone number:** 8003003863

- **h. Briefly describe the books and records kept at this location:** Financial reports, accounting books, compliance, transfer agent and dividend records

**Location books Record: 2**

- **a. Name of person (e.g., a custodian of records):** 1919 Investment Counsel, LLC

- **b. Street 1:** One South Street, Suite 2500

- **c. City:** Baltimore

- **d. State, if applicable:** MD

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 21202

- **g. Telephone number:** 8448281919

- **h. Briefly describe the books and records kept at this location:** Records related to its function as an adviser

**Location books Record: 3**

- **a. Name of person (e.g., a custodian of records):** Fulcrum Asset Management LLP

- **b. Street 1:** Marble Arch House

- **Street 2:** 66 Seymour Street

- **c. City:** London

- **f. Zip code and zip code extension, or foreign postal code:** W1H 5BT

- **g. Telephone number:** 442070166450

- **h. Briefly describe the books and records kept at this location:** Records related to its function as an adviser

**Location books Record: 4**

- **a. Name of person (e.g., a custodian of records):** Zevenbergen Capital Investments LLC

- **b. Street 1:** 601 Union Street, Suite 4600

- **c. City:** Seattle

- **d. State, if applicable:** WA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 98101

- **g. Telephone number:** 2066828469

- **h. Briefly describe the books and records kept at this location:** Records related to its function as an adviser

**Location books Record: 5**

- **a. Name of person (e.g., a custodian of records):** U.S. Bank National Association

- **b. Street 1:** 1555 North RiverCenter Drive

- **Street 2:** Suite 302

- **c. City:** Milwaukee

- **d. State, if applicable:** WI

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 53212

- **g. Telephone number:** 4149055059

- **h. Briefly describe the books and records kept at this location:** Custodian records

**Location books Record: 6**

- **a. Name of person (e.g., a custodian of records):** Quasar Distributors LLC

- **b. Street 1:** 111 East Kilbourn Ave.

- **Street 2:** Suite 2200

- **c. City:** Milwaukee

- **d. State, if applicable:** WI

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 53202

- **g. Telephone number:** 8336121912

- **h. Briefly describe the books and records kept at this location:** Distributor and Underwriter Records

**Location books Record: 7**

- **a. Name of person (e.g., a custodian of records):** Ziegler Capital Management, LLC

- **b. Street 1:** 30 S. Wacker Drive

- **Street 2:** Suite 2800

- **c. City:** Chicago

- **d. State, if applicable:** IL

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 60606

- **g. Telephone number:** 3123681442

- **h. Briefly describe the books and records kept at this location:** Records related to its function as an adviser

**Location books Record: 8**

- **a. Name of person (e.g., a custodian of records):** Pretium Credit Management, LLC

- **b. Street 1:** 810 Seventh Avenue

- **Street 2:** Suite 2400

- **c. City:** New York

- **d. State, if applicable:** NY

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 10019

- **g. Telephone number:** 2122575757

- **h. Briefly describe the books and records kept at this location:** Records related to its function as a sub adviser.

**Location books Record: 9**

- **a. Name of person (e.g., a custodian of records):** Miller Value Partners, LLC

- **b. Street 1:** One South Street

- **Street 2:** Suite 2550

- **c. City:** Baltimore

- **d. State, if applicable:** MD

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 21202

- **g. Telephone number:** 4104543130

- **h. Briefly describe the books and records kept at this location:** Records related to its function as an adviser

**Location books Record: 10**

- **a. Name of person (e.g., a custodian of records):** Bramshill Investments, LLC

- **b. Street 1:** 801 Laurel Oak Dr.

- **Street 2:** Suite 300A

- **c. City:** Naples

- **d. State, if applicable:** FL

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 34108

- **g. Telephone number:** 2399207310

- **h. Briefly describe the books and records kept at this location:** Records related to its function as an adviser

**Location books Record: 11**

- **a. Name of person (e.g., a custodian of records):** Soundwatch Capital LLC

- **b. Street 1:** 137 Rowayton Avenue

- **Street 2:** Suite 120

- **c. City:** Rowayton

- **d. State, if applicable:** CT

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 06853

- **g. Telephone number:** 6464429652

- **h. Briefly describe the books and records kept at this location:** Records related to its function as an adviser

**Location books Record: 12**

- **a. Name of person (e.g., a custodian of records):** CornerCap Investment Counsel, Inc.

- **b. Street 1:** The Peachtree, Suite 1700

- **Street 2:** 1355 Peachtree Street NE

- **c. City:** Atlanta

- **d. State, if applicable:** GA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 30309

- **g. Telephone number:** 4048700700

- **h. Briefly describe the books and records kept at this location:** Records related to its function as an adviser

**Location books Record: 13**

- **a. Name of person (e.g., a custodian of records):** Regan Capital LLC

- **b. Street 1:** 300 Crescent Ct

- **Street 2:** Suite 1760

- **c. City:** Dallas

- **d. State, if applicable:** TX

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 75201

- **g. Telephone number:** 8884473426

- **h. Briefly describe the books and records kept at this location:** Records related to its function as an adviser

**Location books Record: 14**

- **a. Name of person (e.g., a custodian of records):** Infinity Q Capital Management, LLC

- **b. Street 1:** 888 7th Avenue, Suite 3700

- **c. City:** New York

- **d. State, if applicable:** NY

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 10106

- **g. Telephone number:** 2124685110

- **h. Briefly describe the books and records kept at this location:** Records related to its function as an adviser

**Location books Record: 15**

- **a. Name of person (e.g., a custodian of records):** USCA Asset Management, LLC

- **b. Street 1:** 4444 Westheimer Road

- **Street 2:** Suite G500

- **c. City:** Houston

- **d. State, if applicable:** TX

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 77027

- **g. Telephone number:** 7133660500

- **h. Briefly describe the books and records kept at this location:** Records related to its function as a sub adviser.

- **Item B.4.a - Is this the first filing by the Registrant?:** No

- **Item B.4.b - Is this the last filing by the Registrant?:** No

### Item B.6 - Organization

- [x] a. Open-end management investment company registered under the Act on Form N-1A

- [ ] b. Closed-end management investment company registered under the Act on Form N-2

- [ ] c. Separate account offering variable annuity contracts which is registered under the Act as a management investment company on Form N-3

- [ ] d. Separate account offering variable annuity contracts which is registered under the Act as a unit investment trust on Form N-4

- [ ] e. Small business investment company registered under the Act on Form N-5

- [ ] f. Separate account offering variable insurance contracts which is registered under the Act as a unit investment trust on Form N-6

- [ ] g. Unit investment trust registered under the Act on Form N-8B-2

- **Item B.6.i - Total number of Series:** 16

- **Item B.7 - Is the Registrant the issuer of a class of securities registered under the Securities Act?:** Yes

### Item B.8 - Directors

| Name                     | Is Interested Person?   | Other Investment Company File Numbers   |
|:---|:---|:---|
| Brian Ferrie             | No                      | N/A                                     |
| Wan-Chong Kung           | No                      | N/A                                     |
| Harry E. Resis           | No                      | N/A                                     |
| Christopher E Kashmerick | Yes                     | N/A                                     |

### Item B.9. Chief compliance officer.

**Chief compliance officer Record: 1**

- **a. Full Name:** Elizabeth B. Scalf

- **b. CRD Number, if any:** N/A

- **c. Street Address 1:** 615 E. Michigan Street

- **d. City:** Milwaukee

- **e. State, if applicable:** WI

- **f. Foreign country, if applicable:** US

- **g. Zip code:** 53202-5210

- **h. Telephone number:** XXXXXX

- **i. Has the chief compliance officer changed since the last filing?:** Yes

If the chief compliance officer is compensated or employed by any person other than the Registrant, provide:

**CCO employer Record: 1**

- **i. Name of the person:** —

- **ii. Person’s IRS Employer Identification Number:** —

### Item B.10. Matters for security holder vote.

- **Were any matters submitted by the Registrant for its security holders’ vote during the reporting period?** No

- **Item B.11.b - Has any proceeding previously reported been terminated?:** No

- **Item B.12.a - Were any claims with respect to the Registrant filed under a fidelity bond?:** No

- **Item B.13.a - Are the Registrant's officers or directors covered under any insurance policy?:** Yes

- **Item B.13.a.i - If yes, were any claims filed under the policy during the reporting period?:** Yes

- **Item B.14 - Did an affiliated person provide any form of financial support to the Registrant?:** No

- **Item B.15.a.i - Release numbers:**
  - IC-33897

### Item B.16. Principal underwriters.

**Principal underwriter Record: 1**

- **i. Full name:** Quasar Distributors LLC

- **ii. SEC file number:** 8-52323

- **iii. CRD number:** 000103848

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** WI

- **vi. Foreign country, if applicable:** US

- **vii. Is the principal underwriter an affiliated person...?:** No

- **b. Have any principal underwriters been hired or terminated during the reporting period?** No

### Item B.17. Independent public accountant.

**Public accountant Record: 1**

- **a. Full Name:** BBD, LLP

- **b. PCAOB Number:** 00552

- **c. LEI, if any:** N/A

- **d. State, if applicable:** PA

- **e. Foreign country, if applicable:** US

- **f. Has the independent public accountant changed since the last filing?** No

- **Item B.18 - Did an independent public accountant's report on internal control note any material weaknesses?:** No

- **Item B.19 - Did an independent public accountant issue an opinion other than an unqualified opinion?:** No

- **Item B.20 - Have there been material changes in the method of valuation?:** No

- **Item B.21 - Have there been any changes in accounting principles or practices?:** No

## Part C: Additional Questions for Management Investment Companies

### Management Investment Record: 1 - Opportunity Trust

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Opportunity Trust

- **b. Series identification number, if any:** S000055730

- **c. LEI:** 549300UXMO6A4HKICL94

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 6

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Class A                 | C000175519                                | LGOAX                        |
|                           2 | Class C                 | C000175520                                | LMOPX                        |
|                           3 | Class FI                | C000175521                                | LMOFX                        |
|                           4 | Class R                 | C000175522                                | LMORX                        |
|                           5 | Class I                 | C000175523                                | LMNOX                        |
|                           6 | Class IS                | C000175524                                | MVISX                        |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [x] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** —

- **g. Provide the net income from securities lending activities:** —

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 17a-6 (17 CFR 270.17a-6)

- Rule 22d-1 (17 CFR 270.22d-1)

- Rule 32a-4 (17 CFR 270.32a-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** Yes

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Miller Value Partners, LLC

- **ii. SEC file number:** 801-56989

- **iii. CRD number:** 000110632

- **iv. LEI, if any:** 549300FKUJYEIIO3KL84

- **v. State, if applicable:** MD

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** U.S. Bancorp Fund Services, LLC

- **ii. SEC file number:** 85-11357

- **iii. LEI, if any:** N1GZ7BBF3NP8GI976H15

- **iv. State, if applicable:** WI

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** ICE Data Pricing & Reference Data, LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** U.S. Bank National Association

- **ii. LEI, if any:** 6BYL5QZYBDK8S7L73M02

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

No Shareholder Servicing Agents reported.

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** U.S. Bancorp Fund Services, LLC

- **ii. LEI, if any, or other identifying number:** N1GZ7BBF3NP8GI976H15

- **iii. State, if applicable:** WI

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** Allen & Co. Incorporated

- **ii. SEC file number:** 8-12123

- **iii. CRD number:** 000001042

- **iv. LEI, if any:** 549300RO3RYDN328JY68

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $386,892.00

**Brokers Record: 2**

- **i. Full name of broker:** Capital Institutional Services  Inc.

- **ii. SEC file number:** 8-22273

- **iii. CRD number:** 000007551

- **iv. LEI, if any:** 54930061X8RDWFDJIS05

- **v. State, if applicable:** TX

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $327,808.00

**Brokers Record: 3**

- **i. Full name of broker:** Barclay Investments Ltd.

- **ii. SEC file number:** 8-16935

- **iii. CRD number:** 000006159

- **iv. LEI, if any:** 254900YRC13GGERHVR90

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $298,734.00

**Brokers Record: 4**

- **i. Full name of broker:** Goldman Sachs & Co

- **ii. SEC file number:** 8-129

- **iii. CRD number:** 000000361

- **iv. LEI, if any:** FOR8UP27PHTHYVLBNG30

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $241,782.00

**Brokers Record: 5**

- **i. Full name of broker:** J.P. Morgan Chase

- **ii. SEC file number:** 8-35008

- **iii. CRD number:** 000000079

- **iv. LEI, if any:** ZBUT11V806EZRVTWT807

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $116,295.00

**Brokers Record: 6**

- **i. Full name of broker:** Morgan Stanley & Co. Inc.

- **ii. SEC file number:** 8-15869

- **iii. CRD number:** 000008209

- **iv. LEI, if any:** 9R7GPTSO7KV3UQJZQ078

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $84,695.00

**Brokers Record: 7**

- **i. Full name of broker:** Merrill Lynch, Inc.

- **ii. SEC file number:** 8-33359

- **iii. CRD number:** 000016139

- **iv. LEI, if any:** 549300PMHS66E71I2D34

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $75,619.00

**Brokers Record: 8**

- **i. Full name of broker:** UBS Financial Services Inc

- **ii. SEC file number:** 8-16267

- **iii. CRD number:** 000008174

- **iv. LEI, if any:** ETYRV6ORNFJB5NONI676

- **v. State, if applicable:** NJ

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $72,468.00

**Brokers Record: 9**

- **i. Full name of broker:** ISI Group Inc

- **ii. SEC file number:** 8-49830

- **iii. CRD number:** 000042405

- **iv. LEI, if any:** 5493008F0LRLS5N8LZ81

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $59,799.00

**Brokers Record: 10**

- **i. Full name of broker:** Liquidnet, Inc.

- **ii. SEC file number:** 8-52461

- **iii. CRD number:** 000103987

- **iv. LEI, if any:** 213800HSKBBO1GCVRG79

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $52,462.00

**Aggregate Commission:** $2,418,610.00

**Item C.17.a. Principal transaction counterparties.**

| Name                    | SEC file number   | CRD number   | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|:---|:---|:---|:---|:---|
| MarketAxess Corporation | 8-50727           | 000044542    | GPSMMRI21JE7ZCVYF972 | NY      | US        | $6,459,375.00             |
| Private Offering        | N/A               | N/A          | N/A                  | NY      | US        | $7,357,869.00             |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $13,817,244.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $1,592,335,042.44

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Uncommitted

- **ii. What size is the line of credit?** $75,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** U.S. BANK

- **v. Did the Fund draw on the line of credit this period?** —

**Line of Credit details Record: 2**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $250,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** Bank of Nova Scotia

- **v. Did the Fund draw on the line of credit this period?** —

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 2 - 1919 Financial Services Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** 1919 Financial Services Fund

- **b. Series identification number, if any:** S000046891

- **c. LEI:** 549300O5Y9GY1227P528

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 3

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Class A                 | C000146530                                | SBFAX                        |
|                           2 | Class C                 | C000146531                                | SFSLX                        |
|                           3 | Class I                 | C000146534                                | LMRIX                        |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [x] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** —

- **g. Provide the net income from securities lending activities:** —

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 12d1-1 (17 CFR 270.12d1-1)

- Rule 22d-1 (17 CFR 270.22d-1)

- Rule 32a-4 (17 CFR 270.32a-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** Yes

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** 1919 Investment Counsel, LLC

- **ii. SEC file number:** 801-63656

- **iii. CRD number:** 000133370

- **iv. LEI, if any:** 25490074P0AZ35Z01A02

- **v. State, if applicable:** MD

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** U.S. Bancorp Fund Services, LLC

- **ii. SEC file number:** 85-11357

- **iii. LEI, if any:** N1GZ7BBF3NP8GI976H15

- **iv. State, if applicable:** WI

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** ICE Data Pricing & Reference Data, LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** U.S. Bank National Association

- **ii. LEI, if any:** 6BYL5QZYBDK8S7L73M02

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

No Shareholder Servicing Agents reported.

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** U.S. Bancorp Fund Services, LLC

- **ii. LEI, if any, or other identifying number:** N1GZ7BBF3NP8GI976H15

- **iii. State, if applicable:** WI

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** Stifel, Nicolaus & Company

- **b. SEC file number:** 8-01447

- **c. CRD number:** 000000793

- **d. LEI, if any:** N/A

- **e. State, if applicable:** MO

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 2**

- **a. Full name:** Keefe, Bruyette & Woods, Inc.

- **b. SEC file number:** 8-10888

- **c. CRD number:** 000000481

- **d. LEI, if any:** N/A

- **e. State, if applicable:** NY

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 3**

- **a. Full name:** Miller Buckfire & Co., LLC

- **b. SEC file number:** 8-52631

- **c. CRD number:** 000104156

- **d. LEI, if any:** N/A

- **e. State, if applicable:** NY

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 4**

- **a. Full name:** Century Securities Associates, Inc.

- **b. SEC file number:** 8-43514

- **c. CRD number:** 000028218

- **d. LEI, if any:** N/A

- **e. State, if applicable:** MO

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 5**

- **a. Full name:** Vining Sparks, IBG, LLC

- **b. SEC file number:** 8-43150

- **c. CRD number:** 000027502

- **d. LEI, if any:** N/A

- **e. State, if applicable:** TN

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** RAYMOND JAMES & ASSOCIATES INC.

- **ii. SEC file number:** 8-10999

- **iii. CRD number:** 000000705

- **iv. LEI, if any:** U4ONQX15J3RO8XCKE979

- **v. State, if applicable:** FL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $8,605.52

**Brokers Record: 2**

- **i. Full name of broker:** PIPER

- **ii. SEC file number:** 8-68637

- **iii. CRD number:** 000145876

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** MN

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $5,053.64

**Brokers Record: 3**

- **i. Full name of broker:** J.P.  Morgan Chase

- **ii. SEC file number:** 8-35008

- **iii. CRD number:** 000000079

- **iv. LEI, if any:** ZBUT11V806EZRVTWT807

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,952.00

**Brokers Record: 4**

- **i. Full name of broker:** MORGAN STANLEY & CO. LLC

- **ii. SEC file number:** 8-15869

- **iii. CRD number:** 000008209

- **iv. LEI, if any:** 9R7GPTSO7KV3UQJZQ078

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,832.00

**Brokers Record: 5**

- **i. Full name of broker:** MERRILL LYNCH INC.

- **ii. SEC file number:** 8-7221

- **iii. CRD number:** 000007691

- **iv. LEI, if any:** 8NAV47T0Y26Q87Y0QP81

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,684.00

**Brokers Record: 6**

- **i. Full name of broker:** BARCLAY INVESTMENTS LLC

- **ii. SEC file number:** 8-16935

- **iii. CRD number:** 000006159

- **iv. LEI, if any:** 254900YRC13GGERHVR90

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,510.00

**Brokers Record: 7**

- **i. Full name of broker:** UBS Financial Services Inc

- **ii. SEC file number:** 8-16267

- **iii. CRD number:** 000008174

- **iv. LEI, if any:** ETYRV6ORNFJB5NONI676

- **v. State, if applicable:** NJ

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,359.52

**Brokers Record: 8**

- **i. Full name of broker:** GOLDMAN SACHS & CO

- **ii. SEC file number:** 8-129

- **iii. CRD number:** 000000361

- **iv. LEI, if any:** FOR8UP27PHTHYVLBNG30

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,072.48

**Brokers Record: 9**

- **i. Full name of broker:** D.A. DAVIDSON & CO.

- **ii. SEC file number:** 8-2399

- **iii. CRD number:** 000000199

- **iv. LEI, if any:** 549300094RQ5A7DYLF51

- **v. State, if applicable:** MT

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,000.00

**Brokers Record: 10**

- **i. Full name of broker:** WACHOVIA BANK N.A.

- **ii. SEC file number:** 8-65876

- **iii. CRD number:** 000126292

- **iv. LEI, if any:** VYVVCKR63DVZZN70PB21

- **v. State, if applicable:** NC

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $853.12

**Aggregate Commission:** $25,282.28

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $0.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $190,455,901.48

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 3 - 1919 Maryland Tax-Free Income Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** 1919 Maryland Tax-Free Income Fund

- **b. Series identification number, if any:** S000046893

- **c. LEI:** 549300YNVDMAQJ6NVB42

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 3

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Class A                 | C000146541                                | LMMDX                        |
|                           2 | Class C                 | C000146542                                | LMMCX                        |
|                           3 | Class I                 | C000146544                                | LMMIX                        |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [x] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** Yes

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** —

- **g. Provide the net income from securities lending activities:** —

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 22d-1 (17 CFR 270.22d-1)

- Rule 32a-4 (17 CFR 270.32a-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** Yes

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** 1919 Investment Counsel, LLC

- **ii. SEC file number:** 801-63656

- **iii. CRD number:** 000133370

- **iv. LEI, if any:** 25490074P0AZ35Z01A02

- **v. State, if applicable:** MD

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** U.S. Bancorp Fund Services, LLC

- **ii. SEC file number:** 85-11357

- **iii. LEI, if any:** N1GZ7BBF3NP8GI976H15

- **iv. State, if applicable:** WI

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** ICE Data Pricing & Reference Data, LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** U.S. Bank National Association

- **ii. LEI, if any:** 6BYL5QZYBDK8S7L73M02

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

No Shareholder Servicing Agents reported.

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** U.S. Bancorp Fund Services, LLC

- **ii. LEI, if any, or other identifying number:** N1GZ7BBF3NP8GI976H15

- **iii. State, if applicable:** WI

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** Miller Buckfire & Co., LLC

- **b. SEC file number:** 8-52631

- **c. CRD number:** 000104156

- **d. LEI, if any:** N/A

- **e. State, if applicable:** NY

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 2**

- **a. Full name:** Century Securities Associates, Inc.

- **b. SEC file number:** 8-43514

- **c. CRD number:** 000028218

- **d. LEI, if any:** N/A

- **e. State, if applicable:** MO

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 3**

- **a. Full name:** Keefe, Bruyette & Woods, Inc.

- **b. SEC file number:** 8-10888

- **c. CRD number:** 000000481

- **d. LEI, if any:** N/A

- **e. State, if applicable:** NY

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 4**

- **a. Full name:** Stifel, Nicolaus & Company

- **b. SEC file number:** 8-01447

- **c. CRD number:** 000000793

- **d. LEI, if any:** N/A

- **e. State, if applicable:** MO

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 5**

- **a. Full name:** Vining Sparks, IBG, LLC

- **b. SEC file number:** 8-43150

- **c. CRD number:** 000027502

- **d. LEI, if any:** N/A

- **e. State, if applicable:** TN

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

No Brokers reported.

**Item C.17.a. Principal transaction counterparties.**

| Name                                      | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| J.P. MORGAN SECURITIES LLC                | 8-35008           |    000000079 | ZBUT11V806EZRVTWT807 | NY      | US        | $20,764,550.00            |
| TD SECURITIES INC.                        | 8-36747           |    000018476 | SUVUFHICNZMP2WKHG940 | NY      | US        | $9,965,000.00             |
| GOLDMAN SACHS & CO                        | 8-129             |    000000361 | FOR8UP27PHTHYVLBNG30 | NY      | US        | $8,295,000.00             |
| BARCLAY INVESTMENTS LLC                   | 8-16935           |    000006159 | 254900YRC13GGERHVR90 | NY      | US        | $4,650,000.00             |
| CITIGROUP GLOBAL MARKETS INC.             | 8-8177            |    000007059 | MBNUM2BPBDO7JBLYG310 | NY      | US        | $3,600,000.00             |
| R.B.C. DOMINION SECURITIES INC.           | 8-48314           |    000038035 | 549300QJJX6CVVUXLE15 | NY      | US        | $2,831,774.50             |
| WACHOVIA BANK N.A.                        | 8-65876           |    000126292 | VYVVCKR63DVZZN70PB21 | NC      | US        | $2,661,459.70             |
| FOLGER NOLAN FLEMING DOUGLAS INCORPORATED | 8-3335            |    000000319 | N/A                  | DC      | US        | $1,662,094.20             |
| JANNEY MONTGOMERY SCOTT LLC               | 8-462             |    000000463 | 549300QQRY1JCFQHYS08 | PA      | US        | $1,553,915.00             |
| DEUTSCHE BANK SECURITIES INC.             | 8-17822           |    000002525 | 9J6MBOOO7BECTDTUZW19 | NY      | US        | $1,500,000.00             |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $61,121,572.80

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $77,788,314.77

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 4 - 1919 Socially Responsive Balanced Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** 1919 Socially Responsive Balanced Fund

- **b. Series identification number, if any:** S000046892

- **c. LEI:** 549300KVFT0GG6M9Z114

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 3

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Class A                 | C000146537                                | SSIAX                        |
|                           2 | Class C                 | C000146539                                | SESLX                        |
|                           3 | Class I                 | C000146536                                | LMRNX                        |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [x] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** —

- **g. Provide the net income from securities lending activities:** —

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 12d1-1 (17 CFR 270.12d1-1)

- Rule 22d-1 (17 CFR 270.22d-1)

- Rule 32a-4 (17 CFR 270.32a-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** Yes

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** 1919 Investment Counsel, LLC

- **ii. SEC file number:** 801-63656

- **iii. CRD number:** 000133370

- **iv. LEI, if any:** 25490074P0AZ35Z01A02

- **v. State, if applicable:** MD

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** U.S. Bancorp Fund Services, LLC

- **ii. SEC file number:** 85-11357

- **iii. LEI, if any:** N1GZ7BBF3NP8GI976H15

- **iv. State, if applicable:** WI

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Thomson Reuters Pricing Service

- **ii. LEI, if any, or provide and describe other identifying number:** N/A

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** ICE Data Pricing & Reference Data, LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** U.S. Bank National Association

- **ii. LEI, if any:** 6BYL5QZYBDK8S7L73M02

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

No Shareholder Servicing Agents reported.

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** U.S. Bancorp Fund Services, LLC

- **ii. LEI, if any, or other identifying number:** N1GZ7BBF3NP8GI976H15

- **iii. State, if applicable:** WI

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** Miller Buckfire & Co., LLC

- **b. SEC file number:** 8-52631

- **c. CRD number:** 000104156

- **d. LEI, if any:** N/A

- **e. State, if applicable:** NY

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 2**

- **a. Full name:** Century Securities Associates, Inc.

- **b. SEC file number:** 8-43514

- **c. CRD number:** 000028218

- **d. LEI, if any:** N/A

- **e. State, if applicable:** MO

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 3**

- **a. Full name:** Keefe, Bruyette & Woods, Inc.

- **b. SEC file number:** 8-10888

- **c. CRD number:** 000000481

- **d. LEI, if any:** N/A

- **e. State, if applicable:** NY

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 4**

- **a. Full name:** Stifel, Nicolaus & Company

- **b. SEC file number:** 8-01447

- **c. CRD number:** 000000793

- **d. LEI, if any:** N/A

- **e. State, if applicable:** MO

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 5**

- **a. Full name:** Vining Sparks, IBG, LLC

- **b. SEC file number:** 8-43150

- **c. CRD number:** 000027502

- **d. LEI, if any:** N/A

- **e. State, if applicable:** TN

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** UBS FINANCIAL SERVICES INC.

- **ii. SEC file number:** 8-16267

- **iii. CRD number:** 000008174

- **iv. LEI, if any:** ETYRV6ORNFJB5NONI676

- **v. State, if applicable:** DE

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $15,824.12

**Brokers Record: 2**

- **i. Full name of broker:** MORGAN STANLEY & CO. LLC

- **ii. SEC file number:** 8-15869

- **iii. CRD number:** 000008209

- **iv. LEI, if any:** 9R7GPTSO7KV3UQJZQ078

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $8,294.26

**Brokers Record: 3**

- **i. Full name of broker:** J.P.  Morgan Chase

- **ii. SEC file number:** 8-35008

- **iii. CRD number:** 000000079

- **iv. LEI, if any:** ZBUT11V806EZRVTWT807

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $5,719.92

**Brokers Record: 4**

- **i. Full name of broker:** CFT SECURITIES, LLC

- **ii. SEC file number:** 8-51345

- **iii. CRD number:** 000046226

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** NJ

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $5,582.67

**Brokers Record: 5**

- **i. Full name of broker:** STRATEGAS SECURITIES LLC

- **ii. SEC file number:** 8-68138

- **iii. CRD number:** 000149326

- **iv. LEI, if any:** 254900D5NQ2O9DJLKH96

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $4,480.28

**Brokers Record: 6**

- **i. Full name of broker:** CABRERA CAPITAL MARKETS, LLC

- **ii. SEC file number:** 8-26406

- **iii. CRD number:** 000010081

- **iv. LEI, if any:** 254900BIRJU76JRBK985

- **v. State, if applicable:** IL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $3,472.86

**Brokers Record: 7**

- **i. Full name of broker:** GOLDMAN SACHS & CO

- **ii. SEC file number:** 8-129

- **iii. CRD number:** 000000361

- **iv. LEI, if any:** FOR8UP27PHTHYVLBNG30

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $3,395.36

**Brokers Record: 8**

- **i. Full name of broker:** THE WILLIAMS CAPITAL GROUP, L.P.

- **ii. SEC file number:** 8-46623

- **iii. CRD number:** 000035149

- **iv. LEI, if any:** 254900QGK3PNRGR9BD85

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $3,124.80

**Brokers Record: 9**

- **i. Full name of broker:** COWEN EXECUTION SERVICES LLC

- **ii. SEC file number:** 8-46838

- **iii. CRD number:** 000035693

- **iv. LEI, if any:** 5493005RJDJD18OPUP27

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $3,114.16

**Brokers Record: 10**

- **i. Full name of broker:** LOOP CAPITAL MARKETS LLC

- **ii. SEC file number:** 8-50140

- **iii. CRD number:** 000043098

- **iv. LEI, if any:** 254900FPPM2WN90D4786

- **v. State, if applicable:** IL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $2,971.20

**Aggregate Commission:** $63,044.39

**Item C.17.a. Principal transaction counterparties.**

| Name                                 | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| J.P. MORGAN SECURITIES LLC           | 8-35008           |    000000079 | ZBUT11V806EZRVTWT807 | NY      | US        | $13,356,119.10            |
| BANC/AMERICA SECUR.LLC MONTGOMEY DIV | 8-33359           |    000016139 | 549300PMHS66E71I2D34 | NY      | US        | $11,274,868.57            |
| WACHOVIA BANK N.A.                   | 8-65876           |    000126292 | VYVVCKR63DVZZN70PB21 | NC      | US        | $5,794,563.74             |
| CITIGROUP GLOBAL MARKETS INC.        | 8-8177            |    000007059 | MBNUM2BPBDO7JBLYG310 | NY      | US        | $4,893,599.75             |
| BARCLAY INVESTMENTS LLC              | 8-16935           |    000006159 | 254900YRC13GGERHVR90 | NY      | US        | $3,692,490.54             |
| GOLDMAN SACHS & CO                   | 8-129             |    000000361 | FOR8UP27PHTHYVLBNG30 | NY      | US        | $3,178,268.91             |
| BMO CAPITAL MARKETS CORP.            | 8-34344           |    000016686 | RUC0QBLBRPRCU4W1NE59 | NY      | US        | $2,515,000.00             |
| UBS Financial Services INC.          | 8-16267           |    000008174 | ETYRV6ORNFJB5NONI676 | DE      | US        | $2,348,897.00             |
| MORGAN STANLEY & CO.  INC.           | 8-15869           |    000008209 | 9R7GPTSO7KV3UQJZQ078 | NY      | US        | $1,198,128.00             |
| R.B.C. DOMINION SECURITIES INC.      | 8-48314           |    000038035 | 549300QJJX6CVVUXLE15 | NY      | US        | $1,038,398.44             |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $358,492,248.03

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $768,853,589.25

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 5 - 1919 Variable Socially Responsive Balanced Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** 1919 Variable Socially Responsive Balanced Fund

- **b. Series identification number, if any:** S000046894

- **c. LEI:** 549300L8GY8JIGE37F18

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 1

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class                           | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | 1919 Variable Socially Responsive Balanced Fund | C000146545                                | QLMICX                       |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** —

- **g. Provide the net income from securities lending activities:** —

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 12d1-1 (17 CFR 270.12d1-1)

- Rule 32a-4 (17 CFR 270.32a-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** Yes

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** 1919 Investment Counsel, LLC

- **ii. SEC file number:** 801-63656

- **iii. CRD number:** 000133370

- **iv. LEI, if any:** 25490074P0AZ35Z01A02

- **v. State, if applicable:** MD

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** U.S. Bancorp Fund Services, LLC

- **ii. SEC file number:** 85-11357

- **iii. LEI, if any:** N1GZ7BBF3NP8GI976H15

- **iv. State, if applicable:** WI

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Thomson Reuters Pricing Service

- **ii. LEI, if any, or provide and describe other identifying number:** N/A

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** ICE Data Pricing & Reference Data, LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** U.S. Bank National Association

- **ii. LEI, if any:** 6BYL5QZYBDK8S7L73M02

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

No Shareholder Servicing Agents reported.

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** U.S. Bancorp Fund Services, LLC

- **ii. LEI, if any, or other identifying number:** N1GZ7BBF3NP8GI976H15

- **iii. State, if applicable:** WI

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** Stifel, Nicolaus & Company

- **b. SEC file number:** 8-01447

- **c. CRD number:** 000000793

- **d. LEI, if any:** N/A

- **e. State, if applicable:** MO

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 2**

- **a. Full name:** Keefe, Bruyette & Woods, Inc.

- **b. SEC file number:** 8-10888

- **c. CRD number:** 000000481

- **d. LEI, if any:** N/A

- **e. State, if applicable:** NY

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 3**

- **a. Full name:** Century Securities Associates, Inc.

- **b. SEC file number:** 8-43514

- **c. CRD number:** 000028218

- **d. LEI, if any:** N/A

- **e. State, if applicable:** MO

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 4**

- **a. Full name:** Miller Buckfire & Co., LLC

- **b. SEC file number:** 8-52631

- **c. CRD number:** 000104156

- **d. LEI, if any:** N/A

- **e. State, if applicable:** NY

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 5**

- **a. Full name:** Vining Sparks, IBG, LLC

- **b. SEC file number:** 8-43150

- **c. CRD number:** 000027502

- **d. LEI, if any:** N/A

- **e. State, if applicable:** TN

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** UBS FINANCIAL SERVICES INC.

- **ii. SEC file number:** 8-16267

- **iii. CRD number:** 000008174

- **iv. LEI, if any:** ETYRV6ORNFJB5NONI676

- **v. State, if applicable:** DE

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $695.60

**Brokers Record: 2**

- **i. Full name of broker:** MORGAN STANLEY & CO. LLC

- **ii. SEC file number:** 8-15869

- **iii. CRD number:** 000008209

- **iv. LEI, if any:** 9R7GPTSO7KV3UQJZQ078

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $385.03

**Brokers Record: 3**

- **i. Full name of broker:** LOOP CAPITAL MARKETS LLC

- **ii. SEC file number:** 8-50140

- **iii. CRD number:** 000043098

- **iv. LEI, if any:** 254900FPPM2WN90D4786

- **v. State, if applicable:** IL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $330.16

**Brokers Record: 4**

- **i. Full name of broker:** J.P.  Morgan Chase

- **ii. SEC file number:** 8-35008

- **iii. CRD number:** 000000079

- **iv. LEI, if any:** ZBUT11V806EZRVTWT807

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $242.24

**Brokers Record: 5**

- **i. Full name of broker:** CFT SECURITIES, LLC

- **ii. SEC file number:** 8-51345

- **iii. CRD number:** 000046226

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** NJ

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $241.80

**Brokers Record: 6**

- **i. Full name of broker:** STRATEGAS SECURITIES LLC

- **ii. SEC file number:** 8-68138

- **iii. CRD number:** 000149326

- **iv. LEI, if any:** 254900D5NQ2O9DJLKH96

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $218.76

**Brokers Record: 7**

- **i. Full name of broker:** COWEN EXECUTION SERVICES LLC

- **ii. SEC file number:** 8-46838

- **iii. CRD number:** 000035693

- **iv. LEI, if any:** 5493005RJDJD18OPUP27

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $154.16

**Brokers Record: 8**

- **i. Full name of broker:** CABRERA CAPITAL MARKETS, LLC

- **ii. SEC file number:** 8-26406

- **iii. CRD number:** 000010081

- **iv. LEI, if any:** 254900BIRJU76JRBK985

- **v. State, if applicable:** IL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $153.63

**Brokers Record: 9**

- **i. Full name of broker:** WACHOVIA BANK N.A.

- **ii. SEC file number:** 8-65876

- **iii. CRD number:** 000126292

- **iv. LEI, if any:** VYVVCKR63DVZZN70PB21

- **v. State, if applicable:** NC

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $138.08

**Brokers Record: 10**

- **i. Full name of broker:** GOLDMAN SACHS & CO

- **ii. SEC file number:** 8-129

- **iii. CRD number:** 000000361

- **iv. LEI, if any:** FOR8UP27PHTHYVLBNG30

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $134.44

**Aggregate Commission:** $2,992.27

**Item C.17.a. Principal transaction counterparties.**

| Name                                 | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| WACHOVIA BANK N.A.                   | 8-65876           |    000126292 | VYVVCKR63DVZZN70PB21 | NC      | US        | $704,875.40               |
| J.P. MORGAN SECURITIES LLC           | 8-35008           |    000000079 | ZBUT11V806EZRVTWT807 | NY      | US        | $572,880.75               |
| MARKET AXESS INC.                    | 8-50727           |    000044542 | GPSMMRI21JE7ZCVYF972 | NY      | US        | $291,885.50               |
| CITIGROUP GLOBAL MARKETS INC.        | 8-8177            |    000007059 | MBNUM2BPBDO7JBLYG310 | NY      | US        | $213,597.30               |
| BANC/AMERICA SECUR.LLC MONTGOMEY DIV | 8-33359           |    000016139 | 549300PMHS66E71I2D34 | NY      | US        | $189,875.39               |
| GOLDMAN SACHS & CO                   | 8-129             |    000000361 | FOR8UP27PHTHYVLBNG30 | NY      | US        | $173,957.00               |
| BMO CAPITAL MARKETS CORP.            | 8-34344           |    000016686 | RUC0QBLBRPRCU4W1NE59 | NY      | US        | $115,000.00               |
| UBS Financial Services INC.          | 8-16267           |    000008174 | ETYRV6ORNFJB5NONI676 | DE      | US        | $99,953.60                |
| MORGAN STANLEY & CO.  INC.           | 8-15869           |    000008209 | 9R7GPTSO7KV3UQJZQ078 | NY      | US        | $99,844.00                |
| US BANCORP INVESTMENTS INC.          | 8-35359           |    000017868 | H85Z6XZP8B10ES0M2G89 | MN      | US        | $28,297.80                |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $14,271,539.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $36,758,792.30

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

## Part E: Additional Questions for ETFs and ETMFs

## N-CEN: Part G: Attachments

**Item G.1a. Attachments.**

Attachments applicable to all Registrants. All Registrants shall file the following attachments, as applicable, with the current report. Indicate the attachments filed with the current report by checking the applicable items below:

- [x] i. Legal proceedings

- [ ] ii. Provision of financial support

- [x] iii. Independent public accountant's report on internal control (management investment companies other than small business investment companies only)

- [ ] iv. Change in accounting principles and practices

- [ ] v. Information required to be filed pursuant to exemptive orders

- [ ] vi. Other information required to be included as an attachment pursuant to Commission rules and regulations

## N-CEN: Signature

Pursuant to the requirements of the Investment Company Act of 1940, the Registrant has duly caused this report to a be signed on its behalf by the undersigned hereunto duly authorized.

**Registrant:** Trust for Advised Portfolios

**Date:** 2023-03-15

**Signature:** /s/ Eric T. McCormick

**Title:** Treasurer