# EDGAR Filing Document

**Accession Number:** 0001970751
**File Stem:** 0001133228-26-003383
**Filing Date:** 2026-3
**Character Count:** 170836
**Document Hash:** 6ab9dad5d3e0eef380783c67df7a2804
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-003383.hdr.sgml**: 20260309

**ACCESSION NUMBER**: 0001133228-26-003383

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 46

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260309

**DATE AS OF CHANGE**: 20260309

**EFFECTIVENESS DATE**: 20260309

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23859
- **FILM NUMBER:** 26736042

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

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

## Series and Classes Contracts Data

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

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

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

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

?xml version='1.0' encoding='ASCII'? 2025-10-03191901_1919FinancialServicesFund_ClassA_TSRAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES**

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

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

**<u>(Exact name of registrant as specified in charter)</u>**

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

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

**<u>(Address of principal executive offices) (Zip code)</u>**

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

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

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

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

**<u>(Name and address of agent for service)</u>**

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

Registrant's telephone number, including area code

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

Date of reporting period: **<u>December 31, 2025</u>**

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

(a) ---

| | | |
|:---|:---|:---|
| ![image](img99104_202412301733560.jpg) | **1919 Financial Services Fund**  | ![image](img101999_202501131757655.jpg) |
| ![image](img99104_202412301733560.jpg) | Class A \| SBFAX  | ![image](img101999_202501131757655.jpg) |
| ![image](img99104_202412301733560.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img101999_202501131757655.jpg) |

---

This annual shareholder report contains important information about the 1919 Financial Services Fund for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://1919funds.com/financial-services-fund.php. You can also request this information by contacting us at (844) 828-1919.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class A | $149 | 1.46% |

---

**WHAT FACTORS INFLUENCED PERFORMANCE**

The 1919 Financial Services Fund A Shares returned +24.92% net compared to the S&P 500 Financial Index return of +30.46%. The Fund's relative performance to the S&P 500 Financial Index was primarily the result of its overweight positions in Global Payments Inc., Visa Inc., Voya Financial Inc. and Intercontinental Exchange Inc. and its underweight position in American Express.

The Fund's underweighting of large-cap banks and over weighting of small-cap banks relative to the S&P 500 Financial Index also served as a performance detractor. The Fund had a 22% weighting of large-cap banks versus 30% weighting in the Index. Previously, the small-cap banks have been additive to relative performance when compared to the larger banks.

On a stock specific basis relative to the Index, the Fund's 7% position in JP Morgan versus 12% in the Index, hurt as JP Morgan returned 44% for the year. However, we feel that the 7% position in JPM is more prudent for a well-diversified portfolio. Also, several of the Fund's smaller cap banks – Coastal Bank, Stock Yards Bancorp and QCR Holdings did contribute nicely to the relative outperformance in the year. The Fund will stick with its strategy of investing in higher quality smaller capitalized banks with strong deposit franchises.

At year-end, the Fund was 98.15% invested in common stocks and 1.85% in cash and equivalents. The Fund's weighted median market cap of $46 billion compared to the S&P 500 Financials Index of $168 billion. We feel the Fund is well diversified by market capitalization and industries, including investments in regional banks, diversified banks, insurance, asset management, financial technology (fin-tech), and real estate.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6235img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A (without sales charge)**  | 4.27 | 8.26 | 9.01 |
| **Class A (with sales charge)**  | -1.72 | 6.99 | 8.36 |
| **S&P 500 TR**  | 17.88 | 14.42 | 14.82 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $107219224 |
| **Number of Holdings** | 43 |
| **Net Advisory Fee** | $942993 |
| **Portfolio Turnover** | 9% |

---

**WHAT DID THE FUND INVEST IN?** (% of total investments as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Financials  | 92.6% |
|  Industrials  | 2.1% |
|  Real Estate  | 2.0% |
|  Information Technology  | 1.6% |
|  Cash & Other  | 1.7% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  JPMorgan Chase & Co.  | 10.1% |
|  Visa Inc. Shares  | 6.2% |
|  Bank of America Corp.  | 5.8% |
|  Coastal Financial Corp./WA  | 5.6% |
|  Chubb Limited  | 5.6% |
|  Berkshire Hathaway, Inc.  | 4.9% |
|  Intercontinental Exchange, Inc.  | 4.7% |
|  QCR Holdings, Inc.  | 4.1% |
|  Fifth Third Bancorp  | 3.6% |
|  Ameriprise Financial, Inc.  | 3.1% |

---

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

**HOUSEHOLDING**

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

1919 Financial Services Fund PAGE 2 TSR-AR-00777X850

------

---

| | | |
|:---|:---|:---|
| ![image](img99104_202412301733560.jpg) | **1919 Financial Services Fund**  | ![image](img101999_202501131757655.jpg) |
| ![image](img99104_202412301733560.jpg) | Class C \| SFSLX  | ![image](img101999_202501131757655.jpg) |
| ![image](img99104_202412301733560.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img101999_202501131757655.jpg) |

---

This annual shareholder report contains important information about the 1919 Financial Services Fund for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://1919funds.com/financial-services-fund.php. You can also request this information by contacting us at (844) 828-1919.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class C | $224 | 2.20% |

---

**WHAT FACTORS INFLUENCED PERFORMANCE**

The 1919 Financial Services Fund C Shares returned +23.99% net compared to the S&P 500 Financial Index return of +30.46%. The Fund's relative performance to the S&P 500 Financial Index was primarily the result of its overweight positions in Global Payments Inc., Visa Inc., Voya Financial Inc. and Intercontinental Exchange Inc. and its underweight position in American Express.

The Fund's underweighting of large-cap banks and over weighting of small-cap banks relative to the S&P 500 Financial Index also served as a performance detractor. The Fund had a 22% weighting of large-cap banks versus 30% weighting in the Index. Previously, the small-cap banks have been additive to relative performance when compared to the larger banks.

On a stock specific basis relative to the Index, the Fund's 7% position in JP Morgan versus 12% in the Index, hurt as JP Morgan returned 44% for the year. However, we feel that the 7% position in JPM is more prudent for a well-diversified portfolio. Also, several of the Fund's smaller cap banks – Coastal Bank, Stock Yards Bancorp and QCR Holdings did contribute nicely to the relative outperformance in the year. The Fund will stick with its strategy of investing in higher quality smaller capitalized banks with strong deposit franchises.

At year-end, the Fund was 98.15% invested in common stocks and 1.85% in cash and equivalents. The Fund's weighted median market cap of $46 billion compared to the S&P 500 Financials Index of $168 billion. We feel the Fund is well diversified by market capitalization and industries, including investments in regional banks, diversified banks, insurance, asset management, financial technology (fin-tech), and real estate.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6236img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C (without sales charge)**  | 3.51 | 7.47 | 8.23 |
| **Class C (with sales charge)**  | 2.62 | 7.47 | 8.23 |
| **S&P 500 TR**  | 17.88 | 14.42 | 14.82 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $107219224 |
| **Number of Holdings** | 43 |
| **Net Advisory Fee** | $942993 |
| **Portfolio Turnover** | 9% |

---

**WHAT DID THE FUND INVEST IN?** (% of total investments as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Financials  | 92.6% |
|  Industrials  | 2.1% |
|  Real Estate  | 2.0% |
|  Information Technology  | 1.6% |
|  Cash & Other  | 1.7% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  JPMorgan Chase & Co.  | 10.1% |
|  Visa Inc. Shares  | 6.2% |
|  Bank of America Corp.  | 5.8% |
|  Coastal Financial Corp./WA  | 5.6% |
|  Chubb Limited  | 5.6% |
|  Berkshire Hathaway, Inc.  | 4.9% |
|  Intercontinental Exchange, Inc.  | 4.7% |
|  QCR Holdings, Inc.  | 4.1% |
|  Fifth Third Bancorp  | 3.6% |
|  Ameriprise Financial, Inc.  | 3.1% |

---

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

**HOUSEHOLDING**

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

1919 Financial Services Fund PAGE 2 TSR-AR-00777X843

------

---

| | | |
|:---|:---|:---|
| ![image](img99104_202412301733560.jpg) | **1919 Financial Services Fund**  | ![image](img101999_202501131757655.jpg) |
| ![image](img99104_202412301733560.jpg) | Class I \| LMRIX  | ![image](img101999_202501131757655.jpg) |
| ![image](img99104_202412301733560.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img101999_202501131757655.jpg) |

---

This annual shareholder report contains important information about the 1919 Financial Services Fund for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://1919funds.com/financial-services-fund.php. You can also request this information by contacting us at (844) 828-1919.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I | $125 | 1.22% |

---

**WHAT FACTORS INFLUENCED PERFORMANCE**

The 1919 Financial Services Fund I Shares returned +25.21% net compared to the S&P 500 Financial Index return of +30.46%. The Fund's relative performance to the S&P 500 Financial Index was primarily the result of its overweight positions in Global Payments Inc., Visa Inc., Voya Financial Inc. and Intercontinental Exchange Inc. and its underweight position in American Express.

The Fund's underweighting of large-cap banks and over weighting of small-cap banks relative to the S&P 500 Financial Index also served as a performance detractor. The Fund had a 22% weighting of large-cap banks versus 30% weighting in the Index. Previously, the small-cap banks have been additive to relative performance when compared to the larger banks.

On a stock specific basis relative to the Index, the Fund's 7% position in JP Morgan versus 12% in the Index, hurt as JP Morgan returned 44% for the year. However, we feel that the 7% position in JPM is more prudent for a well-diversified portfolio. Also, several of the Fund's smaller cap banks – Coastal Bank, Stock Yards Bancorp and QCR Holdings did contribute nicely to the relative outperformance in the year. The Fund will stick with its strategy of investing in higher quality smaller capitalized banks with strong deposit franchises.

At year-end, the Fund was 98.15% invested in common stocks and 1.85% in cash and equivalents. The Fund's weighted median market cap of $46 billion compared to the S&P 500 Financials Index of $168 billion. We feel the Fund is well diversified by market capitalization and industries, including investments in regional banks, diversified banks, insurance, asset management, financial technology (fin-tech), and real estate.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6237img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class I (without sales charge)**  | 4.52 | 8.54 | 9.32 |
| **S&P 500 TR**  | 17.88 | 14.42 | 14.82 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $107219224 |
| **Number of Holdings** | 43 |
| **Net Advisory Fee** | $942993 |
| **Portfolio Turnover** | 9% |

---

**WHAT DID THE FUND INVEST IN?** (% of total investments as of December 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Financials  | 92.6% |
|  Industrials  | 2.1% |
|  Real Estate  | 2.0% |
|  Information Technology  | 1.6% |
|  Cash & Other  | 1.7% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  JPMorgan Chase & Co.  | 10.1% |
|  Visa Inc. Shares  | 6.2% |
|  Bank of America Corp.  | 5.8% |
|  Coastal Financial Corp./WA  | 5.6% |
|  Chubb Limited  | 5.6% |
|  Berkshire Hathaway, Inc.  | 4.9% |
|  Intercontinental Exchange, Inc.  | 4.7% |
|  QCR Holdings, Inc.  | 4.1% |
|  Fifth Third Bancorp  | 3.6% |
|  Ameriprise Financial, Inc.  | 3.1% |

---

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

**HOUSEHOLDING**

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

1919 Financial Services Fund PAGE 2 TSR-AR-00777X819

------

---

| | | |
|:---|:---|:---|
| ![image](img90493_202412301731751.jpg) | **1919 Socially Responsive Balanced Fund**  | ![image](img101999_202501131757655.jpg) |
| ![image](img90493_202412301731751.jpg) | Class A \| SSIAX  | ![image](img101999_202501131757655.jpg) |
| ![image](img90493_202412301731751.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img101999_202501131757655.jpg) |

---

This annual shareholder report contains important information about the 1919 Socially Responsive Balanced Fund for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://1919funds.com/. You can also request this information by contacting us at (844) 828-1919.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class A | $100 | 0.95% |

---

**WHAT FACTORS INFLUENCED PERFORMANCE**

In the Equity portion of the 1919 Socially Responsive Balanced Fund, our stock selection in artificial intelligence-related companies helped to drive strong stock selection in the Consumer Discretionary, Communication Services, and Information Technology sectors. Stock selection within the Health Care sector and the lack of traditional energy exposure were both additive to results for the year. While the Fund held a number of strong performing Health Care stocks, the Fund was overweight to Health Care and the December sell off in the sector hurt relative returns.

The Fixed-Income portion of the Fund benefitted from a shorter duration, as U.S. Treasury yields rose over 50 basis points (0.50%) from 5-year maturities to 30-years. The Treasury curve un-inverted late in the third quarter, and longer yields repriced higher going into year-end as expectations for additional Federal Reserve rate cuts were meaningfully lowered following better-then-expected economic data and fiscal uncertainty related to the new Presidential administration. The largest detractor to Fixed Income performance was the underweight to the securitized sector, as the shorter duration for the group helped generate positive returns.

---

| | |
|:---|:---|
| **Top Contributors-Equity Portion:** | **Top Contributors-Equity Portion:** |
| ↑ | NVIDIA (NVDA), Broadcom (AVGO), Netflix (NFLX), Amazon.com (AMZN), Apple (AAPL) |

---

---

| | |
|:---|:---|
| **Top Contributors-Fixed Income Portion:** | **Top Contributors-Fixed Income Portion:** |
| ↑ | U.S. Treasury 2.50% 1/31/2025, Honda Motor Co. 2.271% 3/10/2025, U.S. Treasury 2.125% 5/31/2026, Bank of America Corp. 1.53%, 12/6/2025, Federal National Mortgage Assoc. 0.875% 8/5/2030 |

---

---

| | |
|:---|:---|
| **Top Detractors-Equity Portion:** | **Top Detractors-Equity Portion:** |
| ↓ | SolarEdge Technologies (SEDG), IQVIA Holdings (IQV), Estee Lauder (EL), Prologis (PLD), Zoetis (ZTS) |

---

---

| | |
|:---|:---|
| **Top Detractors-Fixed Income Portion:** | **Top Detractors-Fixed Income Portion:** |
| ↓ | Oracle Corp 5.375% 9/15/2054, CVS Health Corp. 5.625% 2/21/2053, Intuit Inc. 5.5% 9/15/2053, MidAmerican Energy Co. 5.85% 9/15/2054, Union Electric Co. 5.125% 3/15/2055 |

---

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

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

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6238img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A (without sales charge)**  | 9.79 | 7.37 | 10.05 |
| **Class A (with sales charge)**  | 3.49 | 6.10 | 9.40 |
| **S&P 500 TR**  | 17.88 | 14.42 | 14.82 |
| **70% S&P 500/30% Bloomberg Capital Aggregate** **Blend**  | 14.75 | 9.96 | 11.05 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $939900443 |
| **Number of Holdings** | 209 |
| **Net Advisory Fee** | $4548458 |
| **Portfolio Turnover** | 11% |

---

**WHAT DID THE FUND INVEST IN?** (% of total investments as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Common Stocks  | 65.4% |
|  Corporate Bonds  | 18.7% |
|  U.S. Treasury Securities  | 8.2% |
|  Money Market Funds  | 3.6% |
|  U.S. Government Agency Issues  | 1.5% |
|  U.S. Treasury Bills  | 1.0% |
|  Real Estate Investment Trusts - Common  | 0.7% |
|  Collateralized Mortgage Obligations  | 0.6% |
|  Mortgage-Backed Securities  | 0.2% |
|  Cash & Other  | 0.1% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  NVIDIA Corp.  | 5.9% |
|  Alphabet Inc.  | 4.9% |
|  Apple Inc.  | 4.5% |
|  Microsoft Corp.  | 4.4% |
|  Broadcom Inc.  | 3.9% |
|  United States Treasury Notes  | 3.7% |
|  United States Treasury Note/Bond  | 3.7% |
|  Fidelity Investments Money Market - Government Portfolio  | 3.6% |
|  Amazon.com Inc.  | 3.2% |
|  Eli Lilly & Co.  | 2.8% |

---

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

1919 Socially Responsive Balanced Fund PAGE 2 TSR-AR-00777X769

------

**HOUSEHOLDING**

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

1919 Socially Responsive Balanced Fund PAGE 3 TSR-AR-00777X769

------

---

| | | |
|:---|:---|:---|
| ![image](img90493_202412301731751.jpg) | **1919 Socially Responsive Balanced Fund**  | ![image](img101999_202501131757655.jpg) |
| ![image](img90493_202412301731751.jpg) | Class C \| SESLX  | ![image](img101999_202501131757655.jpg) |
| ![image](img90493_202412301731751.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img101999_202501131757655.jpg) |

---

This annual shareholder report contains important information about the 1919 Socially Responsive Balanced Fund for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://1919funds.com/. You can also request this information by contacting us at (844) 828-1919.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class C | $176 | 1.68% |

---

**WHAT FACTORS INFLUENCED PERFORMANCE**

In the Equity portion of the 1919 Socially Responsive Balanced Fund, our stock selection in artificial intelligence-related companies helped to drive strong stock selection in the Consumer Discretionary, Communication Services, and Information Technology sectors. Stock selection within the Health Care sector and the lack of traditional energy exposure were both additive to results for the year. While the Fund held a number of strong performing Health Care stocks, the Fund was overweight to Health Care and the December sell off in the sector hurt relative returns.

The Fixed-Income portion of the Fund benefitted from a shorter duration, as U.S. Treasury yields rose over 50 basis points (0.50%) from 5-year maturities to 30-years. The Treasury curve un-inverted late in the third quarter, and longer yields repriced higher going into year-end as expectations for additional Federal Reserve rate cuts were meaningfully lowered following better-then-expected economic data and fiscal uncertainty related to the new Presidential administration. The largest detractor to Fixed Income performance was the underweight to the securitized sector, as the shorter duration for the group helped generate positive returns.

---

| | |
|:---|:---|
| **Top Contributors-Equity Portion:** | **Top Contributors-Equity Portion:** |
| ↑ | NVIDIA (NVDA), Broadcom (AVGO), Netflix (NFLX), Amazon.com (AMZN), Apple (AAPL) |

---

---

| | |
|:---|:---|
| **Top Contributors-Fixed Income Portion:** | **Top Contributors-Fixed Income Portion:** |
| ↑ | U.S. Treasury 2.50% 1/31/2025, Honda Motor Co. 2.271% 3/10/2025, U.S. Treasury 2.125% 5/31/2026, Bank of America Corp. 1.53%, 12/6/2025, Federal National Mortgage Assoc. 0.875% 8/5/2030 |

---

---

| | |
|:---|:---|
| **Top Detractors-Equity Portion:** | **Top Detractors-Equity Portion:** |
| ↓ | SolarEdge Technologies (SEDG), IQVIA Holdings (IQV), Estee Lauder (EL), Prologis (PLD), Zoetis (ZTS) |

---

---

| | |
|:---|:---|
| **Top Detractors-Fixed Income Portion:** | **Top Detractors-Fixed Income Portion:** |
| ↓ | Oracle Corp 5.375% 9/15/2054, CVS Health Corp. 5.625% 2/21/2053, Intuit Inc. 5.5% 9/15/2053, MidAmerican Energy Co. 5.85% 9/15/2054, Union Electric Co. 5.125% 3/15/2055 |

---

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

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

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6239img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C (without sales charge)**  | 8.98 | 6.60 | 9.27 |
| **Class C (with sales charge)**  | 7.98 | 6.60 | 9.27 |
| **S&P 500 TR**  | 17.88 | 14.42 | 14.82 |
| **70% S&P 500/30% Bloomberg Capital Aggregate** **Blend**  | 14.75 | 9.96 | 11.05 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $939900443 |
| **Number of Holdings** | 209 |
| **Net Advisory Fee** | $4548458 |
| **Portfolio Turnover** | 11% |

---

**WHAT DID THE FUND INVEST IN?** (% of total investments as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Common Stocks  | 65.4% |
|  Corporate Bonds  | 18.7% |
|  U.S. Treasury Securities  | 8.2% |
|  Money Market Funds  | 3.6% |
|  U.S. Government Agency Issues  | 1.5% |
|  U.S. Treasury Bills  | 1.0% |
|  Real Estate Investment Trusts - Common  | 0.7% |
|  Collateralized Mortgage Obligations  | 0.6% |
|  Mortgage-Backed Securities  | 0.2% |
|  Cash & Other  | 0.1% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  NVIDIA Corp.  | 5.9% |
|  Alphabet Inc.  | 4.9% |
|  Apple Inc.  | 4.5% |
|  Microsoft Corp.  | 4.4% |
|  Broadcom Inc.  | 3.9% |
|  United States Treasury Notes  | 3.7% |
|  United States Treasury Note/Bond  | 3.7% |
|  Fidelity Investments Money Market - Government Portfolio  | 3.6% |
|  Amazon.com Inc.  | 3.2% |
|  Eli Lilly & Co.  | 2.8% |

---

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

1919 Socially Responsive Balanced Fund PAGE 2 TSR-AR-00777X751

------

**HOUSEHOLDING**

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

1919 Socially Responsive Balanced Fund PAGE 3 TSR-AR-00777X751

------

---

| | | |
|:---|:---|:---|
| ![image](img90493_202412301731751.jpg) | **1919 Socially Responsive Balanced Fund**  | ![image](img101999_202501131757655.jpg) |
| ![image](img90493_202412301731751.jpg) | Class I \| LMRNX  | ![image](img101999_202501131757655.jpg) |
| ![image](img90493_202412301731751.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img101999_202501131757655.jpg) |

---

This annual shareholder report contains important information about the 1919 Socially Responsive Balanced Fund for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://1919funds.com/. You can also request this information by contacting us at (844) 828-1919.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I | $72 | 0.69% |

---

**WHAT FACTORS INFLUENCED PERFORMANCE**

In the Equity portion of the 1919 Socially Responsive Balanced Fund, our stock selection in artificial intelligence-related companies helped to drive strong stock selection in the Consumer Discretionary, Communication Services, and Information Technology sectors. Stock selection within the Health Care sector and the lack of traditional energy exposure were both additive to results for the year. While the Fund held a number of strong performing Health Care stocks, the Fund was overweight to Health Care and the December sell off in the sector hurt relative returns.

The Fixed-Income portion of the Fund benefitted from a shorter duration, as U.S. Treasury yields rose over 50 basis points (0.50%) from 5-year maturities to 30-years. The Treasury curve un-inverted late in the third quarter, and longer yields repriced higher going into year-end as expectations for additional Federal Reserve rate cuts were meaningfully lowered following better-then-expected economic data and fiscal uncertainty related to the new Presidential administration. The largest detractor to Fixed Income performance was the underweight to the securitized sector, as the shorter duration for the group helped generate positive returns.

---

| | |
|:---|:---|
| **Top Contributors-Equity Portion:** | **Top Contributors-Equity Portion:** |
| ↑ | NVIDIA (NVDA), Broadcom (AVGO), Netflix (NFLX), Amazon.com (AMZN), Apple (AAPL) |

---

---

| | |
|:---|:---|
| **Top Contributors-Fixed Income Portion:** | **Top Contributors-Fixed Income Portion:** |
| ↑ | U.S. Treasury 2.50% 1/31/2025, Honda Motor Co. 2.271% 3/10/2025, U.S. Treasury 2.125% 5/31/2026, Bank of America Corp. 1.53%, 12/6/2025, Federal National Mortgage Assoc. 0.875% 8/5/2030 |

---

---

| | |
|:---|:---|
| **Top Detractors-Equity Portion:** | **Top Detractors-Equity Portion:** |
| ↓ | SolarEdge Technologies (SEDG), IQVIA Holdings (IQV), Estee Lauder (EL), Prologis (PLD), Zoetis (ZTS) |

---

---

| | |
|:---|:---|
| **Top Detractors-Fixed Income Portion:** | **Top Detractors-Fixed Income Portion:** |
| ↓ | Oracle Corp 5.375% 9/15/2054, CVS Health Corp. 5.625% 2/21/2053, Intuit Inc. 5.5% 9/15/2053, MidAmerican Energy Co. 5.85% 9/15/2054, Union Electric Co. 5.125% 3/15/2055 |

---

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

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

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6240img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class I (without sales charge)**  | 10.08 | 7.65 | 10.35 |
| **S&P 500 TR**  | 17.88 | 14.42 | 14.82 |
| **70% S&P 500/30% Bloomberg Capital Aggregate** **Blend**  | 14.75 | 9.96 | 11.05 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $939900443 |
| **Number of Holdings** | 209 |
| **Net Advisory Fee** | $4548458 |
| **Portfolio Turnover** | 11% |

---

**WHAT DID THE FUND INVEST IN?** (% of total investments as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Common Stocks  | 65.4% |
|  Corporate Bonds  | 18.7% |
|  U.S. Treasury Securities  | 8.2% |
|  Money Market Funds  | 3.6% |
|  U.S. Government Agency Issues  | 1.5% |
|  U.S. Treasury Bills  | 1.0% |
|  Real Estate Investment Trusts - Common  | 0.7% |
|  Collateralized Mortgage Obligations  | 0.6% |
|  Mortgage-Backed Securities  | 0.2% |
|  Cash & Other  | 0.1% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  NVIDIA Corp.  | 5.9% |
|  Alphabet Inc.  | 4.9% |
|  Apple Inc.  | 4.5% |
|  Microsoft Corp.  | 4.4% |
|  Broadcom Inc.  | 3.9% |
|  United States Treasury Notes  | 3.7% |
|  United States Treasury Note/Bond  | 3.7% |
|  Fidelity Investments Money Market - Government Portfolio  | 3.6% |
|  Amazon.com Inc.  | 3.2% |
|  Eli Lilly & Co.  | 2.8% |

---

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

1919 Socially Responsive Balanced Fund PAGE 2 TSR-AR-00777X744

------

**HOUSEHOLDING**

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

1919 Socially Responsive Balanced Fund PAGE 3 TSR-AR-00777X744

------

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

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

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

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

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

The registrant's board of trustees/directors has determined that there is at least one audit committee financial expert serving on its audit committee. Brian Ferrie is the "audit committee financial expert" and is considered to be "independent" as each term is defined in Item 3 of Form N-CSR.

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

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. "Other services" provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

**1919 Financial Services Fund**

---

| | | |
|:---|:---|:---|
| | FYE 12/31/2025 | FYE 12/31/2024 |
| (a) Audit Fees | $16000 | $16000 |
| (b) Audit-Related Fees | N/A | N/A |
| (c) Tax Fees | $3100 | $3100 |
| (d) All Other Fees | N/A | N/A |

---

**1919 Socially Responsive Balanced Fund**

---

| | | |
|:---|:---|:---|
| | FYE 12/31/2025 | FYE 12/31/2024 |
| (a) Audit Fees | $19000 | $19000 |
| (b) Audit-Related Fees | N/A | N/A |
| (c) Tax Fees | $3100 | $3100 |
| (d) All Other Fees | N/A | N/A |

---

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

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

**1919 Financial Services Fund**

---

| | | |
|:---|:---|:---|
| | FYE 12/31/2025 | FYE 12/31/2024 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

**1919 Socially Responsive Balanced Fund**

---

| | | |
|:---|:---|:---|
| | FYE 12/31/2025 | FYE 12/31/2024 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

(f) N/A

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

 

**1919 Financial Services Fund**

<u>Non-Audit Related Fees</u> <u>FYE 12/31/2025</u> <u>FYE 12/31/2024</u> <br> Registrant N/A N/A <br> <u>Registrant's Investment Adviser</u> <u>N/A</u> <u>N/A</u>

**1919 Socially Responsive Balanced Fund**

<u>Non-Audit Related Fees</u> <u>FYE 12/31/2025</u> <u>FYE 12/31/2024</u> <br> Registrant N/A N/A <br> <u>Registrant's Investment Adviser</u> <u>N/A</u> <u>N/A</u>

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

(i) Not applicable

(j) Not applicable

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

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

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

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

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

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

(a) ![](logo-1919ic.jpg)

**1919 Financial Services Fund** 

**1919 Socially Responsive Balanced Fund** 

Annual Financial Statements

December 31, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Schedule of Investments](#sch001)<br>|  |
| &nbsp;&nbsp;&nbsp; [1919 Financial Services Fund](#soi1) | [1](#soi1) |
| &nbsp;&nbsp;&nbsp; [1919 Socially Responsive Balanced Fund](#soi2) | [2](#soi2) |
| [Statements of Assets and Liabilities](#sal) | [7](#sal) |
| [Statements of Operations](#sop) | [9](#sop) |
| [Statements of Changes in Net Assets](#scna) | [10](#scna) |
| [Financial Highlights](#fihi) | [11](#fihi) |
| [Notes to Financial Statements](#notes) | [17](#notes) |
| [Report of Independent Registered Public Accounting Firm](#rep1) | [26](#rep1) |
| [Additional Information](#ai1) | [27](#ai1) |

---

------

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

**1919 FINANCIAL SERVICES FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 98.3%**<br>|  |  |
| **Capital Markets - 6.9%**<br>|  |  |
| Ameriprise Financial, Inc. | 6878 | $3372558  |
| CME Group, Inc. | 5300 | 1447324  |
| KKR & Co., Inc. | 2000 | 254960  |
| S&P Global Inc. | 4400 | 2299396  |
|  |  | 7374238  |
| **Commercial Banks - 47.2%<sup>(a)</sup>**<br>|  |  |
| Amalgamated Financial Corp. | 18500 | 592555  |
| Atlantic Union Bankshares Corp. | 8400 | 296520  |
| Bancorp, Inc.<sup>(b)</sup> | 9370 | 632663  |
| Bank of America Corp. | 113700 | 6253500  |
| Banner Corp. | 35370 | 2216284  |
| Coastal Financial Corp./WA<sup>(b)</sup> | 52400 | 6004516  |
| Community Financial System, Inc. | 24800 | 1424512  |
| Fifth Third Bancorp | 81800 | 3829058  |
| JPMorgan Chase & Co. | 33696 | 10857525  |
| M&T Bank Corp. | 11600 | 2337168  |
| PNC Financial Services Group, Inc. | 13137 | 2742086  |
| QCR Holdings, Inc. | 53407 | 4448803  |
| SmartFinancial, Inc. | 49543 | 1832596  |
| South State Bank Corp. | 24075 | 2265698  |
| Stock Yards Bancorp, Inc. | 36000 | 2338200  |
| Webster Financial Corp. | 40535 | 2551273  |
|  |  | 50622957  |
| **Diversified Financial Services - 7.8%**<br>|  |  |
| Charles Schwab Corp/The | 32596 | 3256666  |
| Intercontinental Exchange, Inc. | 31365 | 5079876  |
|  |  | 8336542  |
| **Insurance – 21.9%**<br>|  |  |
| Arch Capital Group Ltd.<sup>(b)</sup> | 13520 | 1296838  |
| Berkshire Hathaway, Inc.<sup>(b)</sup> | 10500 | 5277825  |
| Brown & Brown, Inc. | 36201 | 2885220  |
| Chubb Limited | 19148 | 5976474  |
| First American Financial Corp. | 6000 | 368640  |
| Globe Life, Inc. | 10172 | 1422656  |
| Hanover Insurance Group, Inc. | 9883 | 1806316  |
| Marsh & McLennan Cos., Inc. | 7708 | 1429988  |
| Progressive Corp. | 3753 | 854633  |
| Reinsurance Group of America Inc. | 5579 | 1135103  |
| RLI Corp. | 12720 | 813826  |
| Ryan Specialty Holdings, Inc. | 5500 | 283965  |
|  |  | 23551484  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **IT Services - 10.4%**<br>|  |  |
| Fiserv, Inc.<sup>(b)</sup> | 14530 | $975980  |
| Global Payments, Inc. | 24000 | 1857600  |
| I3 Verticals, Inc. - Class A<sup>(b)</sup> | 65280 | 1644403  |
| Visa Inc. Shares - Class A | 19000 | 6663490  |
|  |  | 11141473  |
| **Professional Services - 2.1%**<br>|  |  |
| Verisk Analytics, Inc. | 10000 | 2236900  |
| **Real Estate Investment Trusts (REITs) - 2.0%** | **Real Estate Investment Trusts (REITs) - 2.0%** |  |
| Equity LifeStyle Properties, Inc. | 6800 | 412148  |
| Simon Property Group, Inc. | 2400 | 444264  |
| Terreno Realty Corp. | 22183 | 1302364  |
|  |  | 2158776  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $42,451,037)** |  | 105422370  |
| **SHORT-TERM INVESTMENTS - 2.0%** | **SHORT-TERM INVESTMENTS - 2.0%** | **SHORT-TERM INVESTMENTS - 2.0%** |
|  Fidelity Investments Money Market - Government Portfolio - Class I, 3.67%<sup>(b)(c)</sup> | 2095762 | 2095762  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $2,095,762)** |  | 2095762  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.3%** <br>**(Cost $44,546,799)** |  | $107518132  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of <br>Other Assets - (0.3)% |  | (298908)  |
| **TOTAL NET ASSETS - 100.0%** |  | $107219224 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> To the extent that the Fund invests more heavily in a particular industries or sectors of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

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

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

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

1<br>

------

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

**1919 SOCIALLY RESPONSIVE BALANCED FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 66.1%**<br>|  |  |
| **Communication Services - 6.9%**<br>|  |  |
| Alphabet Inc. - Class A | 146000 | $45698000  |
| Netflix Inc.<sup>(a)</sup> | 209450 | 19638032  |
|  |  | 65336032  |
| **Consumer Discretionary - 5.3%**<br>|  |  |
| Amazon.com Inc.<sup>(a)</sup> | 127476 | 29424010  |
| Home Depot Inc/The | 25849 | 8894641  |
| TJX Cos Inc. | 72082 | 11072516  |
|  |  | 49391167  |
| **Consumer Staples - 3.4%**<br>|  |  |
| Costco Wholesale Corp. | 14641 | 12625520  |
| Darling International Inc.<sup>(a)</sup> | 167937 | 6045732  |
| Hershey Co. | 41030 | 7466640  |
| PepsiCo Inc. | 40620 | 5829782  |
|  |  | 31967674  |
| **Financials - 8.1%**<br>|  |  |
| Bank of America Corp. | 325348 | 17894140  |
| Charles Schwab Corp/The | 86828 | 8674985  |
| Chubb Limited | 27248 | 8504646  |
| LPL Financial Holdings, Inc. | 29776 | 10635094  |
| M&T Bank Corp. | 50467 | 10168091  |
| Reinsurance Group of America Inc. | 50396 | 10253570  |
| S&P Global Inc. | 18874 | 9863364  |
|  |  | 75993890  |
| **Health Care - 8.1%**<br>|  |  |
| AstraZeneca PLC | 124935 | 11485275  |
| Boston Scientific Corp.<sup>(a)</sup> | 118369 | 11286484  |
| Danaher Corp. | 39449 | 9030665  |
| Eli Lilly & Co. | 24402 | 26224341  |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 17895 | 10135012  |
| Thermo Fisher Scientific Inc. | 13335 | 7726966  |
|  |  | 75888743  |
| **Industrials - 5.7%**<br>|  |  |
| Advanced Drainage Systems Inc. | 61750 | 8943253  |
| Cintas Corp. | 79711 | 14991248  |
| Eaton Corp. PLC | 38773 | 12349588  |
| Old Dominion Freight Line Inc. | 30909 | 4846531  |
| Rockwell Automation Inc. | 17743 | 6903269  |
| Union Pacific Corp. | 23792 | 5503565  |
|  |  | 53537454  |
| **Information Technology - 24.9%**<br>|  |  |
| Analog Devices Inc. | 20938 | 5678386  |
| Apple Inc. | 154086 | 41889820  |
| Broadcom Inc. | 87438 | 30262292  |
| Intuit Inc. | 12515 | 8290186  |
| Microsoft Corp. | 85201 | 41204908  |
| NVIDIA Corp. | 298914 | 55747461  |
| Palo Alto Networks Inc.<sup>(a)</sup> | 82557 | 15206999  |
| Salesforce.com Inc. | 13289 | 3520389  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| ServiceNow Inc.<sup>(a)</sup> | 66675 | $10213943  |
| Visa Inc. Shares - Class A | 38839 | 13621226  |
| Workday Inc. - Class A<sup>(a)</sup> | 40892 | 8782784  |
|  |  | 234418394  |
| **Materials - 1.5%**<br>|  |  |
| Linde PLC | 17438 | 7435389  |
| Steel Dynamics Inc. | 37010 | 6271344  |
|  |  | 13706733  |
| **Real Estate Investment Trusts (REITs) - 1.3%** | **Real Estate Investment Trusts (REITs) - 1.3%** | **Real Estate Investment Trusts (REITs) - 1.3%** |
| Equinix Inc.  | 8601  | 6589742  |
| Terreno Realty Corp. | 90734 | 5326993 |
|  |  | 11916735  |
| **Utilities - 0.9%**<br>|  |  |
| American Water Works Co. Inc. | 66263 | 8647322  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $255,288,669)** |  | 620804144 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** |  |
| **CORPORATE BONDS - 18.3%**<br>|  |  |
| **Communication Services - 1.5%**<br>|  |  |
| AT&T Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.30%, 06/01/2027 | $1350000 | 1320008  |
| &nbsp;&nbsp;&nbsp; 4.35%, 03/01/2029 | 465000 | 467736  |
| &nbsp;&nbsp;&nbsp; 2.75%, 06/01/2031 | 1250000 | 1149673  |
| Comcast Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.65%, 02/15/2033 | 2680000 | 2696258  |
| &nbsp;&nbsp;&nbsp; 5.65%, 06/15/2035 | 600000 | 631461  |
| &nbsp;&nbsp;&nbsp; Netflix Inc., <br>5.40%, 08/15/2054 | 255000 | 248106  |
| Verizon Communications Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.33%, 09/21/2028 | 777000 | 783776  |
| &nbsp;&nbsp;&nbsp; 3.88%, 02/08/2029 | 410000 | 408761  |
| &nbsp;&nbsp;&nbsp; 1.75%, 01/20/2031 | 1325000 | 1167629  |
| &nbsp;&nbsp;&nbsp; 4.50%, 08/10/2033 | 350000 | 345174  |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/16/2037 | 335000 | 338404  |
| Walt Disney Co/The<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.75%, 01/13/2026 | 1550000 | 1549112  |
| &nbsp;&nbsp;&nbsp; 2.20%, 01/13/2028 | 3215000 | 3123028  |
|  |  | 14229126  |
| **Consumer Discretionary - 1.4%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Amazon.com Inc., <br>4.70%, 12/01/2032 | 905000 | 932034  |
| &nbsp;&nbsp;&nbsp; California Endowment/The, <br>2.50%, 04/01/2051 | 1700000 | 1012588  |
| &nbsp;&nbsp;&nbsp; Ford Foundation/The, <br>2.42%, 06/01/2050 | 1000000 | 600629  |
| &nbsp;&nbsp;&nbsp; Home Depot Inc/The, <br>1.50%, 09/15/2028 | 1900000 | 1794329  |
| &nbsp;&nbsp;&nbsp; Lowe's Cos Inc., <br>1.30%, 04/15/2028 | 2100000 | 1981525 |

---

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

2<br>

------

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

**1919 SOCIALLY RESPONSIVE BALANCED FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value** |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Consumer Discretionary - (Continued)**  | **Consumer Discretionary - (Continued)**  | **Consumer Discretionary - (Continued)**  |
| Starbucks Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.45%, 06/15/2026 | $250000 | $248335  |
| &nbsp;&nbsp;&nbsp; 2.25%, 03/12/2030 | 1255000 | 1158885  |
| &nbsp;&nbsp;&nbsp; Target Corp., <br>4.50%, 09/15/2032 | 3600000 | 3641736  |
| &nbsp;&nbsp;&nbsp; Toyota Motor Corp., <br>4.45%, 06/30/2030 | 690000 | 699890  |
| &nbsp;&nbsp;&nbsp; Toyota Motor Credit Corp., <br>1.13%, 06/18/2026 | 965000 | 953500  |
|  |  | 13023451  |
| **Consumer Staples - 0.7%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Kroger Co., <br>5.50%, 09/15/2054 | 2475000 | 2368847  |
| PepsiCo Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.90%, 07/18/2032 | 1200000 | 1181739  |
| &nbsp;&nbsp;&nbsp; 3.50%, 03/19/2040 | 575000 | 490889  |
| Walmart Inc., 1.80%, 09/22/2031 | 2700000 | 2409431  |
|  |  | 6450906  |
| **Financials - 3.8%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Affiliated Managers Group Inc., <br>3.30%, 06/15/2030 | 755000 | 720060  |
| &nbsp;&nbsp;&nbsp; Allstate Corp/The, <br>1.45%, 12/15/2030 | 1345000 | 1175378  |
|  Apollo Global Management, Inc., 5.80%, 05/21/2054 | 2375000 | 2343532  |
| Bank of America Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.74% (3 mo. Term SOFR + 1.02%), 09/15/2026<sup>(b)</sup> | 1602000 | 1605714  |
| &nbsp;&nbsp;&nbsp; 4.18%, 11/25/2027 | 525000 | 526445  |
| &nbsp;&nbsp;&nbsp; Bank of Montreal, 3.09% to 01/10/2032 <br>then 5 yr. CMT Rate + 1.40%, 01/10/2037<sup>(c)</sup> | 2515000 | 2265561  |
| BlackRock Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 04/30/2029 | 455000 | 446499  |
| &nbsp;&nbsp;&nbsp; 2.40%, 04/30/2030 | 710000 | 665553  |
| &nbsp;&nbsp;&nbsp; Boston Properties LP, <br>4.50%, 12/01/2028 | 1335000 | 1344613  |
| &nbsp;&nbsp;&nbsp; Carlyle Group Inc., <br>5.05%, 09/19/2035 | 2715000 | 2685630  |
| Citigroup Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.57% to 06/03/2030 then SOFR + 2.11%, 06/03/2031<sup>(c)</sup> | 1500000 | 1391781  |
| &nbsp;&nbsp;&nbsp; 5.41% to 09/19/2034 then 5 yr. CMT Rate + 1.73%, 09/19/2039<sup>(c)</sup> | 570000 | 575279  |
| Goldman Sachs Group Inc/The<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 11/16/2026 | 1830000 | 1824275  |
| &nbsp;&nbsp;&nbsp; 2.60%, 02/07/2030 | 1250000 | 1175948  |
| &nbsp;&nbsp;&nbsp; Host Hotels & Resorts LP, <br>3.38%, 12/15/2029 | 1600000 | 1537907  |
| MetLife Inc., 4.55%, 03/23/2030 | 660000 | 674534  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value** |
|  PNC Financial Services Group Inc., 4.76% to 01/26/2026 then SOFR + 1.09%, 01/26/2027<sup>(c)</sup> | $1350000 | $1350573  |
| &nbsp;&nbsp;&nbsp; Prudential Financial Inc., <br>1.50%, 03/10/2026 | 1570000 | 1562788  |
|  Reinsurance Group of America Inc., 6.65% to 09/15/2035 then 5 yr. CMT Rate + 2.39%, 09/15/2055<sup>(c)</sup> | 3150000 | 3267734  |
| &nbsp;&nbsp;&nbsp; Royal Bank of Canada, <br>1.15%, 07/14/2026 | 3500000 | 3451357  |
| &nbsp;&nbsp;&nbsp; Simon Property Group LP, <br>3.38%, 12/01/2027 | 510000 | 506493  |
| &nbsp;&nbsp;&nbsp; State Street Corp., <br>3.03% to 11/01/2029 then SOFR + 1.49%, 11/01/2034<sup>(c)</sup> | 1000000 | 945428  |
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank, 5.15% to <br>09/10/2029 then 5 yr. CMT Rate + 1.50%, 09/10/2034<sup>(c)</sup> | 1490000 | 1518876  |
| &nbsp;&nbsp;&nbsp; Truist Financial Corp., 1.27% to <br>03/02/2026 then SOFR + 0.61%, 03/02/2027<sup>(c)</sup> | 2675000 | 2661958  |
|  |  | 36223916  |
| **Health Care - 2.1%**<br>|  |  |
| AbbVie Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 11/14/2028 | 600000 | 606914  |
| &nbsp;&nbsp;&nbsp; 4.40%, 11/06/2042 | 1120000 | 999993  |
| &nbsp;&nbsp;&nbsp; Amgen Inc., <br>3.00%, 02/22/2029 | 3475000 | 3373055  |
| &nbsp;&nbsp;&nbsp; Anthem Inc., <br>2.88%, 09/15/2029 | 1530000 | 1460093  |
| Bristol-Myers Squibb Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.90%, 02/20/2028 | 205000 | 205617  |
| &nbsp;&nbsp;&nbsp; 3.40%, 07/26/2029 | 725000 | 712656  |
| &nbsp;&nbsp;&nbsp; 1.45%, 11/13/2030 | 1580000 | 1402123  |
| CVS Health Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.78%, 03/25/2038 | 345000 | 326810  |
| &nbsp;&nbsp;&nbsp; 5.63%, 02/21/2053 | 3445000 | 3247540  |
| Gilead Sciences Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.65%, 10/01/2030 | 1700000 | 1524057  |
| &nbsp;&nbsp;&nbsp; 4.60%, 09/01/2035 | 320000 | 317090  |
|  Pfizer Investment Enterprises Pte Ltd., 5.30%, 05/19/2053 | 1100000 | 1045829  |
| UnitedHealth Group Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.00%, 05/15/2030 | 1600000 | 1461312  |
| &nbsp;&nbsp;&nbsp; 3.50%, 08/15/2039 | 515000 | 431198  |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc., <br>5.50%, 07/15/2044 | 2500000 | 2489878  |
|  |  | 19604165  |
| **Industrials - 0.9%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Allegion US Holding Co. Inc., <br>5.41%, 07/01/2032 | 2300000 | 2404284  |
| &nbsp;&nbsp;&nbsp; Archer-Daniels-Midland Co., <br>2.90%, 03/01/2032 | 3000000 | 2764486  |

---

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

3<br>

------

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

**1919 SOCIALLY RESPONSIVE BALANCED FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value** |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Industrials - (Continued)**  | **Industrials - (Continued)**  | **Industrials - (Continued)**  |
|  Johnson Controls International PLC, 1.75%, 09/15/2030 | $2225000 | $1989525  |
| &nbsp;&nbsp;&nbsp; Xylem Inc./NY, <br>1.95%, 01/30/2028 | 1785000 | 1714325  |
|  |  | 8872620  |
| **Information Technology - 3.9%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Adobe Inc., <br>2.15%, 02/01/2027 | 850000 | 836303  |
| &nbsp;&nbsp;&nbsp; Autodesk Inc., <br>2.40%, 12/15/2031 | 3775000 | 3360879  |
| &nbsp;&nbsp;&nbsp; Broadcom Inc., <br>4.20%, 10/15/2030 | 6000000 | 6003864  |
|  Dell International LLC / EMC Corp., 5.50%, 04/01/2035 | 4000000 | 4131269  |
| &nbsp;&nbsp;&nbsp; Fortinet Inc., <br>1.00%, 03/15/2026 | 2185000 | 2170783  |
| &nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co., <br>5.60%, 10/15/2054 | 1000000 | 929945  |
| &nbsp;&nbsp;&nbsp; Intuit Inc., <br>5.50%, 09/15/2053 | 2215000 | 2195982  |
| &nbsp;&nbsp;&nbsp; Jabil Inc., <br>4.25%, 05/15/2027 | 2515000 | 2520090  |
| Mastercard Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.30%, 03/26/2027 | 1350000 | 1343981  |
| &nbsp;&nbsp;&nbsp; 1.90%, 03/15/2031 | 4000000 | 3595610  |
| &nbsp;&nbsp;&nbsp; Microsoft Corp., <br>4.20%, 11/03/2035 | 565000 | 564053  |
| &nbsp;&nbsp;&nbsp; Oracle Corp., <br>5.38%, 09/27/2054 | 5000000 | 4061864  |
| &nbsp;&nbsp;&nbsp; Salesforce.com Inc., <br>1.50%, 07/15/2028 | 2135000 | 2023962  |
| &nbsp;&nbsp;&nbsp; Synopsys Inc., <br>5.15%, 04/01/2035 | 1605000 | 1635022  |
| &nbsp;&nbsp;&nbsp; Texas Instruments Inc., <br>5.00%, 03/14/2053 | 1150000 | 1059235  |
|  |  | 36432842  |
| **Materials - 0.8%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Dow Chemical Co., <br>5.60%, 02/15/2054 | 3000000 | 2620009  |
| &nbsp;&nbsp;&nbsp; Nutrien Ltd., <br>4.20%, 04/01/2029 | 425000 | 424700  |
| Steel Dynamics Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.38%, 08/15/2034 | 2915000 | 3032496  |
| &nbsp;&nbsp;&nbsp; 5.25%, 05/15/2035 | 1500000 | 1537551 |
|  |  | 7614756  |
| **Real Estate Investment Trusts (REITs) - 1.2%** | **Real Estate Investment Trusts (REITs) - 1.2%** |  |
| &nbsp;&nbsp;&nbsp; Crown Castle Inc., <br>1.05%, 07/15/2026 | 2050000 | 2016703  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value** |
| Prologis LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.25%, 04/15/2030 | $1620000 | $1505064  |
| &nbsp;&nbsp;&nbsp; 1.25%, 10/15/2030 | 3000000 | 2632515  |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/15/2054 | 1000000 | 954423  |
| &nbsp;&nbsp;&nbsp; Realty Income Corp., <br>5.38%, 09/01/2054 | 2500000 | 2428194  |
| &nbsp;&nbsp;&nbsp; Welltower Inc., <br>2.70%, 02/15/2027 | 1600000 | 1579848  |
|  |  | 11116747  |
| **Utilities - 2.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Avangrid Inc., <br>3.80%, 06/01/2029 | 650000 | 642229  |
| DTE Electric Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.90%, 04/01/2028 | 2145000 | 2057902  |
| &nbsp;&nbsp;&nbsp; 4.05%, 05/15/2048 | 1480000 | 1211389  |
| &nbsp;&nbsp;&nbsp; Duke Energy Florida LLC, <br>2.40%, 12/15/2031 | 3225000 | 2921614  |
| &nbsp;&nbsp;&nbsp; Duke Energy Progress LLC, <br>5.10%, 03/15/2034 | 2685000 | 2773180  |
| &nbsp;&nbsp;&nbsp; Georgia Power Co., <br>3.25%, 04/01/2026 | 345000 | 344460  |
| MidAmerican Energy Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.65%, 04/15/2029 | 1375000 | 1360139  |
| &nbsp;&nbsp;&nbsp; 5.85%, 09/15/2054 | 2200000 | 2279111  |
|  NextEra Energy Capital Holdings Inc., 1.90%, 06/15/2028 | 2720000 | 2593368  |
| &nbsp;&nbsp;&nbsp; Public Service Co. of Colorado, <br>3.20%, 03/01/2050 | 520000 | 357025  |
| Union Electric Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.63%, 03/15/2051 | 1280000 | 779762  |
| &nbsp;&nbsp;&nbsp; 5.13%, 03/15/2055 | 1450000 | 1336410  |
|  |  | 18656589  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $181,262,072)** |  | 172225118  |
| **U.S. TREASURY SECURITIES - 8.2%** | **U.S. TREASURY SECURITIES - 8.2%** |  |
| United States Treasury Bonds<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 08/15/2026 | 90000 | 91739  |
| &nbsp;&nbsp;&nbsp; 6.50%, 11/15/2026 | 135000 | 138450  |
| &nbsp;&nbsp;&nbsp; 6.13%, 11/15/2027 | 675000 | 707194  |
| &nbsp;&nbsp;&nbsp; 5.50%, 08/15/2028 | 335000 | 351685  |
| &nbsp;&nbsp;&nbsp; 3.50%, 02/15/2039 | 573000 | 524026  |
| &nbsp;&nbsp;&nbsp; 4.38%, 11/15/2039 | 204000 | 201976  |
| &nbsp;&nbsp;&nbsp; 4.38%, 08/15/2043 | 6750000 | 6473540  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2044 | 4920000 | 4778838  |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/15/2044 | 6300000 | 5805352  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2045 | 3500000 | 3607188  |
| United States Treasury Notes<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.63%, 01/31/2026 | 1625000 | 1623546  |
| &nbsp;&nbsp;&nbsp; 2.13%, 05/31/2026 | 6700000 | 6660538  |
| &nbsp;&nbsp;&nbsp; 1.50%, 08/15/2026 | 2110000 | 2083432  |

---

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

4<br>

------

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

**1919 SOCIALLY RESPONSIVE BALANCED FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value** |
| **U.S. TREASURY SECURITIES - (Continued)**  | **U.S. TREASURY SECURITIES - (Continued)**  | **U.S. TREASURY SECURITIES - (Continued)**  |
| &nbsp;&nbsp;&nbsp; 2.00%, 11/15/2026 | $3375000 | $3330722  |
| &nbsp;&nbsp;&nbsp; 2.25%, 11/15/2027 | 2200000 | 2151789  |
| &nbsp;&nbsp;&nbsp; 2.75%, 02/15/2028 | 1630000 | 1605900  |
| &nbsp;&nbsp;&nbsp; 2.88%, 05/15/2028 | 3500000 | 3451465  |
| &nbsp;&nbsp;&nbsp; 2.88%, 08/15/2028 | 5300000 | 5217084  |
| &nbsp;&nbsp;&nbsp; 3.13%, 11/15/2028 | 2900000 | 2869018  |
| &nbsp;&nbsp;&nbsp; 1.50%, 02/15/2030 | 4670000 | 4293572  |
| &nbsp;&nbsp;&nbsp; 4.13%, 11/15/2032 | 1200000 | 1215727  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/15/2034 | 6000000 | 5993672  |
| &nbsp;&nbsp;&nbsp; 4.38%, 05/15/2034 | 7000000 | 7168301  |
| &nbsp;&nbsp;&nbsp; 4.25%, 11/15/2034 | 7000000 | 7089141  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $77,948,527)** |  | 77433895  |
| **U.S. GOVERNMENT AGENCY ISSUES - 1.5%** | **U.S. GOVERNMENT AGENCY ISSUES - 1.5%** | **U.S. GOVERNMENT AGENCY ISSUES - 1.5%** |
| Federal Home Loan Bank (FHLB)<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 11/16/2028 | 2125000 | 2113999  |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/15/2036 | 125000 | 137250  |
|  Federal Home Loan Mortgage Corp (FHLMC)<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 09/15/2029 | 115000 | 127436  |
| &nbsp;&nbsp;&nbsp; 6.25%, 07/15/2032 | 380000 | 430408  |
|  Federal National Mortgage Association (FNMA)<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.75%, 10/08/2027 | 2270000 | 2164711  |
| &nbsp;&nbsp;&nbsp; 6.25%, 05/15/2029 | 985000 | 1068483  |
| &nbsp;&nbsp;&nbsp; 0.88%, 08/05/2030 | 8670000 | 7658871  |
| &nbsp;&nbsp;&nbsp; 6.63%, 11/15/2030 | 303000 | 342051  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. GOVERNMENT** <br>**AGENCY ISSUES** <br>**(Cost $15,176,805)** |  | 14043209  |
| &nbsp;&nbsp;&nbsp; **COLLATERALIZED MORTGAGE** <br>**OBLIGATIONS - 0.6%** | &nbsp;&nbsp;&nbsp; **COLLATERALIZED MORTGAGE** <br>**OBLIGATIONS - 0.6%** | &nbsp;&nbsp;&nbsp; **COLLATERALIZED MORTGAGE** <br>**OBLIGATIONS - 0.6%** |
|  Federal National Mortgage Association (FNMA), Series 2011-53, Class CY, 4.00%, 06/25/2041 | 15074 | 14942  |
|  Government National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-194, Class AD, Pool 2020-194, 1.00%, 06/16/2062 | 1787627 | 1309554  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-163, Class C, <br>5.00%, 09/20/2049 | 341068 | 340906  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-4, Class KB, <br>5.50%, 04/20/2052 $3,546,376 |  | 3601372  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** <br>**(Cost $5,680,096)** |  | 5266774  |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value** |
| &nbsp;&nbsp;&nbsp; **FOREIGN GOVERNMENT** <br>**AGENCEY ISSUES - 0.4%** | &nbsp;&nbsp;&nbsp; **FOREIGN GOVERNMENT** <br>**AGENCEY ISSUES - 0.4%** | &nbsp;&nbsp;&nbsp; **FOREIGN GOVERNMENT** <br>**AGENCEY ISSUES - 0.4%** |
|  International Bank for Reconstruction & Development, 3.50%, 10/28/2030 | $4000000 | $3958912  |
| &nbsp;&nbsp;&nbsp; **TOTAL FOREIGN GOVERNMENT AGENCEY ISSUES** <br>**(Cost $3,981,200)** |  | 3958912  |
| **MORTGAGE-BACKED SECURITIES - 0.2%** | **MORTGAGE-BACKED SECURITIES - 0.2%** | **MORTGAGE-BACKED SECURITIES - 0.2%** |
|  Federal Home Loan Mortgage Corporation (FHLMC)<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool C91417, 3.50%, 01/01/2032 | 23796 | 23499  |
| &nbsp;&nbsp;&nbsp; Pool A35826, 5.00%, 07/01/2035 | 11677 | 11677  |
| &nbsp;&nbsp;&nbsp; Pool G08112, 6.00%, 02/01/2036 | 25141 | 26639  |
| &nbsp;&nbsp;&nbsp; Pool G02564, 6.50%, 01/01/2037 | 9568 | 10000  |
| &nbsp;&nbsp;&nbsp; Pool G08179, 5.50%, 02/01/2037 | 7502 | 7862  |
| &nbsp;&nbsp;&nbsp; Pool A65694, 6.00%, 09/01/2037 | 5736 | 5902  |
|  Federal National Mortgage Association (FNMA)<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool 490446, 6.50%, 03/01/2029 | 4 | 4  |
| &nbsp;&nbsp;&nbsp; Pool 808156, 4.50%, 02/01/2035 | 4984 | 5035  |
| &nbsp;&nbsp;&nbsp; Pool 891596, 5.50%, 06/01/2036 | 242 | 252  |
| &nbsp;&nbsp;&nbsp; Pool 190375, 5.50%, 11/01/2036 | 1426 | 1493  |
| &nbsp;&nbsp;&nbsp; Pool 916386, 6.00%, 05/01/2037 | 9861 | 10408  |
| &nbsp;&nbsp;&nbsp; Pool 946594, 6.00%, 09/01/2037 | 14017 | 14837  |
|  General National Mortgage Association (GNMA)<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool MA6310, 3.00%, 12/20/2034 | 111701 | 108075  |
| &nbsp;&nbsp;&nbsp; Pool MA6572, 3.00%, 04/20/2035 | 275894 | 266926  |
| &nbsp;&nbsp;&nbsp; Pool MA6740, 2.50%, 08/20/2035 | 443403 | 421465  |
| &nbsp;&nbsp;&nbsp; Pool 550763, 5.00%, 12/15/2035 | 38603 | 39383  |
| &nbsp;&nbsp;&nbsp; Pool 3922, 7.00%, 11/20/2036 | 8195 | 8643  |
| &nbsp;&nbsp;&nbsp; Pool MA3873, 3.00%, 08/20/2046 | 649295 | 592559  |
| &nbsp;&nbsp;&nbsp; Pool MA6409, 3.00%, 01/20/2050 | 389800 | 352372  |
| &nbsp;&nbsp;&nbsp; **TOTAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $2,052,063)** |  | 1907031  |
|  | **Shares** |  |
| **SHORT-TERM INVESTMENTS - 4.6%** | **SHORT-TERM INVESTMENTS - 4.6%** | **SHORT-TERM INVESTMENTS - 4.6%** |
| **Money Market Funds - 3.6%**<br>|  |  |
|  Fidelity Investments Money Market - Government Portfolio - Class I, 3.67%<sup>(d)</sup> | 33953163 | 33953163  |

---

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

5<br>

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

**1919 SOCIALLY RESPONSIVE BALANCED FUND** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount** | **Value** |
| **U.S. Treasury Bills - 1.0%**<br>|  |  |
| 3.55%, 01/27/2026<sup>(e)</sup> | $9000000 | $8977942  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $42,930,140)** |  | 42931105  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.9%** <br>**(Cost $584,319,572)** |  | $938570188  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.1% |  | 1330255  |
| **TOTAL NET ASSETS - 100.0%** |  | $939900443 |

---

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

CMT - Constant Maturity Treasury

LLC - Limited Liability Company

LP - Limited Partnership

PLC - Public Limited Company

SOFR - Secured Overnight Financing Rate

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

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

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

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

<sup>(e)</sup> The rate shown is the annualized effective yield as of December 31, 2025.

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

6<br>

------

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

**1919 Funds** 

**Statements of Assets and Liabilities** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **1919 Financial** <br>**Services Fund** | **1919 Socially** <br>**Responsive** <br>**Balanced Fund**  |
| **ASSETS:**<br>|  |  |
| Investments, at value | $107518132 | $938570188  |
| Foreign currency, at value | 16999 | —  |
| Dividends receivable | 89184 | 272244  |
| Receivable for fund shares sold | 2320 | 248505  |
| Dividend tax reclaims receivable |  | 3288  |
| Interest receivable |  | 2559915  |
| Prepaid expenses and other assets | 34257 | 7594  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 107660892 | 941661734  |
| **LIABILITIES:**<br>|  |  |
| Payable for capital shares redeemed | 157624 | 157810  |
| Payable to Adviser | 70074 | 401452  |
| Payable for transfer agent fees and expenses | 65470 | 245013  |
| Payable for distribution and shareholder servicing fees | 31384 | 636648  |
| Payable for fund administration and accounting fees | 26864 | 157778  |
| Payable for printing and mailing | 25754 | 40863  |
| Payable for legal fees | 22095 | 31217  |
| Payable for custodian fees | 3463 | 9426  |
| Payable for compliance fees | 2185 | 2683  |
| Payable for expenses and other liabilities | 36755 | 78401  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 441668 | 1761291  |
| **NET ASSETS** | $107219224 | $939900443  |
| **NET ASSETS CONSISTS OF:**<br>|  |  |
| Paid-in capital | $39980355 | $582708162  |
| Total distributable earnings | 67238869 | 357192281  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $107219224 | $939900443  |
| **Class A**<br>|  |  |
| Net assets | $65075085 | $283136347  |
| Shares issued and outstanding<sup>(a)</sup> | 2461260 | 8289411  |
| Net asset value and redemption price | $26.44 | $34.16  |
|  Max offering price per share (net asset value per share dividend by 0.9425 and 0.9425)<sup>(1)</sup> | $28.05 | $36.24  |
| **Class C**<br>|  |  |
| Net assets | $8897347 | $132787923  |
| Shares issued and outstanding<sup>(a)(b)</sup> | 392199 | 3943669  |
| Net asset value, redemption price and offering price per share | $22.69 | $33.67  |

---

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

7<br>

------

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

**1919 Funds** 

**Statements of Assets and Liabilities** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **1919 Financial** <br>**Services Fund** | **1919 Socially** <br>**Responsive** <br>**Balanced Fund**  |
| **Class I**<br>|  |  |
| Net assets | $33246792 | $523976173  |
| Shares issued and outstanding<sup>(a)</sup> | 1238166 | 15325699  |
| Net asset value, redemption price and offering price per share | $26.85 | $34.19  |
| **COST:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $44546799 | $584319572  |
| &nbsp;&nbsp;&nbsp; Foreign currency, at cost | $18176 | $— |

---

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

<sup>(a)</sup> Unlimited shares authorized.

<sup>(b)</sup> Redemption price per share of Class C shares is NAV reduced by a 1.00% CDSC if shares are redeemed within one year of purchase.

(See Note 7).

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

8<br>

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

**1919 Funds** 

**Statements of Operations** 

**For the Year Ended December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **1919 Financial** <br>**Services Fund** | **1919 Socially** <br>**Responsive** <br>**Balanced Fund**  |
| **INVESTMENT INCOME:**<br>|  |  |
| Dividend income | $1874170 | $6634928  |
| Less: dividend withholding taxes |  | (843)  |
| Less: issuance fees |  | (3871)  |
| Interest income |  | 8786592  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 1874170 | 15416806  |
| **EXPENSES:**<br>|  |  |
| Investment advisory fee | 942992 | 4548458  |
| Distribution expenses - Class A | 174742 | 681309  |
| Distribution expenses - Class C | 128982 | 1316858  |
| Transfer agent fees | 226653 | 913566  |
| Fund administration and accounting fees | 84972 | 468957  |
| Federal and state registration fees | 60315 | 122470  |
| Legal fees | 21748 | 28996  |
| Reports to shareholders | 20631 | 69626  |
| Audit fees | 19190 | 23377  |
| Trustees' fees | 19039 | 19605  |
| Custodian fees | 16393 | 45238  |
| Compliance fees | 7518 | 8064  |
| Other expenses and fees | 16234 | 30012  |
| &nbsp;&nbsp;&nbsp; Total expenses | 1739409 | 8276536  |
| **NET INVESTMENT INCOME** | 134761 | 7140270  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |
| Net realized gain from:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments | 15911556 | 17430175  |
| Net realized gain | 15911556 | 17430175  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments | (11250441) | 60377229  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | 768 | —  |
| Net change in unrealized appreciation (depreciation) | (11249673) | 60377229  |
| **Net realized and unrealized gain** | 4661883 | 77807404  |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $4796644 | $84947674 |

---

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

9<br>

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

**1919 Funds** 

**Statements of Changes in Net Assets** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1919 Financial** <br>**Services Fund** | **1919 Financial** <br>**Services Fund** | **1919 Socially Responsive** <br>**Balanced Fund**  | **1919 Socially Responsive** <br>**Balanced Fund**  |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $134761 | $776865 | $7140270 | $5658166  |
| &nbsp;&nbsp;&nbsp; Net realized gain | 15911556 | 10583883 | 17430175 | 16319187  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (11249673) | 14642149 | 60377229 | 98235687  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from operations** | 4796644 | 26002897 | 84947674 | 120213040  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Class A | (8544136) | (6740317) | (3491229) | (1626356)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class C | (1384158) | (1810721) | (701831) | (74381)  |
| &nbsp;&nbsp;&nbsp; From earnings - Class I | (4383704) | (3614965) | (7777628) | (3906570)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (14311998) | (12166003) | (11970688) | (5607307)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class A | 9570020 | 5591538 | 27093529 | 36018519  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class A | 8048237 | 6327649 | 3303186 | 1551007  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class A | (15839986) | (11044716) | (40192182) | (42761201)  |
| &nbsp;&nbsp;&nbsp; Redemption fees - Class A |  |  | 69 | —  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class C | 386938 | 313318 | 10357543 | 17589504  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class C | 1303108 | 1749729 | 636194 | 68225  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class C | (9602355) | (5671480) | (19706640) | (17569208)  |
| &nbsp;&nbsp;&nbsp; Redemption fees - Class C |  |  | 33 | —  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I | 5188206 | 1827871 | 76826379 | 103204300  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class I | 3975168 | 3315046 | 7098459 | 3530101  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I | (8965722) | (13178210) | (84962632) | (88893326)  |
| &nbsp;&nbsp;&nbsp; Redemption fees - Class I |  |  | 127 | —  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (5936386) | (10769255) | (19545935) | 12737921  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | (15451740) | 3067639 | 53431051 | 127343654  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 122670964 | 119603325 | 886469392 | 759125738  |
| &nbsp;&nbsp;&nbsp; End of the year | $107219224 | $122670964 | $939900443 | $886469392 |

---

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

10<br>

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

**1919 FINANCIAL SERVICES FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS A** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $29.01 | $25.61 | $28.14 | $33.49 | $26.87  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.04 | 0.19 | 0.28 | 0.21 | 0.19  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 1.22 | 6.29 | (0.01) | (4.88) | 8.05  |
| **Total from investment operations** | 1.26 | 6.48 | 0.27 | (4.67) | 8.24  |
| **LESS DISTRIBUTIONS FROM:** <br>|  |  |  |  |  |
| Net investment income | (0.02) | (0.21) | (0.34) | (0.24) | (0.15)  |
| Net realized gains | (3.81) | (2.87) | (2.46) | (0.44) | (1.47)  |
| **Total distributions** | (3.83) | (3.08) | (2.80) | (0.68) | (1.62)  |
| Redemption fee per share | 0.00<sup>(c)</sup> |  |  |  | —  |
| **Net asset value, end of year** | $26.44 | $29.01 | $25.61 | $28.14 | $33.49  |
| Total return | 4.27% | 24.92% | 1.42% | (13.97)% | 30.88%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $65075 | $69090 | $60948 | $73800 | $86303  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 1.46% | 1.46% | 1.46% | 1.36% | 1.36%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(d)</sup> | 1.46% | 1.46% | 1.46% | 1.36% | 1.36%  |
|  Ratio of net investment income (loss) to average net assets | 0.13% | 0.70% | 1.09% | 0.69% | 0.59%  |
| Portfolio turnover rate<sup>(e)</sup> | 9% | 4% | 4% | 4% | 10% |

---

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

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

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

<sup>(d)</sup> The Advisor agreed to limit the ratio of expenses to 1.50% of the average net assets of Class A shares. This expense limitation arrangement cannot be terminated prior to April 30, 2027 without the Board of Trustees' consent. See Note 3.

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

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

11<br>

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

**1919 FINANCIAL SERVICES FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS C** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $25.58 | $22.87 | $25.43 | $30.27 | $24.48  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | (0.16) | (0.01) | 0.08 | (0.01) | (0.04)  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 1.08 | 5.59 | (0.03) | (4.39) | 7.30  |
| **Total from investment operations** | 0.92 | 5.58 | 0.05 | (4.40) | 7.26  |
| **LESS DISTRIBUTIONS FROM:** <br>|  |  |  |  |  |
| Net investment income |  |  | (0.15) |  | —  |
| Net realized gains | (3.81) | (2.87) | (2.46) | (0.44) | (1.47)  |
| **Total distributions** | (3.81) | (2.87) | (2.61) | (0.44) | (1.47)  |
| Redemption fee per share | 0.00<sup>(c)</sup>  |  |  |  | —  |
| **Net asset value, end of year** | $22.69 | $25.58 | $22.87 | $25.43 | $30.27  |
| Total return | 3.51% | 23.99% | 0.69% | (14.56)% | 29.88%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $8897 | $17657 | $19146 | $27395 | $36122  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 2.20% | 2.19% | 2.18% | 2.08% | 2.07%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(d)</sup> | 2.20% | 2.19% | 2.18% | 2.08% | 2.07%  |
|  Ratio of net investment income (loss) to average net assets | (0.62)% | (0.04)% | 0.36% | (0.04)% | (0.12)%  |
| Portfolio turnover rate<sup>(e)</sup> | 9% | 4% | 4% | 4% | 10% |

---

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

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

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

<sup>(d)</sup> The Advisor agreed to limit the ratio of expenses to 2.25% of the average net assets of Class C shares. This expense limitation arrangement cannot be terminated prior to April 30, 2027 without the Board of Trustees' consent. See Note 3.

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

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

12<br>

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

**1919 FINANCIAL SERVICES FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS I** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $29.39 | $25.91 | $28.44 | $33.82 | $27.18  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.11 | 0.26 | 0.35 | 0.28 | 0.29  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 1.24 | 6.37 | (0.01) | (4.91) | 8.11  |
| **Total from investment operations** | 1.35 | 6.63 | 0.34 | (4.63) | 8.40  |
| **LESS DISTRIBUTIONS FROM:** <br>|  |  |  |  |  |
| Net investment income | (0.08) | (0.28) | (0.41) | (0.31) | (0.29)  |
| Net realized gains | (3.81) | (2.87) | (2.46) | (0.44) | (1.47)  |
| **Total distributions** | (3.89) | (3.15) | (2.87) | (0.75) | (1.76)  |
| Redemption fee per share | 0.00<sup>(c)</sup>  |  |  |  | —  |
| **Net asset value, end of year** | $26.85 | $29.39 | $25.91 | $28.44 | $33.82  |
| Total return | 4.52% | 25.21% | 1.69% | (13.71)% | 31.16%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $33247 | $35924 | $39509 | $69605 | $103970  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 1.23% | 1.21% | 1.18% | 1.10% | 1.09%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(d)</sup> | 1.23% | 1.21% | 1.18% | 1.10% | 1.09%  |
|  Ratio of net investment income (loss) to average net assets | 0.36% | 0.95% | 1.34% | 0.93% | 0.87%  |
| Portfolio turnover rate<sup>(e)</sup> | 9% | 4% | 4% | 4% | 10% |

---

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

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

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

<sup>(d)</sup> The Advisor agreed to limit the ratio of expenses to 1.25% of the average net assets of Class A shares. This expense limitation arrangement cannot be terminated prior to April 30, 2027 without the Board of Trustees' consent. See Note 3.

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

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

13<br>

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

**1919 SOCIALLY RESPONSIVE BALANCED FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS A** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $31.51 | $27.38 | $23.01 | $28.83 | $24.69  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.24 | 0.20 | 0.15 | 0.08 | (0.00)<sup>(b)</sup>  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 2.83 | 4.12 | 4.36 | (5.85) | 4.26  |
| **Total from investment operations** | 3.07 | 4.32 | 4.51 | (5.77) | 4.26  |
| **LESS DISTRIBUTIONS FROM:** <br>|  |  |  |  |  |
| Net investment income | (0.26) | (0.19) | (0.14) | (0.04) | (0.01)  |
| Net realized gains | (0.16) |  |  | (0.01) | (0.11)  |
| **Total distributions** | (0.42) | (0.19) | (0.14) | (0.05) | (0.12)  |
| Redemption fee per share | 0.00<sup>(b)</sup> |  |  |  | —  |
| **Net asset value, end of year** | $34.16 | $31.51 | $27.38 | $23.01 | $28.83  |
| Total return | 9.79% | 15.79% | 19.66% | (20.00)% | 17.26%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $283136 | $271178 | $240209 | $209003 | $264785  |
| Ratio of expenses to average net assets | 0.95% | 0.95% | 0.98% | 0.97% | 0.96%  |
|  Ratio of net investment income (loss) to average net assets | 0.75% | 0.65% | 0.61% | 0.31% | (0.01)%  |
| Portfolio turnover rate<sup>(d)</sup> | 11% | 12% | 10% | 13% | 9% |

---

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

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

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

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

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

14<br>

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

**1919 SOCIALLY RESPONSIVE BALANCED FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS C** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $31.06 | $27.03 | $22.76 | $28.69 | $24.73  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | 0.01 | (0.02) | (0.03) | (0.10) | (0.19)  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 2.78 | 4.07 | 4.31 | (5.82) | 4.26  |
| **Total from investment operations** | 2.79 | 4.05 | 4.28 | (5.92) | 4.07  |
| **LESS DISTRIBUTIONS FROM:** <br>|  |  |  |  |  |
| Net investment income | (0.02) | (0.02) | (0.01) |  | —  |
| Net realized gains | (0.16) |  |  | (0.01) | (0.11)  |
| **Total distributions** | (0.18) | (0.02) | (0.01) | (0.01) | (0.11)  |
| Redemption fee per share | 0.00<sup>(c)</sup>  |  |  |  | —  |
| **Net asset value, end of year** | $33.67 | $31.06 | $27.03 | $22.76 | $28.69  |
| Total return | 8.98% | 14.98% | 18.80% | (20.62)% | 16.46%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $132788 | $130823 | $113754 | $107014 | $133861  |
| Ratio of expenses to average net assets | 1.68% | 1.68% | 1.70% | 1.70% | 1.68%  |
|  Ratio of net investment income (loss) to average net assets | 0.02% | (0.08)% | (0.11)% | (0.42)% | (0.72)%  |
| Portfolio turnover rate<sup>(d)</sup> | 11% | 12% | 10% | 13% | 9% |

---

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

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

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

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

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

15<br>

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

**1919 SOCIALLY RESPONSIVE BALANCED FUND** 

**FINANCIAL HIGHLIGHTS** 

**CLASS I** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $31.54 | $27.40 | $23.04 | $28.88 | $24.70  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.33 | 0.27 | 0.22 | 0.14 | 0.07  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 2.83 | 4.13 | 4.36 | (5.87) | 4.26  |
| **Total from investment operations** | 3.16 | 4.40 | 4.58 | (5.73) | 4.33  |
| **LESS DISTRIBUTIONS FROM:** <br>|  |  |  |  |  |
| Net investment income | (0.35) | (0.26) | (0.22) | (0.10) | (0.04)  |
| Net realized gains | (0.16) |  |  | (0.01) | (0.11)  |
| **Total distributions** | (0.51) | (0.26) | (0.22) | (0.11) | (0.15)  |
| Redemption fee per share | 0.00<sup>(c)</sup>  |  |  |  | —  |
| **Net asset value, end of year** | $34.19 | $31.54 | $27.40 | $23.04 | $28.88  |
| Total return | 10.08% | 16.09% | 19.95% | (19.82)% | 17.61%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $523976 | $484468 | $405163 | $362364 | $520504  |
| Ratio of expenses to average net assets | 0.69% | 0.70% | 0.72% | 0.72% | 0.71%  |
|  Ratio of net investment income (loss) to average net assets | 1.01% | 0.90% | 0.87% | 0.55% | 0.26%  |
| Portfolio turnover rate<sup>(d)</sup> | 11% | 12% | 10% | 13% | 9% |

---

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

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

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

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

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

16<br>

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

**1919 Funds** 

**Notes to Financial Statements** 

**December 31, 2025** 

**NOTE 1 – ORGANIZATION** 

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

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

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

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

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

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

**NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies consistently followed by the Funds in preparation of their financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") for investment companies. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board Accounting Standards Codification Topic 946. The presentation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the period. Actual results may differ from those estimates.

&nbsp;&nbsp;&nbsp;&nbsp;A. *Securities Valuation.* The valuation of the Funds' investments is performed in accordance with the principles found in Rule 2a-5
 of the 1940 Act. Investments in securities traded on a national securities exchange are valued at the last reported sales price on the
 exchange on which the security is principally traded. Securities traded on the NASDAQ exchanges are valued at the NASDAQ Official Closing
 Price ("NOCP"). Exchange-traded securities for which no sale was reported and NASDAQ securities for which there is no NOCP
 are valued at the mean of the most recent quoted bid and ask prices. Unlisted securities held by the Funds are valued at the last sale
 price in the over-the-counter ("OTC") market. If there is no trading on a particular day, the mean between the last quoted
 bid and ask price is used.

Long-term fixed income securities are valued using prices provided by an independent pricing service approved by the Board of Trustees of the Trust (the "Board" or the "Trustees"). Pricing services may use various valuation methodologies, including matrix pricing and other analytical models as well as market transactions and dealer quotations. The Board has designated 1919 Investment Counsel, LLC (the "Advisor" to the Funds) as the valuation designee of the Funds. In its capacity as valuation designee, the Advisor has adopted procedures and methodologies to fair value the Funds' investments whose market prices are not "readily available" or are deemed to be unreliable.

17<br>

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

**1919 Funds** 

**Notes to Financial Statements** 

**December 31, 2025(Continued)** 

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

---

| | |
|:---|:---|
| Level 1 –<br>| Quoted prices in active markets for identical securities. An active market for the security is a market in which transactions occur with sufficient frequency and volume to provide pricing information on an ongoing basis. A quoted price in an active market provides the most reliable evidence of fair value.  |

---

---

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

---

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

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to fair value the Funds' investment in each category investment type as of December 31, 2025:

**Financial Services Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Long-term investments\***<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $105422370 | $— | $—  | $105422370  |
| **Total long-term investments** | 105422370 |  |  | 105422370  |
| **Short-term investments** | 2095762 |  |  | 2095762  |
| **Total long-term investments** | $107518132 | $— | $— | $107518132 |

---

**Socially Responsive Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Long-term investments\***<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $620804144 | $— | $—  | $620804144  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds |  | 172225118 |  | 172225118  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities |  | 77433895 |  | 77433895  |
| &nbsp;&nbsp;&nbsp; U.S. Government Agency Issues |  | 14043209 |  | 14043209  |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  | 5266774 |  | 5266774  |
| &nbsp;&nbsp;&nbsp; Foreign Government Agency Issues |  | 3958912 |  | 3958912  |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |  | 1907031 |  | 1907031  |
| **Total long-term investments** | 620804144 | 274834939 |  | 895639083  |
| **Short-term investments**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 33953163 |  |  | 33953163  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 8977942 |  | 8977942  |
| **Total short-term investments** | 33953163 | 8977942 |  | 42931105  |
| **Total investments** | $654757307 | $283812881 | $— | $938570188 |

---

\* See Schedule of investments for additional detailed categorizations.

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**1919 Funds** 

**Notes to Financial Statements** 

**December 31, 2025(Continued)** 

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

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

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

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, the possibility of lower levels of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability. As of December 31, 2025, the Financial Services Fund held foreign currency and securities.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;E. *Distribution to shareholders.* The Financial Services Fund makes distributions from net investment income, if any, at least annually. The Socially
 Responsive Fund makes distributions from net investment income on a quarterly basis. Distributions of net realized gains, if any, are
 declared at least annually for each of the Funds. Distributions to shareholders of the Funds are recorded on the ex-dividend date and
 are determined in accordance with income tax regulations, which may differ from GAAP.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;H. *Federal and other taxes.* It is the Funds' policy to comply with the federal income and excise tax requirements of the Internal Revenue
 Code of 1986 (the "Code"), as amended, applicable to regulated investment

19<br>

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**1919 Funds** 

**Notes to Financial Statements** 

**December 31, 2025(Continued)** 

companies. Accordingly, the Funds intend to distribute their taxable income and net realized gains, if any, to shareholders in accordance with timing requirements imposed by the Code. Therefore, no federal or state income tax provision is required in the Funds' financial statements.

Management of the Funds is required to analyze all open tax years, as defined by IRS statute of limitations for all major jurisdictions, including federal tax authorities and certain state tax authorities. As of and during the year ended December 31, 2025, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as interest expense and other expense for penalties in the statement of operations. During the year ended December 31, 2025, the Funds did not incur any interest or tax penalties. Generally, tax authorities can examine tax returns filed for the preceding three years. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

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

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

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

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

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

---

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

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Class A** | **Class C** | **Class I**  |
| Financial Services Fund | 1.50% | 2.25% | 1.25%  |
| Socially Responsive Fund | 1.25% | 2.00% | 1.00% |

---

The arrangements are in place until April 30, 2027, but may be terminated or amended at any time by the Board upon 60 days' notice to the Advisor or by the Advisor with consent of the Board. These arrangements, however, may be modified by the Advisor to decrease total annual operating expenses at any time.

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

20<br>

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

**1919 Funds** 

**Notes to Financial Statements** 

**December 31, 2025(Continued)** 

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services"), serves as the Funds' administrator & fund accountant and transfer agent. The officers of the Trust are employees of Fund Services. U.S. Bank, N.A. serves as the Funds' custodian and provides compliance services to the Funds. Quasar Distributors, LLC ("Quasar") serves as the Funds' distributor and principal underwriter. For the year ended December 31, 2025, the Funds incurred the following expenses for administration & fund accounting, custody, transfer agent and compliance fees:

---

| | | |
|:---|:---|:---|
|  | **Financial**<br>**Services Fund** | **Socially** <br>**Responsive Fund**  |
| Fund Administration and accounting | &nbsp;&nbsp; $84972 | &nbsp;&nbsp;&nbsp; $468957  |
| Custodian | &nbsp;&nbsp; 16393 | &nbsp;&nbsp;&nbsp; 45238  |
| Transfer agent\* | &nbsp;&nbsp; 110437 | &nbsp;&nbsp;&nbsp; 711216  |
| Compliance | &nbsp;&nbsp; 7518 | &nbsp;&nbsp;&nbsp; 8064 |

---

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

At December 31, 2025, the Funds had payables for administration & fund accounting, custody, transfer agent and compliance fees in the following amounts:

---

| | | |
|:---|:---|:---|
|  | **Financial** <br>**Services Fund** | **Socially** <br>**Responsive Fund**  |
| Fund administration and accounting | &nbsp;&nbsp;&nbsp; $26864 | &nbsp;&nbsp;&nbsp; $157778  |
| Custodian | &nbsp;&nbsp;&nbsp; 3463 | &nbsp;&nbsp;&nbsp; 9426  |
| Transfer agent | &nbsp;&nbsp;&nbsp; 38794 | &nbsp;&nbsp;&nbsp; 72655  |
| Compliance | &nbsp;&nbsp;&nbsp; 2185 | &nbsp;&nbsp;&nbsp; 2683 |

---

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

The Independent Trustees in total were paid $38,644 for their services and reimbursement of travel expenses during the year ended December 31, 2025. The Funds pay no compensation to the Interested Trustee or officers of the Trust.

**NOTE 4 – INVESTMENT TRANSACTIONS** 

During the year ended December 31, 2025, the aggregate cost of purchases and proceeds from sales of investments (excluding short-term investments) were as follow:

**Financial Services Fund** 

---

| | | |
|:---|:---|:---|
|  | **Investments** | **U.S. Government &**<br>**Agency Obligations**  |
| Purchases | $11086291 | &nbsp;&nbsp;&nbsp; $—  |
| Sales | 30966374 | &nbsp;&nbsp;&nbsp; — |

---

**Socially Responsive Fund** 

---

| | | |
|:---|:---|:---|
|  | **Investments** | **U.S. Government &**<br>**Agency Obligations**  |
| Purchases | $65065864 | &nbsp;&nbsp;&nbsp; $32270490  |
| Sales | 85027812 | &nbsp;&nbsp;&nbsp; 16675565 |

---

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**1919 Funds** 

**Notes to Financial Statements** 

**December 31, 2025(Continued)** 

**NOTE 5 – FEDERAL INCOME TAX INFORMATION** 

At December 31, 2025, the components of distributable earnings for federal income tax purposes were as follows:

---

| | | |
|:---|:---|:---|
|  | **Financial** <br>**Services Fund** | **Socially** <br>**Responsive Fund**  |
| Cost of Investments for tax purposes | $44564975  | $584659831  |
| Gross tax unrealized appreciation | 64442724 | 372411364 |
| Gross tax unrealized depreciation | (1472568) | (18501007) |
| Net tax unrealized appreciation/depreciation on investment | 62970156 | 353910357 |
| Undistributed ordinary income | 79735 | 71166 |
| Undistributed long-term capital gains | 4238929 | 3273696 |
| Other book/tax temporary differences\* | (49951) | (62938) |
| Total distributable earnings | $67238869  | $357192281 |

---

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

Additionally, U.S. GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. The Funds did not have any reclassifications for the year ended December 31, 2025.

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

---

| | | |
|:---|:---|:---|
| **Financial Services Fund**  | **Year Ended** <br>**December 31, 2025** | **Year Ended**<br>**December 31, 2024**  |
| **Distribution Paid From:**<br>|  |  |
| Ordinary Income | &nbsp;&nbsp; $260079 | &nbsp;&nbsp; $903622  |
| Net Long Term Capital Gains | &nbsp;&nbsp; 14051919 | &nbsp;&nbsp; 11262381  |
| **Total** | &nbsp;&nbsp; $14311998 | &nbsp;&nbsp; $12166003 |

---

---

| | | |
|:---|:---|:---|
| **Socially Responsive Fund**  | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024**  |
| **Distribution Paid From:**<br>|  |  |
| Ordinary Income | &nbsp;&nbsp; $7622348 | &nbsp;&nbsp;&nbsp; $5607307  |
| Net Long Term Capital Gains | &nbsp;&nbsp; 4348340 | &nbsp;&nbsp;&nbsp; —  |
| **Total** | &nbsp;&nbsp; $11970688  | &nbsp;&nbsp;&nbsp; $5607307 |

---

The Funds are required, in order to meet certain excise tax requirements, to measure and distribute annually, net capital gains realized during the twelve-month period ending October 31. In connection with this requirement, the Funds are permitted, for tax purposes, to defer in to their next fiscal year any net capital losses incurred from November 1 through the end of the fiscal year. Late year losses incurred after December 31 within the fiscal year are deemed to arise on the first business day of the fiscal following fiscal year for tax purposes. As of December 31, 2025, the Financial Services Fund deferred, on a tax basis, late year losses of $5,005, while the Socially Responsive Balanced Fund did not have any late year or post October losses.

As of December 31, 2025, the Funds did not have any capital loss carry forward amounts ("CLCFs"). Under the provision of the Regulated Investment Company Modernization Act of 2010, CLCFs can be carried forward indefinitely, and applied to offset future capital gains. CLCFs are applied consistent with the character in which they originated as a new loss on the first day of the immediately succeeding tax year.

During the year ended December 31, 2025, the Financial Services Fund did not utilize any CLCFs, while the Socially Responsive Balanced Fund utilized CLCFs in the amount of $9,710,745.

22<br>

------

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

**1919 Funds** 

**Notes to Financial Statements** 

**December 31, 2025(Continued)** 

**NOTE 6 – CLASS SPECIFIC EXPENSES** 

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

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Class A**<br>**Service** | **Class C**<br>**Service** | **Class C**<br>**Distribution**  |
| Financial Services Fund | 0.25% | 0.25% | &nbsp;&nbsp;&nbsp;&nbsp; 0.75%  |
| Socially Responsive Fund | 0.25% | 0.25% | &nbsp;&nbsp;&nbsp;&nbsp; 0.75% |

---

For the year ended December 31, 2025, class specific expenses were as follows:

---

| | | |
|:---|:---|:---|
| **Financial Services Fund** | **Distribution** <br>**Fees** | **Transfer** <br>**Agent Fees**  |
| Class A | $174742 | $61071  |
| Class C | 128982 | 10332  |
| Class I |  | 39034  |
| **Total** | $303724 | $110437 |

---

---

| | | |
|:---|:---|:---|
| **Socially Responsive Fund** | **Distribution** <br>**Fees** | **Transfer** <br>**Agent Fees**  |
| Class A | $681309 | $236321  |
| Class C | 1316858 | 88333  |
| Class I |  | 386562  |
| **Total** | $1998167 | $711216 |

---

**NOTE 7 – SHARES OF BENEFICIAL INTEREST** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024**  | **Year Ended** <br>**December 31, 2024**  |
| <br>**Financial Services Fund** | **Shares** | **Amount** | **Shares** | **Amount**  |
| **Class A**<br>|  |  |  |  |
| Shares sold | 322102 | $9570020 | 191632 | $5591538  |
| Shares issued on reinvestment | 302338 | 8048237 | 211485 | 6327649  |
| Shares repurchased | (544720) | (15839986) | (401247) | (11044716)  |
| **Net increase (decrease)** | 79720 | $1778271 | 1870 | $874471  |
| **Class C**<br>|  |  |  |  |
| Shares sold | 15411 | $386938 | 13152 | $313318  |
| Shares issued on reinvestment | 57029 | 1303108 | 66303 | 1749729  |
| Shares repurchased | (370560) | (9602355) | (226467) | (5671480)  |
| **Net increase (decrease)** | (298120) | $(7912309) | (147012) | $(3608433)  |
| **Class I**<br>|  |  |  |  |
| Shares sold | 174489 | $5188206 | 64121 | $1827871  |
| Shares issued on reinvestment | 147065 | 3975168 | 109371 | 3315046  |
| Shares repurchased | (305635) | (8965722) | (476277) | (13178210)  |
| **Net decrease** | 15919 | $197652 | (302785) | $(8035293) |

---

23<br>

------

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

**1919 Funds** 

**Notes to Financial Statements** 

**December 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2025** | **Year Ended** <br>**December 31, 2024**  | **Year Ended** <br>**December 31, 2024**  |
| <br>**Socially Responsive Fund** | **Shares** | **Amount** | **Shares** | **Amount**  |
| **Class A**<br>|  |  |  |  |
| Shares sold | 832096 | $27093529 | 1191436 | $36018519  |
| Shares issued on reinvestment | 99950 | 3303186 | 50546 | 1551007  |
| Shares repurchased | (1248944) | (40192182) | (1410003) | (42761201)  |
| **Net decrease** | (316898) | $(9795467) | (168021) | $(5191675)  |
| **Class C**<br>|  |  |  |  |
| Shares sold | 326114 | $10357543 | 592751 | $17589504  |
| Shares issued on reinvestment | 19092 | 636194 | 2356 | 68225  |
| Shares repurchased | (613555) | (19706640) | (590819) | (17569208)  |
| **Net increase (decrease)** | (268349) | $(8712903) | 4288 | $88521  |
| **Class I**<br>|  |  |  |  |
| Shares sold | 2379069 | $76826379 | 3407315 | $103204300  |
| Shares issued on reinvestment | 215061 | 7098459 | 114767 | 3530101  |
| Shares repurchased | (2627075) | (84962632) | (2948078) | (88893326)  |
| **Net increase (decrease)** | (32945) | $(1037794) | 574004 | $17841075 |

---

There is a maximum initial sales charge of 5.75% for Class A shares of the Financial Services Fund and Socially Responsive Fund. There is a contingent deferred sales charge ("CDSC") of 1.00% on Class C shares for the Funds, which applies if redemption occurs within 12 months from purchase. In certain cases, Class A shares have a 1.00% CDSC, which applies if redemption occurs within 18 months from purchase. This CDSC only applies to those purchases of Class A shares, which, when combined with other purchases in the Funds, equal or exceed $1,000,000 in the aggregate. These purchases do not incur an initial sales charge.

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

For the year ended December 31, 2025, Quasar did not retain sales charges on sales of the Class A shares of the Financial Services Fund and Socially Responsive Fund. In addition, for the year ended December 31, 2025, CDSCs paid to Quasar were:

---

| | | |
|:---|:---|:---|
| **CDSCs** | **Class A** | **Class C**  |
| Financial Services Fund | N/A | $30  |
| Socially Responsive Fund | N/A | 2756 |

---

**NOTE 8 – CONTROL OWNERSHIP** 

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumption of control of the fund under 2(a)(9) of the1940 Act. As of December 31, 2025, Charles Schwab held approximately 26% of the outstanding shares of the Financial Services Fund, for the benefit of their shareholders.

**NOTE 9 – SUBSEQUENT EVENTS** 

Management has evaluated events and transactions that occurred subsequent to December 31, 2025, through the date the financial statements have been issued and has determined there were no significant subsequent events that would require adjustment to or additional disclosure in these financial statements.

24<br>

------

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

**1919 Funds** 

**Notes to Financial Statements** 

**December 31, 2025(Continued)** 

**NOTE 10 – PRINCIPAL RISKS** 

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

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

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

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

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

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

**NOTE 11 – NEW ACCOUNTING PRONOUNCEMENT**

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"). ASU 2023-09 is intended to provide transparency and enhanced details for taxes paid and is designed to help investors better understand an entity's exposure to taxes by type and jurisdiction. Management has evaluated the impact of adopting ASU 2023-09 with respect to the financial statements and disclosures and determined there is no material impact for the Funds.

25<br>

------

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

**1919 FUNDS** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Shareholders of 1919 Financial Services Fund and 1919 Socially Responsive

Balanced Fund and Board of Trustees of Advisor Managed Portfolios

<u>Opinion on the Financial Statements</u>

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of 1919 Financial Services Fund and 1919 Socially Responsive Balanced Fund, each a series of Advisor Managed Portfolios (the "Funds") as of December 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of December 31, 2025, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

The Funds' financial highlights for the year ended December 31, 2022, and prior, were audited by other auditors whose report dated March 1, 2023, expressed an unqualified opinion on those financial highlights.

<u>Basis for Opinion</u>

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor for one or more investment companies within the Trust since 2023.

![](cohen_22762.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

February 27, 2026

26<br>

------

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

**1919 Funds** 

**Additional Information** 

**December 31, 2025 (Unaudited)** 

**TAX INFORMATION** 

For the fiscal period ended December 31, 2025, certain dividends paid by the Funds may be subject to a maximum tax rate of 23.8%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:

---

| | |
|:---|:---|
| **Percentage** |  |
| Financial Services Fund  | 100.00% |
| Socially Responsive Fund | 67.47% |

---

For corporate shareholders, the percentage of ordinary income distributions qualifying for the corporate dividends received deduction for the year ended December 31, 2025, is as follows:

---

| | |
|:---|:---|
| **Percentage** |  |
| Financial Services Fund  | 100.00% |
| Socially Responsive Fund | 59.21% |

---

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871 (k)(2)(C) for the year ended December 31, 2025, by the Funds is as follows:

---

| | |
|:---|:---|
| **Percentage** |  |
| Financial Services Fund  | 47.47% |
| Socially Responsive Fund | 0.00% |

---

**Approval of Investment Advisory Agreement (Unaudited)** 

At a meeting held on December 3-4, 2025, the Board of Trustees (the "Board" or "Trustees") of Advisor Managed Portfolios (the "Trust"), which was composed entirely of Trustees who were not "interested persons" of the Trust, as that term is defined in the Investment Company Act of 1940, considered and approved the continuance of the investment advisory agreement (the "Agreement") with 1919 Investment Counsel, LLC (the "Advisor") for the 1919 Financial Services Fund and the 1919 Socially Responsive Balanced Fund (each, a "Fund" and collectively, the "Funds").

In advance of the meeting, the Board received, reviewed, and discussed substantial information regarding the Funds, the Advisor, and the services provided by the Advisor to the Funds under the Agreement, including information about the portfolio managers, the resources of the Advisor, and each Fund's performance and advisory fee. The Trustees considered the review of the Agreement to be an ongoing process and employed the accumulated information, knowledge, and experience they had gained with the Advisor. The information prepared specifically for the annual review of the Agreement supplemented the information provided to the Trustees throughout the year related to the Advisor and the Funds. The Board and its committees met regularly during the year and the information provided and topics discussed at such meetings were relevant to the Board's review of the Agreement. Some of these reports and other data included, among other things, materials that outlined the investment performance of each Fund; compliance, regulatory, and risk management matters; the trading practices of the Advisor; valuation of investments; fund expenses; and overall market and regulatory developments. The Trustees were advised by independent legal counsel during the review process and met in executive session with such counsel without representatives from the Advisor present. In connection with their review, the Trustees also received a memorandum from independent legal counsel outlining their fiduciary duties and the legal standards applicable to their review of the Agreement.

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

&nbsp;&nbsp;&nbsp;&nbsp;• In considering the nature, extent and quality
 of the services provided by the Advisor, the Trustees considered the Advisor's specific responsibilities in all aspects of the day-to-day
 management of each Fund, as well as the

27<br>

------

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

**1919 Funds** 

**Additional Information** 

**December 31, 2025 (Unaudited)(Continued)** 

qualifications, experience and responsibilities of the portfolio managers and other key personnel who are involved in the day-to-day activities of the Funds. The Board considered the Advisor's resources and compliance structure, including information regarding its compliance program, chief compliance officer and compliance record, and disaster recovery/business continuity plan. The Board also considered its knowledge of the Advisor's operations, and noted that during the course of the year the Trustees met with the Advisor to discuss each Fund's performance, the Advisor's investment outlook, various marketing and compliance topics, and the Advisor's risk management process. The Board concluded that the Advisor had sufficient quality and depth of personnel, resources, investment methods and compliance policies and procedures essential to performing its duties under the Agreement and that, in the Board's view, the nature, overall quality, and extent of the management services provided were satisfactory and reliable.

&nbsp;&nbsp;&nbsp;&nbsp;• In assessing the quality of the portfolio management
 delivered by the Advisor, the Board considered each Fund's performance on both an absolute basis and in comparison to its peer groups
 (a larger group category and a smaller, focused group), based on information provided by an independent consulting firm, and to its benchmark
 indexes.

**1919 Financial Services Fund** 

The Board considered that the Fund underperformed the S&P 500 Financials Index for the one-, three-, five- and ten-year periods ended June 30, 2025. The Board also considered that the Fund underperformed its peer groups' averages for the one-, three-, five- and ten-year periods ended September 30, 2025. <br>

**1919 Socially Responsive Balanced Fund** 

The Board considered that the Fund underperformed the blended S&P 500 (65%)/Bloomberg U.S. Aggregate Bond Index (30%)/ICE BofA 3-Month Treasury Bill Index (5%) for the one-, three-, five- and ten-year periods ended June 30, 2025. The Board also considered that the Fund outperformed its peer groups' averages for the ten-year period ended September 30, 2025, but underperformed its peer groups' averages for the one-year period ended September 30, 2025. The Board noted the Fund outperformed the larger peer group average and underperformed the focused peer group average over the three-year and five-year periods ended September 30, 2025. <br>

&nbsp;&nbsp;&nbsp;&nbsp;• The Trustees reviewed the cost of the Advisor's
 services, and the structure and level of the advisory fee payable by each Fund, including a comparison of the fee to fees payable by its
 peer groups (a larger group category and a smaller, focused group) based on information provided by an independent consulting firm. The
 Board noted that, to reduce each Fund's expenses, the Advisor had agreed to maintain contractual annual expense limitations for
 each Fund's share classes.

**1919 Financial Services Fund** 

The Trustees noted that the advisory fee was the same as the focused peer group average and was in the second quartile of the peer group out of four quartiles (a lower quartile number indicates a higher advisory fee). The Trustees also noted that the Fund's total net expense ratio was higher than both the focused peer group average and the large peer group average and was in the first quartile of the focused peer group out of four quartiles (a lower quartile number indicates higher expenses). After reviewing the materials that were provided, the Board concluded that the advisory fee was fair and reasonable in light of the services provided. <br>

**1919 Socially Responsive Balanced Fund** 

The Trustees noted that the advisory fee was below the focused peer group average and was in the third quartile of the peer group out of four quartiles (a lower quartile number indicates a higher advisory fee). The Trustees also noted that the Fund's total net expense ratio was below both the <br>

28<br>

------

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

**1919 Funds** 

**Additional Information** 

**December 31, 2025 (Unaudited)(Continued)** 

focused peer group average and the large peer group average and was in the third quartile of the focused peer group out of four quartiles (a lower quartile number indicates higher expenses). After reviewing the materials that were provided, the Board concluded that the advisory fee was fair and reasonable in light of the services provided.

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

&nbsp;&nbsp;&nbsp;&nbsp;• In considering whether economies of scale have
 been achieved, the Trustees reviewed each Fund's fee structure (noting that the Socially Responsive Fund's advisory fee includes
 breakpoints), the Advisor's contractual fee waiver and expense reimbursement, and the asset level of each Fund. The Trustees concluded
 that they will have the opportunity to periodically reexamine whether economies of scale have been achieved.

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

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

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

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

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

See Financial Statements.

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

See Financial Statements.

29<br>

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

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

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

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

See Item 7(a).

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

See Item 7(a).

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

See Item 7(a).

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

Not applicable to open-end investment companies.

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

 

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

 

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

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

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

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

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

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

Not applicable to open-end investment companies.

 

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

Not applicable

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

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* [(1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Filed herewith.](icl-efp22762_ex99code.htm)

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).* Filed herewith.](icl-efp22762_ex99cert.htm)

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

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

 

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](icl-efp22762_ex99906cert.htm)

**SIGNATURES**

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

---

| | |
|:---|:---|
| <u>Advisor Managed Portfolios</u> | <u>Advisor Managed Portfolios</u> |
| By | /s/ Russell B. Simon |
|  | *Russell B. Simon*, President/Principal Executive Officer |
| Date | 3/9/2026 |

---

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

---

| | |
|:---|:---|
| By | /s/ Russell B. Simon |
|  | *Russell B. Simon*, President/Principal Executive Officer |
| Date | 3/9/2026 |
| By | /s/ Eric T. McCormick |
|  | *Eric T. McCormick*, Treasurer/Principal Financial Officer |
| Date | 3/9/2026 |

---

## Ex-99.Code

**EX.99.CODE ETH**

Column A - Policies and Procedures

**ADVISOR MANAGED PORTFOLIOS**

**Code of Ethics For Principal Executive Officer & Principal Financial Officer – May 31, 2023**

**I.** **Introduction/Covered Persons**

Advisor Managed Portfolios (the "Trust") has been successful in large part by managing its business with honesty and integrity. The principal officers of the Trust have an important and elevated role in corporate governance and in promoting investor confidence. To further the ends of ethical and honest conduct among its officers, the Audit Committee of the Board of Trustees of the Trust has adopted this Code of Ethics. This Code of Ethics is designed to comply with Section 406 of the Sarbanes-Oxley Act of 2002 ("Sarbanes-Oxley") and the rules promulgated by the Securities and Exchange Commission (the "SEC") thereunder. This Code of Ethics applies to the principal executive officer, principal financial officer, controller and other senior financial officers of the Trust, as may be identified from time to time by the Audit Committee (collectively, the "Covered Persons").

The Audit Committee shall be responsible for the overall administration of this Code of Ethics, but has delegated to the Trust's Chief Compliance Officer (the "Chief Compliance Officer") the responsibility to oversee the day-to-day operation of this Code of Ethics. This Code of Ethics is in addition to, not in replacement of, the Trust's Code of Ethics for access persons (the "Investment Company Code of Ethics"), adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940, as amended (the "Investment Company Act"). The Covered Persons may also be subject to the Investment Company Code of Ethics.

II. Code of Ethics Requirements

This Code of Ethics requires each Covered Person to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Act with honesty and integrity, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Provide full, fair, accurate, timely and understandable disclosure in reports submitted to or filed with the SEC and in all other public communications made by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Comply with laws, rules and regulations of the federal government, state governments and other regulatory agencies as they apply to the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Disclose promptly to the Chief Compliance Officer any violations of this Code of Ethics of which the Covered Person may become aware; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Not retaliate against any other Covered Person or any employee of the Trust or their affiliated persons for reports of potential violations that are made in good faith.

III. Conflicts of Interest

A conflict of interest occurs when a Covered Person's private interest interferes in any way—or even appears to interfere—with the interests of the Trust as a whole or with his or her service to the Trust. For example, a conflict of interest would arise if a Covered Person, or a member of his or her family, receives improper personal benefits as a result of his or her position with the Trust.

Certain conflicts of interest arise out of the relationships between Covered Persons and the Trust and already are subject to conflict of interest provisions in the Investment Company Act and the Investment Advisers Act of 1940, as amended (the "Investment Advisers Act"). For example, Covered Persons may not individually engage in certain transactions with the Trust (such as the purchase or sale of securities or other property, except the Trust's own fund shares) because of their status as "affiliated persons" of the Trust. The Trust's and the investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Code of Ethics: Principal Executive Officer & Principal Financial Officers - May 31, 2023

Column A - Policies and Procedures

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Trust and its investment adviser and/or administrator of which the Covered Persons are also officers or employees. As a result, this Code recognizes that the Covered Persons will, in the normal course of their duties (whether formally for the Trust or for the adviser and/or administrator, or for both), be involved in establishing policies and implementing decisions that will have different effects on the adviser and/or administrator and the Trust. The participation of the Covered Persons in such activities is inherent in the contractual relationship between the Trust and its investment adviser and/or administrator and is consistent with the performance by the Covered Persons of their duties as officers of the Trust. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Persons should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Person should not be placed improperly before the interest of the Trust.

Each Covered Person must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Trust whereby the Covered Person would benefit personally to the detriment of the Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not cause the Trust to take action, or fail to take action, for the individual personal benefit of the Covered Person rather than for the benefit of the Trust.

There are some conflict of interest situations that should be discussed with the Chief Compliance Officer if material. Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any ownership interest in, or any consulting or employment relationship with, any of the Trust's service providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Person's employment, such as compensation or equity ownership.

IV. Accurate, Complete, Timely and Understandable Information

The Covered Persons are responsible for ensuring that Trust's shareholders and the public receive financial and other information that is accurate, complete, timely and understandable. Covered Persons are obligated to comply with all laws and regulations governing the public disclosure of Trust information. All public statements, whether oral or written, must be understandable and accurate, with no material omissions.

The books and records of the Trust must be kept accurate and current to ensure that the public receives information that is full, fair, accurate, complete and timely. The Covered Persons must ensure that transactions are completely and accurately recorded on the Trust's books and records in accordance with generally accepted accounting principles. Economic evaluations must fairly represent all information relevant to the evaluation being made. No secret or unrecorded cash funds or other assets may be established or maintained for any purpose. Each Covered Person shall also comply with the Trust's disclosure controls and procedures and the Trust's internal controls and procedures for financial reporting.

V. Waivers

The Audit Committee may grant a waiver from one or more provisions of this Code of Ethics upon the request of a Covered Person and after a review of the relevant facts and circumstances. The decision by the Audit Committee whether to grant a waiver from this Code of Ethics shall be final.

Code of Ethics: Principal Executive Officer & Principal Financial Officers - May 31, 2023

Column A - Policies and Procedures

"Waiver" shall mean the approval of a material departure from a provision of this Code of Ethics. If an executive officer becomes aware of a material departure from a provision of this Code of Ethics by any Covered Person, he or she shall immediately report such violation to the Chief Compliance Officer or the Audit Committee, as appropriate. The Chief Compliance Officer shall promptly report the violation to the Audit Committee. If the Audit Committee fails to take action with respect to the violation within ten business days, the Trust shall be deemed to have made an "implicit waiver" from this Code of Ethics.

If a waiver from one or more provisions of Section II of this Code of Ethics is granted by the Audit Committee to any Covered Person, including an implicit waiver, the Audit Committee shall direct the Trust to (a) post a notice and description of the waiver on the each applicable Fund's website within five business days following the waiver, including the name of the person to whom the Trust granted the waiver and the date of the waiver, maintain such notice on the website for at least 12 months, and retain such notice for a period of at least 6 years following the end of the fiscal year in which the waiver occurred; or (b) include a description of the waiver in the Trust's next report on Form N-CSR relating to the applicable Fund. If the waiver will be disclosed via a Fund's website, the Trust must have first disclosed in its most recent Form NCSR relating to the applicable Fund that it intends to disclose these events on the Fund's website and website's address.

VI. Amendments

This Code of Ethics may be amended by the Audit Committee as it deems appropriate. If a provision of the Code of Ethics that applies to any Covered Person and that relates to one or more provisions of Section II of this Code is amended, the Audit Committee shall direct the applicable Fund to (a) post a notice and description of the amendment on the Fund's website within five business days following the amendment, maintain such notice on the website for at least 12 months, and retain such notice for a period of at least 6 years following the end of the fiscal year in which the amendment occurred; or (b) include a description of the amendment in the Trust's next report on Form N-CSR relating to the applicable Fund. If the amendment will be disclosed via a Fund's website, the rules applicable to website postings of waivers, discussed in Section V above, apply. Technical, administrative or other non-substantive amendments to the Code of Ethics need not be disclosed.

VII. Violations

If the Audit Committee becomes aware of an actual or potential violation of this Code of Ethics, it shall direct an investigation into the facts and circumstances surrounding the violation. If a violation is found, the Audit Committee may impose on the Covered Person found to be in violation of this Code of Ethics any of a wide range of consequences as it deems appropriate, including warnings or letters of reprimand for less significant, first-time offenses, fines, reduced professional duties, suspension without pay and, in the most serious cases, termination.

VIII. Disclosure

The Audit Committee shall direct the Trust to make this Code of Ethics publicly available through one of the following three methods: (1) filing the Code as an exhibit to the Trust's annual report on Form N-CSR relating to each Fund; (2) posting the text of the Code on the applicable Fund's website, provided that the Fund has first disclosed the website's address and intent to provide disclosure in this manner in its most report on Form N-CSR and provided further that the text of the Code remains on the applicable Fund's website for as long as the Trust remains subject to the SEC's rules promulgated under Section 406 of Sarbanes-Oxley ; or (3) providing an undertaking in its most recent report on Form N-CSR relating to each applicable Fund to provide a copy of the Code of Ethics to any person without charge upon request.

Code of Ethics: Principal Executive Officer & Principal Financial Officers - May 31, 2023

Column A - Policies and Procedures

IX. Acknowledgement

Each Covered Person shall, in the form attached hereto as Appendix A, acknowledge receipt of and compliance with the Code of Ethics upon adoption of this Code of Ethics or when initially hired, whichever occurs later. Each Covered Person shall annually, in the form attached hereto as Appendix B, acknowledge receipt of and compliance with this Code of Ethics.

X. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code or in the course of investigating any alleged violation of this Code, such matters shall not be disclosed to anyone other than the Board, its counsel, the Trust, its counsel, the investment adviser, and its counsel.

XI. Internal Use

The Code is intended solely for the internal use by the Trust and does not constitute an admission, by or on behalf of any Trust, as to any fact, circumstance, or legal conclusion.

**Adopted by the Board of Trustees on May 31, 2023**

Code of Ethics: Principal Executive Officer & Principal Financial Officers - May 31, 2023

## Ex-99.Cert

**EX.99.CERT**

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

I, Russell B. Simon, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 3/9/2026 | /s/ Russell B. Simon |
|  |  | Russell B. Simon |
|  |  | President and Principal Executive Officer |

---

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

I, Eric T. McCormick, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 3/9/2026 | /s/ Eric T. McCormick |
|  |  | Eric T. McCormick |
|  |  | Treasurer and Principal Financial Officer |

---

## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Advisor Managed Portfolios, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Advisor Managed Portfolios for the year ended December 31, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Advisor Managed Portfolios for the stated period.

---

| | | | |
|:---|:---|:---|:---|
| /s/ Russell B. Simon | /s/ Russell B. Simon | /s/ Eric T. McCormick | /s/ Eric T. McCormick |
| *Russell B. Simon* | *Russell B. Simon* | *Eric T. McCormick* | *Eric T. McCormick* |
| President and Principal Executive Officer | President and Principal Executive Officer | Treasurer and Principal Financial Officer | Treasurer and Principal Financial Officer |
| Advisor Managed Portfolios | Advisor Managed Portfolios | Advisor Managed Portfolios | Advisor Managed Portfolios |
| Dated: | 3/9/2026 | Dated: | 3/9/2026 |

---

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