N-CSR 1 tm231604d1_ncsr.htm N-CSR

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 811-21422

Trust for Advised Portfolios

(Exact name of registrant as specified in charter)

615 East Michigan Street

Milwaukee, Wisconsin 53202
(Address of principal executive offices) (Zip code)

Russell B. Simon

Trust for Advised Portfolios

777 East Wisconsin Avenue, 10^th Floor

Milwaukee, Wisconsin 53202
(Name and address of agent for service)

(626) 914-7395

Registrant’s telephone number, including area code

Date of fiscal year end: December 31

Date of reporting period: December 31, 2022

Item 1. Reports to Stockholders.

(a)

Annual Report

December 31, 2022

1919 FINANCIAL SERVICES FUND

1919 MARYLAND TAX-FREE INCOME FUND

1919 SOCIALLY RESPONSIVE BALANCED FUND

Table of Contents

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

1919 Funds 2022 Annual Report

1919 Financial Services Fund
Letter to Shareholders (unaudited)

Dear Shareholder,

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

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

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

How did we respond to these changing market conditions?

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

1919 Funds 2022 Annual Report
1

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

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

What were the leading contributors to performance?

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

What were the leading detractors to performance?

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

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

Sincerely,

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

John F. Helfst
Managing Director
1919 Investment Counsel, LLC

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

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

One cannot invest directly in an index.

Past performance is not a guarantee of future results.

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

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

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

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

1919 Funds 2022 Annual Report
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Mutual fund investing involves risk. Principal loss is possible. The Fund may invest in small and medium-capitalization companies which tend to have limited liquidity and greater price volatility than larger-capitalization companies. The Fund may invest in foreign and emerging market securities which will involve greater volatility and political, economic and currency risks and differences in accounting methods. The risks are particularly significant for funds that invest in emerging markets. The Fund may make short sales of securities, which involves the risk that losses may exceed the original amount invested.

1919 Funds are distributed by Quasar Distributors, LLC.

1919 Funds 2022 Annual Report
3

Fund performance (unaudited)

Value of $10,000 Investment

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

1919 Funds 2022 Annual Report
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Total Returns* as of December 31, 2022

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

* Returns over one year are annualized.

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

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

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

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

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

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

1919 Funds 2022 Annual Report
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Fund expenses (unaudited)

Example

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

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

Actual expenses

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

Hypothetical example for comparison purposes

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

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

Based on actual total return¹

	Actual Total Return²			Beginning Account Value		Ending Account Value		Annualized Expense Ratio			Expenses Paid During the Period³
Class A		4.61	%	$	1,000.00	$	1,046.10		1.38	%	$	7.12
Class C		4.24			1,000.00		1,042.40		2.11			10.86
Class I		4.79			1,000.00		1,047.90		1.12			5.78

Based on hypothetical total return¹

	Hypothetical Annualized Total Return			Beginning Account Value		Ending Account Value		Annualized Expense Ratio			Expenses Paid During the Period³
Class A		2.52	%	$	1,000.00	$	1,018.25		1.38	%	$	7.02
Class C		2.52			1,000.00		1,014.57		2.11			10.71
Class I		2.52			1,000.00		1,019.56		1.12			5.70

¹ For the six months ended December 31, 2022.

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

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

1919 Funds 2022 Annual Report
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Fund at a glance (unaudited)

Investment breakdown (%) as a percent of total investments

1919 Funds 2022 Annual Report
7

Schedule of investments

December 31, 2022

1919 Financial Services Fund

Security	Shares		Value
Common Stocks — 98.8%
Capital Markets — 4.9%
Ameriprise Financial Inc.		18,425	$	5,736,992
CME Group Inc.		10,000		1,681,600
S&P Global Inc.		2,700		904,338
Total Capital Markets				8,322,930
Commercial Banks — 50.7%
Bank of America Corp.		268,000		8,876,160
Banner Corp.		79,000		4,992,800
Coastal Financial Corp./WA*		75,000		3,564,000
Columbia Banking System Inc.		68,805		2,073,095
Comerica Inc.		10,000		668,500
Farmers & Merchants Bank of Long Beach		200		1,493,000
Fifth Third Bancorp		88,400		2,900,404
First Foundation Inc.		127,000		1,819,910
First Western Financial Inc.*		77,000		2,167,550
Glacier Bancorp Inc.		54,362		2,686,570
HBT Financial Inc.		60,000		1,174,200
Heritage Financial Corp.		103,000		3,155,920
JPMorgan Chase & Co.		68,600		9,199,260
M&T Bank Corp.		12,000		1,740,720
Pacific Premier Bancorp Inc.		96,263		3,038,060
PNC Financial Services Group Inc.		18,000		2,842,920
QCR Holdings Inc.		79,000		3,921,560
SmartFinancial Inc.		61,000		1,677,500
South State Corp.		47,309		3,612,515
Stock Yards Bancorp Inc.		65,000		4,223,700
SVB Financial Group*		10,400		2,393,456
Truist Financial Corp.		96,905		4,169,822
U.S. Bancorp		120,000		5,233,200
Univest Corp. of Pennsylvania		55,126		1,440,443
Webster Financial Corp.		127,000		6,012,180
Western Alliance Bancorp		24,000		1,429,440
Total Commercial Banks				86,506,885
Diversified Financial Services — 10.6%
Alerus Financial Corp.		65,000		1,517,750
Charles Schwab Corp./The		116,000		9,658,160
Intercontinental Exchange Inc.		33,000		3,385,470
Voya Financial Inc.		56,000		3,443,440
Total Diversified Financial Services				18,004,820

1919 Funds 2022 Annual Report
8

1919 Financial Services Fund

Security	Shares		Value
Insurance — 17.4%
American Financial Group Inc.		26,900	$	3,692,832
Brown & Brown Inc.		63,000		3,589,110
Chubb Limited		47,700		10,522,620
Hanover Insurance Group Inc.		25,800		3,486,354
Marsh & McLennan Cos. Inc.		27,500		4,550,700
Reinsurance Group of America Inc.		12,000		1,705,080
RenaissanceRe Holdings Ltd		12,000		2,210,760
Total Insurance				29,757,456
IT Services — 9.8%
Black Knight Inc.*		15,000		926,250
Fidelity National Information Services Inc.		24,787		1,681,798
Fiserv Inc.*		34,680		3,505,108
Global Payments Inc.		24,199		2,403,445
I3 Verticals Inc., Class A*		82,480		2,007,563
Visa Inc., Class A Shares		30,000		6,232,800
Total IT Services				16,756,964
Professional Services — 1.0%
Verisk Analytics Inc., Class A Shares		10,000		1,764,200
Total Professional Services				1,764,200
Real Estate Investment Trusts (REITs) — 1.4%
Crown Castle International Corp.		8,000		1,085,120
Prologis Inc.		12,000		1,352,760
Total Real Estate Investment Trusts (REITs)				2,437,880
Thrifts & Mortgage Finance — 3.0%
Bridgewater Bancshares Inc.*		143,000		2,536,820
WSFS Financial Corp.		56,803		2,575,448
Total Thrifts & Mortgage Finance				5,112,268
Total Common Stocks (Cost — $90,095,137)				168,663,403
Short Term Investment — 1.4%
Fidelity Investments Money Market — Government Portfolio — Class I — 4.06%^(a)		2,457,823		2,457,823
Total Short Term Investment (Cost — $2,457,823)				2,457,823
Total Investments — 100.2% (Cost — $92,552,960)				171,121,226
Liabilities in Excess of Other Assets — (0.2)%				(320,958	)
Total Net Assets — 100.0%			$	170,800,268

Notes:

* Non-income producing security

^(a) The rate reported is the annualized seven-day yield at period end.

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

1919 Funds 2022 Annual Report
9

1919 Financial Services Fund

Statement of assets and liabilities

December 31, 2022

Assets:
Investments in securities at value (cost $92,552,960)	$	171,121,226
Cash		4,440
Foreign currency at value (cost $18,177)		17,232
Receivable for Fund shares sold		48,482
Dividends and interest receivable		209,757
Prepaid expenses		33,984
*Total Assets*		*171,435,121*
Liabilities:
Payable for Fund shares repurchased		287,314
Advisory fees payable		117,963
Distribution fees payable		87,331
Accrued other expenses		142,245
*Total Liabilities*		*634,853*
Net Assets	$	170,800,268
Components of Net Assets:
Paid-in capital	$	92,108,063
Total distributable earnings		78,692,205
Net Assets	$	170,800,268
Class A:
Net Assets	$	73,800,134
Shares Issued and Outstanding (unlimited shares authorized, no par value)		2,622,186
Net Asset Value, Redemption Price and Offering Price Per Share	$	28.14
Maximum Public Offering Price (based on maximum initial sales charge of 5.75%)	$	29.86
Class C:
Net Assets	$	27,395,078
Shares Issued and Outstanding (unlimited shares authorized, no par value)		1,077,340
*Net Asset Value, Redemption Price and Offering Price Per Share**	$	25.43
Class I:
Net Assets	$	69,605,056
Shares Issued and Outstanding (unlimited shares authorized, no par value)		2,447,714
Net Asset Value, Redemption Price and Offering Price Per Share	$	28.44

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

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

1919 Funds 2022 Annual Report
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1919 Financial Services Fund

Statement of operations

For the Year Ended December 31, 2022

Investment Income:
Dividend income (Net of foreign tax of $5,616)	$	3,830,194
Investment interest income		59,226
*Total Investment Income*		*3,889,420*
Expenses:
Advisory fees (Note 3)		1,523,647
Distribution fees (Note 6)		503,583
Transfer agent fees and expenses (Note 3 & Note 6)		283,161
Administration and fund accounting fees (Note 3)		126,284
Registration fees		50,758
Legal fees		24,521
Custody fees (Note 3)		20,390
Audit fees		15,499
Trustees' fees (Note 3)		15,114
Shareholder reporting fees		14,547
Insurance fees		8,043
Compliance fees (Note 3)		6,074
Miscellaneous		7,618
*Total Expenses*		*2,599,239*
Net Investment Income		1,290,181
Realized and Unrealized Gain (Loss) on Investments and Foreign Currency
Net realized gain on investments		2,073,089
Net change in unrealized appreciation/depreciation on:
Investments		(34,063,337	)
Foreign Currency		(1,213	)
*Net Change in Unrealized Appreciation/Depreciation*		*(34,064,550*	)
Net Realized and Unrealized Loss on Investments		(31,991,461	)
Net Decrease in Net Assets Resulting from Operations	$	(30,701,280	)

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

1919 Funds 2022 Annual Report
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1919 Financial Services Fund

Statements of changes in net assets

For the Year Ended December 31,	2022			2021
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	1,290,181		$	1,264,118
Net realized gain		2,073,089			8,782,720
Net change in unrealized appreciation/depreciation		(34,064,550	)		41,702,386
*Net Increase (Decrease) in Net Assets Resulting from Operations*		*(30,701,280*	)		*51,749,224*
Distributions to Shareholders:
Class A		(1,740,572	)		(3,995,325	)
Class C		(469,124	)		(1,669,186	)
Class I		(1,834,821	)		(5,192,681	)
*Total Distributions to Shareholders*		*(4,044,517*	)		*(10,857,192*	)
Capital Transactions (Note 7):
Net proceeds from shares sold		25,267,230			61,570,850
Reinvestment of distributions		3,721,712			10,094,813
Cost of shares repurchased		(49,838,164	)		(46,959,220	)
*Net Increase (Decrease) in Net Assets from Capital Transactions*		*(20,849,222*	)		*24,706,443*
*Total Increase (Decrease) in Net Assets*		*(55,595,019*	)		*65,598,475*
Net Assets:
Beginning of year		226,395,287			160,796,812
End of year	$	170,800,268		$	226,395,287

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

1919 Funds 2022 Annual Report
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1919 Financial Services Fund

Financial highlights

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

Class A Shares	2022			2021			2020			2019			2018
Net asset value, beginning of year	$	33.49		$	26.87		$	28.27		$	22.77		$	27.16
Income from investment operations:
Net investment income¹		0.21			0.19			0.20			0.17			0.05
Net realized and unrealized gain (loss) on investments		(4.88	)		8.05			(0.23	)		6.42			(4.08	)
Total income (loss) from investment operations		*(4.67*	)		*8.24*			*(0.03*	)		*6.59*			*(4.03*	)
Less distributions:
From net investment income		(0.24	)		(0.15	)		(0.25	)		(0.17	)		(0.01	)
From net realized gain on investments		(0.44	)		(1.47	)		(1.12	)		(0.92	)		(0.35	)
*Total distributions*		*(0.68*	)		*(1.62*	)		*(1.37*	)		*(1.09*	)		*(0.36*	)
Net asset value, end of year	$	28.14		$	33.49		$	26.87		$	28.27		$	22.77
*Total return²*		*(13.97*	)%		*30.88*	%		*0.05*	%		*29.10*	%		*(14.93*	)%
Supplemental data and ratios:
Net assets, end of year (in thousands)	$	73,800		$	86,303		$	67,047		$	78,401		$	71,082
Ratios to average net assets Gross expenses		1.36	%		1.36	%		1.46	%		1.37	%		1.33	%
Net expenses³		1.36			1.36			1.46			1.37			1.33
Net investment income		0.69			0.59			0.86			0.64			0.19
Portfolio turnover rate⁴		4	%		10	%		2	%		8	%		18	%

¹ Per share amounts have been calculated using the average shares method.

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

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

⁴ Portfolio turnover rate is calculated for the Fund without distinguishing between classes.

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

1919 Funds 2022 Annual Report
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1919 Financial Services Fund

Financial highlights (cont'd)

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

Class C Shares	2022			2021			2020			2019			2018
Net asset value, beginning of year	$	30.27		$	24.48		$	25.82		$	20.88		$	25.12
Income from investment operations:
Net investment income (loss)¹		(0.01	)		(0.04	)		0.03			(0.02	)		(0.13	)
Net realized and unrealized gain (loss) on investments		(4.39	)		7.30			(0.23	)		5.88			(3.76	)
Total income (loss) from investment operations		*(4.40*	)		*7.26*			*(0.20*	)		*5.86*			*(3.89*	)
Less distributions:
From net investment income		—			—			(0.02	)		—			—
From net realized gain on investments		(0.44	)		(1.47	)		(1.12	)		(0.92	)		(0.35	)
*Total distributions*		*(0.44*	)		*(1.47*	)		*(1.14*	)		*(0.92*	)		*(0.35*	)
Net asset value, end of year	$	25.43		$	30.27		$	24.48		$	25.82		$	20.88
*Total return²*		*(14.56*	)%		*29.88*	%		*(0.64*	)%		*28.21*	%		*(15.57*	)%
Supplemental data and ratios:
Net assets, end of year (in thousands)	$	27,395		$	36,122		$	26,404		$	40,880		$	46,763
Ratios to average net assets Gross expenses		2.08	%		2.07	%		2.16	%		2.09	%		2.05	%
Net expenses³		2.08			2.07			2.16			2.09			2.05
Net investment income (loss)		(0.04	)		(0.12	)		0.15			(0.09	)		(0.52	)
Portfolio turnover rate⁴		4	%		10	%		2	%		8	%		18	%

¹ Per share amounts have been calculated using the average shares method.

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

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

⁴ Portfolio turnover rate is calculated for the Fund without distinguishing between classes.

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

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14

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

Class I Shares	2022			2021			2020			2019			2018
Net asset value, beginning of year	$	33.82		$	27.18		$	28.56		$	22.98		$	27.41
Income from investment operations:
Net investment income¹		0.28			0.29			0.27			0.24			0.13
Net realized and unrealized gain (loss) on investments		(4.90	)		8.11			(0.22	)		6.50			(4.13	)
Total income (loss) from investment operations		*(4.62*	)		*8.40*			*0.05*			*6.74*			*(4.00*	)
Less distributions:
From net investment income		(0.32	)		(0.29	)		(0.31	)		(0.24	)		(0.08	)
From net realized gain on investments		(0.44	)		(1.47	)		(1.12	)		(0.92	)		(0.35	)
*Total distributions*		*(0.76*	)		*(1.76*	)		*(1.43*	)		*(1.16*	)		*(0.43*	)
Net asset value, end of year	$	28.44		$	33.82		$	27.18		$	28.56		$	22.98
*Total return²*		*(13.71*	)%		*31.16*	%		*0.35*	%		*29.49*	%		*(14.72*	)%
Supplemental data and ratios:
Net assets, end of year (in thousands)	$	69,605		$	103,970		$	67,346		$	97,936		$	104,664
Ratios to average net assets Gross expenses		1.10	%		1.09	%		1.17	%		1.09	%		1.06	%
Net expenses³		1.10			1.09			1.17			1.09			1.06
Net investment income		0.93			0.87			1.14			0.92			0.49
Portfolio turnover rate⁴		4	%		10	%		2	%		8	%		18	%

¹ Per share amounts have been calculated using the average shares method.

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

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

⁴ Portfolio turnover rate is calculated for the Fund without distinguishing between classes.

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

1919 Funds 2022 Annual Report
15

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

Dear Shareholder,

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

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

1919 Funds 2022 Annual Report
16

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

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

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

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

1919 Funds 2022 Annual Report
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1919 Maryland Tax-Free Income Fund
Letter to Shareholders (unaudited) (cont'd)

Sincerely,

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

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

Past performance is not a guarantee of future results.

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

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

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

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

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

Nothing contained in this communication constitutes tax or investment advice.

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

1919 Funds are distributed by Quasar Distributors, LLC.

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

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

1919 Funds 2022 Annual Report
18

Fund performance (unaudited)

Value of $10,000 Investment

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

1919 Funds 2022 Annual Report
19

Fund performance (unaudited) (cont'd)

Total Returns* as of December 31, 2022

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

* Returns over one year are annualized.

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

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

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

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

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

1919 Funds 2022 Annual Report
20

Fund expenses (unaudited)

Example

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

Actual expenses

Hypothetical example for comparison purposes

Based on actual total return¹

	Actual Total Return²			Beginning Account Value		Ending Account Value		Annualized Expense Ratio			Expenses Paid During the Period³
Class A		-0.04	%	$	1,000.00	$	999.60		0.75	%	$	3.78
Class C		-0.31			1,000.00		996.90		1.30			6.54
Class I		0.11			1,000.00		1,001.10		0.60			3.03

Based on hypothetical total return¹

	Hypothetical Annualized Total Return			Beginning Account Value		Ending Account Value		Annualized Expense Ratio			Expenses Paid During the Period³
Class A		2.52	%	$	1,000.00	$	1,021.42		0.75	%	$	3.82
Class C		2.52			1,000.00		1,018.65		1.30			6.61
Class I		2.52			1,000.00		1,022.18		0.60			3.06

¹The six months ended December 31, 2022.

1919 Funds 2022 Annual Report
21

Fund at a glance (unaudited)

Investment breakdown (%) as a percent of total investments

1919 Funds 2022 Annual Report
22

Schedule of investments

December 31, 2022

1919 Maryland Tax-Free Income Fund

	Rate			Maturity Date	Face Amount		Value
Municipal Bonds — 97.9%
Education — 10.0%
Maryland Stadium Authority		5.000	%	5/1/42	$	2,000,000	$	2,103,692
Maryland Stadium Authority, Built to Learn Revenue		4.000	%	6/1/39		500,000		484,975
Maryland State EDC, Student Housing Revenue Bonds:
Maryland Economic Development Corp.		5.000	%	7/1/36		250,000		242,600
Morgan State University Project		5.625	%	7/1/43		565,000		600,643
Salisbury University Project		5.000	%	6/1/27		455,000		455,691
University of Maryland, College Park Projects		5.000	%	7/1/31		500,000		502,087
Washington College, Town of Chestertown MD		5.000	%	3/1/28		500,000		535,260
Maryland State Health & Higher EFA Revenue Bonds:
Johns Hopkins University^(a)		3.630	%	7/1/36		1,000,000		1,000,000
Maryland Institute College of Art		4.000	%	6/1/42		250,000		231,149
Stevenson University		4.000	%	6/1/34		500,000		487,033
Total Education								6,643,130
Health Care — 29.8%
County of Baltimore, Maryland:
Oak Crest Village Inc.		5.000	%	1/1/30		495,000		513,863
Oak Crest Village Inc.		4.000	%	1/1/40		500,000		456,300
Riderwood Village Obligated Group		4.000	%	1/1/45		1,000,000		898,423
County of Prince George's, MD, COPS		3.000	%	10/1/31		2,500,000		2,464,137
Maryland State EDC, Howard Hughes Medical Institute^(a)		3.550	%	2/15/43		1,300,000		1,300,000
Maryland State Health & Higher EFA Revenue Bonds:
Adventist Healthcare Obligated Group		5.000	%	1/1/33		2,500,000		2,609,032
Adventist Rehabilitation Hospital		5.500	%	1/1/27		1,250,000		1,326,777
Broadmead Inc.		4.250	%	7/1/40		1,150,000		1,057,776
Doctors Hospital Inc. Obligated Group		5.000	%	7/1/38		1,000,000		1,014,076
Greater Baltimore Medical Center Inc.^(a)		3.900	%	7/1/25		400,000		400,000
Greater Baltimore Medical Center Inc.		4.000	%	7/1/38		1,000,000		951,317
Helix Health Issue, AMBAC		5.250	%	8/15/38		3,000,000		3,268,515
James Lawrence Kernan Hospital^(a)		3.580	%	7/1/41		510,000		510,000
MedStar Health Obligated Group		5.000	%	5/15/42		2,000,000		2,054,192
UPMC Obligated Group		4.000	%	4/15/45		1,000,000		887,682
Total Health Care								19,712,090
Housing — 8.7%
Maryland Community Development Administration Local Government Infrastructure		4.000	%	6/1/47		1,000,000		934,330
Maryland State Community Development Administration, Department of Housing and Community Development:
Bolton North LP		3.350	%	9/15/34		1,000,000		958,363
Kirkwood House Preservation LP^(a)		3.600	%	12/1/38		1,000,000		1,000,000
Montgomery County Housing Opportunities Commission^(a)		3.670	%	1/1/41		1,000,000		1,000,000

1919 Funds 2022 Annual Report
23

Schedule of investments (cont'd)

December 31, 2022

1919 Maryland Tax-Free Income Fund

	Rate			Maturity Date	Face Amount		Value
Housing — continued
Montgomery County Housing Opportunities Commission		3.050	%	7/1/44	$	1,000,000	$	837,333
Montgomery County Housing Opportunities Commission^(a)		3.660	%	1/1/49		1,000,000		1,000,000
Total Housing								5,730,026
Industrial Revenue — 0.6%
Maryland EDC, EDR, Lutheran World Relief Inc. and Immigration and Refugee Service		5.250	%	4/1/29		430,000		430,283
Total Industrial Revenue								430,283
Leasing — 1.5%
Montgomery County, MD, Lease Revenue, Metrorail Garage Project		5.000	%	6/1/24		1,000,000		1,000,871
Total Leasing								1,000,871
Local General Obligation — 22.9%
Anne Arundel County, Maryland, GO Bonds, Water & Sewer		4.000	%	4/1/27		1,150,000		1,153,799
County of Baltimore, Maryland		4.000	%	3/24/23		3,000,000		3,005,814
County of Baltimore, Maryland		5.000	%	3/1/30		1,000,000		1,095,025
County of Baltimore, Maryland		4.000	%	3/1/40		1,000,000		1,002,576
County of Harford, Maryland		5.000	%	2/1/23		1,000,000		1,001,495
County of Howard, Maryland		4.000	%	8/15/45		2,000,000		1,944,937
County of Montgomery, Maryland^(a)		3.650	%	11/1/37		300,000		300,000
County of Prince George's, Maryland		5.000	%	7/15/40		1,750,000		1,897,815
County of St Mary's, Maryland		5.000	%	5/1/23		500,000		503,338
County of Wicomico, Maryland		4.000	%	11/1/31		500,000		518,434
Maryland Stadium Authority, Ocean City Convention Facility Expansion		4.000	%	12/15/39		525,000		515,720
State of Maryland		5.000	%	6/1/26		610,000		630,509
State of Maryland		4.000	%	8/1/29		500,000		503,903
State of Maryland		5.000	%	3/15/31		1,000,000		1,095,329
Total Local General Obligation								15,168,694
Pre-Refunded/Escrowed to Maturity^(b) — 8.8%
City of Baltimore, Maryland, Mayor and City Council of Baltimore, Project and Refunding Revenue Bonds, Water Projects		5.000	%	7/1/24		2,320,000		2,351,185
County of Howard, Maryland		5.000	%	2/15/24		500,000		501,120
Howard County, Maryland, GO Bonds, Consolidated Public Improvement Project and Refunding Bonds		3.000	%	2/15/29		3,000,000		2,999,883
Total Pre-Refunded/Escrowed to Maturity								5,852,188

1919 Funds 2022 Annual Report
24

1919 Maryland Tax-Free Income Fund

	Rate			Maturity Date	Face Amount		Value
Transportation — 10.8%
Maryland Economic Development Corp., Air Cargo Obligated Group		4.000	%	7/1/44	$	1,795,000	$	1,550,113
Maryland State Department of Transportation, Consolidated Transportation Revenue Bonds		4.000	%	5/1/30		3,000,000		3,180,562
Maryland State Transportation Authority Transportation Facilities Project Revenue		3.000	%	7/1/31		2,000,000		1,958,914
Maryland State Transportation Authority Transportation Facilities Project Revenue		5.000	%	7/1/40		400,000		437,430
Total Transportation								7,127,019
Water & Sewer — 4.8%
County of Montgomery, Maryland, Water Quality Protection Charge Revenue		4.000	%	4/1/41		575,000		556,025
County of Montgomery, Maryland, Water Quality Protection Charge Revenue		4.000	%	4/1/42		525,000		507,111
County of Montgomery, Maryland, Water Quality Protection Charge Revenue		4.000	%	4/1/43		560,000		536,830
Washington Suburban Sanitary District, Maryland, Montgomery and Prince George's Counties, Water Supply Refunding Bonds		5.000	%	6/15/23		500,000		504,686
Washington Suburban Sanitary District, Maryland, Montgomery and Prince George's Counties, Water Supply Refunding Bonds		5.000	%	6/1/37		1,000,000		1,060,601
Total Water & Sewer								3,165,253
Total Municipal Bonds (Cost — $66,805,390)								64,829,554
Investments in Securities at Value — 97.9% (Cost — $66,805,390)								64,829,554
Other Assets in Excess of Liabilities — 2.1%								1,393,600
Total Net Assets — 100.0%							$	66,223,154

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

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

Abbreviations used in this schedule:

AMBAC — American Municipal Bond Assurance Corporation — Insured Bonds

COPS — Community Oriented Policing Services

EDC — Economic Development Corporation

EDR — Economic Development Revenue

EFA — Educational Facilities Authority

GO — General Obligation

LP — Limited Partnership

1919 Funds 2022 Annual Report
25

Schedule of investments (cont'd)

December 31, 2022

1919 Maryland Tax-Free Income Fund

Ratings table*

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

* As a percentage of total investments.

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

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

1919 Funds 2022 Annual Report
26

1919 Maryland Tax-Free Income Fund

Statement of assets and liabilities

December 31, 2022

Assets:
Investments in securities at value (cost $66,805,390)	$	64,829,554
Cash		38,601
Receivable for securities sold		1,000,183
Receivable for Fund shares sold		35,529
Interest receivable		845,098
Prepaid expenses		23,448
*Total Assets*		*66,772,413*
Liabilities:
Payable for Fund shares repurchased		421,786
Distributions to shareholders		9,292
Advisory fees payable		12,345
Distribution fees payable		12,953
Accrued other expenses		92,883
*Total Liabilities*		*549,259*
Net Assets	$	66,223,154
Components of Net Assets:
Paid-in capital	$	70,006,380
Total accumulated losses		(3,783,226	)
Net Assets	$	66,223,154
Class A:
Net Assets	$	38,648,034
Shares Issued and Outstanding (unlimited shares authorized, no par value)		2,656,029
Net Asset Value, Redemption Price and Offering Price Per Share	$	14.55
Maximum Public Offering Price (based on maximum initial sales charge of 4.25%)	$	15.20
Class C:
Net Assets	$	4,177,565
Shares Issued and Outstanding (unlimited shares authorized, no par value)		287,059
*Net Asset Value, Redemption Price and Offering Price Per Share**	$	14.55
Class I:
Net Assets	$	23,397,555
Shares Issued and Outstanding (unlimited shares authorized, no par value)		1,607,144
Net Asset Value, Redemption Price and Offering Price Per Share	$	14.56

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

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

1919 Funds 2022 Annual Report
27

1919 Maryland Tax-Free Income Fund

Statement of operations

For the Year Ended December 31, 2022

Investment Income:
*Interest Income*	$	*1,958,578*
Expenses:
Advisory fees (Note 3)		427,836
Distribution fees (Note 6)		103,872
Transfer agent fees and expenses (Note 3 & Note 6)		103,460
Administration and fund accounting fees (Note 3)		89,506
Registration fees		33,259
Legal fees		23,079
Audit fees		20,600
Trustees' fees (Note 3)		15,095
Shareholder reporting fees		7,113
Compliance fees (Note 3)		6,218
Insurance fees		6,158
Custody fees (Note 3)		4,654
Miscellaneous		8,411
*Total Expenses*		*849,261*
Expenses waived by the Adviser (Note 3)		(278,616	)
*Net Expenses*		*570,645*
Net Investment Income		1,387,933
Realized and Unrealized Gain (Loss) on Investments
*Net Realized Gain*		*9,994*
*Net Change in Unrealized Appreciation/Depreciation*		*(6,704,558*	)
Net Realized and Unrealized Loss on Investments		(6,694,564	)
Net Decrease in Net Assets Resulting from Operations	$	(5,306,631	)

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

1919 Funds 2022 Annual Report
28

1919 Maryland Tax-Free Income Fund

Statements of changes in net assets

For the Year Ended December 31,	2022			2021
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	1,387,933		$	1,270,921
Net realized gain on investments		9,994			745,960
Net change in unrealized appreciation/depreciation on investments		(6,704,558	)		(1,436,940	)
*Net Increase (Decrease) in Net Assets Resulting from Operations*		*(5,306,631*	)		*579,941*
Distributions to Shareholders:
From net investment income:
Class A		(836,400	)		(794,757	)
Class C		(57,151	)		(55,173	)
Class I		(494,384	)		(420,979	)
*Total Distributions to Shareholders*		*(1,387,935*	)		*(1,270,909*	)
Capital Transactions (Note 7):
Net proceeds from shares sold		12,362,081			13,539,503
Reinvestment of distributions		1,266,740			1,126,895
Cost of shares repurchased		(29,155,048	)		(13,097,678	)
*Net Increase (Decrease) in Net Assets from Capital Transactions*		*(15,526,227*	)		*1,568,720*
*Total Increase (Decrease) in Net Assets*		*(22,220,793*	)		*877,752*
Net Assets:
Beginning of year		88,443,947			87,566,195
End of year	$	66,223,154		$	88,443,947

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

1919 Funds 2022 Annual Report
29

1919 Maryland Tax-Free Income Fund

Financial highlights

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

Class A Shares	2022			2021			2020			2019			2018
Net asset value, beginning of year	$	15.77		$	15.90		$	15.68		$	15.34		$	15.63
Income (loss) from investment operations:
Net investment income¹		0.26			0.23			0.35			0.40			0.45
Net realized and unrealized gain (loss) on investments		(1.21	)		(0.14	)		0.22			0.34			(0.29	)
Total income (loss) from investment operations		*(0.95*	)		*0.09*			*0.57*			*0.74*			*0.16*
Less distributions:
From net investment income		(0.27	)		(0.22	)		(0.35	)		(0.40	)		(0.45	)
*Total distributions*		*(0.27*	)		*(0.22*	)		*(0.35*	)		*(0.40*	)		*(0.45*	)
Net asset value, end of year	$	14.55		$	15.77		$	15.90		$	15.68		$	15.34
*Total return²*		*(6.06*	)%		*0.61*	%		*3.70*	%		*4.87*	%		*1.04*	%
Supplemental data and ratios:
Net assets, end of year (in thousands)	$	38,648		$	54,353		$	55,439		$	57,000		$	55,710
Ratios to average net assets Gross expenses		1.10	%		1.08	%		1.09	%		1.07	%		1.04	%
Net Expenses³		0.75			0.75			0.75⁴			0.75⁴			0.75
Net investment income		1.77			1.42			2.24			2.57			2.92
Portfolio turnover rate⁵		33	%		26	%		27	%		21	%		43	%

¹ Per share amounts have been calculated using the average shares method.

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

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

⁵ Portfolio turnover rate is calculated for the Fund without distinguishing between classes.

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

1919 Funds 2022 Annual Report
30

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

Class C Shares	2022			2021			2020			2019			2018
Net asset value, beginning of year	$	15.77		$	15.90		$	15.68		$	15.34		$	15.63
Income (loss) from investment operations:
Net investment income¹		0.18			0.14			0.27			0.32			0.36
Net realized and unrealized gain (loss) on investments		(1.22	)		(0.13	)		0.22			0.34			(0.29	)
Total income (loss) from investment operations		*(1.04*	)		*0.01*			*0.49*			*0.66*			*0.07*
Less distributions:
From net investment income		(0.18	)		(0.14	)		(0.27	)		(0.32	)		(0.36	)
*Total distributions*		*(0.18*	)		*(0.14*	)		*(0.27*	)		*(0.32*	)		*(0.36*	)
Net asset value, end of year	$	14.55		$	15.77		$	15.90		$	15.68		$	15.34
*Total return²*		*(6.57*	)%		*0.06*	%		*3.13*	%		*4.29*	%		*0.49*	%
Supplemental data and ratios:
Net assets, end of year (in thousands)	$	4,178		$	5,454		$	7,436		$	7,875		$	14,421
Ratios to average net assets Gross expenses		1.64	%		1.61	%		1.62	%		1.61	%		1.59	%
Net Expenses³		1.30			1.30			1.30⁴			1.30⁴			1.30
Net investment income		1.22			0.89			1.70			2.07			2.37
Portfolio turnover rate⁵		33	%		26	%		27	%		21	%		43	%

¹ Per share amounts have been calculated using the average shares method.

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

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

⁵ Portfolio turnover rate is calculated for the Fund without distinguishing between classes.

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

1919 Funds 2022 Annual Report
31

1919 Maryland Tax-Free Income Fund

Financial highlights (cont'd)

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

Class I Shares	2022			2021			2020			2019			2018
Net asset value, beginning of year	$	15.78		$	15.90		$	15.69		$	15.35		$	15.63
Income (loss) from investment operations:
Net investment income¹		0.29			0.25			0.37			0.42			0.47
Net realized and unrealized gain (loss) on investments		(1.22	)		(0.12	)		0.22			0.34			(0.28	)
Total income (loss) from investment operations		*(0.93*	)		*0.13*			*0.59*			*0.76*			*0.19*
Less distributions:
From net investment income		(0.29	)		(0.25	)		(0.38	)		(0.42	)		(0.47	)
*Total distributions*		*(0.29*	)		*(0.25*	)		*(0.38*	)		*(0.42*	)		*(0.47*	)
Net asset value, end of year	$	14.56		$	15.78		$	15.90		$	15.69		$	15.35
*Total return²*		*(5.91*	)%		*0.83*	%		*3.79*	%		*5.02*	%		*1.26*	%
Supplemental data and ratios:
Net assets, end of year (in thousands)	$	23,398		$	28,636		$	24,691		$	19,277		$	14,256
Ratios to average net assets Gross expenses		0.97	%		0.94	%		0.96	%		0.93	%		0.90	%
Net Expenses³		0.60			0.60			0.60⁴			0.60⁴			0.60
Net investment income		1.92			1.57			2.38			2.69			3.06
Portfolio turnover rate⁵		33	%		26	%		27	%		21	%		43	%

¹ Per share amounts have been calculated using the average shares method.

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

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

⁵ Portfolio turnover rate is calculated for the Fund without distinguishing between classes.

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

1919 Funds 2022 Annual Report
32

1919 Socially Responsive Balanced Fund
Letter to Shareholders (unaudited)

Dear Shareholder,

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

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

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

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

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

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

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

1919 Funds 2022 Annual Report
33

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

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

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

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

Sincerely,

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

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

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

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

Past performance is not a guarantee of future results.

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

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

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

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

1919 Funds 2022 Annual Report
34

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

1919 Funds are distributed by Quasar Distributors, LLC.

1919 Funds 2022 Annual Report
35

Fund performance (unaudited)

Value of $10,000 Investment

(Assumes reinvestment of dividends and capital gains)

1919 Funds 2022 Annual Report
36

Total Returns* as of December 31, 2022

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

* Returns over one year are annualized.

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

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

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

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

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

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

1919 Funds 2022 Annual Report
37

Fund expenses (unaudited)

Example

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

Actual expenses

Hypothetical example for comparison purposes

Based on actual total return¹

	Actual Total Return²			Beginning Account Value		Ending Account Value		Annualized Expense Ratio			Expenses Paid During the Period³
Class A		-0.22	%	$	1,000.00	$	997.80		0.99	%	$	4.99
Class C		-0.64			1,000.00		993.60		1.72			8.64
Class I		-0.12			1,000.00		998.80		0.73			3.68

Based on hypothetical total return¹

	Hypothetical Annualized Total Return			Beginning Account Value		Ending Account Value		Annualized Expense Ratio			Expenses Paid During the Period³
Class A		2.52	%	$	1,000.00	$	1,020.21		0.99	%	$	5.04
Class C		2.52			1,000.00		1,016.53		1.72			8.74
Class I		2.52			1,000.00		1,021.53		0.73			3.72

¹ For the six months ended December 31, 2022.

1919 Funds 2022 Annual Report
38

Fund at a glance (unaudited)

Investment breakdown (%) as a percent of total investments

* Less than 0.01%.

1919 Funds 2022 Annual Report
39

Schedule of investments

December 31, 2022

1919 Socially Responsive Balanced Fund

Security	Shares		Value
Common Stocks — 66.6%
Communication Services — 4.4%
Alphabet Inc., Class A Shares*		204,140	$	18,011,272
Netflix Inc.*		25,345		7,473,734
Walt Disney Co/The*		54,591		4,742,866
Total Communication Services				30,227,872
Consumer Discretionary — 5.9%
Amazon.com Inc.*		150,420		12,635,280
Chipotle Mexican Grill Inc.*		3,492		4,845,115
Home Depot Inc/The		32,955		10,409,166
TJX Cos Inc.		150,686		11,994,606
Total Consumer Discretionary				39,884,167
Consumer Staples — 5.0%
Costco Wholesale Corp.		20,208		9,224,952
Darling International Inc.*		81,386		5,093,950
Estee Lauder Cos. Inc. Class A Shares		36,187		8,978,356
PepsiCo Inc.		58,515		10,571,320
Total Consumer Staples				33,868,578
Financials — 8.6%
Bank of America Corp.		321,757		10,656,592
Charles Schwab Corp/The		151,670		12,628,044
Chubb Limited		33,191		7,321,934
Hannon Armstrong Sustainable Infrastructure Capital Inc.		162,574		4,711,394
M&T Bank Corp.		28,332		4,109,840
Reinsurance Group of America, Inc.		51,545		7,324,029
Truist Financial Corp.		272,363		11,719,780
Total Financials				58,471,613
Health Care — 13.6%
AstraZeneca PLC		142,302		9,648,075
Boston Scientific Corp.*		276,123		12,776,211
Danaher Corp.		48,348		12,832,526
Eli Lilly & Co.		40,022		14,641,649
IQVIA Holdings Inc.*		54,782		11,224,284
Thermo Fisher Scientific Inc.		26,054		14,347,677
UnitedHealth Group Inc.