N-CSR 1 tm244595d1_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

2020 East Financial Way, Suite 100

Glendora, CA 91741
(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, 2023

 

 

 

 

 

 

Item 1. Reports to Stockholders.

 

(a)

 

 

 

Annual Report

December 31, 2023

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

   

5

   

Fund expenses

   

7

   

Fund at a glance

   

8

   

Schedule of investments

   

9

   

Statement of assets and liabilities

   

11

   

Statement of operations

   

12

   

Statements of changes in net assets

   

13

   

Financial highlights

   

14

   

1919 Maryland Tax-Free Income Fund

 

Fund performance

   

17

   

Fund expenses

   

19

   

Fund at a glance

   

20

   

Schedule of investments

   

21

   

Statement of assets and liabilities

   

24

   

Statement of operations

   

25

   

Statements of changes in net assets

   

26

   

Financial highlights

   

27

   

1919 Socially Responsive Balanced Fund

 

Letter to shareholders

   

30

   

Fund performance

   

33

   

Fund expenses

   

35

   

Fund at a glance

   

36

   

Schedule of investments

   

37

   

Statement of assets and liabilities

   

45

   

Statement of operations

   

46

   

Statements of changes in net assets

   

47

   

Financial highlights

   

48

   

Notes to financial statements

   

51

   

Report of independent registered public accounting firm

   

64

   

Other information

   

66

   

Approval of investment advisory agreement

   

68

   

Trustee and officer information

   

71

   

Privacy notice

   

74

   

Directory of Funds' service providers

   

Back Cover

   

1919 Funds 2023 Annual Report


1919 Financial Services Fund
Letter to Shareholders
(unaudited)

Dear Shareholder,

During 2023, many economists reversed their view that the US would inevitably enter a recession to one that was more optimistic — as the US continues to produce strong economic growth. This dramatic reversal propelled the S&P 500 Index from the January lows to a positive return of +26.29%. It is important to point out that not only did the US avoid a recession but produced stronger GDP growth and lower unemployment than in 2022. The dramatic upward revisions to GDP growth forced many investors to reposition their interest rate and equity exposures — driving continued volatility in debt and equity valuations. In addition to sizable swings in the yields of longer-term Treasuries and real-asset discount rates during 2023, investors contended with sizable reductions in the Federal Reserve's balance sheet, a March banking crisis, and an ever-increasing Fed Funds Rate. It is clear, that the widespread thesis — "Interest rate hikes would drive unemployment higher and ultimately a recession in 2023," — failed to materialize. Many economists' forecast for a recession was based on the +525 bps increase in the Federal Funds Target Rate where the rising cost of money, coupled with a reduction in money supply would (in theory) push unemployment higher and spending lower.

Digging a bit deeper, it is clear that the much stronger "Government Consumption and Investment" component of the US real GDP drove the growth rate to +2.5% YoY — above the +1.9% growth rate of 2022. As mentioned above, the US Unemployment rate unexpectedly held steady for most of 2023 — hovering between 3.5% to 3.7%, similar to the 2022 unemployment rates, as jobs remained plentiful. The current 3.7% unemployment rate is notably below the 3.9% year-end 2021 rate, and the 6.4% reading during January 2021 despite the 525 bps of rate hikes. The strong demand for workers, even in the face of slowing personal consumption, exemplifies how the markets and central bankers underestimated the short supply of skilled labor and the stickiness of the inflationary forces. Thus, the central bank had to continually increase the cost of money at one of the fastest paces in history.

The sudden and steady rise in interest rates reduced the valuation of many assets, including stocks and in particular bonds — causing the fear of unrealized securities losses at

1919 Funds 2023 Annual Report
1


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

many banks in March. The six-month SOFR/LIBOR rate increased by 510 bps — ending 2023 at 5.40% — after starting at 0.34% on March 15, 2022. Similarly, the bellwether 10-year US Treasury yield moved higher over the past two years but in a more volatile path. The 10-year yield started 2022 at 1.63%, peaked at 4.25% mid-year 2022, plummeted to 3.30% during March 2023, only to rally 150 bps reaching 5.00% in October. After the "The Fed Pivot," yields fell again by 100 bps ending the year at 3.88%. Characterizing the past 24 months as "a wild ride" would be an understatement.

Most economists did not forecast that employment could actually improve (let alone not-deteriorate) during an aggressive Fed tightening cycle. This persistent employment demand helped drive strong consumer spending which in turn has helped keep inflation measures elevated. Moving forward, the elevated supply of newly built apartments (which helps to lower housing costs) and a greater availability of autos and car parts (which helps to reduce auto spend) will continue to lower the headline inflation Indices. However, inflation remains elevated above the Federal Reserve's comfort levels. The strength in employment rates and the fast recovery in supply chains (following the highly disruptive Ukraine war) were clearly not fully contemplated by most economists. Investors remain more optimistic headed into 2024, but volatility could resurface from political shifts into a presidential election and continued heightened geopolitical risks.

For the full year ending December 31, 2023, the 1919 Financial Services Fund I Shares returned +1.69%. The Fund's unmanaged benchmarks, the S&P 500 Index returned +26.29%; the S&P 500 Financial Index returned +12.15%, and the S&P Regional Bank Index returned -7.43%.

Performance data quoted represents past performance; past performance does not guarantee future results. The 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. 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.

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 trimmed or exited out of a few positions that were close to fully-valued which better positions the portfolio for a more uncertain economic environment that may experience high interest rate volatility, uncertain deposit balances and funding costs, and a softening (but a still healthy) insurance pricing market.

What were the leading contributors to performance?

Our selections within the insurance industry contributed the most to performance.

1919 Funds 2023 Annual Report
2


The top contributors were Visa Inc., Fiserv Inc., Global Payments Inc. and Ameriprise Financial Inc. The payments companies continued to benefit from continued growth in spending volumes, as "consumer-spend" grew in 2023, particularly on travel and entertainment which grew by 15% YoY in 2023. Ameriprise Financial Inc. continued to benefit from higher investment yields, better retirement and wealth management revenues in 2023.

What were the leading detractors to performance?

The largest detractors to performance were Charles Schwab Corp, Stock Yards Bancorp Inc., Banner Corp and Heritage Financial Corp. Charles Schwab Corp and Heritage Financial Corp faced greater than expected pressure on funding costs, and Stock Yards Bancorp Inc. and Banner Corp saw slight revisions to earnings estimates due to overly optimistic earnings growth at the beginning of the year. Banner Corp, Stock Yards Bancorp Inc and Heritage Financial Corp were three of the top five outperforming stocks in the Fund during the prior year and gave back some of the outperformance this year.

Thank you for your investment in the 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

London Interbank Offered Rate (LIBOR) — is an interest-rate average calculated from estimates submitted by the leading banks in London.

S&P 500 IndexThe 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.

S&P 500 Regional Banks Index — The S&P Regional Banks Index comprises stocks in the S&P Total Market Index that are classified in the Global Industry Classification Standard Regional Banks sub-industry. One cannot invest directly in an index.

Secured Overnight Financing Rate (SOFR) — is a broad measure of the cost

1919 Funds 2023 Annual Report
3


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

of borrowing cash overnight collateralized by Treasury securities.

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 12/31/23 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 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 2023 Annual Report
4


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, redemption fees or the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. 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 2023 Annual Report
5


Fund performance (unaudited) (cont'd)

Total Returns* as of December 31, 2023

 

1 Year

 

5 Year

 

10 Year

 

1919 Financial Services Fund

 

With Sales Charges†

 

Class A

   

-4.41

%

   

6.81

%

   

6.84

%

 

Class C

   

-0.21

     

7.31

     

6.72

   

Without Sales Charges

 

Class A

   

1.42

     

8.08

     

7.47

   

Class C

   

0.69

     

7.31

     

6.72

   

Class I

   

1.69

     

8.38

     

7.80

   

S&P 500 Index(i)

   

26.29

     

15.69

     

12.03

   

S&P 500 Financial Services Index(ii)

   

12.15

     

11.98

     

10.05

   

*  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, 2023, the total annual operating expense ratios for Class A, Class C and Class I were 1.36%, 2.08% and 1.10% 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 2023 Annual Report
6


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, 2023 and held for the six months ended December 31, 2023.

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

   

16.01

%

 

$

1,000.00

   

$

1,160.10

     

1.50

%

 

$

8.17

   

Class C

   

15.60

     

1,000.00

     

1,156.00

     

2.22

     

12.06

   

Class I

   

16.19

     

1,000.00

     

1,161.90

     

1.22

     

6.65

   

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

   

2.48

%

 

$

1,000.00

   

$

1,017.64

     

1.50

%

 

$

7.63

   

Class C

   

2.48

     

1,000.00

     

1,014.01

     

2.22

     

11.27

   

Class I

   

2.48

     

1,000.00

     

1,019.06

     

1.22

     

6.21

   

1​  For the six months ended December 31, 2023.

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 2023 Annual Report
7


Fund at a glance (unaudited)

Investment breakdown (%) as a percent of total investments

1919 Funds 2023 Annual Report
8


Schedule of investments

December 31, 2023

1919 Financial Services Fund

Security

 

Shares

 

Value

 

Common Stocks — 97.8%

 

Capital Markets — 7.5%

 

Ameriprise Financial Inc.

   

13,200

   

$

5,013,756

   

CME Group Inc.

   

6,300

     

1,326,780

   

MarketAxess Holdings Inc.

   

2,300

     

673,555

   

S&P Global Inc.

   

4,400

     

1,938,288

   

Total Capital Markets

       

8,952,379

   

Commercial Banks — 42.3%

 

Bank of America Corp.

   

113,973

     

3,837,471

   

Banner Corp.

   

60,172

     

3,222,812

   

Coastal Financial Corp./WA (a)

   

65,000

     

2,886,650

   

Columbia Banking System Inc.

   

58,682

     

1,565,636

   

Community Bank System Inc.

   

11,500

     

599,265

   

Farmers & Merchants Bank of Long Beach

   

200

     

1,025,200

   

Fifth Third Bancorp

   

88,300

     

3,045,467

   

First Western Financial Inc. (a)

   

77,000

     

1,526,910

   

HBT Financial Inc.

   

32,900

     

694,519

   

Heritage Financial Corp.

   

103,000

     

2,203,170

   

JPMorgan Chase & Co.

   

42,722

     

7,267,012

   

M&T Bank Corp.

   

14,400

     

1,973,952

   

Pacific Premier Bancorp Inc.

   

57,263

     

1,666,926

   

PNC Financial Services Group Inc.

   

18,000

     

2,787,300

   

QCR Holdings Inc.

   

57,580

     

3,362,096

   

SmartFinancial Inc.

   

61,000

     

1,493,890

   

South State Corp.

   

24,075

     

2,033,134

   

Stock Yards Bancorp Inc.

   

54,100

     

2,785,609

   

U.S. Bancorp

   

105,273

     

4,556,215

   

Webster Financial Corp.

   

40,535

     

2,057,557

   

Total Commercial Banks

       

50,590,791

   

Diversified Financial Services — 9.3%

 

Charles Schwab Corp/The

   

57,170

     

3,933,296

   

Intercontinental Exchange Inc.

   

33,000

     

4,238,190

   

Voya Financial Inc.

   

40,000

     

2,918,400

   

Total Diversified Financial Services

       

11,089,886

   

Insurance — 20.6%

 

American Financial Group Inc.

   

26,900

     

3,198,141

   

Brown & Brown Inc.

   

57,300

     

4,074,603

   

Chubb Limited

   

37,400

     

8,452,400

   

First American Financial Corp.

   

11,000

     

708,840

   

Hanover Insurance Group Inc.

   

25,000

     

3,035,500

   

Marsh & McLennan Cos Inc.

   

17,007

     

3,222,316

   

Reinsurance Group of America Inc.

   

12,000

     

1,941,360

   

Total Insurance

       

24,633,160

   

1919 Funds 2023 Annual Report
9


Schedule of investments (cont'd)

December 31, 2023

1919 Financial Services Fund

Security

 

Shares

 

Value

 

IT Services — 14.1%

 

Fidelity National Information Services Inc.

   

49,600

   

$

2,979,472

   

Fiserv Inc. (a)

   

30,700

     

4,078,188

   

Global Payments Inc.

   

24,199

     

3,073,273

   

I3 Verticals Inc., Class A Shares (a)

   

82,480

     

1,746,102

   

Visa Inc., Class A Shares

   

19,000

     

4,946,650

   

Total IT Services

       

16,823,685

   

Professional Services — 2.0%

 

Verisk Analytics Inc.

   

10,000

     

2,388,600

   

Total Professional Services

       

2,388,600

   

Real Estate Investment Trusts (REITs) — 2.0%

 

Prologis Inc.

   

12,000

     

1,599,600

   

Simon Property Group LP

   

5,700

     

813,048

   

Total Real Estate Investment Trusts (REITs)

       

2,412,648

   

Total Common Stocks (Cost — $57,312,901)

       

116,891,149

   

Short-Term Investments — 2.3%

 
Fidelity Investments Money Market — Government
Portfolio — Class I — 5.25% (b)
   

2,790,913

     

2,790,913

   

Total Short-Term Investments (Cost — $2,790,913)

       

2,790,913

   

Total Investments — 100.1% (Cost — $60,103,814)

       

119,682,062

   

Liabilities in Excess of Other Assets — (0.1)%

       

(78,737

)

 

Total Net Assets — 100.0%

     

$

119,603,325

   

Notes:

(a)​  Non-income producing security.

(b)​  The rate reported is the annualized seven-day yield as of December 31, 2023.

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

1919 Funds 2023 Annual Report
10


1919 Financial Services Fund

Statement of assets and liabilities

December 31, 2023

Assets:

 

Investments in securities at value (cost $60,103,814)

 

$

119,682,062

   

Foreign currency at value (cost $18,177)

   

17,609

   

Receivable for Fund shares sold

   

4,107

   

Dividends and interest receivable

   

164,058

   

Prepaid expenses

   

27,599

   

Total Assets

   

119,895,435

   

Liabilities:

 

Payable for Fund shares repurchased

   

35,446

   

Advisory fees payable

   

78,418

   

Distribution fees payable

   

50,864

   

Accrued other expenses

   

127,382

   

Total Liabilities

   

292,110

   

Net Assets

 

$

119,603,325

   

Components of Net Assets:

 

Paid-in capital

 

$

56,685,996

   

Total distributable earnings

   

62,917,329

   

Net Assets

 

$

119,603,325

   

Class A:

 

Net Assets

 

$

60,948,447

   

Shares Issued and Outstanding (unlimited shares authorized, no par value)

   

2,379,670

   

Net Asset Value and Redemption Price

 

$

25.61

   

Maximum Public Offering Price (based on maximum initial sales charge of 5.75%)

 

$

27.17

   

Class C:

 

Net Assets

 

$

19,145,874

   

Shares Issued and Outstanding (unlimited shares authorized, no par value)

   

837,331

   

Net Asset Value, Redemption Price* and Offering Price Per Share

 

$

22.87

   

Class I:

 

Net Assets

 

$

39,509,004

   

Shares Issued and Outstanding (unlimited shares authorized, no par value)

   

1,525,032

   

Net Asset Value, Redemption Price and Offering Price Per Share

 

$

25.91

   

* 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 2023 Annual Report
11


1919 Financial Services Fund

Statement of operations

For the Year Ended December 31, 2023

Investment Income:

 

Dividend income

 

$

3,313,407

   

Interest income

   

99,127

   

Total Investment Income

   

3,412,534

   

Expenses:

 

Advisory fees (Note 3)

   

1,073,618

   

Distribution fees (Note 6)

   

370,941

   

Transfer agent fees and expenses (Note 3 & Note 6)

   

251,758

   

Administration and fund accounting fees (Note 3)

   

93,795

   

Registration fees

   

53,469

   

Shareholder reporting fees

   

29,668

   

Legal fees

   

29,084

   

Custody fees (Note 3)

   

19,085

   

Audit fees

   

16,000

   

Trustees' fees (Note 3)

   

15,215

   

Insurance fees

   

8,121

   

Compliance fees (Note 3)

   

6,071

   

Miscellaneous

   

10,298

   

Total Expenses

   

1,977,123

   

Net Investment Income

   

1,435,411

   

Realized and Unrealized Gain (Loss) on Investments and Foreign Currency

 

Net realized gain on investments

   

14,010,795

   

Net change in unrealized appreciation/depreciation on:

 

Investments

   

(18,990,018

)

 

Foreign currency

   

376

   

Net Change in Unrealized Appreciation/Depreciation

   

(18,989,642

)

 

Net Realized and Unrealized Loss on Investments

   

(4,978,847

)

 

Net Decrease in Net Assets Resulting from Operations

 

$

(3,543,436

)

 

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

1919 Funds 2023 Annual Report
12


1919 Financial Services Fund

Statements of changes in net assets

For the Year Ended December 31,

 

2023

 

2022

 
Increase (Decrease) in Net Assets from:
Operations:
 

Net investment income

 

$

1,435,411

   

$

1,290,181

   

Net realized gain on investments

   

14,010,795

     

2,073,089

   

Net change in unrealized appreciation/depreciation on investments

   

(18,989,642

)

   

(34,064,550

)

 

Net Decrease in Net Assets Resulting from Operations

   

(3,543,436

)

   

(30,701,280

)

 

Distributions to Shareholders (Note 5):

 

Class A

   

(6,079,021

)

   

(1,740,572

)

 

Class C

   

(2,042,301

)

   

(469,124

)

 

Class I

   

(4,110,118

)

   

(1,834,821

)

 

Total Distributions to Shareholders

   

(12,231,440

)

   

(4,044,517

)

 

Capital Transactions (Note 7):

 

Net proceeds from shares sold

   

14,772,392

     

25,267,230

   

Reinvestment of distributions

   

11,337,223

     

3,721,712

   

Cost of shares repurchased

   

(61,531,682

)

   

(49,838,164

)

 

Net Decrease in Net Assets from Capital Transactions

   

(35,422,067

)

   

(20,849,222

)

 

Total Decrease in Net Assets

   

(51,196,943

)

   

(55,595,019

)

 

Net Assets:

 

Beginning of year

   

170,800,268

     

226,395,287

   

End of year

 

$

119,603,325

   

$

170,800,268

   

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

1919 Funds 2023 Annual Report
13


1919 Financial Services Fund

Financial highlights

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

Class A Shares

 

2023

 

2022

 

2021

 

2020

 

2019

 

Net asset value, beginning of year

 

$

28.14

   

$

33.49

   

$

26.87

   

$

28.27

   

$

22.77

   

Income (loss) from investment operations:

 

Net investment income1

   

0.28

     

0.21

     

0.19

     

0.20

     

0.17

   
Net realized and unrealized gain (loss)
on investments
   

(0.01

)

   

(4.88

)

   

8.05

     

(0.23

)

   

6.42

   
Total income (loss) from investment
operations
   

0.27

     

(4.67

)

   

8.24

     

(0.03

)

   

6.59

   

Less distributions:

 

From net investment income

   

(0.34

)

   

(0.24

)

   

(0.15

)

   

(0.25

)

   

(0.17

)

 

From net realized gain on investments

   

(2.46

)

   

(0.44

)

   

(1.47

)

   

(1.12

)

   

(0.92

)

 

Total distributions

   

(2.80

)

   

(0.68

)

   

(1.62

)

   

(1.37

)

   

(1.09

)

 

Net asset value, end of year

 

$

25.61

   

$

28.14

   

$

33.49

   

$

26.87

   

$

28.27

   

Total return2

   

1.42

%

   

(13.97

)%

   

30.88

%

   

0.05

%

   

29.10

%

 

Supplemental data and ratios:

 

Net assets, end of year (in thousands)

 

$

60,948

   

$

73,800

   

$

86,303

   

$

67,047

   

$

78,401

   
Ratios to average net assets
Gross expenses
   

1.46

%

   

1.36

%

   

1.36

%

   

1.46

%

   

1.37

%

 

Net expenses3,4

   

1.46

     

1.36

     

1.36

     

1.46

     

1.37

   

Net investment income

   

1.09

     

0.69

     

0.59

     

0.86

     

0.64

   

Portfolio turnover rate5

   

4

%

   

4

%

   

10

%

   

2

%

   

8

%

 

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 to 1.50% of the average net assets of Class A shares. This expense limitation arrangement cannot be terminated prior to April 30, 2025 without the Board of Trustees' consent. See Note 3.

4​  Does not include fees and expenses of the Underlying Funds in which the Fund invests.

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 2023 Annual Report
14


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

Class C Shares

 

2023

 

2022

 

2021

 

2020

 

2019

 

Net asset value, beginning of year

 

$

25.43

   

$

30.27

   

$

24.48

   

$

25.82

   

$

20.88

   

Income (loss) from investment operations:

 

Net investment income (loss)1

   

0.08

     

(0.01

)

   

(0.04

)

   

0.03

     

(0.02

)

 
Net realized and unrealized gain (loss)
on investments
   

(0.03

)

   

(4.39

)

   

7.30

     

(0.23

)

   

5.88

   
Total income (loss) from investment
operations
   

0.05

     

(4.40

)

   

7.26

     

(0.20

)

   

5.86

   

Less distributions:

 

From net investment income

   

(0.15

)

   

     

     

(0.02

)

   

   

From net realized gain on investments

   

(2.46

)

   

(0.44

)

   

(1.47

)

   

(1.12

)

   

(0.92

)

 

Total distributions

   

(2.61

)

   

(0.44

)

   

(1.47

)

   

(1.14

)

   

(0.92

)

 

Net asset value, end of year

 

$

22.87

   

$

25.43

   

$

30.27

   

$

24.48

   

$

25.82

   

Total return2

   

0.69

%

   

(14.56

)%

   

29.88

%

   

(0.64

)%

   

28.21

%

 

Supplemental data and ratios:

 

Net assets, end of year (in thousands)

 

$

19,146

   

$

27,395

   

$

36,122

   

$

26,404

   

$

40,880

   
Ratios to average net assets
Gross expenses
   

2.18

%

   

2.08

%

   

2.07

%

   

2.16

%

   

2.09

%

 

Net expenses3,4

   

2.18

     

2.08

     

2.07

     

2.16

     

2.09

   

Net investment income (loss)

   

0.36

     

(0.04

)

   

(0.12

)

   

0.15

     

(0.09

)

 

Portfolio turnover rate5

   

4

%

   

4

%

   

10

%

   

2

%

   

8

%

 

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 to 2.25% of the average net assets of Class C shares. This expense limitation arrangement cannot be terminated prior to April 30, 2025 without the Board of Trustees' consent. See Note 3.

4​  Does not include fees and expenses of the Underlying Funds in which the Fund invests.

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 2023 Annual Report
15


1919 Financial Services Fund

Financial highlights (cont'd)

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

Class I Shares

 

2023

 

2022

 

2021

 

2020

 

2019

 

Net asset value, beginning of year

 

$

28.44

   

$

33.82

   

$

27.18

   

$

28.56

   

$

22.98

   

Income (loss) from investment operations:

 

Net investment income1

   

0.35

     

0.28

     

0.29

     

0.27

     

0.24

   
Net realized and unrealized gain (loss)
on investments
   

(0.01

)

   

(4.90

)

   

8.11

     

(0.22

)

   

6.50

   
Total income (loss) from investment
operations
   

0.34

     

(4.62

)

   

8.40

     

0.05

     

6.74

   

Less distributions:

 

From net investment income

   

(0.41

)

   

(0.32

)

   

(0.29

)

   

(0.31

)

   

(0.24

)

 

From net realized gain on investments

   

(2.46

)

   

(0.44

)

   

(1.47

)

   

(1.12

)

   

(0.92

)

 

Total distributions

   

(2.87

)

   

(0.76

)

   

(1.76

)

   

(1.43

)

   

(1.16

)

 

Net asset value, end of year

 

$

25.91

   

$

28.44

   

$

33.82

   

$

27.18

   

$

28.56

   

Total return2

   

1.69

%

   

(13.71

)%

   

31.16

%

   

0.35

%

   

29.49

%

 

Supplemental data and ratios:

 

Net assets, end of year (in thousands)

 

$

39,509

   

$

69,605

   

$

103,970

   

$

67,346

   

$

97,936

   
Ratios to average net assets
Gross expenses
   

1.18

%

   

1.10

%

   

1.09

%

   

1.17

%

   

1.09

%

 

Net expenses3,4

   

1.18

     

1.10

     

1.09

     

1.17

     

1.09

   

Net investment income

   

1.34

     

0.93

     

0.87

     

1.14

     

0.92

   

Portfolio turnover rate5

   

4

%

   

4

%

   

10

%

   

2

%

   

8

%

 

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 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, 2025 without the Board of Trustees' consent. See Note 3.

4​  Does not include fees and expenses of the Underlying Funds in which the Fund invests.

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 2023 Annual Report
16


1919 Maryland Tax-Free Income Fund

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, redemption fees or the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. 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 2023 Annual Report
17


Fund performance (unaudited) (cont'd)

Total Returns* as of December 31, 2023

 

1 Year

 

5 Year

 

10 Year

 

1919 Maryland Tax-Free Income Fund

 

With Sales Charges†

 

Class A

   

-1.14

%

   

0.78

%

   

1.57

%

 

Class C

   

3.99

     

1.09

     

1.45

   

Without Sales Charges

 

Class A

   

5.63

     

1.66

     

2.02

   

Class C

   

4.99

     

1.09

     

1.45

   

Class I

   

5.72

     

1.80

     

2.16

   

Bloomberg Municipal Bond Index(i)

   

6.40

     

2.25

     

3.03

   

*  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, 2023, the total gross annual operating expense ratios for Class A, Class C and Class I were 1.10%, 1.64% and 0.97%, 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.

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 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, 2025.

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 2023 Annual Report
18


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, 2023 and held for the six months ended December 31, 2023.

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

   

3.49

%

 

$

1,000.00

   

$

1,034.90

     

0.75

%

 

$

3.85

   

Class C

   

3.14

     

1,000.00

     

1,031.40

     

1.30

     

6.66

   

Class I

   

3.57

     

1,000.00

     

1,035.70

     

0.60

     

3.08

 

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

   

2.48

%

 

$

1,000.00

   

$

1,021.42

     

0.75

%

 

$

3.82

   

Class C

   

2.48

     

1,000.00

     

1,018.65

     

1.30

     

6.61

   

Class I

   

2.48

     

1,000.00

     

1,022.18

     

0.60

     

3.06

   

1  ​The six months ended December 31, 2023.

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 2023 Annual Report
19


Fund at a glance (unaudited)

Investment breakdown (%) as a percent of total investments

1919 Funds 2023 Annual Report
20


Schedule of investments

December 31, 2023

1919 Maryland Tax-Free Income Fund

Security

 

Rate

  Maturity
Date
  Principal
Amount
 

Value

 

Municipal Bonds — 84.4%

 

Education — 9.6%

 

Maryland Stadium Authority

   

5.000

%

 

5/1/42

 

$

2,000,000

   

$

2,110,834

   

Maryland Stadium Authority, Built to Learn Revenue

   

4.000

%

 

6/1/39

   

500,000

     

516,311

   

Maryland State EDC, Student Housing Revenue Bonds:

 

Maryland Economic Development Corp.

   

5.000

%

 

7/1/36

   

250,000

     

251,351

   

Morgan State University Project

   

5.625

%

 

7/1/43

   

565,000

     

613,222

   

Salisbury University Project

   

5.000

%

 

6/1/27

   

455,000

     

455,174

   

University of Maryland, College Park Projects

   

5.000

%

 

7/1/31

   

500,000

     

506,965

   

Washington College, Town of Chestertown MD

   

5.000

%

 

3/1/28

   

500,000

     

525,012

   

Maryland State Health & Higher EFA Revenue Bonds:

 

Maryland Institute College of Art

   

4.000

%

 

6/1/42

   

250,000

     

224,470

   

Stevenson University

   

4.000

%

 

6/1/34

   

500,000

     

506,792

   

Total Education

               

5,710,131

   

Health Care — 32.6%

 

County of Baltimore, Maryland:

 

Oak Crest Village Inc.

   

5.000

%

 

1/1/30

   

495,000

     

509,629

   

Oak Crest Village Inc.

   

4.000

%

 

1/1/40

   

500,000

     

489,700

   

Riderwood Village Obligated Group

   

4.000

%

 

1/1/45

   

1,000,000

     

945,698

   

County of Prince George's, MD, COPS

   

3.000

%

 

10/1/31

   

2,500,000

     

2,498,311

   

Maryland State Health & Higher EFA Revenue Bonds:

 

Adventist Healthcare Obligated Group

   

5.000

%

 

1/1/33

   

2,500,000

     

2,690,911

   

Adventist Rehabilitation Hospital

   

5.500

%

 

1/1/27

   

1,250,000

     

1,321,276

   

Broadmead Inc.

   

4.250

%

 

7/1/40

   

1,150,000

     

1,086,010

   

Doctors Hospital Inc. Obligated Group

   

5.000

%

 

7/1/38

   

1,000,000

     

1,024,751

   

Greater Baltimore Medical Center Inc.

   

4.000

%

 

7/1/38

   

1,000,000

     

1,017,835

   

Helix Health Issue, AMBAC

   

5.250

%

 

8/15/38

   

3,000,000

     

3,441,726

   

James Lawrence Kernan Hospital (a)

   

3.050

%

 

7/1/41

   

1,300,000

     

1,300,000

   

MedStar Health Obligated Group

   

5.000

%

 

5/15/42

   

2,000,000

     

2,061,507

   

UPMC Obligated Group

   

4.000

%

 

4/15/45

   

1,000,000

     

993,464

   

Total Health Care

               

19,380,818

   

Housing — 4.7%

 
Maryland Community Development Administration
Local Government Infrastructure
   

4.000

%

 

6/1/47

   

1,000,000

     

1,000,206

   

Bolton North LP

   

3.350

%

 

9/15/34

   

1,000,000

     

986,388

   

Montgomery County Housing Opportunities Commission

   

3.050

%

 

7/1/44

   

1,000,000

     

822,975

   

Total Housing

               

2,809,569

   

Industrial Revenue — 0.6%

 
Maryland EDC, EDR, Lutheran World Relief Inc. and
Immigration and Refugee Service
   

5.250

%

 

4/1/29

   

375,000

     

375,200

   

Total Industrial Revenue

               

375,200

   

1919 Funds 2023 Annual Report
21


Schedule of investments (cont'd)

December 31, 2023

1919 Maryland Tax-Free Income Fund

Security

 

Rate

  Maturity
Date
  Principal
Amount
 

Value

 

Leasing — 1.7%

 
Montgomery County, MD, Lease Revenue,
Metrorail Garage Project
   

5.000

%

 

6/1/24

 

$

1,000,000

   

$

1,000,813

   

Total Leasing

               

1,000,813

   

Local General Obligation — 20.4%

 

County of Baltimore, Maryland

   

4.000

%

 

3/1/36

   

1,000,000

     

1,050,223

   

County of Baltimore, Maryland

   

4.000

%

 

3/1/40

   

1,000,000

     

1,047,657

   

County of Baltimore, Maryland

   

5.000

%

 

3/1/46

   

2,000,000

     

2,268,031

   

County of Howard, Maryland

   

4.000

%

 

8/15/45

   

2,000,000

     

2,044,437

   

County of Montgomery, Maryland (a)

   

3.100

%

 

11/1/37

   

2,780,000

     

2,780,000

   

County of Prince George's, Maryland

   

5.000

%

 

7/15/40

   

1,750,000

     

1,892,069

   
Maryland Stadium Authority, Ocean City Convention
Facility Expansion
   

4.000

%

 

12/15/39

   

525,000

     

540,186

   

State of Maryland

   

4.000

%

 

8/1/29

   

500,000

     

500,085

   

Total Local General Obligation

               

12,122,688

   

Pre-Refunded/Escrowed to Maturity(b)​ — 2.0%

 
City of Baltimore, Maryland, Mayor and City Council of
Baltimore, Project and Refunding Revenue Bonds,
Water Projects
   

5.000

%

 

7/1/24

   

1,185,000

     

1,196,641

   

Total Pre-Refunded/Escrowed to Maturity

               

1,196,641

   

Transportation — 6.8%

 
Maryland Economic Development Corp., Air Cargo
Obligated Group
   

4.000

%

 

7/1/44

   

1,795,000

     

1,626,047

   
Maryland State Transportation Authority
Transportation Facilities Project Revenue
   

3.000

%

 

7/1/31

   

2,000,000

     

2,001,797

   
Maryland State Transportation Authority
Transportation Facilities Project Revenue
   

5.000

%

 

7/1/40

   

400,000

     

442,466

   

Total Transportation

               

4,070,310

   

Water & Sewer — 6.0%

 
County of Montgomery, Maryland, Water Quality
Protection Charge Revenue
   

4.000

%

 

4/1/41

   

575,000

     

597,438

   
County of Montgomery, Maryland, Water Quality
Protection Charge Revenue
   

4.000

%

 

4/1/42

   

525,000

     

543,201

   
County of Montgomery, Maryland, Water Quality
Protection Charge Revenue
   

4.000

%

 

4/1/43

   

560,000

     

577,779

   
Washington Suburban Sanitary District, Maryland,
Montgomery and Prince George's Counties, Water
Supply Refunding Bonds (a)
   

3.200

%

 

6/1/24

   

800,000

     

800,000

   

1919 Funds 2023 Annual Report
22


1919 Maryland Tax-Free Income Fund

Security

 

Rate

  Maturity
Date
  Principal
Amount
 

Value

 

Water & Sewer — continued

 
Washington Suburban Sanitary District, Maryland,
Montgomery and Prince George's Counties,
Water Supply Refunding Bonds
   

5.000

%

 

6/1/37

 

$

1,000,000

   

$

1,043,818

   

Total Water & Sewer

               

3,562,236

   

Total Municipal Bonds (Cost — $50,607,524)

               

50,228,406

   
Total Investments — 84.4%
(Cost — $50,607,524)
               

50,228,406

   

Other Assets in Excess of Liabilities — 15.6%

               

9,263,633

   

Total Net Assets — 100.0%

             

$

59,492,039

   

Notes:

(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

LP  — Limited Partnership

Ratings table*

Standard & Poor's/Moody's/Fitch**

 

AAA/Aaa

   

32.7

%

 

AA/Aa

   

25.1

%

 

A

   

21.9

%

 

BBB/Baa

   

18.8

%

 

BB/Ba

   

1.5

%

 
     

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 2023 Annual Report
23


1919 Maryland Tax-Free Income Fund

Statement of assets and liabilities

December 31, 2023

Assets:

 

Investments in securities at value (cost $50,607,524)

 

$

50,228,406

   

Cash

   

4,484,865

   

Receivable for securities sold

   

4,270,105

   

Receivable for Fund shares sold

   

84,720

   

Dividends and interest receivable

   

720,871

   

Prepaid expenses

   

22,958

   

Total Assets

   

59,811,925

   

Liabilities:

 

Payable for Fund shares repurchased

   

211,123

   

Distributions to shareholders

   

9,389

   

Advisory fees payable

   

2,972

   

Distribution fees payable

   

12,859

   

Accrued other expenses

   

83,543

   

Total Liabilities

   

319,886

   

Net Assets

 

$

59,492,039

   

Components of Net Assets:

 

Paid-in capital

 

$

61,683,411

   

Total accumulated loss

   

(2,191,372

)

 

Net Assets

 

$

59,492,039

   

Class A:

 

Net Assets

 

$

34,414,408

   

Shares Issued and Outstanding (unlimited shares authorized, no par value)

   

2,301,100

   

Net Asset Value and Redemption Price

 

$

14.96

   

Maximum Public Offering Price (based on maximum initial sales charge of 4.25%)

 

$

15.62

   

Class C:

 

Net Assets

 

$

2,314,616

   

Shares Issued and Outstanding (unlimited shares authorized, no par value)

   

154,823

   

Net Asset Value, Redemption Price* and Offering Price Per Share

 

$

14.95

   

Class I:

 

Net Assets

 

$

22,763,015

   

Shares Issued and Outstanding (unlimited shares authorized, no par value)

   

1,521,655

   

Net Asset Value, Redemption Price and Offering Price Per Share

 

$

14.96

   

*  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 2023 Annual Report
24


1919 Maryland Tax-Free Income Fund

Statement of operations

For the Year Ended December 31, 2023

Investment Income:

 

Interest Income

 

$

2,223,747

   

Total Investment Income

   

2,223,747

   

Expenses:

 

Advisory fees (Note 3)

   

354,943

   

Transfer agent fees and expenses (Note 3 & Note 6)

   

96,954

   

Administration and fund accounting fees (Note 3)

   

95,422

   

Distribution fees (Note 6)

   

75,797

   

Registration fees

   

39,909

   

Legal fees

   

31,307

   

Audit fees

   

21,300

   

Trustees' fees (Note 3)

   

15,215

   

Shareholder reporting fees

   

9,094

   

Insurance fees

   

6,461

   

Compliance fees (Note 3)

   

6,216

   

Custody fees (Note 3)

   

4,321

   

Miscellaneous

   

9,870

   

Total Expenses

   

766,809

   

Expenses waived by the Adviser (Note 3)

   

(303,802

)

 

Net Expenses

   

463,007

   

Net Investment Income

   

1,760,740

   

Realized and Unrealized Gain (Loss) on Investments

 

Net Realized Loss on Investments

   

(4,860

)

 

Net Change in Unrealized Appreciation/Depreciation on Investments

   

1,596,718

   

Net Realized and Unrealized Gain on Investments

   

1,591,858

   

Net Increase in Net Assets Resulting from Operations

 

$

3,352,598

   

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

1919 Funds 2023 Annual Report
25


1919 Maryland Tax-Free Income Fund

Statements of changes in net assets

For the Years Ended December 31,

 

2023

 

2022

 

Increase (Decrease) in Net Assets from:

 

Operations:

 

Net investment income

 

$

1,760,740

   

$

1,387,933

   

Net realized gain (loss) on investments

   

(4,860

)

   

9,994

   

Net change in unrealized appreciation/depreciation on investments

   

1,596,718

     

(6,704,558

)

 

Net Increase (Decrease) in Net Assets Resulting from Operations

   

3,352,598

     

(5,306,631

)

 

Distributions to Shareholders (Note 5):

 

Class A

   

(996,669

)

   

(836,400

)

 

Class C

   

(62,125

)

   

(57,151

)

 

Class I

   

(701,950

)

   

(494,384

)

 

Total Distributions to Shareholders

   

(1,760,744

)

   

(1,387,935

)

 

Capital Transactions (Note 7):

 

Net proceeds from shares sold

   

10,817,578

     

12,362,081

   

Reinvestment of distributions

   

1,646,286

     

1,266,740

   

Cost of shares repurchased

   

(20,786,833

)

   

(29,155,048

)

 

Net Decrease in Net Assets from Capital Transactions

   

(8,322,969

)

   

(15,526,227

)

 

Total Decrease in Net Assets

   

(6,731,115

)

   

(22,220,793

)

 

Net Assets:

 

Beginning of year

   

66,223,154

     

88,443,947

   

End of year

 

$

59,492,039

   

$

66,223,154

   

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

1919 Funds 2023 Annual Report
26


1919 Maryland Tax-Free Income Fund

Financial highlights

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

Class A Shares

 

2023

 

2022

 

2021

 

2020

 

2019

 

Net asset value, beginning of year

 

$

14.55

   

$

15.77

   

$

15.90

   

$

15.68

   

$

15.34

   

Income (loss) from investment operations:

 

Net investment income1

   

0.40

     

0.26

     

0.23

     

0.35

     

0.40

   
Net realized and unrealized gain (loss)
on investments
   

0.42

     

(1.21

)

   

(0.14

)

   

0.22

     

0.34

   
Total income (loss) from investment
operations
   

0.82

     

(0.95

)

   

0.09

     

0.57

     

0.74

   

Less distributions:

 

From net investment income

   

(0.41

)

   

(0.27

)

   

(0.22

)

   

(0.35

)

   

(0.40

)

 

Total distributions

   

(0.41

)

   

(0.27

)

   

(0.22

)

   

(0.35

)

   

(0.40

)

 

Net asset value, end of year

 

$

14.96

   

$

14.55

   

$

15.77

   

$

15.90

   

$

15.68

   

Total return2

   

5.63

%

   

(6.06

)%

   

0.61

%

   

3.70

%

   

4.87

%

 

Supplemental data and ratios:

 

Net assets, end of year (in thousands)

 

$

34,414

   

$

38,648

   

$

54,353

   

$

55,439

   

$

57,000

   
Ratios to average net assets
Gross expenses
   

1.21

%

   

1.10

%

   

1.08

%

   

1.09

%

   

1.07

%

 

Net expenses3,4

   

0.75

     

0.75

     

0.75

     

0.755

     

0.755

   

Net investment income

   

2.70

     

1.77

     

1.42

     

2.24

     

2.57

   

Portfolio turnover rate6

   

44

%

   

33

%

   

26

%

   

27

%

   

21

%

 

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 Adviser agreed to limit the ratio of expenses to 0.75% of the average net assets of Class A shares. This expense limitation arrangement cannot be terminated prior to April 30, 2025 without the Board of Trustees' consent. See Note 3.

4​  Does not include fees and expenses of the Underlying Funds in which the Fund invests.

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

6​  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 2023 Annual Report
27


1919 Maryland Tax-Free Income Fund

Financial highlights (cont'd)

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

Class C Shares

 

2023

 

2022

 

2021

 

2020

 

2019

 

Net asset value, beginning of year

 

$

14.55

   

$

15.77

   

$

15.90

   

$

15.68

   

$

15.34

   

Income (loss) from investment operations:

 

Net investment income1

   

0.31

     

0.18

     

0.14

     

0.27

     

0.32

   
Net realized and unrealized gain (loss)
on investments
   

0.42

     

(1.22

)

   

(0.13

)

   

0.22

     

0.34

   
Total income (loss) from investment
operations
   

0.73

     

(1.04

)

   

0.01

     

0.49

     

0.66

   

Less distributions:

 

From net investment income

   

(0.33

)

   

(0.18

)

   

(0.14

)

   

(0.27

)

   

(0.32

)

 

Total distributions

   

(0.33

)

   

(0.18

)

   

(0.14

)

   

(0.27

)

   

(0.32

)

 

Net asset value, end of year

 

$

14.95

   

$

14.55

   

$

15.77

   

$

15.90

   

$

15.68

   

Total return2

   

4.99

%

   

(6.57

)%

   

0.06

%

   

3.13

%

   

4.29

%

 

Supplemental data and ratios:

 

Net assets, end of year (in thousands)

 

$

2,315

   

$

4,178

   

$

5,454

   

$

7,436

   

$

7,875

   
Ratios to average net assets
Gross expenses
   

1.75

%

   

1.64

%

   

1.61

%

   

1.62

%

   

1.61

%

 

Net expenses3,4

   

1.30

     

1.30

     

1.30

     

1.305

     

1.305

   

Net investment income

   

2.14

     

1.22

     

0.89

     

1.70

     

2.07

   

Portfolio turnover rate6

   

44

%

   

33

%

   

26

%

   

27

%

   

21

%

 

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 Adviser agreed to limit the ratio of expenses to 1.30% of the average net assets of Class C shares. This expense limitation arrangement cannot be terminated prior to April 30, 2025 without the Board of Trustees' consent. See Note 3.

4​  Does not include fees and expenses of the Underlying Funds in which the Fund invests.

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

6​  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 2023 Annual Report
28


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

Class I Shares

 

2023

 

2022

 

2021

 

2020

 

2019

 

Net asset value, beginning of year

 

$

14.56

   

$

15.78

   

$

15.90

   

$

15.69

   

$

15.35

   

Income (loss) from investment operations:

 

Net investment income1

   

0.40

     

0.29

     

0.25

     

0.37

     

0.42

   
Net realized and unrealized gain (loss)
on investments
   

0.44

     

(1.22

)

   

(0.12

)

   

0.22

     

0.34

   
Total income (loss) from investment
operations
   

0.84

     

(0.93

)

   

0.13

     

0.59

     

0.76

   

Less distributions:

 

From net investment income

   

(0.44

)

   

(0.29

)

   

(0.25

)

   

(0.38

)

   

(0.42

)

 

Total distributions

   

(0.44

)

   

(0.29

)

   

(0.25

)

   

(0.38

)

   

(0.42

)

 

Net asset value, end of year

 

$

14.96

   

$

14.56

   

$

15.78

   

$

15.90

   

$

15.69

   

Total return2

   

5.72

%

   

(5.91

)%

   

0.83

%

   

3.79

%

   

5.02

%

 

Supplemental data and ratios:

 

Net assets, end of year (in thousands)

 

$

22,763

   

$

23,398

   

$

28,636

   

$

24,691

   

$

19,277

   
Ratios to average net assets
Gross expenses
   

1.08

%

   

0.97

%

   

0.94

%

   

0.96

%

   

0.93

%

 

Net expenses3,4

   

0.60

     

0.60

     

0.60

     

0.605

     

0.605

   

Net investment income

   

2.85

     

1.92

     

1.57

     

2.38

     

2.69

   

Portfolio turnover rate6

   

44

%

   

33

%

   

26

%

   

27

%

   

21

%

 

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 Adviser agreed to limit the ratio of expenses to 0.60% of the average net assets of Class I shares. This expense limitation arrangement cannot be terminated prior to April 30, 2025 without the Board of Trustees' consent. See Note 3.

4​  Does not include fees and expenses of the Underlying Funds in which the Fund invests.

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

6​  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 2023 Annual Report
29


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, 2023.

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 the Information Technology, Consumer Discretionary, Industrials and Materials sectors and decreased exposure to the Real Estate, Health Care, and Communication Services sectors. During the second half of the year, we added to the Information Technology and Consumer Staples sectors while reducing exposure to the Consumer Discretionary sector and repositioned within the Financials sector.

Throughout the year, we remained overweight relative to the S&P 500 Index in the Health Care and Industrials sectors and maintained our underweight positioning in the Energy, Real Estate, and Utilities sectors. We added to the Information Technology sector throughout the year and finished the year overweight the sector relative to the index.

In the fixed-income portion of the Fund, we purchased primarily longer-dated Corporates to extend duration and take advantage of higher yields and coupons. We maintained the overweight to corporate bonds for the same reasons. Going forward, we look for the Treasury curve to continue to flatten and un-invert, as the Fed gets closer to its first rate cut. As the curve re-steepens, we will look for opportunities to adjust the term structure of the portfolio and lock-in yields.

In the equity portion of the Fund, our stock selection in the Health Care, Industrials, and Information Technology, and Materials sectors contributed to relative performance in 2023. In terms of sector positioning, our underweighting of Energy and Utilities and our overweighting of Information Technology also enhanced results. On an individual stock basis, the largest contributors to performance for the year were Palo Alto Networks, Broadcom, Salesforce.com, Advanced Drainage Systems, and Eli Lilly.

1919 Funds 2023 Annual Report
30


The leading contributor to performance in the fixed-income portion of the Fund was the overweight to the corporate sector. On an individual security basis, the largest contributors to return were International US Treasury 2.5% 1/31/25, Amgen Inc. 3.0% 2/22/29, Target Corp. 4.5% 9/15/32, Autodesk Inc. 2.4% 12/15/31 and Honda Motor Co., Ltd. 2.271% 3/10/25.

In the equity portion of the Fund, selection in the Financials, Consumer Discretionary, and Consumer Staples sectors detracted from relative results for the year. In terms of sector positioning, our overweighting of Health Care and underweighting of Communication Services detracted from performance. On an individual stock basis, the largest detractors from performance were SolarEdge Technologies, Estee Lauder, Charles Schwab, American Water Works, and Truist Financial.

In the fixed-income portion of the Fund, the leading detractor to performance was a duration shorter than the benchmark. On an individual security basis, the largest detractors from performance were FNMA Pool 490446 6.5% 3/1/2029, Pool 891596 5.5% 6/1/2036, Pool 190375 5.5% 11/1/2036, Pool 808156 4.5% 2/1/2035 and FHLMC Gold Pool G08179 5.5% 2/1/2037.

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

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

Past performance is not a guarantee of future results.

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

1919 Funds 2023 Annual Report
31


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

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. One cannot invest directly in an index.

Opinions expressed herein are as of 12/31/2023 and are subject to change at any time, are not 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 only if preceded or accompanied by a current prospectus.

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

1919 Funds are distributed by Quasar Distributors, LLC.

1919 Funds 2023 Annual Report
32


Fund performance (unaudited)

Value of $10,000 Investment

(Assumes reinvestment of dividends and capital gains)

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, redemption fees or the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. 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 2023 Annual Report
33


Fund performance (unaudited) (cont'd)

Total Returns* as of December 31, 2023

 

1 Year

 

5 Year

 

10 Year

 

1919 Socially Responsive Balanced Fund

 

With Sales Charges†

 

Class A

   

12.78

%

   

9.73

%

   

7.47

%

 

Class C

   

17.80

     

10.24

     

7.34

   

Without Sales Charges

 

Class A

   

19.66

     

11.03

     

8.11

   

Class C

   

18.80

     

10.24

     

7.34

   

Class I

   

19.95

     

11.34

     

8.40

   

S&P 500 Index(i)

   

26.29

     

15.69

     

12.03

   

Bloomberg U.S. Aggregate Bond Index(ii)

   

5.53

     

1.10

     

1.81

   
Blended S&P 500 Index (70%) and Bloomberg U.S. Aggregate
Index (30%)(iii)
   

19.78

     

11.43

     

9.10

   

*  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, 2023, the total annual operating expense ratios for Class A, Class C and Class I were 0.98%, 1.71% and 0.73%, 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 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 2023 Annual Report
34


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, 2023 and held for the six months ended December 31, 2023.

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

   

7.48

%

 

$

1,000.00

   

$

1,074.80

     

0.98

%

 

$

5.13

   

Class C

   

7.09

     

1,000.00

     

1,070.90

     

1.70

     

8.87

   

Class I

   

7.62

     

1,000.00

     

1,076.20

     

0.72

     

3.77

   

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

   

2.48

%

 

$

1,000.00

   

$

1,020.27

     

0.98

%

 

$

4.99

   

Class C

   

2.48

     

1,000.00

     

1,016.64

     

1.70

     

8.64

   

Class I

   

2.48

     

1,000.00

     

1,021.58

     

0.72

     

3.67

   

1​  For the six months ended December 31, 2023.

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 2023 Annual Report
35


Fund at a glance (unaudited)

Investment breakdown (%) as a percent of total investments

*  Less than 0.01%.

1919 Funds 2023 Annual Report
36


Schedule of investments

December 31, 2023

1919 Socially Responsive Balanced Fund

Security

 

Shares

 

Value

 

Common Stocks — 67.4%

 

Communication Services — 4.7%

 

Alphabet Inc., Class A Shares (a)

   

173,402

   

$

24,222,525

   

Netflix Inc. (a)

   

23,501

     

11,442,167

   

Total Communication Services

       

35,664,692

   

Consumer Discretionary — 7.1%

 

Amadeus IT Group SA (a)

   

120,012

     

8,650,465

   

Amazon.com Inc. (a)

   

127,770

     

19,413,374

   

Chipotle Mexican Grill Inc. (a)

   

2,966

     

6,783,123

   

Home Depot Inc/The

   

28,748

     

9,962,619

   

TJX Cos Inc.

   

99,250

     

9,310,643

   

Total Consumer Discretionary

       

54,120,224

   

Consumer Staples — 4.3%

 

Costco Wholesale Corp.

   

17,131

     

11,307,830

   

Darling International Inc. (a)

   

69,133

     

3,445,589

   

Estee Lauder Cos. Inc., Class A Shares

   

32,627

     

4,771,699

   

Hershey Co/The

   

26,695

     

4,977,016

   

PepsiCo Inc.

   

45,532

     

7,733,155

   

Total Consumer Staples

       

32,235,289

   

Financials — 6.2%

 

Bank of America Corp.

   

330,867

     

11,140,292

   

Charles Schwab Corp/The

   

137,936

     

9,489,997

   

Chubb Limited

   

29,977

     

6,774,802

   

M&T Bank Corp.

   

37,875

     

5,191,905

   

Reinsurance Group of America Inc.

   

41,297

     

6,681,029

   

Truist Financial Corp.

   

211,684

     

7,815,373

   

Total Financials

       

47,093,398

   

Health Care — 11.2%

 

AstraZeneca PLC

   

130,964

     

8,820,425

   

Boston Scientific Corp. (a)

   

233,846

     

13,518,637

   

Danaher Corp.

   

35,911

     

8,307,651

   

Eli Lilly & Co.

   

26,749

     

15,592,527

   

IQVIA Holdings Inc. (a)

   

48,066

     

11,121,511

   

Thermo Fisher Scientific Inc.

   

21,668

     

11,501,158

   

UnitedHealth Group Inc.

   

19,568

     

10,301,965

   

Zoetis Inc.

   

27,432

     

5,414,254

   

Total Health Care

       

84,578,128

   

Industrials — 7.9%

 

Advanced Drainage Systems Inc.

   

72,931

     

10,257,016

   

Cintas Corp.

   

22,302

     

13,440,523

   

Eaton Corp. PLC

   

56,888

     

13,699,768

   

Old Dominion Freight Line Inc.

   

17,318

     

7,019,505

   

1919 Funds 2023 Annual Report
37


Schedule of investments (cont'd)

December 31, 2023

1919 Socially Responsive Balanced Fund

Security

         

Shares

 

Value

 

Industrials — continued

 

Rockwell Automation Inc.

           

24,673

   

$

7,660,473

   

Union Pacific Corp.

           

28,413

     

6,978,801

   

Veralto Corp.

           

11,864

     

975,933

   

Total Industrials

               

60,032,019

   

Information Technology — 22.0%

 

Analog Devices Inc.

           

27,901

     

5,540,023

   

Apple Inc.

           

165,927

     

31,945,925

   

Broadcom Inc.

           

13,686

     

15,276,997

   

Intuit Inc.

           

14,818

     

9,261,694

   

Microsoft Corp.

           

95,421

     

35,882,113

   

NVIDIA Corp.

           

28,880

     

14,301,954

   

Palo Alto Networks Inc. (a)

           

46,226

     

13,631,123

   

Salesforce.com Inc. (a)

           

46,088

     

12,127,596

   

ServiceNow Inc. (a)

           

14,746

     

10,417,902

   

SolarEdge Technologies Inc. (a)

           

25,554

     

2,391,854

   

Visa Inc., Class A Shares

           

39,948

     

10,400,462

   

Workday Inc., Class A Shares (a)

           

21,447

     

5,920,659

   

Total Information Technology

               

167,098,302

   

Materials — 1.6%

 

Linde PLC

           

18,963

     

7,788,294

   

Steel Dynamics Inc.

           

41,213

     

4,867,255

   

Total Materials

               

12,655,549

   

Real Estate Investment Trusts (REITs) — 1.1%

 

Prologis Inc.

           

62,398

     

8,317,653

   

Total Real Estate Investment Trusts (REITs)

               

8,317,653

   

Utilities — 1.3%

 

American Water Works Co. Inc.

           

74,805