NPORT-P
    false
    
      
      
        
          0001261788
          XXXXXXXX
        
      
      
      
      
        S000046893
        C000146541
        C000146544
        C000146542
      
      
      
    
  
  
    
      Trust for Advised Portfolios
      811-21422
      0001261788
      549300YZEFREMRTE2K87
      615 East Michigan Street
      Milwaukee
      
      53202-5210
      4142873700
      1919 Maryland Tax-Free Income Fund
      S000046893
      549300YNVDMAQJ6NVB42
      2021-12-31
      2021-09-30
      N
    
    
      93494019.260000000000
      3467345.520000000000
      90026673.740000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      3243450.000000000000
      0.000000000000
      0.000000000000
      3290335.990000000000
      
        
          USD
          
          
        
      
      
      
      N
      
        
          
          
          
        
        
        
        
      
      
      
      
    
    
      
        MARYLAND ST ECON DEV CORP STUD
        549300JJ16DDBSZWSN94
        Maryland Economic Development Corp
        57420VNK5
        
          
          
        
        500000.000000000000
        PA
        USD
        550951.200000000000
        0.6119866225
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2031-07-01
          Fixed
          5.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MARYLAND ST ECON DEV CORP STUD
        549300JJ16DDBSZWSN94
        Maryland Economic Development Corp
        57420VQR7
        
          
          
        
        250000.000000000000
        PA
        USD
        279677.530000000000
        0.3106607391
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2036-07-01
          Fixed
          5.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MARYLAND ST HLTH & HGR EDUCTNL
        N/A
        Maryland Health & Higher Educational Facilities Authority
        574215RC5
        
          
          
        
        2400000.000000000000
        PA
        USD
        2400000.000000000000
        2.6658765678
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2035-04-01
          Variable
          .040000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MARYLAND ST HLTH & HGR EDUCTNL
        N/A
        Maryland Health & Higher Educational Facilities Authority
        574215RD3
        
          
        
        1600000.000000000000
        PA
        USD
        1600000.000000000000
        1.7772510452
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2035-04-01
          Variable
          .040000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MARYLAND ST HLTH & HGR EDUCTNL
        N/A
        Maryland Health & Higher Educational Facilities Authority
        5742163J4
        
          
          
        
        3000000.000000000000
        PA
        USD
        4009618.800000000000
        4.4538120020
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2038-08-15
          Fixed
          5.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MARYLAND ST HLTH & HGR EDUCTNL
        N/A
        Maryland Health & Higher Educational Facilities Authority
        574216PH4
        
          
          
        
        500000.000000000000
        PA
        USD
        500000.000000000000
        0.5553909516
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2025-07-01
          Variable
          .150000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MARYLAND ST HLTH & HGR EDUCTNL
        N/A
        Maryland Health & Higher Educational Facilities Authority
        5742173V5
        
          
        
        1000000.000000000000
        PA
        USD
        1000000.000000000000
        1.1107819032
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2043-07-01
          Variable
          .060000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MARYLAND ST HLTH & HGR EDUCTNL
        N/A
        Maryland Health & Higher Educational Facilities Authority
        5742177X7
        
          
          
        
        1645000.000000000000
        PA
        USD
        1645345.940000000000
        1.8276204947
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2025-10-01
          Fixed
          4.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MARYLAND ST HLTH & HGR EDUCTNL
        N/A
        Maryland Health & Higher Educational Facilities Authority
        574217V28
        
          
          
        
        4020000.000000000000
        PA
        USD
        4020000.000000000000
        4.4653432511
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2041-07-01
          Variable
          .040000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MARYLAND ST HLTH & HGR EDUCTNL
        N/A
        Maryland Health & Higher Educational Facilities Authority
        5742182P7
        
          
          
        
        2000000.000000000000
        PA
        USD
        2407980.800000000000
        2.6747414960
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2042-05-15
          Fixed
          5.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MARYLAND ST HLTH & HGR EDUCTNL
        N/A
        Maryland Health & Higher Educational Facilities Authority
        5742185E9
        
          
          
        
        1150000.000000000000
        PA
        USD
        1279723.570000000000
        1.4214937827
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2040-07-01
          Fixed
          4.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MARYLAND ST HLTH & HGR EDUCTNL
        N/A
        Maryland Health & Higher Educational Facilities Authority
        5742187L1
        
          
          
        
        1000000.000000000000
        PA
        USD
        1150155.000000000000
        1.2775713599
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2045-04-15
          Fixed
          4.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MARYLAND ST HLTH & HGR EDUCTNL
        N/A
        Maryland Health & Higher Educational Facilities Authority
        574218F32
        
          
          
        
        250000.000000000000
        PA
        USD
        270758.200000000000
        0.3007533087
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2042-06-01
          Fixed
          4.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MARYLAND ST HLTH & HGR EDUCTNL
        N/A
        Maryland Health & Higher Educational Facilities Authority
        574218S53
        
          
          
        
        1250000.000000000000
        PA
        USD
        1535406.130000000000
        1.7055013433
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2027-01-01
          Fixed
          5.500000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MARYLAND ST HLTH & HGR EDUCTNL
        N/A
        Maryland Health & Higher Educational Facilities Authority
        57421CCA0
        
          
        
        500000.000000000000
        PA
        USD
        586837.850000000000
        0.6518488639
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2034-06-01
          Fixed
          4.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MARYLAND ST HLTH & HGR EDUCTNL
        N/A
        Maryland Health & Higher Educational Facilities Authority
        57421CCY8
        
          
        
        2500000.000000000000
        PA
        USD
        3249459.250000000000
        3.6094405302
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2033-01-01
          Fixed
          5.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MARYLAND ST STADIUM AUTH REVEN
        549300VA283TTQRDNF71
        Maryland Stadium Authority
        574296BV0
        
          
          
        
        2000000.000000000000
        PA
        USD
        2429966.400000000000
        2.6991627026
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2042-05-01
          Fixed
          5.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MARYLAND ST STADIUM AUTH SPORT
        549300VA283TTQRDNF71
        Maryland Stadium Authority
        574297CT2
        
          
        
        3550000.000000000000
        PA
        USD
        3550000.000000000000
        3.9432757565
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2026-03-01
          Variable
          .040000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MARYLAND ST TRANSPRTN AUTH TRA
        N/A
        Maryland State Transportation Authority
        574300LD9
        
          
          
        
        2000000.000000000000
        PA
        USD
        2180713.400000000000
        2.4222969809
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2031-07-01
          Fixed
          3.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MONTGOMERY CNTY MD
        549300GNX5SDUEBKPK13
        County of Montgomery MD
        6133408D3
        
          
        
        3975000.000000000000
        PA
        USD
        3975000.000000000000
        4.4153580654
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2037-11-01
          Variable
          .040000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MONTGOMERY CNTY MD HSG OPPNTYS
        549300HDL0LLRHMDL092
        Montgomery County Housing Opportunites Commission
        613347HX4
        
          
          
        
        1000000.000000000000
        PA
        USD
        1056141.300000000000
        1.1731426433
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2044-07-01
          Fixed
          3.050000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MONTGOMERY CNTY MD HSG OPPORTU
        549300HDL0LLRHMDL092
        Montgomery County Housing Opportunities Commission
        6133495Z8
        
          
        
        3000000.000000000000
        PA
        USD
        3000000.000000000000
        3.3323457097
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2041-01-01
          Variable
          .050000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MONTGOMERY CNTY MD HSG OPPORTU
        549300HDL0LLRHMDL092
        Montgomery County Housing Opportunities Commission
        61334MXK1
        
          
        
        1385000.000000000000
        PA
        USD
        1385000.000000000000
        1.5384329360
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2049-01-01
          Variable
          .060000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ANNE ARUNDEL CNTY MD
        549300L8Q6EFVTZGWW41
        County of Anne Arundel MD
        03588HEN2
        
          
          
        
        1150000.000000000000
        PA
        USD
        1210606.960000000000
        1.3447203031
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2027-04-01
          Fixed
          4.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BALTIMORE CNTY MD
        N/A
        County of Baltimore MD
        05914FG38
        
          
          
        
        1000000.000000000000
        PA
        USD
        1215919.800000000000
        1.3506217096
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2030-03-01
          Fixed
          5.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BALTIMORE CNTY MD REVENUE
        N/A
        County of Baltimore MD
        059151CE8
        
          
          
        
        495000.000000000000
        PA
        USD
        574720.390000000000
        0.6383890086
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2030-01-01
          Fixed
          5.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BALTIMORE CNTY MD REVENUE
        N/A
        County of Baltimore MD
        059151CK4
        
          
          
        
        500000.000000000000
        PA
        USD
        572936.150000000000
        0.6364071071
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2040-01-01
          Fixed
          4.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BALTIMORE CNTY MD REVENUE
        N/A
        County of Baltimore MD
        059151DJ6
        
          
          
        
        1000000.000000000000
        PA
        USD
        1143914.400000000000
        1.2706394144
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2045-01-01
          Fixed
          4.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BALTIMORE MD PROJ REVENUE
        N/A
        City of Baltimore MD
        05922KGU7
        
          
          
        
        3080000.000000000000
        PA
        USD
        3348088.440000000000
        3.7189960496
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2024-07-01
          Fixed
          5.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BALTIMORE MD PROJ REVENUE
        N/A
        City of Baltimore MD
        05922KGV5
        
          
          
        
        310000.000000000000
        PA
        USD
        320765.090000000000
        0.3563000572
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2024-07-01
          Fixed
          5.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BALTIMORE MD REVENUE
        N/A
        City of Baltimore MD
        059231LE8
        
          
          
        
        315000.000000000000
        PA
        USD
        326256.300000000000
        0.3623995939
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2022-07-01
          Fixed
          5.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HOWARD CNTY MD
        N/A
        County of Howard MD
        44256PCW1
        
          
          
        
        3000000.000000000000
        PA
        USD
        3113091.600000000000
        3.4579658124
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2029-02-15
          Fixed
          3.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HOWARD CNTY MD
        N/A
        County of Howard MD
        44256PXD0
        
          
          
        
        2000000.000000000000
        PA
        USD
        2346332.800000000000
        2.6062640132
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2045-08-15
          Fixed
          4.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        LOCAL GOVT INFRASTRUCTURE MD C
        N/A
        Maryland Community Development Administration Local Government Infrastructure
        574039EF6
        
          
          
        
        1000000.000000000000
        PA
        USD
        1111549.600000000000
        1.2346891802
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2047-06-01
          Fixed
          4.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MARYLAND ST
        N/A
        State of Maryland
        574193MH8
        
          
          
        
        500000.000000000000
        PA
        USD
        531868.650000000000
        0.5907900713
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2029-08-01
          Fixed
          4.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MARYLAND ST
        N/A
        State of Maryland
        574193NN4
        
          
          
        
        1000000.000000000000
        PA
        USD
        1222199.900000000000
        1.3575975311
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2031-03-15
          Fixed
          5.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MARYLAND ST CMNTY DEV ADMIN DE
        N/A
        Maryland Community Development Administration
        57419PBU2
        
          
        
        3000000.000000000000
        PA
        USD
        3000000.000000000000
        3.3323457097
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2040-09-01
          Variable
          .080000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MARYLAND ST CMNTY DEV ADMIN DE
        N/A
        Maryland Community Development Administration
        57419PSV2
        
          
        
        1800000.000000000000
        PA
        USD
        1800000.000000000000
        1.9994074258
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2038-12-01
          Variable
          .050000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MARYLAND ST CMNTY DEV ADMIN DE
        N/A
        Maryland Community Development Administration
        57419RS97
        
          
          
        
        1000000.000000000000
        PA
        USD
        1069355.600000000000
        1.1878208486
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2034-09-15
          Fixed
          3.350000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MARYLAND ST DEPT OF TRANSPRTN
        N/A
        State of Maryland Department of Transportation
        574204K51
        
          
          
        
        3000000.000000000000
        PA
        USD
        3546538.800000000000
        3.9394311182
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2030-05-01
          Fixed
          4.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MARYLAND ST ECON DEV CORP
        549300JJ16DDBSZWSN94
        Maryland Economic Development Corp
        574205FY1
        
          
          
        
        3100000.000000000000
        PA
        USD
        3100000.000000000000
        3.4434239001
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2043-02-15
          Variable
          .060000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MARYLAND ST ECON DEV CORP AIR
        549300JJ16DDBSZWSN94
        Maryland Economic Development Corp
        57420MAT0
        
          
          
        
        1795000.000000000000
        PA
        USD
        2039310.450000000000
        2.2652291430
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2044-07-01
          Fixed
          4.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MARYLAND ST ECON DEV CORP ECON
        549300JJ16DDBSZWSN94
        Maryland Economic Development Corp
        57420NAW1
        
          
          
        
        480000.000000000000
        PA
        USD
        481391.760000000000
        0.5347212554
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2029-04-01
          Fixed
          5.250000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MARYLAND ST ECON DEV CORP STUD
        549300JJ16DDBSZWSN94
        Maryland Economic Development Corp
        57420VKN2
        
          
          
        
        1870000.000000000000
        PA
        USD
        1930211.570000000000
        2.1440440814
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2027-07-01
          Fixed
          5.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MARYLAND ST ECON DEV CORP STUD
        549300JJ16DDBSZWSN94
        Maryland Economic Development Corp
        57420VLP6
        
          
          
        
        455000.000000000000
        PA
        USD
        481209.230000000000
        0.5345185044
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2027-06-01
          Fixed
          5.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MONTGOMERY CNTY MD LEASE REVEN
        549300GNX5SDUEBKPK13
        County of Montgomery MD
        613356CE2
        
          
          
        
        1000000.000000000000
        PA
        USD
        1002123.500000000000
        1.1131406486
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2024-06-01
          Fixed
          5.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PRINCE GEORGES CNTY MD
        549300NSQ1W50I0VU811
        County of Prince George's MD
        7417016T8
        
          
        
        1750000.000000000000
        PA
        USD
        2170853.130000000000
        2.4113443714
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2040-07-15
          Fixed
          5.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PRINCE GEORGES CNTY MD COPS
        549300NSQ1W50I0VU811
        County of Prince George's MD
        741705FW2
        
          
          
        
        2500000.000000000000
        PA
        USD
        2736074.250000000000
        3.0391817628
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2031-10-01
          Fixed
          3.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        WASHINGTON MD SUBURBAN SAN DIS
        549300EZUWNTQF827C24
        Washington Suburban Sanitary Commission
        940157M23
        
          
          
        
        1000000.000000000000
        PA
        USD
        1191740.300000000000
        1.3237635586
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2037-06-01
          Fixed
          5.000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        WASHINGTON MD SUBURBAN SAN DIS
        549300EZUWNTQF827C24
        Washington Suburban Sanitary Commission
        940157WA4
        
          
        
        3950000.000000000000
        PA
        USD
        3950000.000000000000
        4.3875885178
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2023-06-01
          Variable
          .040000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
    
    
      2021-11-29
      Trust for Advised Portfolios
      /s/ Russell B. Simon
      Trust for Advised Portfolios
      Treasurer
    
  
  XXXX




1919 Maryland Tax-Free Income Fund
 
SCHEDULE OF INVESTMENTS
 
September 30, 2021 (Unaudited)
 
       
Maturity
 
Face
       
   
Rate
 
Date
 
Amount
   
Value
 
Municipal Bonds ― 99.5%
                   
Education ― 13.5%
                   
Maryland Stadium Authority
   
5.000
%
5/1/2042
 
$
2,000,000
   
$
2,429,966
 
Maryland State EDC, Student Housing Revenue Bonds:
                         
Maryland Economic Development Corp.
   
5.000
%
7/1/2036
   
250,000
     
279,678
 
Salisbury University Project
   
5.000
%
6/1/2027
   
455,000
     
481,209
 
Senior Morgan State University Project
   
5.000
%
7/1/2027
   
1,870,000
     
1,930,212
 
University of Maryland, College Park Projects
   
5.000
%
7/1/2031
   
500,000
     
550,951
 
Maryland State Health & Higher EFA Revenue Bonds:
                         
College of Notre Dame of Maryland
   
4.000
%
10/1/2025
   
1,645,000
     
1,645,346
 
Good Samaritan Hospital of Maryland(a)
   
0.040
%
4/1/2035
   
2,400,000
     
2,400,000
 
Good Samaritan Hospital of Maryland(a)
   
0.040
%
4/1/2035
   
1,600,000
     
1,600,000
 
Maryland Institute College of Art
   
4.000
%
6/1/2042
   
250,000
     
270,758
 
Stevenson University
   
4.000
%
6/1/2034
   
500,000
     
586,838
 
Total Education
                     
12,174,958
 
                           
Health Care ― 30.3%
                         
County of Baltimore, Maryland
                         
Oak Crest Village Inc.
   
5.000
%
1/1/2030
   
495,000
     
574,720
 
Oak Crest Village Inc.
   
4.000
%
1/1/2040
   
500,000
     
572,936
 
Riderwood Village Obligated Group
   
4.000
%
1/1/2045
   
1,000,000
     
1,143,915
 
County of Prince George's, MD, COPS
   
3.000
%
10/1/2031
   
2,500,000
     
2,736,074
 
Maryland State EDC, Howard Hughes Medical Institute(a)
   
0.060
%
2/15/2043
   
3,100,000
     
3,100,000
 
Maryland State Health & Higher EFA Revenue Bonds:
                         
Adventist Healthcare Obligated Group
   
5.000
%
1/1/2033
   
2,500,000
     
3,249,459
 
Adventist Rehabilitation Hospital
   
5.500
%
1/1/2027
   
1,250,000
     
1,535,406
 
Broadmead Inc.
   
4.250
%
7/1/2040
   
1,150,000
     
1,279,723
 
Greater Baltimore Medical Center Inc.(a)
   
0.150
%
7/1/2025
   
500,000
     
500,000
 
Helix Health Issue, AMBAC
   
5.250
%
8/15/2038
   
3,000,000
     
4,009,619
 
James Lawrence Kernan Hospital(a)
   
0.060
%
7/1/2041
   
4,020,000
     
4,020,000
 
Luminis Health Obligated Group(a)
   
0.060
%
7/1/2043
   
1,000,000
     
1,000,000
 
MedStar Health Obligated Group
   
5.000
%
5/15/2042
   
2,000,000
     
2,407,981
 
UPMC Obligated Group
   
4.000
%
4/15/2045
   
1,000,000
     
1,150,155
 
Total Health Care
                     
27,279,988
 
                           
Housing ― 13.8%
                         
Maryland State Community Development Administration, Department of Housing and Community Development:
                         
Bolton North LP
   
3.350
%
9/15/2034
   
1,000,000
     
1,069,356
 
Kirkwood House Preservation LP (a)
   
0.050
%
12/1/2038
   
1,800,000
     
1,800,000
 
Maryland Community Development Administration Local Government Infrastructure
   
4.000
%
6/1/2047
   
1,000,000
     
1,111,549
 
Maryland Community Development Administration Residential Revenue(a)
   
0.080
%
9/1/2040
   
3,000,000
     
3,000,000
 
Montgomery County Housing Opportunities Commission(a)
   
0.050
%
1/1/2041
   
3,000,000
     
3,000,000
 
Montgomery County Housing Opportunites Commission
   
3.050
%
7/1/2044
   
1,000,000
     
1,056,141
 
Montgomery County Housing Opportunities Commission(a)
   
0.060
%
1/1/2049
   
1,385,000
     
1,385,000
 
Total Housing
                     
12,422,046
 
                           
Industrial Revenue ― 0.5%
                         
Maryland EDC, EDR, Lutheran World Relief Inc. and Immigration and Refugee Service
   
5.250
%
4/1/2029
   
480,000
     
481,392
 
Total Industrial Revenue
                     
481,392
 
                           
Leasing ― 1.1%
                         
Montgomery County, MD, Lease Revenue, Metrorail Garage Project
   
5.000
%
6/1/2024
   
1,000,000
     
1,002,124
 
Total Leasing
                     
1,002,124
 
                           
Local General Obligation ― 14.1%
                         
Anne Arundel County, Maryland, GO Bonds, Water & Sewer
   
4.000
%
4/1/2027
   
1,150,000
     
1,210,607
 
County of Baltimore, Maryland
   
5.000
%
3/1/2030
   
1,000,000
     
1,215,920
 
County of Howard, Maryland
   
4.000
%
8/15/2045
   
2,000,000
     
2,346,333
 
County of Montgomery, Maryland(a)
   
0.060
%
11/1/2037
   
3,975,000
     
3,975,000
 
County of Prince George's, Maryland
   
5.000
%
7/15/2040
   
1,750,000
     
2,170,853
 
State of Maryland
   
4.000
%
8/1/2029
   
500,000
     
531,869
 
State of Maryland
   
5.000
%
3/15/2031
   
1,000,000
     
1,222,200
 
Total Local General Obligation
                     
12,672,782
 

1919 Maryland Tax-Free Income Fund
 
SCHEDULE OF INVESTMENTS
 
September 30, 2021 (Unaudited)(Continued)
 
         
Maturity
 
Face
         
   
Rate
 
Date
 
Amount
   
Value
 
Pre-Refunded/Escrowed to Maturity(b) ― 7.2%
                         
City of Baltimore, Maryland, Mayor and City Council of Baltimore, Project and Refunding Revenue Bonds, Water Projects
   
5.000
%
7/1/2024
 
$
3,080,000
   
$
3,348,088
 
Howard County, Maryland, GO Bonds, Consolidated Public Improvement Project and Refunding Bonds
   
3.000
%
2/15/2029
   
3,000,000
     
3,113,091
 
Total Pre-Refunded/Escrowed to Maturity
                     
6,461,179
 
                           
Public Services ― 3.9%
                         
Maryland State Stadium Authority Sports Facilities Lease Revenue(a)
   
0.040
%
3/1/2026
   
3,550,000
     
3,550,000
 
Total Public Services
                     
3,550,000
 
                           
Transportation ― 8.6%
                         
Maryland Economic Development Corp., Air Cargo Obligated Group
   
4.000
%
7/1/2044
   
1,795,000
     
2,039,311
 
Maryland State Department of Transportation, Consolidated Transportation Revenue Bonds
   
4.000
%
5/1/2030
   
3,000,000
     
3,546,539
 
Maryland State Transportation Authority Transportation Facilities Project Revenue
   
3.000
%
7/1/2031
   
2,000,000
     
2,180,713
 
Total Transportation
                     
7,766,563
 
                           
Water & Sewer ― 6.5%
                         
City of Baltimore, Maryland, Mayor and City Council of Baltimore, Project and Refunding Revenue Bonds:
                         
Wastewater Projects, FGIC
   
5.000
%
7/1/2022
   
315,000
     
326,257
 
Water Projects, FGIC
   
5.000
%
7/1/2024
   
310,000
     
320,765
 
Washington Suburban Sanitary District, Maryland, Montgomery and Prince George’s Counties, Water Supply Refunding Bonds(a)
   
0.040
%
6/1/2023
   
3,950,000
     
3,950,000
 
Washington Suburban Sanitary District, Maryland, Montgomery and Prince George’s Counties, Water Supply Refunding Bonds
   
5.000
%
6/1/2037
   
1,000,000
     
1,191,740
 
Total Water & Sewer
                     
5,788,762
 
Total Municipal Bonds (Cost ― $84,985,276)
                     
89,599,794
 
                           
Investments in Securities at Value ―  93.0% (Cost ― $84,985,276)
                     
89,599,794
 
Other Assets in Excess of Liabilities ― 0.5%
                     
483,173
 
Total Net Assets ― 100.0%
                   
$
90,082,967
 

(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
         
 
FGIC — Financial Guaranty Insurance Company — Insured Bonds
         
 
GO — General Obligation
         
 
LP — Limited Partnership
         
             
 
Ratings table*
         
             
 
Standard & Poor’s/Moody’s/Fitch**
         
 
AAA/Aaa
 
 
 
29.8%
 
 
AA/Aa
 
 
 
42.6%
 
 
A
 
 
 
11.6%
 
 
BBB/Baa
 
 
 
15.1%
 
 
BB/Bb
     
0.9%
 
         
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.
   

1919 Maryland Tax-Free Income Fund
Schedule of Investments (Continued)
September 30, 2021 (Unaudited)

Valuation

Investments in securities traded on a national securities exchange are valued at the last reported sales price on the exchange on which the security is principally traded. Securities traded on the NASDAQ exchanges are valued at the NASDAQ Official Closing Price (“NOCP”).  Exchange-traded securities for which no sale was reported NASDAQ securities for which there is no NOCP are valued at the mean of the most recent quoted bid and ask prices quoted. Unlisted securities held by the Funds are valued at the last sale price in the over-the-counter (“OTC”) market.  If there is no trading on a particular day, the mean between the last quoted bid and ask price is used.

Long-term fixed income securities are valued using prices provided by an independent pricing service approved by the Board.  Pricing services may use various valuation methodologies, including matrix pricing and other analytical models as well as market transactions and dealer quotations. Securities for which market quotations are not readily available are valued at their estimated fair value as determined in good faith by 1919 Investment Counsel, LLC (the "Adviser" or “1919”) under procedures established by and under the general supervision and responsibility of the Board.

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

Level 1 -
quoted prices in active markets for identical investments

Level 2 -
other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).

Level 3 -  
significant unobservable inputs, including the Fund’s own assumptions in determining the fair value of investments.

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used in valuing the Fund’s assets carried at fair value:

1919 MARYLAND TAX-FREE FUND

 
Description
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-term investments*
                       
Municipal Bonds
 
$
-
   
$
89,599,794
   
$
-
   
$
89,599,794
 
Total long-term investments
   
-
     
89,599,794
     
-
     
89,599,794
 
Total investments
 
$
-
   
$
89,599,794
   
$
-
   
$
89,599,794
 


* See Schedule of Investments for additional detailed categorizations.