1919 Variable Socially Responsive Balanced Fund
SCHEDULE OF INVESTMENTS
September 30, 2021 (Unaudited)
Security	Shares		Value
Common Stocks ― 70.1%
Communication Services ― 7.8%
Alphabet Inc. *		541		1,446,374
Facebook Inc. *		2,048		695,071
Netflix Inc. *		996		607,899
Walt Disney Co/The *		3,827		647,413
Total Communication Services				3,396,757
Consumer Discretionary ― 8.1%
Amazon.com Inc. *		383		1,258,170
Aptiv PLC*		2,561		381,512
Chipotle Mexican Grill Inc. *		185		336,241
Home Depot Inc/The		2,034		667,681
National Vision Holdings Inc. *		5,932		336,760
TJX Cos Inc.		7,980		526,520
Total Consumer Discretionary				3,506,884
Consumer Staples ― 4.9%
Beyond Meat Inc. *		2,281		240,098
Costco Wholesale Corp.		1,224		550,005
Darling International Inc. *		4,310		309,889
Estee Lauder Cos. Inc.		1,683		504,782
PepsiCo Inc.		3,371		507,032
Total Consumer Staples				2,111,806
Financials ― 9.2%
Bank of America Corp.		24,638		1,045,883
Charles Schwab Corp/The		10,171		740,856
Chubb Limited		3,087		535,533
CME Group Inc.		2,347		453,863
Hannon Armstrong Sustainable Infrastructure Capital Inc.		6,985		373,558
Truist Financial Corp.		14,424		845,967
Total Financials				3,995,660
Health Care ― 10.4%
Boston Scientific Corp. *		14,624		634,535
Danaher Corp.		2,592		789,109
Genmab A/S *		9,374		409,644
IQVIA Holdings Inc. *		2,632		630,469
Teleflex Inc.		1,565		589,301
Thermo Fisher Scientific Inc.		1,380		788,435
UnitedHealth Group Inc.		1,721		672,464
Total Health Care				4,513,957
Industrials ― 5.0%
Cintas Corp.		1,636		622,760
Eaton Corp. PLC		3,983		594,702
Illinois Tool Works Inc.		1,081		223,367
Union Pacific Corp.		2,233		437,690
Verisk Analytics Inc.		1,423		284,984
Total Industrials				2,163,503
Information Technology ― 21.1%
Adobe Systems Inc. *		896		515,845
Apple Inc.		10,370		1,467,355
Autodesk Inc. *		1,650		470,531

1919 Variable Socially Responsive Balanced Fund
SCHEDULE OF INVESTMENTS
September 30, 2021 (Unaudited)(Continued)
Security					Shares		Value
Information Technology ― 21.1% (Continued)
Broadcom Inc.						854	$	414,130
Clarivate PLC *						10,143		222,132
Intuit Inc.						1,010		544,905
Microsoft Corp.						5,960		1,680,243
NVIDIA Corp.						3,726		771,878
Palo Alto Networks Inc. *						1,053		504,387
PayPal Holdings Inc. *						2,532		658,852
QUALCOMM Inc.						2,489		321,031
Salesforce.com Inc. *						2,319		628,959
SolarEdge Technologies Inc. *						1,593		422,495
Visa Inc.						2,461		548,188
Total Information Technology								9,170,931
Materials ― 1.2%
Steel Dynamics Inc.						1,878		109,826
Trex Co Inc. *						4,111		419,034
Total Materials								528,860
Real Estate Investment Trusts (REITS) ― 1.1%
Prologis Inc.						3,912		490,682
Total Real Estate Investment Trusts (REITS)								490,682
Utilities ― 1.3%
American Water Works Co. Inc.						3,258		550,732
Total Utilities								550,732
Total Common Stocks (Cost ― $12,337,668)								30,429,772
				Maturity	Face
	Rate			Date	Amount
Collateralized Mortgage Obligations ― 0.0%
Federal National Mortgage Association (FNMA), 2011-53 CY		4.000	%	6/25/2041	$	4,548		4,983
Total Collateralized Mortgage Obligations (Cost ― $4,599)								4,983
Corporate Bonds ― 20.8%
Communication Services ― 3.1%
Alphabet Inc.		0.450	%	8/15/2025		130,000		128,304
AT&T Inc.		4.450	%	4/1/2024		150,000		162,548
AT&T Inc.		4.350	%	3/1/2029		115,000		131,833
Comcast Corp.		3.375	%	2/15/2025		70,000		75,348
Comcast Corp.		5.650	%	6/15/2035		200,000		267,423
Verizon Communications Inc.		4.329	%	9/21/2028		104,000		119,551
Verizon Communications Inc.		3.875	%	2/8/2029		100,000		112,135
Verizon Communications Inc.		4.500	%	8/10/2033		110,000		130,918
Verizon Communications Inc.		5.250	%	3/16/2037		105,000		135,630
Walt Disney Co/The		2.200	%	1/13/2028		90,000		93,000
Total Communication Services								1,356,690
Consumer Discretionary ― 1.3%
Amazon.com Inc.		0.250	%	5/12/2023		115,000		115,215
Ford Foundation/The		2.415	%	6/1/2050		60,000		57,125
Home Depot Inc/The		1.500	%	9/15/2028		60,000		59,318
Lowe's Cos Inc.		1.300	%	4/15/2028		115,000		111,854
Toyota Motor Credit Corp.		0.450	%	7/22/2022		200,000		200,423
Total Consumer Discretionary								543,935

1919 Variable Socially Responsive Balanced Fund
SCHEDULE OF INVESTMENTS
September 30, 2021 (Unaudited)(Continued)
				Maturity	Face
Security	Rate			Date	Amount		Value
Consumer Staples ― 0.7%
PepsiCo Inc.		3.100	%	7/17/2022	$	135,000	$	137,454
PepsiCo Inc.		3.500	%	3/19/2040		65,000		72,366
Walmart Inc.		1.800	%	9/22/2031		115,000		113,806
Total Consumer Staples								323,626
Financials ― 7.0%
Affiliated Managers Group Inc.		3.300	%	6/15/2030		65,000		69,531
Ares Capital Corp.		3.875	%	1/15/2026		175,000		187,165
Bank of America Corp. (effective 9/25/2024, US SOFR + 0.91) (a)		0.981	%	9/25/2025		125,000		125,183
Bank of America Corp.		4.183	%	11/25/2027		165,000		183,955
BlackRock Inc.		3.250	%	4/30/2029		105,000		115,254
Boston Properties LP		4.500	%	12/1/2028		155,000		178,460
Citigroup Inc. (effective 10/30/2023, US SOFR + 0.686%) (a)		0.776	%	10/30/2024		175,000		175,689
Citigroup Inc.		5.500	%	9/13/2025		110,000		126,962
Goldman Sachs Group Inc.		0.481	%	1/27/2023		250,000		250,050
Host Hotels & Resorts LP		3.375	%	12/15/2029		225,000		231,512
Intercontinental Exchange Inc.		3.750	%	12/1/2025		75,000		82,402
JPMorgan Chase & Co. (effective 9/16/2023, US SOFR + 0.60) (a)		0.653	%	9/16/2024		140,000		140,365
MetLife Inc.		4.550	%	3/23/2030		55,000		65,450
PNC Financial Services Group Inc.		2.200	%	11/1/2024		110,000		115,268
Prudential Financial Inc.		1.500	%	3/10/2026		170,000		172,568
Royal Bank of Canada		1.150	%	7/14/2026		125,000		124,079
Simon Property Group LP		3.375	%	12/1/2027		155,000		168,967
State Street Corp. (effective 11/1/2029, US SOFR + 1.49) (a)		3.031	%	11/1/2034		85,000		89,724
TD Ameritrade Holding Corp.		2.950	%	4/1/2022		125,000		126,125
Toronto-Dominion Bank		1.150	%	6/12/2025		55,000		55,125
Truist Financial Corp. (effective 3/2/2026, US SOFR + 0.609)(a)		1.267	%	3/2/2027		115,000		114,599
Wells Fargo & Co. (effective 5/19/2024, US SOFR + 0.51)(a)		0.805	%	5/19/2025		145,000		145,388
Total Financials								3,043,821
Health Care ― 2.3%
AbbVie Inc.		4.400	%	11/6/2042		150,000		179,050
Bristol-Myers Squibb Co.		3.900	%	2/20/2028		105,000		118,717
Bristol-Myers Squibb Co.		3.400	%	7/26/2029		125,000		138,220
CVS Health Corp.		4.780	%	3/25/2038		105,000		128,201
Evernorth Health Inc.		3.050	%	11/30/2022		185,000		189,380
Gilead Sciences Inc.		4.600	%	9/1/2035		100,000		121,200
UnitedHealth Group Inc.		3.500	%	8/15/2039		95,000		105,203
Total Health Care								979,971
Industrials ― 0.6%
Johnson Controls International PLC		1.750	%	9/15/2030		150,000		145,621
Xylem Inc/NY		1.950	%	1/30/2028		115,000		115,711
Total Industrials								261,332
Information Technology ― 2.0%
Apple Inc.		2.850	%	2/23/2023		185,000		190,832
Mastercard Inc.		1.900	%	3/15/2031		155,000		155,571
Microsoft Corp.		4.200	%	11/3/2035		175,000		215,035
QUALCOMM Inc.		3.450	%	5/20/2025		175,000		189,670
Salesforce.com Inc.		1.500	%	7/15/2028		120,000		119,331
Total Information Technology								870,439
Materials ― 0.3%
Nutrien Ltd.		4.200	%	4/1/2029		110,000		125,383
Total Materials								125,383

1919 Variable Socially Responsive Balanced Fund
SCHEDULE OF INVESTMENTS
September 30, 2021 (Unaudited)(Continued)
				Maturity	Face
Security	Rate			Date	Amount		Value
Real Estate Investment Trusts (REITS) ― 0.8%
Prologis LP		2.250	%	4/15/2030	$	115,000	$	117,010
Prologis LP		1.250	%	10/15/2030		115,000		107,658
Welltower Inc.		2.700	%	2/15/2027		125,000		132,052
Total Real Estate Investment Trusts (REITS)								356,720
Utilities ― 2.7%
Avangrid Inc.		3.800	%	6/1/2029		125,000		139,156
DTE Electric Co.		1.900	%	4/1/2028		125,000		126,712
DTE Electric Co.		4.050	%	5/15/2048		120,000		142,724
Duke Energy Carolinas LLC		3.350	%	5/15/2022		275,000		280,283
Georgia Power Co.		3.250	%	4/1/2026		100,000		107,266
MidAmerican Energy Co.		3.650	%	4/15/2029		90,000		100,684
NextEra Energy Capital Holdings Inc.		1.900	%	6/15/2028		120,000		120,046
Public Service Co of Colorado		3.200	%	3/1/2050		55,000		58,293
Union Electric Co.		2.625	%	3/15/2051		115,000		108,979
Total Utilities								1,184,143
Total Corporate Bonds (Cost ― $8,480,384)								9,046,060
Foreign Government Agency Issues ― 1.7%
International Bank for Reconstruction & Development		0.625	%	4/22/2025		175,000		174,414
International Bank for Reconstruction & Development		3.125	%	11/20/2025		270,000		295,581
International Finance Corp.		2.000	%	10/24/2022		255,000		259,970
Total Foreign Government Agency Issues (Cost ― $698,345)								729,965
Mortgage Backed Securities ― 0.2%
Federal Home Loan Mortgage Corporation (FHLMC)
Gold Pool C91417		3.500	%	1/1/2032		21,869		23,259
Gold Pool A35826		5.000	%	7/1/2035		10,869		11,967
Gold Pool A49479		5.000	%	6/1/2036		10,362		11,528
Gold Pool A65694		6.000	%	9/1/2037		13,481		15,385
Federal National Mortgage Association (FNMA)
Pool 896885		6.000	%	6/1/2022		60		60
Pool 995262		5.500	%	1/1/2024		2,722		2,808
Pool 891596		5.500	%	6/1/2036		16,033		18,638
Pool 900936		6.500	%	2/1/2037		2,571		2,889
Pool 946594		6.000	%	9/1/2037		12,510		14,782
Total Mortgage Backed Securities (Cost ― $90,328)								101,316
U.S. Government & Agency Obligations ― 3.1%
Federal Home Loan Mortgage Corp (FHLMC)		6.250	%	7/15/2032		70,000		101,416
Federal National Mortgage Association (FNMA)		6.250	%	5/15/2029		110,000		147,866
Federal National Mortgage Association (FNMA)		6.625	%	11/15/2030		365,000		520,971
United States Treasury Bonds		7.625	%	11/15/2022		150,000		162,563
United States Treasury Bonds		3.500	%	2/15/2039		131,000		163,080
United States Treasury Bonds		4.375	%	11/15/2039		177,000		244,917
Total U.S. Government & Agency Obligations (Cost ― $1,066,226)								1,340,813
Short-Term Investment ― 4.1%
Fidelity Investments Money Market - Government Portfolio - Class I (b)		0.010	%			1,799,626		1,799,626
Total Short-Term Investment (Cost ― $1,799,626)								1,799,626
Total Investments ― 100.0% (Cost ― $24,477,176)								43,452,535
Other Assets in Excess of Liabilities ― 0.0%								14,828
Total Net Assets ― 100.0%							$	43,467,363

1919 Variable Socially Responsive Balanced Fund

SCHEDULE OF INVESTMENTS

September 30, 2021 (Unaudited)(Continued)

	Notes:
*	Non-income producing security.
(a)	Fixed to floating rate. Effective date of change and formula disclosed.
(b)	The rate is the annualized seven-day yield at period end.
	Abbreviations used in this schedule:
	LLC - Limited Liability Corporation
	PLC - Public Limited Company
	SOFR - Secured Overnight Financing Rate
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of Morgan Stanley Capital International, Inc.
("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS is a service mark of MSCI & S&P and has been licensed for use by U.S. Bancorp
Fund Services, LLC.

1919 Variable Socially Responsive Balanced 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 VARIABLE SOCIALLY RESPONSIVE BALANCED FUND
Description	Level 1		Level 2		Level 3		Total
Long-term investments*
Common Stocks	$	30,429,772	$	-	$	-	$	30,429,772
Collateralized Mortgage Obligations		-		4,983		-		4,983
Corporate Bonds		-		9,046,060		-		9,046,060
Foreign Government Agency Issues		-		729,965		-		725,965
Mortgage-Backed Securities		-		101,316		-		101,316
U.S. Government & Agency Obligations		-		1,340,813		-		1,340,812
Total long-term investments	$	30,429,772	$	11,223,137	$	-	$	41,652,909
Short-term investments		1,799,626				-		1,799,626
Total investments	$	32,229,398	$	11,223,137	$	-	$	43,452,535

* See Schedule of Investments for additional detailed categorizations.