# EDGAR Filing Document

**Accession Number:** 0001261788
**File Stem:** 0000894189-23-001891
**Filing Date:** 2023-3
**Character Count:** 97224
**Document Hash:** d4fe51af2dfc248651f07517f575b51e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-23-001891.hdr.sgml**: 20230309

**ACCESSION NUMBER**: 0000894189-23-001891

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 6

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230309

**DATE AS OF CHANGE**: 20230309

**EFFECTIVENESS DATE**: 20230309

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Trust for Advised Portfolios
- **CENTRAL INDEX KEY:** 0001261788
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21422
- **FILM NUMBER:** 23719078

**BUSINESS ADDRESS:**
- **STREET 1:** 615 EAST MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 414-287-3700

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ZIEGLER CAPITAL MANAGEMENT INVESTMENT TRUST
- **DATE OF NAME CHANGE:** 20130128

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ZIEGLER LOTSOFF CAPITAL MANAGEMENT INVESTMENT TRUST
- **DATE OF NAME CHANGE:** 20110803

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LOTSOFF CAPITAL MANAGEMENT INVESTMENT TRUST
- **DATE OF NAME CHANGE:** 20050915

## Series and Classes Contracts Data

### Zevenbergen Growth Fund (Series ID: S000050413)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000159168 | Investor Class      | ZVNBX           |
| C000159169 | Institutional Class | ZVNIX           |

### Zevenbergen Genea Fund (Series ID: S000050414)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000159170 | Investor Class      | ZVGNX           |
| C000159171 | Institutional Class | ZVGIX           |

------

UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549

### FORM N-CSR

### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

### MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number **811-21422**

**<u>Trust for Advised Portfolios</u>**<br> (Exact name of registrant as specified in charter)

#### 615 East Michigan Street
**<u>Milwaukee, Wisconsin 53202</u>**<br> (Address of principal executive offices) (Zip code)

#### Russell B. Simon

#### Trust for Advised Portfolios

#### 2020 East Financial Way, Suite 100
**<u>Glendora, CA 91741</u>**<br> (Name and address of agent for service)

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

Registrant's telephone number, including area code

Date of fiscal year end: **<u>June 30</u>**

Date of reporting period: **<u>December 31, 2022</u>**

------

#### Item 1. Reports to Stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <br>

![](zevenbergenncsrs001.jpg)

**ZEVENBERGEN GROWTH FUND**

**INVESTOR CLASS (ZVNBX)**

**INSTITUTIONAL CLASS (ZVNIX)**

**ZEVENBERGEN GENEA FUND**

**INVESTOR CLASS (ZVGNX)**

**INSTITUTIONAL CLASS (ZVGIX)** 

SEMI ANNUAL REPORT TO SHAREHOLDERS

DECEMBER 31, 2022

------

**TABLE OF CONTENTS**

**ZEVENBERGEN GROWTH FUND**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Allocation of Portfolio Holdings | 1 |
| &nbsp;&nbsp;&nbsp;Schedule of Investments | 2 |
| &nbsp;&nbsp;&nbsp;Statement of Assets and Liabilities | 4 |
| &nbsp;&nbsp;&nbsp;Statement of Operations | 5 |
| &nbsp;&nbsp;&nbsp;Statements of Changes in Net Assets | 6 |
| &nbsp;&nbsp;&nbsp;Financial Highlights | 7 |
| **ZEVENBERGEN GENEA FUND** |  |
| &nbsp;&nbsp;&nbsp;Allocation of Portfolio Holdings | 9 |
| &nbsp;&nbsp;&nbsp;Schedule of Investments | 10 |
| &nbsp;&nbsp;&nbsp;Statement of Assets and Liabilities | 12 |
| &nbsp;&nbsp;&nbsp;Statement of Operations | 13 |
| &nbsp;&nbsp;&nbsp;Statements of Changes in Net Assets | 14 |
| &nbsp;&nbsp;&nbsp;Financial Highlights | 15 |
| **NOTES TO THE FINANCIAL STATEMENTS** | 17 |
| **EXPENSE EXAMPLE** | 24 |
| **ADDITIONAL INFORMATION** | 25 |
| **PRIVACY NOTICE** | 29 |

---

------

**Zevenbergen Growth Fund**

Allocation of Portfolio Holdings

(Calculated as a percentage of Total Investments)

December 31, 2022 (Unaudited)

![](zevenbergenncsrs002.jpg)

\* Short-Term Investments consist of amounts held in money market funds. The Fund strategy does not seek to hold large cash balances (more than 5% of total investments), and any significant cash holdings are typically due to trade settlement timing.

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

------

**Zevenbergen Growth Fund**

Schedule of Investments

As of December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Number of<br> Shares** |  | **Value** |
| | **COMMON STOCKS — 99.0%** | |
|  | **CONSUMER DISCRETIONARY — 34.3%** |  |
| 25000 | Airbnb, Inc. <sup>(a)</sup> | $2137500 |
| 43000 | Amazon.com, Inc. <sup>(a)</sup> | 3612000 |
| 5930 | MercadoLibre, Inc. <sup>(a)</sup> | 5018203 |
| 4000 | Netflix, Inc. <sup>(a)</sup> | 1179520 |
| 49400 | On Holding AG **—** ADR <sup>(a)</sup> | 847704 |
| 35000 | Tesla, Inc. <sup>(a)</sup> | 4311300 |
| 93000 | The Trade Desk, Inc. <sup>(a)</sup> | 4169190 |
| 90000 | Uber Technologies, Inc. <sup>(a)</sup> | 2225700 |
| 8000 | Wingstop, Inc. | 1100960 |
|  |  | 24602077 |
|  | **CONSUMER STAPLES — 0.5%** |  |
| 3300 | Celsius Holdings, Inc. <sup>(a)</sup> | 343332 |
|  | **ENERGY — 6.2%** |  |
| 10400 | Enphase Energy, Inc. <sup>(a)</sup> | 2755584 |
| 8000 | First Solar, Inc. <sup>(a)</sup> | 1198320 |
| 19000 | Shoals Technologies Group, Inc. <sup>(a)</sup> | 468730 |
|  |  | 4422634 |
|  | **HEALTH CARE — 9.4%** |  |
| 55500 | Exact Sciences Corporation <sup>(a)</sup> | 2747805 |
| 4250 | Repligen Corporation <sup>(a)</sup> | 719567 |
| 12100 | Seagen Inc. <sup>(a)</sup> | 1554971 |
| 10860 | Veeva Systems Inc. <sup>(a)</sup> | 1752587 |
|  |  | 6774930 |
|  | **INDUSTRIALS — 12.7%** |  |
| 17300 | Axon Enterprise, Inc. <sup>(a)</sup> | 2870589 |
| 24600 | Bill.com Holdings, Inc. <sup>(a)</sup> | 2680416 |
| 25000 | Block, Inc. <sup>(a)</sup> | 1571000 |
| 10145 | Paylocity Holding Corporation <sup>(a)</sup> | 1970768 |
|  |  | 9092773 |
|  | **REAL ESTATE — 2.1%** |  |
| 48000 | Zillow Group, Inc. Class C<sup>(a)</sup> | 1546080 |

---

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

------

**Zevenbergen Growth Fund**

Schedule of Investments (Continued)

As of December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Number of<br> Shares** |  | **Value** |
| | **TECHNOLOGY — 33.8%** | |
| 14000 | Advanced Micro Devices, Inc. <sup>(a)</sup> | 906780 |
| 1400 | ASML Holding N.V. **—** ADR | 764960 |
| 15100 | Cloudflare, Inc. <sup>(a)</sup> | 682671 |
| 10250 | CrowdStrike Holdings, Inc. <sup>(a)</sup> | 1079222 |
| 90650 | DoubleVerify Holdings, Inc. <sup>(a)</sup> | 1990674 |
| 55965 | Global-E Online Ltd. **—** ADR <sup>(a)</sup> | 1155118 |
| 5275 | MongoDB, Inc. <sup>(a)</sup> | 1038331 |
| 21000 | NVIDIA Corporation | 3068940 |
| 6450 | Palo Alto Networks, Inc. <sup>(a)</sup> | 900033 |
| 5650 | ServiceNow, Inc. <sup>(a)</sup> | 2193725 |
| 119100 | Shopify Inc. **—** ADR <sup>(a)</sup> | 4133961 |
| 17760 | Snowflake Inc. <sup>(a)</sup> | 2549270 |
| 46700 | Sprout Social, Inc. <sup>(a)</sup> | 2636682 |
| 20000 | Unity Software Inc. <sup>(a)</sup> | 571800 |
| 17550 | Xometry, Inc. <sup>(a)</sup> | 565637 |
|  |  | 24237804 |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;**(Cost $74,089,737)** | $**71019630** |
|  | **SHORT-TERM INVESTMENTS — 0.8%** |  |
| 602029 | First American U.S. Treasury Money Market Fund, Class Z, 3.98% <sup>(b)</sup> | 602029 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $602,029)** | $**602029** |
|  | **TOTAL INVESTMENTS — 99.8% (Cost $74,691,766)** | **71621659** |
|  | Other Assets in Excess of Liabilities — 0.2% | 111349 |
|  | **TOTAL NET ASSETS — 100.0%** | $**71733008** |
| ADR: | **American Depositary Receipt.** |  |
| (a): | **Non Income Producing.** |  |
| (b): | **Variable rate security. The rate disclosed is the annualized seven-day effective yield as of December 31, 2022.** |  |

---

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

------

**Zevenbergen Growth Fund**

Statement of Assets and Liabilities

December 31, 2022 (Unaudited)

---

| | |
|:---|:---|
| **Assets** | |
| &nbsp;&nbsp;&nbsp;Investments in securities, at value (cost $74,691,766) | $71621659 |
| &nbsp;&nbsp;&nbsp;Dividend and interest receivable | 3042 |
| &nbsp;&nbsp;&nbsp;Receivable for fund shares sold | 466213 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 196011 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 23701 |
| &nbsp;&nbsp;&nbsp;Total Assets | 72310626 |
| **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;Payable for fund shares redeemed | 55574 |
| &nbsp;&nbsp;&nbsp;Payable for securities purchased | 361047 |
| &nbsp;&nbsp;&nbsp;Payable to Adviser | 100129 |
| &nbsp;&nbsp;&nbsp;Shareholder service fees | 8620 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Investor Class | 1582 |
| &nbsp;&nbsp;&nbsp;Accrued other expenses and other liabilities | 50666 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 577618 |
| **Net Assets** | $71733008 |
| **Components of Net Assets** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $90508794 |
| &nbsp;&nbsp;&nbsp;Total distributable losses | (18775786) |
| **Net Assets** | $71733008 |
| **Investor Class:** |  |
| &nbsp;&nbsp;&nbsp;Net assets | $9681489 |
| &nbsp;&nbsp;&nbsp;Shares outstanding (unlimited number of shares authorized, no par value) | 562499 |
| &nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share \* | $17.21 |
| **Institutional Class:** |  |
| &nbsp;&nbsp;&nbsp;Net assets | $62051519 |
| &nbsp;&nbsp;&nbsp;Shares outstanding (unlimited number of shares authorized, no par value) | 3533730 |
| &nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share \* | $17.56 |

---

\* Shares redeemed or exchanged within 90 days of purchase are charged a 1.00% redemption fee (Note 9).

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

------

**Zevenbergen Growth Fund**

Statement of Operations

For the Six Months Ended December 31, 2022 (Unaudited)

---

| | |
|:---|:---|
| **Investment Income** | |
| &nbsp;&nbsp;&nbsp;Dividends and interest income | $18344 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;Advisory fees | 324611 |
| &nbsp;&nbsp;&nbsp;Administration fees (Note 3) | 44849 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 6) | 43636 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees and expenses (Note 3) | 26602 |
| &nbsp;&nbsp;&nbsp;Registration fees | 20779 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Investor Class | 15298 |
| &nbsp;&nbsp;&nbsp;Legal fees | 12523 |
| &nbsp;&nbsp;&nbsp;Audit fees | 8589 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | 6871 |
| &nbsp;&nbsp;&nbsp;Compliance fees (Note 3) | 6467 |
| &nbsp;&nbsp;&nbsp;Custody fees (Note 3) | 5617 |
| &nbsp;&nbsp;&nbsp;Insurance fees | 4007 |
| &nbsp;&nbsp;&nbsp;Miscellaneous expenses | 3343 |
| &nbsp;&nbsp;&nbsp;Shareholder reporting fees | 2428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 525620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses waived by the Adviser (Note 3) | (101498) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Expenses | 424122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Investment Loss** | **(405778)** |
| **Realized and Unrealized Gain (Loss) on Investments** |  |
| &nbsp;&nbsp;&nbsp;Net realized loss on investments | (11345159) |
| &nbsp;&nbsp;&nbsp;Change in unrealized depreciation on investments | 7004145 |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Loss on Investments** | (4341014) |
|  | $**(4746792)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets from Operations** |  |

---

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

------

**Zevenbergen Growth Fund**

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| **Operations** | **For the Six Months**<br> **Ended**<br> **December 31, 2022**<br> **(Unaudited)** | **For the Year**<br> **Ended**<br> **June 30, 2022** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment loss | $(405778) | $(1013819) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized loss on investments | (11345159) | (3552743) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 7004145 | (59482326) |
| **Net Decrease in Net Assets from Operations** | (4746792) | (64048888) |
| **Distributions to shareholders from** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | (593935) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | (1367646) |
| &nbsp;&nbsp;&nbsp;**Total distributions to shareholders** |  | (1961581) |
| **Capital Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 500796 | 4141777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 14015510 | 41838718 |
| &nbsp;&nbsp;&nbsp;Proceeds from shares reinvested |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | 591218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 1349601 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (1611870) | (16000404) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (4574146) | (20214771) |
| &nbsp;&nbsp;&nbsp;Redemption fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 238 | 8402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 1382 | 19151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Increase in Net Assets from Capital Share Transactions** | 8331910 | 11733692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Increase/(Decrease) in Net Assets** | **3585118** | **(54276777)** |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 68147890 | 122424667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $**71733008** | $**68147890** |
| **Capital Shares Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 23781 | 115542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested |  | 15690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (83442) | (455982) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (59661) | (324750) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 676659 | 1739048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested |  | 35219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (226088) | (579804) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 450571 | 1194463 |

---

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

------

**Zevenbergen Growth Fund**

Financial Highlights

Investor Class

**For a Capital Share Outstanding Throughout Each Year Presented:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six**<br> **Months**<br> **Ended**<br> **December 31,**<br> **2022**<br> **(Unaudited)** | **For the Year**<br> **Ended**<br> **June 30, 2022** | **For the Year**<br> **Ended**<br> **June 30, 2021** | **For the Year**<br> **Ended**<br> **June 30, 2020** | **For the Year**<br> **Ended**<br> **June 30, 2019** | **For the Year**<br> **Ended**<br> **June 30, 2018** |
| **Net Asset Value, Beginning of Year** | $18.11 | $42.74 | $29.05 | $19.00 | $16.33 | $12.27 |
| **Gain (Loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss <sup>(1)</sup> | (0.13) | (0.46) | (0.49) | (0.27) | (0.20) | (0.17) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (0.77) | (23.44) | 14.16 | 10.30 | 2.85 | 4.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Gain/(Loss) from Investment Operations** | (0.90) | (23.90) | 13.67 | 10.03 | 2.65 | 4.05 |
| **Less Distributions:** |  | (0.74) | (0.03) |  |  |  |
| **Redemption Fee Proceeds** <sup>(1)</sup> | — \* | 0.01 | 0.05 | 0.02 | 0.02 | 0.01 |
| **Net Asset Value, End of Year** | $17.21 | $18.11 | $42.74 | $29.05 | $19.00 | $16.33 |
| **Total Return** | -4.97 %<sup>(2)</sup> | -56.79% | 47.22% | 52.89% | 16.35% | 33.09% |
| **Supplemental Data and Ratios:** |  |  |  |  |  |  |
| Net assets, end of year (in thousands) | $9681 | $11268 | $40472 | $18492 | $4460 | $1292 |
| Ratio of expenses to average net assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and reimbursed by the Adviser | 1.55 %<sup>(3)</sup> | 1.55% | 1.52% | 2.14% | 2.78% | 3.63% |
| &nbsp;&nbsp;&nbsp;After fees waived and reimbursed by the Adviser | 1.30 %<sup>(3)</sup> | 1.30% | 1.30% | 1.30% | 1.30% | 1.30% |
| Ratio of net investment loss to average net assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and reimbursed by the Adviser | -1.50 %<sup>(3)</sup> | -1.54% | -1.47% | -2.12% | -2.69% | -3.53% |
| &nbsp;&nbsp;&nbsp;After fees waived and reimbursed by the Adviser | -1.25 %<sup>(3)</sup> | -1.29% | -1.25% | -1.28% | -1.21% | -1.20% |
| Portfolio turnover rate <sup>(4)</sup> | 8.75 %<sup>(2)</sup> | 55.60% | 43.12% | 38.74% | 28.68% | -38.12% |

---

\* Less than $0.01 per share

<sup>(1)</sup> Per share amounts have been calculated using the average shares method

<sup>(2)</sup> Not annualized

<sup>(3)</sup> Annualized

<sup>(4)</sup> Portfolio turnover rate is calculated for the Fund without distinguishing between classes.

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

------

**Zevenbergen Growth Fund**

Financial Highlights

Institutional Class

**For a Capital Share Outstanding Throughout Each Period Presented:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six**<br> **Months**<br> **Ended**<br> **December 31,**<br> **2022**<br> **(Unaudited)** | **For the Year**<br> **Ended**<br> **June 30, 2022** | **For the Year**<br> **Ended**<br> **June 30, 2021** | **For the Year**<br> **Ended**<br> **June 30, 2020** | **For the Year**<br> **Ended**<br> **June 30, 2019** | **For the Year**<br> **Ended**<br> **June 30, 2018** |
| **Net Asset Value, Beginning of Period** | $18.45 | $43.39 | $29.40 | $19.18 | $16.45 | $12.33 |
| **Gain (Loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss <sup>(1)</sup> | (0.10) | (0.34) | (0.37) | (0.20) | (0.15) | (0.13) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (0.79) | (23.87) | 14.34 | 10.40 | 2.87 | 4.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Gain/(Loss) from Investment Operations** | (0.89) | (24.21) | 13.97 | 10.20 | 2.72 | 4.11 |
| **Less Distributions:** |  | (0.74) | (0.03) |  |  |  |
| **Redemption Fee Proceeds** <sup>(1)</sup> | — \* | 0.01 | 0.05 | 0.02 | 0.01 | 0.01 |
| **Net Asset Value, End of Period** | $17.56 | $18.45 | $43.39 | $29.40 | $19.18 | $16.45 |
| **Total Return** | -4.82 %<sup>(2)</sup> | -56.66% | 47.68% | 53.28% | 16.60% | 33.41% |
| **Supplemental Data and Ratios:** |  |  |  |  |  |  |
| Net assets, end of year (in thousands) | $62052 | $56880 | $81953 | $37302 | $14686 | $10970 |
| Ratio of expenses to average net assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and reimbursed by the Adviser | 1.25 %<sup>(3)</sup> | 1.25% | 1.22% | 1.90% | 2.52% | 3.55% |
| &nbsp;&nbsp;&nbsp;After fees waived and reimbursed by the Adviser | 1.00 %<sup>(3)</sup> | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| Ratio of net investment loss to average net assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and reimbursed by the Adviser | -1.20 %<sup>(3)</sup> | -1.24% | -1.17% | -1.88% | -2.43% | -3.45% |
| &nbsp;&nbsp;&nbsp;After fees waived and reimbursed by the Adviser | -0.95 %<sup>(3)</sup> | -0.99% | -0.95% | -0.98% | -0.91% | -0.90% |
| Portfolio turnover rate <sup>(4)</sup> | 8.75 %<sup>(2)</sup> | 55.60% | 43.12% | 38.74% | 28.68% | 31.12% |

---

\* Less than $0.01 per share

<sup>(1)</sup> Per share amounts have been calculated using the average shares method

<sup>(2)</sup> Not annualized

<sup>(3)</sup> Annualized

<sup>(4)</sup> Portfolio turnover rate is calculated for the Fund without distinguishing between classes.

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

------

**Zevenbergen Genea Fund**

Allocation of Portfolio Holdings

*(Calculated as a percentage of Total Investments)*

December 31, 2022 (Unaudited)

![](zevenbergenncsrs003.jpg)

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

------

**Zevenbergen Genea Fund**

Schedule of Investments

As of December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Number of**<br>**Shares** |  |<br>**Value** |
|  | **COMMON STOCKS ― 99.8%** |  |
|  | **CONSUMER DISCRETIONARY ― 41.6%** |  |
| 18000 | Airbnb, Inc. <sup>(a)</sup> | $1539000 |
| 41200 | Amazon.com, Inc. <sup>(a)</sup> | 3460800 |
| 5050 | MercadoLibre, Inc. <sup>(a)</sup> | 4273512 |
| 5950 | Netflix, Inc. <sup>(a)</sup> | 1754536 |
| 21100 | Rivian Automotive, Inc. <sup>(a)</sup> | 388873 |
| 36300 | Tesla, Inc. <sup>(a)</sup> | 4471434 |
| 94000 | The Trade Desk, Inc. <sup>(a)</sup> | 4214020 |
| 92200 | Uber Technologies, Inc. <sup>(a)</sup> | 2280106 |
|  |  | 22382281 |
|  | **ENERGY ― 2.0%** |  |
| 4100 | First Solar, Inc. <sup>(a)</sup> | 614139 |
| 18800 | Shoals Technologies Group, Inc. <sup>(a)</sup> | 463796 |
|  |  | 1077935 |
|  | **INDUSTRIALS ― 13.7%** |  |
| 48100 | Aspen Aerogels, Inc. <sup>(a)</sup> | 567099 |
| 15500 | Axon Enterprise, Inc. <sup>(a)</sup> | 2571915 |
| 23000 | Bill.com Holdings, Inc. <sup>(a)</sup> | 2506080 |
| 20600 | Block, Inc. <sup>(a)</sup> | 1294504 |
| 73335 | Marqeta, Inc. <sup>(a)</sup> | 448077 |
|  |  | 7387675 |
|  | **REAL ESTATE ― 3.9%** |  |
| 64600 | Zillow Group, Inc. Class C <sup>(a)</sup> | 2080766 |
|  | **TECHNOLOGY ― 38.6%** |  |
| 1000 | ASML Holding N.V. **―** ADR | 546400 |
| 53000 | Bumble Inc. <sup>(a)</sup> | 1115650 |
| 6700 | CrowdStrike Holdings, Inc. <sup>(a)</sup> | 705443 |
| 23000 | Datadog, Inc. <sup>(a)</sup> | 1690500 |
| 16932 | DoubleVerify Holdings, Inc. <sup>(a)</sup> | 371826 |
| 9300 | GitLab Inc. <sup>(a)</sup> | 422592 |
| 55000 | Global-E Online Ltd. **―** ADR <sup>(a)</sup> | 1135200 |
| 12000 | MongoDB, Inc. <sup>(a)</sup> | 2362080 |
| 21100 | NVIDIA Corporation | 3083554 |
| 93990 | Shopify Inc. **―** ADR <sup>(a)</sup> | 3262393 |
| 18700 | Snowflake Inc. <sup>(a)</sup> | 2684198 |
| 44000 | Sprout Social, Inc. <sup>(a)</sup> | 2484240 |
| 14000 | Unity Software Inc. <sup>(a)</sup> | 400260 |
| 15100 | Xometry, Inc. <sup>(a)</sup> | 486673 |
|  |  | 20751009 |

---

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

------

**Zevenbergen Genea Fund**

Schedule of Investments (Continued)

As of December 31, 2022 (Unaudited)

---

| | |
|:---|:---|
|  | **Value** |
| **TOTAL COMMON STOCKS** |  |
| &nbsp;&nbsp;&nbsp;**(Cost $53,930,217)** | $**53679666** |
| **TOTAL INVESTMENTS ― 99.8% (Cost $53,930,217)** | **53679666** |
| Other Assets in Excess of Liabilities ― 0.2% | 106720 |
| **TOTAL NET ASSETS ― 100.0%** | $**53786386** |

---

ADR: American Depositary Receipt.

(a): Non Income Producing.

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

------

**Zevenbergen Genea Fund**

Statement of Assets and Liabilities

December 31, 2022 (Unaudited)

---

| | |
|:---|:---|
| **Assets** | |
| &nbsp;&nbsp;&nbsp;Investments in securities, at value (cost $53,930,217) | $53679666 |
| &nbsp;&nbsp;&nbsp;Receivable for fund shares sold | 14151 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 1045171 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 201 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 20243 |
| &nbsp;&nbsp;&nbsp;Total Assets | 54759432 |
| **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;Payable to custodian | 500040 |
| &nbsp;&nbsp;&nbsp;Payable for fund shares redeemed | 332043 |
| &nbsp;&nbsp;&nbsp;Payable to Adviser | 59412 |
| &nbsp;&nbsp;&nbsp;Shareholder service fees | 5525 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Investor class | 6423 |
| &nbsp;&nbsp;&nbsp;Accrued other expenses and other liabilities | 69603 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 973046 |
| **Net Assets** | $53786386 |
| **Components of Net Assets** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $95895953 |
| &nbsp;&nbsp;&nbsp;Total accumulated losses | (42109567) |
| **Net Assets** | $53786386 |
| **Investor Class:** |  |
| &nbsp;&nbsp;&nbsp;Net assets | $25949696 |
| &nbsp;&nbsp;&nbsp;Shares outstanding (unlimited number of shares authorized, no par value) | 1214444 |
| &nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share \* | $21.37 |
| **Institutional Class:** |  |
| &nbsp;&nbsp;&nbsp;Net assets | $27836690 |
| &nbsp;&nbsp;&nbsp;Shares outstanding (unlimited number of shares authorized, no par value) | 1277824 |
| &nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share \* | $21.78 |

---

\* Shares redeemed or exchanged within 90 days of purchase are charged a 1.00% redemption fee (Note 9).

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

------

**Zevenbergen Genea Fund**

Statement of Operations

For the Six Months Ended December 31, 2022 (Unaudited)

---

| | |
|:---|:---|
| **Investment Income** | |
| &nbsp;&nbsp;&nbsp;Dividends and interest income | $4315 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;Advisory fees | 296617 |
| &nbsp;&nbsp;&nbsp;Administration fees (Note 3) | 55901 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 6) | 45746 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Investor Class | 43345 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees and expenses (Note 3) | 29703 |
| &nbsp;&nbsp;&nbsp;Registration fees | 21488 |
| &nbsp;&nbsp;&nbsp;Legal fees | 13196 |
| &nbsp;&nbsp;&nbsp;Audit fees | 8589 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | 6871 |
| &nbsp;&nbsp;&nbsp;Compliance fees (Note 3) | 6467 |
| &nbsp;&nbsp;&nbsp;Custody fees (Note 3) | 5368 |
| &nbsp;&nbsp;&nbsp;Insurance fees | 3774 |
| &nbsp;&nbsp;&nbsp;Shareholder reporting fees | 3728 |
| &nbsp;&nbsp;&nbsp;Miscellaneous expenses | 3630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 544423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses waived by the Adviser (Note 3) | (121637) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Expenses | 422786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Investment Loss** | **(418471)** |
| **Realized and Unrealized Loss on Investments** |  |
| &nbsp;&nbsp;&nbsp;Net realized loss on investments | (21713714) |
| &nbsp;&nbsp;&nbsp;Change in unrealized depreciation on investments | 17631038 |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Loss on Investments** | (4082676) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets from Operations** | $**(4501147)** |

---

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

------

**Zevenbergen Genea Fund**

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| **Operations** | **For the Six Months<br> Ended<br> December 31, 2022<br> (Unaudited)** | **For the Year<br> Ended<br> June 30, 2022** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment loss | $(418471) | $(1896389) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized loss on investments | (21713714) | (15654021) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 17631038 | (91951523) |
| **Net Decrease in Net Assets from Operations** | (4501147) | (109501933) |
| **Capital Transactions** |  |  |
| Proceeds from shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 1171826 | 11385801 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 2165730 | 29654439 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (5554008) | (46468920) |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (10209499) | (42308099) |
| Redemption fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 2063 | 24844 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 2375 | 25284 |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets from Capital Share Transactions** | (12421513) | (47686651) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Decrease in Net Assets** | **(16922660)** | **(157188584)** |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 70709046 | 227897630 |
| &nbsp;&nbsp;&nbsp;End of period | $**53786386** | $**70709046** |
| **Capital Shares Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 44225 | 232676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (223231) | (979558) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (179006) | (746882) |
| &nbsp;&nbsp;&nbsp;Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 80925 | 635432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (409827) | (901184) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (328902) | (265752) |

---

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

------

**Zevenbergen Genea Fund**

Financial Highlights

Investor Class

**For a Capital Share Outstanding Throughout Each Period Presented:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months**<br> **Ended**<br> **December 31, 2022**<br> **(Unaudited)** | **For the Year**<br> **Ended**<br> **June 30, 2022** | **For the Year**<br> **Ended**<br> **June 30, 2021** | **For the Year**<br> **Ended**<br> **June 30, 2020** | **For the Year**<br> **Ended**<br> **June 30, 2019** | **For the Year**<br> **Ended**<br> **June 30, 2018** |
| **Net Asset Value, Beginning of Period** | $23.34 | $56.40 | $33.34 | $23.12 | $20.77 | $14.20 |
| **Gain (Loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss <sup>(1)</sup> | (0.17) | (0.61) | (0.69) | (0.32) | (0.29) | (0.23) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (1.80) | (32.46) | 23.65 | 10.53 | 2.68 | 6.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Gain/(Loss) from Investment Operations** | (1.97) | (33.07) | 22.96 | 10.21 | 2.39 | 6.56 |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net realized gain on investments |  |  |  |  | (0.06) |  |
| **Redemption Fee Proceeds**<sup>(1)</sup>** | — \* | 0.01 | 0.10 | 0.01 | 0.02 | 0.01 |
| **Net Asset Value, End of Period** | $21.37 | $23.34 | $56.40 | $33.34 | $23.12 | $20.77 |
| **Total Return** | -8.48 %<sup>(2)</sup> | -58.62% | 69.17% | 44.20% | 11.72% | 46.27% |
| **Supplemental Data and Ratios:** |  |  |  |  |  |  |
| Net assets, end of year (in thousands) | $25950 | $32528 | $120716 | $32763 | $28986 | $12633 |
| Ratio of expenses to average net assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and reimbursed by the Adviser | 1.63 %<sup>(3)</sup> | 1.49% | 1.48% | 1.98% | 2.09% | 3.35% |
| &nbsp;&nbsp;&nbsp;After fees waived and reimbursed by the Adviser | 1.30 %<sup>(3)</sup> | 1.30% | 1.37% | 1.40% | 1.40% | 1.40% |
| Ratio of net investment loss to average net assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and reimbursed by the Adviser | -1.62 %<sup>(3)</sup> | -1.49% | -1.47% | -1.96% | -2.04% | -3.27% |
| &nbsp;&nbsp;&nbsp;After fees waived and reimbursed by the Adviser | -1.29 %<sup>(3)</sup> | -1.30% | -1.36% | -1.38% | -1.35% | -1.32% |
| Portfolio turnover rate <sup>(4)</sup> | 8.72 %<sup>(2)</sup> | 17.80% | 32.40% | 61.63% | 35.25% | 22.35% |

---

\* Less than $0.01 per share

<sup>(1)</sup> Per share amounts have been calculated using the average shares method

<br> <sup>(2)</sup> Not annualized

<br> <sup>(3)</sup> Annualized

<br> <sup>(4)</sup> Portfolio turnover rate is calculated for the Fund without distinguishing between classes.

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

------

**Zevenbergen Genea Fund**

Financial Highlights

Institutional Class

**For a Capital Share Outstanding Throughout Each Period Presented:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months<br> Ended<br> December 31, 2022<br> (Unaudited)** | **For the Year<br> Ended<br> June 30, 2022** | **For the Year<br> Ended<br> June 30, 2021** | **For the Year<br> Ended<br> June 30, 2020** | **For the Year<br> Ended<br> June 30, 2019** | **For the Year<br> Ended<br> June 30, 2018** |
| **Net Asset Value, Beginning of Period** | $23.76 | $57.24 | $33.74 | $23.33 | $20.93 | $14.30 |
| **Gain (Loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss <sup>(1)</sup> | (0.13) | (0.47) | (0.54) | (0.25) | (0.22) | (0.18) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | (1.85) | (33.02) | 23.94 | 10.65 | 2.66 | 6.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Gain/(Loss) from Investment Operations** | (1.98) | (33.49) | 23.40 | 10.40 | 2.44 | 6.62 |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net realized gain on investments |  |  |  |  | (0.06) |  |
| **Redemption Fee Proceeds <sup>(1)</sup>** | — \* | 0.01 | 0.10 | 0.01 | 0.02 | 0.01 |
| **Net Asset Value, End of Period** | $21.78 | $23.76 | $57.24 | $33.74 | $23.33 | $20.93 |
| **Total Return** | -8.33 %<sup>(2)</sup> | -58.49% | 69.65% | 44.62% | 11.87% | 46.36% |
| **Supplemental Data and Ratios:** |  |  |  |  |  |  |
| Net assets, end of year (in thousands) | $27837 | $38181 | $107182 | $25179 | $16312 | $9073 |
| Ratio of expenses to average net assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and reimbursed by the Adviser | 1.33 %<sup>(3)</sup> | 1.20% | 1.18% | 1.70% | 1.80% | 3.21% |
| &nbsp;&nbsp;&nbsp;After fees waived and reimbursed by the Adviser | 1.00 %<sup>(3)</sup> | 1.00% | 1.07% | 1.10% | 1.10% | 1.10% |
| Ratio of net investment loss to average net assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and reimbursed by the Adviser | -1.32 %<sup>(3)</sup> | -1.20% | -1.17% | -1.68% | -1.75% | -3.14% |
| &nbsp;&nbsp;&nbsp;After fees waived and reimbursed by the Adviser | -0.99 %<sup>(3)</sup> | -1.00% | -1.06% | -1.08% | -1.05% | -1.03% |
| Portfolio turnover rate <sup>(4)</sup> | 8.72 %<sup>(2)</sup> | 17.80% | 32.40% | 61.63% | 35.25% | 22.35% |

---

&nbsp;&nbsp;&nbsp;&nbsp;<br>

\* Less than $0.01 per share

<sup>(1)</sup> Per share amounts have been calculated using the average shares method

<br> <sup>(2)</sup> Not annualized

<br> <sup>(3)</sup> Annualized

<br> <sup>(4)</sup> Portfolio turnover rate is calculated for the Fund without distinguishing between classes.

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

------

**Zevenbergen Funds**

Notes to the Financial Statements

December 31, 2022 (Unaudited)

**NOTE 1 – ORGANIZATION**

Zevenbergen Growth Fund (the "Growth Fund") and Zevenbergen Genea Fund (the "Genea Fund"; each a "Fund" collectively the "Funds") are non-diversified series of Trust for Advised Portfolios (the "Trust"). The Trust, a Delaware Statutory Trust, is registered under the Investment Company Act of 1940, as amended (the "1940 Act") as an open-end management investment company. Zevenbergen Capital Investments LLC (the "Adviser") serves as the investment manager to the Funds. The inception date of the Funds was August 31, 2015. The Funds' investment objective is long-term capital appreciation.

Growth Fund and Genea Fund, each, currently offer two classes of shares, Institutional Class and Investor Class. Each share class represents an equal interest in the Fund, except the difference of class specific expenses, which reflects the difference in the range of services provided to each class. Income, expenses (other than class specific), and realized and unrealized gains and losses on investments are allocated daily to each class based on relative net assets.

**NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES**

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

*A. Securities Valuation*

The Funds follow a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs) and the Funds' own market assumptions (unobservable inputs). The inputs or methodology used in determining the value of each Fund's investments are not necessarily an indication of the risk associated with investing in those securities.

Various inputs are used in determining the value of the Funds' investments. These inputs are summarized into three broad categories as defined below:

---

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

---

---

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

---

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

Equity securities that are traded on a national securities exchange are stated at the last reported sales price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy. When reliable market quotations are not readily available or a pricing service does not provide a valuation (or provides a valuation that in the judgment of the Adviser does not represent the security's fair value) or when, in the judgment of the Adviser, events have rendered the market value unreliable, a security is fair valued in good faith by the Adviser under procedures approved by the Board.

------

**Zevenbergen Funds**

Notes to the Financial Statements (Continued)

December 31, 2022 (Unaudited)

**NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES (Continued)**

Short-term investments classified as money market instruments are valued at net asset value ("NAV"). These investments are categorized as Level 1 of the fair value hierarchy.

The inputs or methodology 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 fair values of the Funds' investments in each category investment type as of December 31, 2022:

**Growth Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | $71019630 | $**—** | $**—** | $71019630 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 602029 | **—** |  | 602029 |
| **Total Investments** | $71621659 | $**—** | $**—** | $71621659 |

---

**Genea Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | $53679666 | $**—** | $**—** | $53679666 |
| **Total Investments** | $53679666 | $**—** | $**—** | $53679666 |

---

Please refer to the Schedule of Investments for further classification.

*B. Concentration and Sector Risks*

To the extent the investment strategy invests more heavily in particular industries, groups of industries, or sectors of the economy, its performance will be especially sensitive to developments that significantly affect those industries, groups of industries, or sectors of the economy. As of December 31, 2022, over 25% of each Funds' assets were invested in securities of both the consumer discretionary and technology sectors. Some relevant risks related to the sectors are described below:

Consumer Discretionary. Changes in the domestic and international economies, interest rates, competition, consumer confidence, disposable household income, and consumer spending may affect companies in this sector.

Technology. Changes in domestic and international competition, economic cycles, financial resources, personnel availability, rapid innovation and intellectual property issues may affect companies in this sector.

*C. Security Transactions, Investment Income and Distributions*

The Funds record security transactions based on trade date. Realized gains and losses on sales of securities are calculated by comparing the original cost of the specifically identified security lot sold with the net sales proceeds. Dividend income is recognized on the ex-dividend date, and interest income is recognized on an accrual basis. Withholding taxes on foreign dividends have been provided for in accordance with the Trust's understanding of the applicable country's tax rules and rates.

------

**Zevenbergen Funds**

Notes to the Financial Statements (Continued)

December 31, 2022 (Unaudited)

**NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES (Continued)**

*D. Federal Income Taxes*

The Funds have elected to be taxed as Regulated Investment Companies ("RIC") under the U.S. Internal Revenue Code of 1986, as amended, and intend to maintain this qualification and to distribute substantially all of their net taxable income to their shareholders. Therefore, no provision is made for federal income taxes. Due to the timing of dividend distributions (if any) and the differences in accounting for income and realized gains and losses for financial statement and federal income tax purposes, the fiscal year in which amounts are distributed may differ from the year in which the income and realized gains and losses are recorded by the Funds.

Management of the Funds is required to analyze all open tax years, as defined by IRS statute of limitations for all major jurisdictions, including federal tax authorities and certain state tax authorities. As of and during the six months ended December 31, 2022, the Funds did not have a liability for any unrecognized tax benefits. Generally, tax authorities can examine tax returns filed for the preceding three years. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

**NOTE 3 – INVESTMENT MANAGEMENT AGREEMENT AND OTHER RELATED PARTY TRANSACTIONS**

The Trust entered into an agreement for the Adviser to furnish investment advisory services to the Funds. Under the terms of this agreement, Growth Fund and Genea Fund will pay the Adviser a monthly fee based on each Fund's average daily net assets at the annual rate of 0.80%.

The Adviser has contractually agreed to waive its management fee and/or reimburse each Fund's operating expenses (excluding shareholder servicing fees, any front-end or contingent deferred loads, taxes, leverage interest, brokerage commissions, acquired fund fees and expenses, merger or reorganization-related expenses, portfolio transaction expenses, interest expense and dividends paid on short sales, and extraordinary expenses) to ensure they do not exceed, on an annual basis, the expense limitations, expressed as a percentage rate of the average daily net assets of each Fund, listed below. Waivers or reimbursements are calculated daily and settled monthly or quarterly in conjunction with each Fund's payment of advisory fees.

---

| | | |
|:---|:---|:---|
| **Fund** | **Investor Class** | **Institutional Class** |
| **Growth Fund** | 1.15% | 0.90% |
| **Genea Fund** | 1.15% | 0.90% |

---

See Note 6 – Shareholder Servicing Plan for shareholder servicing fees charged in addition to fees outlined in this table.

The Adviser is permitted to recapture amounts waived and/or reimbursed to a class within three years if the class's total annual operating expenses have fallen to a level below the expense limitation ("expense cap") in effect at the time the fees were earned or the expenses incurred. However, in no case will the Adviser recapture any amount that would result, on any particular business day of the Funds, in the class's total annual operating expenses exceeding the expense cap or any other lower limit then in effect.

------

**Zevenbergen Funds**

Notes to the Financial Statements (Continued)

December 31, 2022 (Unaudited)

**NOTE 3 – INVESTMENT MANAGEMENT AGREEMENT AND OTHER RELATED PARTY TRANSACTIONS (CONTINUED)**

At December 31, 2022, the expenses reimbursed to the Funds and contractual fees waived by the Adviser and subject to potential recapture by period were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fiscal Year** <br> **waived/reimbursed** | **Growth Fund** | **Genea Fund** | **Expiration** |
| FYE June 30, 2020 | 115520 | 125408 | June 30, 2023 |
| FYE June 30, 2021 | 222372 | 178337 | June 30, 2024 |
| FYE June 30, 2022 | 231846 | 324918 | June 30, 2025 |
| FYE June 30, 2023 | 101498 | 121637 | December 31, 2025 |
|  | $671236 | $750300 |  |

---

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services"), serves as the Funds' administrator, fund accountant, transfer agent, and provides compliance services to the Funds. The officers of the Trust are employees of Fund Services. U.S. Bank serves as the Funds' custodian and provides compliance services to the Funds. For the six months ended December 31, 2022, the Funds incurred the following expenses for administration and fund accounting, custody, transfer agent and compliance fees:

---

| | | |
|:---|:---|:---|
| | **Growth Fund** | **Genea Fund** |
| Administration | $44849 | $55901 |
| Custody | 5617 | 5368 |
| Transfer Agency | 26602 | 29703 |
| Compliance Fees | 6467 | 6467 |

---

At December 31, 2022, the Funds had payables due to Fund Services and its affiliates for administration and fund accounting, custody, transfer agent and compliance fees in the following amounts:

---

| | | |
|:---|:---|:---|
| | **Growth Fund** | **Genea Fund** |
| Administration | $17142 | $32026 |
| Custody | 1593 | 1782 |
| Transfer Agency | 11150 | 12365 |
| Compliance Fees | 3260 | 3260 |

---

The above payable amounts are included in the Accrued other expenses and other liabilities line item in the Statement of Assets and Liabilities.

The Independent Trustees were paid $7,656 for their services to the Funds during the six months ended December 31, 2022. No compensation is paid directly by the Funds to the Interested Trustee or officers of the Trust.

------

**Zevenbergen Funds** 

Notes to the Financial Statements (Continued)

December 31, 2022 (Unaudited)

**NOTE 4 – INVESTMENT TRANSACTIONS**

Purchases and sales of investment securities (excluding short-term investments) for each Fund for the six months ended December 31, 2022, were as follows:

---

| | |
|:---|:---|
| **<u>Growth Fund</u>** | |
| Purchases | $16417207 |
| Sales | $6731428 |
| **<u>Genea Fund</u>** |  |
| Purchases | $6163545 |
| Sales | $18668731 |

---

**NOTE 5 – FEDERAL INCOME TAX INFORMATION**

At June 30, 2022, the components of distributable earnings for income tax purposes were as follows:

---

| | | |
|:---|:---|:---|
|  | **Growth**<br> **Fund** | **Genea**<br> **Fund** |
| Cost of investments | $80182478 | $88961366 |
| Gross unrealized appreciation | 13856586 | 20973045 |
| Gross unrealized depreciation | (24687233) | (39142443) |
| Net unrealized depreciation on investments | (10830647) | (18169398) |
| Undistributed ordinary income | **—** | **—** |
| Undistributed long-term capital gains |  |  |
| Accumulated earnings |  |  |
| Capital loss carryforwards | (2817069) | (18789327) |
| Other book/tax temporary differences | (381278) | (649695) |
| Total accumulated losses | $(14028994) | $(37608420) |

---

The difference between book basis and tax basis unrealized appreciation/(depreciation) is attributable in part to the tax deferral of losses on wash sales.

GAAP requires that certain components of net assets be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year ended June 30, 2022, permanent differences, due to net operating losses, in book and tax accounting have been reclassified to capital and distributable earnings as follows:

---

| | | |
|:---|:---|:---|
| | **Distributable Earnings** | **Paid In Capital** |
| **Growth Fund** | $1279203 | $(1279203) |
| **Genea Fund** | $2430003 | $(2430003) |

---

------

**Zevenbergen Funds**

Notes to the Financial Statements (Continued)

December 31, 2022 (Unaudited)

**NOTE 5 – FEDERAL INCOME TAX INFORMATION (CONTINUED)**

The following table summarizes the characteristics of distributions paid during the year ended June 30, 2022:

---

| | | | |
|:---|:---|:---|:---|
| | **Short-Term<br> Capital Gains** | **Long-Term<br> Capital Gains** | **Total<br> Distributions Paid** |
| **Growth Fund** | $– $| 1961581 | $1961581 |
| **Genea Fund** | $– $|  | $— |

---

The following table summarizes the characteristics of distributions paid during the year ended June 30, 2021:

---

| | | | |
|:---|:---|:---|:---|
| | **Short-Term<br> Capital Gains** | **Long-Term<br> Capital Gains** | **Total<br> Distributions Paid** |
| **Growth Fund** | $– $| 73416 | $73416 |
| **Genea Fund** | $– $|  | $— |

---

The Funds are required, in order to meet certain excise tax requirements, to measure and distribute annually, net capital gains realized during the twelve month period ending October 31. In connection with this requirement, the Funds are permitted, for tax purposes, to defer into their next fiscal year any net capital losses incurred from November 1 through the end of the fiscal year. Late year losses incurred after December 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. At June 30, 2022, the Funds deferred the following losses on a tax basis:

---

| | | |
|:---|:---|:---|
| | **Late Year Loss** | **Post October Loss** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Growth Fund** | $381278 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Genea Fund** | $649695 | $— |

---

At June 30, 2022, the Funds had capital loss carryforwards, which reduce the Funds' taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code, and thus will reduce the amount of distributions to shareholders which would otherwise be necessary to relieve the Funds of any liability for federal tax. Pursuant to the Internal Revenue Code, the character of such capital loss carryforwards is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Capital Loss Carryforwards Not Subject to Expiration** | **Capital Loss Carryforwards Not Subject to Expiration** | **Capital Loss Carryforwards Not Subject to Expiration** | **Capital Loss Carryforwards Not Subject to Expiration** |
| | **Short-Term** | **Long-Term** | **Total** |
| **Growth Fund** | $2817069 | $— | $2817069 |
| **Genea Fund** | $16117379 | $2671948 | $18789327 |

---

------

**Zevenbergen Funds**

Notes to the Financial Statements (Continued)

December 31, 2022 (Unaudited)

**NOTE 6 – SHAREHOLDER SERVICING PLAN**

The Trust, on behalf of the Funds, has adopted a Shareholder Servicing Plan to pay a fee at an annual rate on average daily net assets as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Investor Class** | **Institutional Class** |
| **Growth Fund** | 0.15% | 0.10% |
| **Genea Fund** | 0.15% | 0.10% |

---

The Shareholder Servicing Plan authorizes payment of a shareholder servicing fee to the financial intermediaries and other service providers who provide administrative and support services to Fund shareholders.

For the six months ended December 31, 2022, class specific Shareholder Servicing fees were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Investor Class** | **Institutional Class** |
| **Growth Fund** | $9179 | $34457 |
| **Genea Fund** | 26007 | 19739 |

---

**NOTE 7 – DISTRIBUTION PLAN**

The Trust, on behalf of the Funds, has adopted a Distribution Plan (the "Plan") pursuant to Rule 12b -1 under the 1940 Act that allows each Fund to pay distribution fees for the sale and distribution of its Investor Class shares. The Plan provides for the payment of distribution fees at the annual rate of up to 0.25% of average daily net assets of the Investor Class shares. For the six months ended December 31, 2022, distribution fees incurred are disclosed on the Statement of Operations.

**NOTE 8 – COMMITMENTS AND CONTINGENCIES**

In the normal course of business, each Fund enters into contracts that provide general indemnifications by each Fund to the counterparty to the contract. Each Fund's maximum exposure under these arrangements is dependent on future claims that may be made against each Fund and, therefore, cannot be estimated; however, based on experience, the risk of loss from such claims is considered remote.

**NOTE 9 – REDEMPTION FEES**

Each Fund charges a 1.00% redemption fee on the redemption of Investor Class and Institutional Class shares held for 90 days or less. This fee (which is paid into the Fund) is imposed in order to help offset the transaction costs and administrative expenses associated with the activities of short-term "market timers" that engage in the frequent purchase and sale of Fund shares. The fee is accounted for as an addition to paid-in capital. Each Fund reserves the right to modify the terms of or terminate the fee at any time. There are limited exceptions to the imposition of the redemption fee. Please refer to Statements of Changes in Net Assets for fees recognized.

**NOTE 10 – SUBSEQUENT EVENTS**

In preparing these financial statements, the Funds have evaluated events and transactions for potential recognition or disclosure through the date the financial statements were available to be issued. The Funds have determined that there were no subsequent events that would need to be disclosed in the Funds' financial statements.

------

**Zevenbergen Funds** 

Expense Example

December 31, 2022 (Unaudited)

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including redemption fees; and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the six month period and held for the entire six month period from July 1, 2022 to December 31, 2022 (the "six month period").

**Actual Expenses**

The "Actual Fund Return" lines in the table below provide information about actual account values and actual expenses. You may use the information in these lines, together with the amount you invested, to estimate the expenses you paid over the six month period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 equals 8.6), then multiply the result by the number in the corresponding line under the heading entitled "Expenses Paid During the Six Month Period" to estimate the expenses you paid on your account during the six month period.

**Hypothetical Example for Comparison Purposes**

The information in the table with the lines titled "Hypothetical 5% Return" provides information about hypothetical account values and hypothetical expenses based on the Funds' actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds' actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the six month period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as redemption fees. Therefore, the information in the lines titled "Hypothetical 5% Return" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if transactional costs were included, your costs would have been higher.

**Expenses Paid During the Six Month Period**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Beginning <br> Account Value  | Ending <br> Account Value  | Annualized <br> Expense Ratio  | Expenses Paid <br> During the Six <br> Month Period <sup>(1)</sup>  |
| **Growth Fund** |  |  |  |  |
| Investor Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual Fund Return | $1000.00 | $950.30 | 1.30% | $6.39 |
| &nbsp;&nbsp;&nbsp;Hypothetical 5% Return | $1000.00 | $1018.65 | 1.30% | $6.61 |
| Institutional Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual Fund Return | $1000.00 | $951.80 | 1.00% | $4.92 |
| &nbsp;&nbsp;&nbsp;Hypothetical 5% Return | $1000.00 | $1020.16 | 1.00% | $5.09 |
| **Genea Fund** |  |  |  |  |
| Investor Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual Fund Return | $1000.00 | $915.20 | 1.30% | $6.28 |
| &nbsp;&nbsp;&nbsp;Hypothetical 5% Return | $1000.00 | $1018.65 | 1.30% | $6.61 |
| Institutional Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Actual Fund Return | $1000.00 | $916.70 | 1.00% | $4.83 |
| &nbsp;&nbsp;&nbsp;Hypothetical 5% Return | $1000.00 | $1020.16 | 1.00% | $5.09 |

---

<br> <sup>(1)</sup> Expenses are equal to each of the Funds' annualized expense ratio as indicated, multiplied by the average account value over the six month period, multiplied by 184/365 (to reflect the "six month period")

------

**Zevenbergen Funds** 

Additional Information

December 31, 2022 (Unaudited)

**Quarterly Portfolio Schedule**

The Funds file a complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (the "SEC") for the first and third quarters of each fiscal year on Part F of Form N-PORT. The Funds' Form Part F of Form N -PORT is available on the SEC's website at www.sec.gov and may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800- SEC-0330.

The Funds also make this schedule of portfolio holdings available on the Funds' website within sixty days of each quarter end noted at www.zci.com/funds/.

**Proxy Voting**

You may obtain a description of the Funds' proxy voting policy and voting records, without charge, upon request by contacting the Funds directly at 1-844-986-2746 or on the EDGAR Database on the SEC's website at www.sec.gov. The Funds file their proxy voting records annually as of June 30, with the SEC on Form N-PX. The Funds' Form N-PX is available without charge by visiting the SEC's website at www.sec.gov and may be reviewed and copied at the SEC's Public Reference Room in Washington D.C. You may obtain information on the operation of the Public Reference Room by calling 1-800-SEC-0330.

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

**Zevenbergen Growth Fund**

At a meeting held on August 25 and 26, 2022, the Board of Trustees (the "Board") of Trust for Advised Portfolios (the "Trust"), including all Trustees who are not "interested persons" of the Trust ("Independent Trustees"), as that term is defined in the Investment Company Act of 1940, considered and approved the continuance of the investment advisory agreement ("Advisory Agreement") with Zevenbergen Capital Investments LLC (the "Adviser"), for the Zevenbergen Growth Fund (the "Fund").

Ahead of the August meeting, the Board received and reviewed substantial information regarding the Fund, the Adviser and the services provided by the Adviser to the Fund under the Advisory Agreement. This information formed the primary (but not exclusive) basis for the Board's determinations. The information prepared specifically for the annual review of the Advisory Agreement supplemented the information provided to the Board and its committees throughout the year. The Board and its committees met regularly during the year and the information provided and topics discussed at such meetings were relevant to the review of the Advisory Agreement. Some of these reports and other data included, among other things, materials that outlined the investment performance of the Fund; compliance, regulatory, and risk management matters; the trading practices of the Adviser; valuation of investments; fund expenses; and overall market and regulatory developments. The Trustees considered the review of the Advisory Agreement to be an ongoing process and employed the accumulated information, knowledge, and experience they had gained during their tenure on the Board governing the Fund and working with the Adviser in their review of the Advisory Agreement. The Independent Trustees were advised by independent legal counsel during the annual review process as well as throughout the year, including meeting in executive sessions with such counsel without representatives from the Adviser present. In connection with their annual review, the Independent Trustees also received a memorandum from independent legal counsel outlining their fiduciary duties and legal standards in reviewing the Advisory Agreement.

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

● In considering the nature, extent and quality of the services provided by the Adviser, the Trustees considered the Adviser's specific responsibilities in all aspects of the day - to-day management of the Fund, as well as the qualifications, experience and responsibilities of the portfolio managers and other key personnel involved in the day-to-day activities of the Fund. The Board also considered the resources and compliance structure of the Adviser, including information regarding its compliance program, chief compliance officer, and compliance record and its disaster recovery/business continuity plan. The Board also considered the existing relationship between the Adviser and the Trust, as well as the Board's knowledge of the Adviser's operations, and noted that during the course of the year it met with representatives of the Adviser to discuss fund performance and investment outlook, as well as various marketing and compliance topics, including the Adviser's risk management process. The Board concluded that the Adviser had sufficient quality and depth of personnel, resources, investment methods and compliance policies and procedures essential to performing its duties under the Advisory Agreement and that, in the Board's view, the nature, overall quality, and extent of the management services provided were and would continue to be satisfactory and reliable.

------

**Zevenbergen Funds** 

Additional Information (Continued)

December 31, 2022 (Unaudited)

● In assessing the quality of the portfolio management delivered by the Adviser, the Board reviewed the performance of the Fund on both an absolute basis and in comparison to its peer group, relevant benchmark index, and a comparable composite of accounts managed by the Adviser. The Board considered that the Fund had underperformed relative to its peer group median/average and its benchmark index for all periods as of June 30, 2022. The Board also considered that the Fund performed in-line with the Adviser's composites for the periods ended June 30, 2022. The Board also considered the secular growth exposure of the Fund's strategy and the long-term performance of the Adviser's separately managed accounts.

● The Trustees also reviewed the cost of the services, and the structure and level of advisory fee payable by the Fund, including a comparison of the fee to fees charged by a peer group of funds. The Board noted that the Adviser had contractually agreed to maintain an annual expense cap for each of the Fund's classes. The Board noted that the Fund's advisory fee was higher than, and the net expense ratio was slightly higher than, its peer group median/average, but within the peer group range. After reviewing the materials that were provided, the Trustees noted that the fee to be received by the Adviser was within the range of advisory fees charged to comparable funds and concluded that such fee was fair and reasonable.

● The Trustees considered whether, based on the asset size of the Fund, economies of scale had been achieved. The Board also considered the Adviser's commitment to maintain its caps on Fund expenses. The Trustees concluded that they will have the opportunity to periodically reexamine whether economies of scale have been achieved.

● The Trustees considered the profitability of the Adviser from managing the Fund. In assessing the Adviser's profitability, the Trustees reviewed the Adviser's financial information that was provided in the materials and took into account both the direct and indirect benefits to the Adviser from managing the Fund. The Trustees concluded that the Adviser's profits from managing the Fund were not excessive and, after a review of the relevant financial information, that the Adviser appeared to have adequate capitalization and/or would maintain adequate profit levels to support the Fund.

**Zevenbergen Genea Fund**

At a meeting held on August 25 and 26, 2022, the Board of Trustees (the "Board") of Trust for Advised Portfolios (the "Trust"), including all Trustees who are not "interested persons" of the Trust ("Independent Trustees"), as that term is defined in the Investment Company Act of 1940, considered and approved the continuance of the investment advisory agreement ("Advisory Agreement") with Zevenbergen Capital Investments LLC (the "Adviser"), for the Zevenbergen Genea Fund (the "Fund").

Ahead of the August meeting, the Board received and reviewed substantial information regarding the Fund, the Adviser and the services provided by the Adviser to the Fund under the Advisory Agreement. This information formed the primary (but not exclusive) basis for the Board's determinations. The information prepared specifically for the annual review of the Advisory Agreement supplemented the information provided to the Board and its committees throughout the year. The Board and its committees met regularly during the year and the information provided and topics discussed at such meetings were relevant to the review of the Advisory Agreement. Some of these reports and other data included, among other things, materials that outlined the investment performance of the Fund; compliance, regulatory, and risk management matters; the trading practices of the Adviser; valuation of investments; fund expenses; and overall market and regulatory developments.

------

**Zevenbergen Funds** 

Additional Information (Continued)

December 31, 2022 (Unaudited)

The Trustees considered the review of the Advisory Agreement to be an ongoing process and employed the accumulated information, knowledge, and experience they had gained during their tenure on the Board governing the Fund and working with the Adviser in their review of the Advisory Agreement. The Independent Trustees were advised by independent legal counsel during the annual review process as well as throughout the year, including meeting in executive sessions with such counsel without representatives from the Adviser present. In connection with their annual review, the Independent Trustees also received a memorandum from independent legal counsel outlining their fiduciary duties and legal standards in reviewing the Advisory Agreement.

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

● In considering the nature, extent and quality of the services provided by the Adviser, the Trustees considered the Adviser's specific responsibilities in all aspects of the day-to-day management of the Fund, as well as the qualifications, experience and responsibilities of the portfolio managers and other key personnel who are involved in the day-to-day activities of the Fund. The Board also considered the Adviser's resources and compliance structure, including information regarding its compliance program, chief compliance officer, and compliance record, and its disaster recovery/business continuity plan. The Board also considered the existing relationship between the Adviser and the Trust, as well as the Board's knowledge of the Adviser's operations, and noted that during the course of the year it met with representatives of the Adviser to discuss fund performance and investment outlook, as well as various marketing and compliance topics, including the Adviser's risk management process. The Board concluded that the Adviser had sufficient quality and depth of personnel, resources, investment methods and compliance policies and procedures essential to performing its duties under the Advisory Agreement and that, in the Board's view, the nature, overall quality, and extent of the management services provided were and would continue to be satisfactory and reliable.

● In assessing the quality of the portfolio management delivered by the Adviser, the Board reviewed the performance of the Fund on both an absolute basis and in comparison to its peer group, relevant benchmark index, and a comparable composite of accounts managed by the Adviser. The Board considered that the Fund had underperformed relative to its peer group average/median, its benchmark index, and the Adviser's composite for all periods except that the Fund slightly outperformed relative to its peer group average for the five-year period as of June 30, 2022. The Board also considered the secular growth exposure of the Fund's strategy and the long-term performance of the Adviser's separately managed accounts.

● The Trustees also reviewed the cost of the services, and the structure and level of advisory fees payable by the Fund, including a comparison of the fee to fees payable by a peer group of funds. The Board noted that the Adviser had contractually agreed to maintain an annual expense cap for each of the Fund's classes. The Board noted that the Fund's advisory fee was higher than, and the net expense ratio was slightly higher than, its peer group median/average, but within the peer group range. After reviewing the materials that were provided, the Trustees noted that the fee to be received by the Adviser was within the range of advisory fees charged to comparable funds and concluded that such fee was fair and reasonable.

● The Trustees considered whether, based on the asset size of the Fund, economies of scale had been achieved. The Board also considered the Adviser's commitment to maintain its caps on Fund expenses. The Trustees concluded that they will have the opportunity to periodically reexamine whether economies of scale have been achieved.

● The Trustees considered the profitability of the Adviser from managing the Fund. In assessing the Adviser's profitability, the Trustees reviewed the Adviser's financial information that was provided in the materials and took into account both the direct and indirect benefits to the Adviser from managing the Fund. The Trustees concluded that the Adviser's profits from managing the Fund were not excessive and, after a review of the relevant financial information, that the Adviser appeared to have adequate capitalization and/or would maintain adequate profit levels to support the Fund.

------

**Zevenbergen Funds** 

Additional Information (Continued)

December 31, 2022 (Unaudited)

**Statement Regarding Liquidity Risk Management Program**

Each Fund has adopted a liquidity risk management program. The Funds' Board has designated a Liquidity Risk Committee ("Committee") of the Adviser to serve as the administrator of the program. The Committee conducts the day-to-day operation of the program pursuant to policies and procedures administered by the Committee.

Under the program, the Committee manages each Fund's liquidity risk, which is the risk that a Fund could not meet shareholder redemption requests without significant dilution of remaining shareholders' interests in a Fund. This risk is managed by monitoring the degree of liquidity of each Fund's investments, limiting the amount of each Fund's illiquid investments, and utilizing various risk management tools and facilities available to each Fund for meeting shareholder redemptions, among other means.

The Funds' Board reviewed a report prepared by the Committee regarding the operation and effectiveness of the program for the period January 1, 2022 through December 31, 2022. No liquidity events impacting either of the Funds were noted in the report. In addition, the Committee provided its assessment that the program had been effective in managing each Fund's liquidity risk.

------

**PRIVACY NOTICE**

The Funds collect non-public information about you from the following sources:

<br> ● Information we receive about you on applications or other forms;

<br> ● Information you give us orally; and/or

<br> ● Information about your transactions with us or others.

We do not disclose any non-public personal information about our customers or former customers without the customer's authorization, except as permitted by law or in response to inquiries from governmental authorities. We may share information with affiliated and unaffiliated third parties with whom we have contracts for servicing the Funds. We will provide unaffiliated third parties with only the information necessary to carry out their assigned responsibilities. We maintain physical, electronic and procedural safeguards to guard your non -public personal information and require third parties to treat your personal information with the same high degree of confidentiality.

In the event that you hold shares of the Funds through a financial intermediary, including, but not limited to, a broker-dealer, bank, or trust company, the privacy policy of your financial intermediary would govern how your non-public personal information would be shared by those entities with unaffiliated third parties.

------

**Investment Adviser** 

Zevenbergen Capital Investments LLC

601 Union Street, Suite 4600

Seattle, Washington 98101

**Distributor** 

Quasar Distributors, LLC

111 East Kilbourn Ave. Suite 2200

Milwaukee, Wisconsin 53202

**Custodian** 

U.S. Bank National Association Custody Operations

1555 North River Center Drive, Suite 302

Milwaukee, Wisconsin 53212

**Transfer Agent, Fund Accountant and Fund Administrator** 

U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, Wisconsin 53202

**Independent Registered Public Accounting Firm** 

BBD, LLP

1835 Market Street, 3<sup>rd</sup> Floor

Philadelphia, Pennsylvania 19103

**Legal Counsel** 

Morgan, Lewis & Bockius LLP

1111 Pennsylvania Avenue, NW

Washington, DC 20004

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

------

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

#### Item 2. Code of Ethics.

Not applicable for semi-annual reports.

#### Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

#### Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

#### Item 5. Audit Committee of Listed Registrants.

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

#### Item 6. Investments.

Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

#### Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

#### Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

#### Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

#### Item 10. Submission of Matters to a Vote of Security Holders.

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

------

#### Item 11. Controls and Procedures.

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

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

#### Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable to open-end investment companies.

#### Item 13. Exhibits.

&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Not applicable for semi-annual reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(2) *A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* Filed herewith.](certs.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.* Not applicable to open-end investment companies.

&nbsp;&nbsp;&nbsp;&nbsp; (4) *Change in the registrant's independent public accountant.* There was no change in the

&nbsp;&nbsp;&nbsp;&nbsp; registrant's independent public accountant for the period covered by this report.

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

------

#### SIGNATURES

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

<u>Trust for Advised Portfolios&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>

By <u>/s/</u> <u>*Russell B. Simon* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Russell B. Simon*, President

Date <u>&nbsp;&nbsp;&nbsp;&nbsp; 3/6/2023 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;</u> <br>

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

By <u>/s/</u> <u>*Russell B. Simon* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Russell B. Simon*, President

Date <u>&nbsp;&nbsp;&nbsp;&nbsp; 3/6/2023 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;</u> 

By <u>/s/</u> <u>*Eric T. McCormick* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;</u> 

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Eric T. McCormick*, Treasurer

Date <u>3/6/2023 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;</u> <br>

------

## Ex-99.Cert

------

#### EX.99.CERT <br>CERTIFICATIONS

I, Russell B. Simon, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Trust for Advised Portfolios; <br>

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

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

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| Date: <u>3/6/2023&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> | <u>/s/ Russell B. Simon&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>Russell B. Simon, President |

---

------

EX.99.CERT

#### <br>

#### CERTIFICATIONS

I, Eric T. McCormick, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Trust for Advised Portfolios;<br>

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

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

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| Date: <u>3/6/2023&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>| <u>/s/ Eric T. McCormick&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;</u> <br>Eric T. McCormick, Treasurer |

---

------

## Exhibit 99.906

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EX.99.906CERT

#### Certification Pursuant to Section 906 of the Sarbanes-Oxley Act

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Trust for Advised Portfolios, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Trust for Advised Portfolios for the period ended December 31, 2022 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Trust for Advised Portfolios for the stated period.

---

| | |
|:---|:---|
| <br> *<u>/s/ Russell B. Simon&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>* <br> *Russell B. Simon*<br> President, Trust for Advised Portfolios | <br> *<u>/s/ Eric T. McCormick&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;</u>* <br> *Eric T. McCormick*<br> Treasurer, Trust for Advised Portfolios<br>|

---

Dated: <u>3/6/2023&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Dated: <u>3/6/2023&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

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

------