Form N-CSRS Trust for Advised Portfo For: Sep 30

December 8, 2022 3:24 PM EST

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Washington, D.C. 20549



Investment Company Act file number 811-21422

Trust for Advised Portfolios
(Exact name of registrant as specified in charter)

615 East Michigan Street
Milwaukee, Wisconsin 53202
(Address of principal executive offices) (Zip code)

Russell B. Simon, President
Trust for Advised Portfolios
2020 East Financial Way, Suite 100
Glendora, CA 91741
 (Name and address of agent for service)

(626) 914-7395
Registrant's telephone number, including area code

Date of fiscal year end: March 31

Date of reporting period: September 30, 2022

Item 1. Reports to Stockholders.







CornerCap Fundametrics® Large-Cap ETF Ticker:




SEPTEMBER 30, 2022








CornerCap Fundametrics® Large-Cap ETF

Expense Example (Unaudited)

September 30, 2022



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


The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from April 1, 2022 to September 30, 2022 (the “period”).


Actual Expenses


The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses you paid over the 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 first line under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during the period.


Hypothetical Example for Comparison Purposes


The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.


Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs such as sales charges (loads). Therefore, the second line of the table is useful in comparing the ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs could have been higher.


Expenses Paid During the Period

  Beginning Ending During the
  Account Value Account Value Period(1)
Actual Fund Return $ 1,000.00 $   831.10 $ 2.30
Hypothetical 5% Return 1,000.00 1,022.56 2.54


(1) Expenses are equal to the Fund’s annualized expense ratio of 0.50%, multiplied by the average account value over the period, multiplied by 183/365. The expense ratios reflect an expense waiver. Assumes all dividends and distributions were reinvested.




CornerCap Fundametrics® Large-Cap ETF

Allocation of Portfolio Holdings (Unaudited)

September 30, 2022


(Calculated as a percentage of Total Investments)





CornerCap Fundametrics® Large-Cap ETF

Schedule of Investments (Unaudited)

September 30, 2022



Security Description   Shares     Value  
Common Stocks ― 98.9%                
Aerospace/Defense ― 2.4%                
General Dynamics Corp.     4,767     $ 1,011,414  
L3Harris Technologies, Inc.     4,123       856,883  
Lockheed Martin Corp.     2,502       966,498  
Total Aerospace/Defense             2,834,795  
Agriculture ― 1.4%                
Altria Group, Inc.     21,076       851,049  
Philip Morris International, Inc.     10,325       857,078  
Total Agriculture             1,708,127  
Auto Manufacturers ― 0.9%                
Cummins, Inc.     5,193       1,056,828  
Total Auto Manufacturers             1,056,828  
Banks ― 9.3%                
Bank of America Corp.     44,081       1,331,246  
Citigroup, Inc.     31,177       1,299,146  
Citizens Financial Group, Inc.     25,146       864,016  
Fifth Third Bancorp     15,833       506,023  
JPMorgan Chase & Co.     17,158       1,793,011  
KeyCorp     53,304       853,930  
Northern Trust Corp.     10,984       939,791  
State Street Corp.     15,907       967,305  
Truist Financial Corp.     22,402       975,383  
Wells Fargo & Co.     41,315       1,661,689  
Total Banks             11,191,540  
Beverages ― 0.4%                
Coca-Cola Co/The     8,248       462,053  
Total Beverages             462,053  
Biotechnology ― 3.7%                
Amgen, Inc.     4,930       1,111,222  
Biogen, Inc. *     5,326       1,422,042  
Gilead Sciences, Inc.     15,068       929,545  
Horizon Therapeutics Plc *     16,028       991,973  
Total Biotechnology             4,454,782  
Chemicals ― 2.0%                
Dow, Inc.     16,283       715,312  
FMC Corp.     8,736       923,395  
LyondellBasell Industries NV - Class A     10,494       789,989  
Total Chemicals             2,428,696  
Commercial Services ― 1.9%                
FleetCor Technologies, Inc. *     5,090       896,705  
Gartner, Inc. *     1,795       496,659  
Global Payments, Inc.     8,618       931,175  
Total Commercial Services             2,324,539  


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



CornerCap Fundametrics® Large-Cap ETF

Schedule of Investments (Unaudited) (Continued)

September 30, 2022



Security Description   Shares     Value  
Computers ― 2.2%                
Cognizant Technology Solutions Corp. - Class A     15,077     $ 866,023  
Fortinet, Inc. *     20,527       1,008,492  
NetApp, Inc.     12,785       790,752  
Total Computers             2,665,267  
Diversified Financial Services ― 4.2%                
Capital One Financial Corp.     9,308       857,918  
CME Group, Inc.     5,494       973,152  
Discover Financial Services     10,419       947,295  
Intercontinental Exchange, Inc.     5,537       500,268  
Synchrony Financial     31,246       880,825  
Visa, Inc. - Class A     4,989       886,296  
Total Diversified Financial Services             5,045,754  
Electric ― 5.4%                
Ameren Corp.     11,741       945,738  
American Electric Power Co., Inc.     10,716       926,398  
CenterPoint Energy, Inc.     20,547       579,015  
CMS Energy Corp.     7,835       456,310  
DTE Energy Co.     4,037       464,457  
Edison International     7,952       449,924  
Emerson Electric Co.     12,126       887,866  
Exelon Corp.     23,675       886,865  
NextEra Energy, Inc.     12,075       946,801  
Total Electric             6,543,374  
Food ― 4.0%                
Albertsons Cos, Inc.     39,231       975,283  
Campbell Soup Co.     10,703       504,325  
Conagra Brands, Inc.     30,374       991,104  
Kraft Heinz Co/The     30,652       1,022,244  
Kroger Co/The     10,123       442,881  
Tyson Foods, Inc. - Class A     12,587       829,861  
Total Food             4,765,698  
Forest Products & Paper ― 0.6%                
International Paper Co.     22,420       710,714  
Total Forest Products & Paper             710,714  
Health Care ― 5.0%                
Abbott Laboratories     9,227       892,804  
Centene Corp. *     13,606       1,058,683  
Humana, Inc.     1,096       531,768  
Molina Healthcare, Inc. *     3,953       1,303,858  
UnitedHealth Group, Inc.     1,018       514,131  
Universal Health Services, Inc. - Class B     7,965       702,354  
Waters Corp. *     3,574       963,300  
Total Health Care             5,966,898  


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



CornerCap Fundametrics® Large-Cap ETF

Schedule of Investments (Unaudited) (Continued)

September 30, 2022



Security Description   Shares     Value  
Home Builders ― 0.7%                
NVR, Inc.*     221     $ 881,145  
Total Home Builders             881,145  
Insurance ― 3.8%                
Chubb Ltd.     2,805       510,173  
Fidelity National Financial, Inc.     25,506       923,317  
Hartford Financial Services Group Inc/The     16,060       994,756  
Travelers Cos, Inc./The     6,729       1,030,883  
Willis Towers Watson Plc     5,243       1,053,529  
Total Insurance             4,512,658  
Internet ― 5.2%                
Alphabet, Inc. - Class A *     19,473       1,862,592  
Booking Holdings, Inc. *     513       842,967  
eBay, Inc.     21,463       790,053  
Expedia Group, Inc. *     10,003       937,181  
Meta Platforms, Inc. - Class A *     6,556       889,518  
VeriSign, Inc. *     5,468       949,792  
Total Internet             6,272,103  
Lodging ― 0.4%                
Marriott International Inc/MD - Class A     3,660       512,912  
Total Lodging             512,912  
Machinery ― 1.2%                
Dover Corp.     4,136       482,175  
Westinghouse Air Brake Technologies Corp.     12,493       1,016,305  
Total Machinery             1,498,480  
Media ― 2.0%                
Comcast Corp. - Class A     51,560       1,512,255  
Liberty Broadband Corp. *     12,410       915,858  
Total Media             2,428,113  
Miscellaneous Manufacturing ― 3.0%                
3M Co.     7,619       841,900  
General Electric Co.     14,408       891,999  
Parker-Hannifin Corp.     3,752       909,147  
Textron, Inc.     15,913       927,091  
Total Miscellaneous Manufacturing             3,570,137  


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



CornerCap Fundametrics® Large-Cap ETF

Schedule of Investments (Unaudited) (Continued)

September 30, 2022



Security Description   Shares     Value  
Oil and Gas ― 7.7%                
APA Corp.     13,127     $ 448,812  
Diamondback Energy, Inc.     8,473       1,020,658  
Exxon Mobil Corp.     22,793       1,990,057  
Marathon Oil Corp.     40,028       903,832  
Marathon Petroleum Corp.     10,980       1,090,643  
NiSource, Inc.     18,265       460,095  
Occidental Petroleum Corp.     25,608       1,573,612  
Schlumberger NV     25,947       931,497  
Valero Energy Corp.     8,507       908,973  
Total Oil and Gas             9,328,179  
Pharmaceuticals ― 8.6%                
AbbVie, Inc.     7,188       964,701  
Bristol-Myers Squibb Co.     23,641       1,680,639  
CVS Health Corp.     15,079       1,438,084  
Johnson & Johnson     13,030       2,128,581  
Merck & Co., Inc.     22,824       1,965,603  
Pfizer, Inc.     31,956       1,398,394  
Viatris, Inc.     96,611       823,126  
Total Pharmaceuticals             10,399,128  
Pipelines ― 0.8%                
Kinder Morgan, Inc.     60,554       1,007,619  
Total Pipelines             1,007,619  
Private Equity ― 0.4%                
Blackstone, Inc.     5,077       424,945  
Total Private Equity             424,945  
Real Estate Investment Trusts (REITs) ― 4.4%                
Crown Castle International Corp.     2,988       431,915  
Essex Property Trust, Inc.     1,574       381,270  
First Industrial Realty Trust, Inc.     9,728       435,912  
Host Hotels & Resorts, Inc.     34,399       546,256  
Invitation Homes, Inc.     15,185       512,797  
Kilroy Realty Corp.     9,279       390,739  
Lamar Advertising Co. - Class A     5,399       445,364  
Mid-America Apartment Communities, Inc.     3,056       473,894  
National Retail Properties, Inc.     12,285       489,680  
SBA Communications Corp. - Class A     1,563       444,908  
Spirit Realty Capital, Inc.     6,045       218,587  
STORE Capital Corp.     18,190       569,893  
Total Real Estate Investment Trusts (REITs)             5,341,215  
Real Estate Services ― 0.8%                
CBRE Group, Inc. - Class A *     13,936       940,819  
Total Real Estate Services             940,819  


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





CornerCap Fundametrics® Large-Cap ETF

Schedule of Investments (Unaudited) (Continued)

September 30, 2022



Security Description   Shares     Value  
Retail ― 2.0%                
Home Depot Inc/The     1,748     $ 482,343  
Lowe's Cos, Inc.     2,464       462,764  
Tractor Supply Co.     2,827       525,483  
Walgreens Boots Alliance, Inc.     29,460       925,044  
Total Retail             2,395,634  
Semiconductors ― 2.4%                
Broadcom, Inc.     957       424,918  
Micron Technology, Inc.     14,812       742,081  
QUALCOMM, Inc.     8,021       906,213  
Skyworks Solutions, Inc.     9,946       848,095  
Total Semiconductors             2,921,307  
Software ― 8.4%                
Adobe, Inc. *     5,202       1,431,590  
Autodesk, Inc. *     5,837       1,090,352  
Cadence Design Systems, Inc. *     2,927       478,360  
Electronic Arts, Inc.     7,855       908,902  
Fidelity National Information Services, Inc.     10,554       797,566  
Microsoft Corp.     3,892       906,447  
MSCI, Inc.     2,251       949,449  
Oracle Corp.     14,700       897,729  
Splunk, Inc. *     5,644       424,429  
SS&C Technologies Holdings, Inc.     17,864       853,006  
Synopsys, Inc. *     1,501       458,570  
VMware, Inc. - Class A     8,577       913,107  
Total Software             10,109,507  
Telecommunications ― 1.1%                
Cisco Systems, Inc.     34,591       1,383,640  
Total Telecommunications             1,383,640  
Transportation ― 2.6%                
CSX Corp.     32,326       861,165  
Delta Air Lines, Inc. *     15,557       436,529  
FedEx Corp.     6,232       925,265  
Norfolk Southern Corp.     4,220       884,723  
Total Transportation             3,107,682  
Total Common Stocks (Cost ― $133,781,537)           $ 119,194,288  
Short-Term Investment ― 1.0%                
First American Government Obligations Fund - Class X - 2.34% (a)     1,167,721       1,167,721  
Total Short-Term Investment (Cost ― $1,167,721)           $ 1,167,721  
Total Investments ― 99.9% (Cost ― $134,949,258)             120,362,009  
Other Assets in Excess of Liabilities ― 0.1%             107,448  
Total Net Assets ― 100.0%             120,469,457  


* Non-income producing security.

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


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






CornerCap Fundametrics® Large-Cap ETF

Statement of Assets and Liabilities (Unaudited)

September 30, 2022



Investments in securities at value (cost $134,949,258)   $ 120,362,009  
Cash     4  
Fund shares sold     444,823  
Dividends and interest     147,657  
Total assets     120,954,493  
Investment securities purchased     435,663  
Due to Investment Adviser     49,373  
Total liabilities     485,036  
Net Assets   $ 120,469,457  
Components of Net Assets:        
Paid-in capital   $ 135,411,187  
Total accumulated loss     (14,941,730 )
Net Assets   $ 120,469,457  
Net Assets   $ 120,469,457  
Shares Outstanding (unlimited number of shares authorized, no par value)     4,110,000  
Net asset value, offering and redemption price per share   $ 29.31  



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






CornerCap Fundametrics® Large-Cap ETF

Statement of Operations (Unaudited)

For the Six Months Ended September 30, 2022



Investment Income:      
Dividend income (Net of foreign tax of $284)   $ 1,492,014  
Interest income     8,219  
Total investment income     1,500,233  
Advisory fees     322,035  
Total expenses     322,035  
Net investment income     1,178,198  
Realized and Unrealized Loss on Investments and In-Kind Redemptions        
Net realized gain (loss) on:        
Investments     (1,791,151 )
In-Kind Redemptions     1,287,340  
Net realized loss     (503,811 )
Net change in unrealized appreciation/depreciation on investments     (23,772,506 )
Net realized and unrealized loss on investments and in-kind redemptions     (24,276,317 )
Net Decrease in Net Assets Resulting from Operations   $ (23,098,119 )


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






CornerCap Fundametrics® Large-Cap ETF

Statements of Changes in Net Assets




    For the Six Months
September 30, 2022
    For the Year
March 31, 2022
Net investment income   $ 1,178,198     $ 1,795,655  
Net realized gain (loss) on investments and in-kind redemptions     (503,811 )     12,850,851  
Net change in unrealized appreciation/depreciation on investments     (23,772,506 )     (2,643,837 )
Net increase (decrease) in net assets resulting from operations     (23,098,119 )     12,002,669  
Distributions to shareholders:           (1,691,479 )
Decrease in net assets from distributions to shareholders           (1,691,479 )
Capital Transactions:                
Proceeds from shares sold     25,912,566       89,216,772  
Cost of shares repurchased     (7,718,431 )     (70,989,689 )
Net increase in net assets from capital transactions     18,194,135       18,227,083  
Total Increase (Decrease) in Net Assets     (4,903,984 )     28,538,273  
Net Assets:                
Beginning of period     125,373,441       96,835,168  
End of period   $ 120,469,457     $ 125,373,441  
Capital Share Transactions:                
Shares sold     795,000       2,595,000  
Shares repurchased     (240,000 )     (2,070,000 )
Net increase in shares outstanding     555,000       525,000  


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






CornerCap Fundametrics® Large-Cap ETF

Financial Highlights



For a capital share outstanding throughout each period:

    For the Six Months
September 30, 2022
    For the Year
March 31, 2022
    For the Period
March 31, 2021 *
Net Asset Value, Beginning of Period   $ 35.27     $ 31.96     $ 25.00  
Income from Investment Operations:                        
Net investment income (1)     0.30       0.57       0.33  
Net realized and unrealized gain on investments     (6.26 )     3.28       6.76  
Total Gain from Investment Operations     (5.96 )     3.85       7.09  
Less Distributions:                        
Net investment income           (0.54 )     (0.13 )
Net realized gain on investments           0.00 ^      
Total Distributions     0.00       (0.54 )     (0.13 )
Net Asset Value, End of Period   $ 29.31     $ 35.27     $ 31.96  
Total Return     (16.89 %) (2)     12.11 %     28.41 % (2)
Supplemental Data and Ratios:                        
Net assets, end of period (in thousands)   $ 120,469     $ 125,373     $ 96,835  
Ratio of expenses to average net assets     0.50 % (3)     0.50 %     0.50 % (3)
Ratio of net investment income to average net assets     1.83 % (3)     1.68 %     1.89 % (3)
Portfolio turnover rate (4)     30 % (2)     26 %     6 % (2)


* Commencement of operations on August 19, 2020.

^ Amount is less than $0.01 per share.

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

(2) Not Annualized.

(3) Annualized.

(4) Portfolio turnover rate excludes securities received or delivered in-kind.


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






CornerCap Fundametrics® Large-Cap ETF

Notes to Financial Statements (Unaudited)

September 30, 2022



Note 1 – Organization


CornerCap Fundametrics® Large-Cap ETF (the “Fund”) is a 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 investment management company. CornerCap Investment Counsel, Inc. (the “Adviser”) serves as the investment manager to the Fund. The inception date of the Fund was August 19, 2020. The investment objective of the Fund seeks long-term capital appreciation.


Shares of the Fund are listed and traded on the Cboe BZX Exchange, Inc. (“Cboe” or the “Exchange”). Market prices for the shares may be different from their net asset value (“NAV”). The Fund issues and redeems shares on a continuous basis at NAV only in large blocks of shares, called “Creation Units,” which generally consist of 25,000 shares. Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, shares generally trade in the secondary market at market prices that change throughout the day in amounts less than a Creation Unit. Except when aggregated in Creation Units, shares are not redeemable securities of a Fund. Shares of a Fund may only be purchased directly from or redeemed directly to a Fund by certain financial institutions (“Authorized Participants”). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with Quasar Distributors, LLC (the “Distributor”). Most retail investors do not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, most retail investors may purchase shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.


Note 2 – Significant Accounting Policies


The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for investment companies. The Fund is considered an investment company under 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 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 reported. Actual results may differ from those estimates.


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







CornerCap Fundametrics® Large-Cap ETF

Notes to Financial Statements (Unaudited) (Continued)

September 30, 2022



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.


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.


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.


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


Level 1 - quoted prices in active markets for identical securities. An active market for the 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 Fund’s own assumptions in determining the fair value of investments.


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 inputs used to fair value the Fund’s investments in each category investment type as of September 30, 2022:


Description   Level 1     Level 2     Level 3     Total  
Common Stocks   $ 119,194,288     $     $     $ 119,194,288  
Short-Term Investment     1,167,721                   1,167,721  
Total   $ 120,362,009     $     $     $ 120,362,009  


See the Schedule of Investments for further detail of investment classifications.


(b)  Securities Transactions, Investment Income and Distributions – The Fund records security transactions based on trade date. Realized gains and losses on sales of securities are reported based on identified cost of securities delivered. Dividend income and expense are recognized on the ex-dividend date, and interest income and expense are 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. The Advisor pays any Trust-level expenses allocated to the Fund.








CornerCap Fundametrics® Large-Cap ETF

Notes to Financial Statements (Unaudited) (Continued)

September 30, 2022



(c)   Distributions to shareholders – Distributions from net investment income and distributions of net realized gains, if any, are declared at least annually. Distributions to shareholders of the Fund are recorded on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from GAAP.


(d)  Federal Income Taxes – The Fund has elected to be taxed as a Regulated Investment Company (“RIC”) under the U.S. Internal Revenue Code of 1986, as amended, and intends to maintain this qualification and to distribute substantially all net taxable income to its shareholders. Therefore, no provision is made for federal income taxes. Due to the timing of dividend distributions and the differences in accounting for income and realized gains and losses for financial statement and federal income tax purpose, the fiscal year in which amounts are distributed may differ from the year in which the income and realized gains and losses is recorded by the Fund.


Management of the Fund 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 authorities. As of and during the period ended September 30, 2022, the Fund did not have a liability for any unrecognized tax benefits. Generally, tax authorities can examine tax returns filed for the preceding three years. The Fund is 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.


(e)  REIT distributions – The character of distributions received from Real Estate Investment Trusts (‘’REITs’’) held by the Fund is generally comprised of net investment income, capital gains, and return of capital. It is the policy of the Fund to estimate the character of distributions received from underlying REITs based on historical data provided by the REITs. After each calendar year end, REITs report the actual tax character of these distributions. Differences between the estimated and actual amounts reported by the REITs are reflected in the Fund’s records in the year in which they are reported by the REITs by adjusting related investment cost basis, capital gains and income, as necessary.


Note 3 – Investment Management Agreement and Other Related Party Transactions


The Trust has an agreement with the Adviser to furnish investment advisory services to the Fund. Under the terms of this agreement, the Fund will pay the Adviser a monthly fee based on the Fund’s average daily net assets at annual rate of 0.50%. Additionally, the Adviser is responsible for substantially all expenses of the Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services. The Adviser is not responsible for, and the Fund will bear the cost of, (i) interest expense, (ii) taxes, (iii) brokerage expenses and other expenses connected with the execution of portfolio securities transactions, (iv) dividends and expenses associated with securities sold short, (v) non-routine expenses and fees, and (vi) expenses paid by the Trust under any plan adopted pursuant to Rule 12b-1 under the 1940 Act.






CornerCap Fundametrics® Large-Cap ETF

Notes to Financial Statements (Unaudited) (Continued)

September 30, 2022



U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services”), serves as the Fund’s administrator, fund accountant, and transfer agent. The officers of the Trust are employees of Fund Services. U.S. Bank serves as the Fund’s custodian and provides compliance services to the Fund. Quasar Distributors, LLC (“Quasar” or the “Distributor”) acts as the Fund’s distributor and principal underwriter.


Note 4 – Investment Transactions


Purchases and sales of investment securities (excluding short-term securities, in-kind transactions, and U.S. government obligations) for the period ended September 30, 2022, were as follows:


Purchases   $ 47,838,796  
Sales   $ 38,224,941  


Purchases and sales of in-kind transactions associated with creations and redemptions during the period ended September 30, 2022, were as follows:


Purchases In-Kind   $ 19,679,147  
Sales In-Kind   $ 7,571,501  


Note 5 – Commitments and Contingencies


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


Note 6 – Subsequent Events


Management has evaluated events and transactions that occurred subsequent to September 30, 2022 through the date the financial statements have been issued and has determined that there were no significant subsequent events that would require adjustment to or additional disclosure in these financial statements.







CornerCap Fundametrics® Large-Cap ETF

Notes to Financial Statements (Unaudited) (Continued)

September 30, 2022



Note 7 – Federal Income Tax Information


At March 31, 2022, the components of accumulated earnings for income tax purposes were as follows:


Tax Cost of Investments   $ 116,850,180  
Unrealized Appreciation     13,614,883  
Unrealized Depreciation     (4,458,923 )
Net Unrealized Appreciation on Investments     9,155,960  
Undistributed Ordinary Income     460,644  
Other Accumulated Gain/(Loss)     (1,460,214 )
Total Accumulated Earnings   $ 8,156,390  


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 March 31, 2022, permanent differences in book and tax accounting have been reclassified to capital, and accumulated earnings as follows:


Accumulated Earnings Paid In Capital
$ (14,338,165) $ 14,338,165


The tax character of distributions paid during the six months ended September 30, 2022 and year ended March 31, 2022 were as follows:


Distributions Paid From:   Six Months Ended
September 30, 2022
    Year Ended
March 31, 2022
Ordinary Income   $     $ 1,686,383  
Long Term Capital Gain           5,096  
Total Distributions Paid   $     $ 1,691,479  


The Fund is 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 Fund is permitted, for tax purposes, to defer into its 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. As of March 31, 2022, the Fund had no late-year or post-October losses.






CornerCap Fundametrics® Large-Cap ETF

Notes to Financial Statements (Unaudited) (Continued)

September 30, 2022



At March 31, 2022, the Fund had capital loss carryforwards, which reduce the Fund’s 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 Fund of any liability for federal tax. Pursuant to the Internal Revenue Code, the character of such capital loss carryforwards is as follows:


Not Subject to Expiration
$ 1,460,214





CornerCap Fundametrics® Large-Cap ETF

Additional Information (Unaudited)

September 30, 2022



Quarterly Portfolio Schedule 

The Fund files its complete schedule of portfolio holdings for the first and third quarters of each fiscal year with the Securities and Exchange Commission (SEC) on Part F of Form N-PORT. The Fund’s Form N-PORT is available without charge by visiting the SEC’s Web site at 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.


Proxy Voting 

You may obtain a description of the Fund’s proxy voting policy and voting records, without charge, upon request by contacting the Fund directly at 1-800-617-0004 or on the EDGAR Database on the SEC’s website at The Fund files its proxy voting records annually as of June 30, with the SEC on Form N-PX. The Fund’s Form N-PX is available without charge by visiting the SEC’s website at 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.


Statement Regarding Liquidity Risk Management Program 

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


The Fund’s Board reviewed a report prepared by the Committee regarding the operation and effectiveness of the program for the period January 1, 2021 through December 31, 2021. No liquidity events impacting the Fund 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.


Frequency Distribution of Premiums and Discounts 

Information regarding how often shares of each Fund traded on the Exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV is available on the Fund’s website at


Approval of Investment Advisory Agreement 

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 the 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 investment advisory agreement (“Advisory Agreement”) with CornerCap Investment Counsel, Inc. (“Adviser”) for the CornerCap Fundametrics Large-Cap ETF (“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.





CornerCap Fundametrics® Large-Cap ETF

Additional Information (Unaudited)

September 30, 2022



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 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 outperformed relative to its peer group average/median, outperformed relative to its benchmark index, and performed in-line with its comparable composite for the one-year period as of June 30, 2022.





CornerCap Fundametrics® Large-Cap ETF

Additional Information (Unaudited)

September 30, 2022



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 Fund has a unitary fee under which the Adviser pays all fees to its service providers. The Board noted that the Fund’s advisory fee and net expense ratio was lower than its peer group median/average. After reviewing the materials that were provided, the Trustees concluded that the fee to be received by the Adviser 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 the unitary fee model would keep the net expense ratio of the Fund fixed. 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.






The Fund collects non-public information about you from the following sources:


Information we receive about you on applications or other forms;


Information you give us orally; and/or


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 Fund. 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 Fund 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.




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Investment Adviser 

CornerCap Investment Counsel, Inc. 

The Peachtree, Suite 1700, 1355 Peachtree Street NE 

Atlanta, GA 30309



Quasar Distributors, LLC 

111 East Kilbourn Avenue, Suite 2200 

Milwaukee, Wisconsin 53202



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 


1835 Market Street, 3rd Floor 

Philadelphia, PA 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.


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 for semi-annual reports.

Item 6. Investments.

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

Not Applicable

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.

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.

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 second fiscal quarter of 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.

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

Not applicable to open-end investment companies.

Item 13. Exhibits.

(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.

(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.

Change in the registrant’s independent public accountant.  There was no change in the registrant’s independent public accountant for the period covered by this report.


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.

Trust for Advised Portfolios

By  /s/ Russell B. Simon                                              
                    Russell B. Simon, President

Date         12/6/2022                                                                   

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  /s/ Russell B. Simon                                              
                    Russell B. Simon, President

Date       12/6/2022                                                                       

By /s/ Eric T. McCormick                                             
                   Eric T. McCormick, Treasurer

Date        12/7/2022                                                                      




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