SEC Info - Trust for Advised Portfolios - ‘NSAR-AT/A’ for 6/30/15

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Trust for Advised Portfolios – ‘NSAR-AT/A’ for 6/30/15

On: Friday, 8/28/15, at 4:41pm ET · Effective: 8/28/15 · For: 6/30/15 · Accession #: 1325358-15-924 · File #: 811-21422

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 8/28/15  Trust for Advised Portfolios      NSAR-AT/A   6/30/15    1:22K                                    Toppan Merrill NSAR/FA
          → 1919 Financial Services Fund ⇒ Class A (SBFAX) — Class C (SFSLX) — Class I (LMRIX)
          → 1919 Maryland Tax-Free Income Fund ⇒ Class A (LMMDX) — Class C (LMMCX) — Class I (LMMIX)
          → 1919 Socially Responsive Balanced Fund ⇒ Class A (SSIAX) — Class B (SESIX) — Class C (SESLX) — Class I (LMRNX)
          → 1919 Variable Socially Responsive Balanced Fund ⇒ QLMICX

Amendment to Semi-Annual-Transition Report by an Investment Company — Form N-SAR — ICA’40
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: NSAR-AT/A   Amendment to Semi-Annual-Transition Report by an      22±    95K 
                Investment Company

SEC Info℠ rendering: Data from the Answer File, which may only contain updates to a prior Form N-SAR

Form N-SAR

Semi-Annual-Transition Report by an Open-End Investment Company

Report
Registrant: Trust for Advised Portfolios — List all N-SARs

Semi-Annual Report (at mid-year) for the 1st-half period ended: 6/30/15
Is this a Transition Report? Yes

Were there any Answer File errors in the Filing? None FoundNone Found by SEC InfoNot Checked by the FilerOne or more Found by SEC Info
Was the Answer File completed by the Registrant? Yes

Is this an Amendment to a previous Report? Yes
Is this a change to a previous Report? No
Registrant
1. SEC CIK: 1261788
SEC File #: 811-21422

Telephone #: 626-914-7385
2. Address: 615 East Michigan Street
Milwaukee, WI 53202
3. Is this the first Form N-SAR filed by the Registrant? No
4. Is this the final Form N-SAR filed by the Registrant? No
Funds/Series ↑Top of Form N-SAR
7. Is the Registrant a Funds/Series (multiple portfolios) company? Yes

The number of separate Funds/Series (portfolios) at period end: 8
The number of separate Funds/Series (portfolios) reported here: 4...

N-SAR S# Fund/Series — Filings for F/S#… ⇒ Symbols
↓Information Common to All
↓ Series 4: 1919 Financial Services Fund — S#46891 ⇒ SBFAX & 2 more
↓ Series 6: 1919 Maryland Tax-Free Income Fund — S#46893 ⇒ LMMDX & 2 more
↓ Series 5: 1919 Socially Responsive Balanced Fund — S#46892 ⇒ SSIAX & 3 more
↓ Series 7: 1919 Variable Socially Responsive Balanced Fund — S#46894 ⇒ QLMICX
Family of Investment Companies
19. Is the Registrant/Series part of a “family” of investment companies? No
Investment Company Type
27. Is the Registrant an “open-end” investment company? Yes, Open-End
Additional Disclosures
77. Did the Registrant file any additional Exhibits with the filing of this
Report (listed here and filed either herewith — as one of the ‘EX-99.*’
↑Exhibits in this Filing — or separately and incorporated by reference)? No
Subsidiaries
78. Does the Registrant have any wholly-owned investment company
subsidiaries whose operating and financial data are consolidated with
that of the Registrant in this Report? No
All Series ↑List of 4 Funds/Series Reported Here

Information Common to All Funds/Series
All: Investment Adviser
8.1 Name: 1919 Investment Counsel, LLC
Role: Adviser
SEC File #: 801-63656
Location: Baltimore, MD
All: Administrator
10.1 Name: U.S. Bancorp Fund Services, LLC
SEC File #: 085-11357
Location: Milwaukee, WI
All: Principal Underwriter
11.1 Name: Quasar Distributiors, LLC
SEC File #: 008-52323
Location: Milwaukee, WI
All: Shareholder Servicing/Transfer Agent
12.1 Name: U.S. Bancorp Fund Service, LLC
SEC File #: 085-11357
Location: Milwaukee, WI
All: Independent Public Accountant
13.1 Name: BBD, LLP
Location: Philadelphia, PA
All: Affiliated Broker/Dealer
14.1 Name: Century Securities Associates, Inc.
SEC File #: 008-43514
14.2 Name: E.J. De La Rosa & Co., Inc.
SEC File #: 008-41674
14.3 Name: Interstate-Sterne Agee & Leach, Inc.
14.4 Name: Keefe, Bruyette, & Woods, Inc.
SEC File #: 008-10888
14.5 Name: Miller Buckfire & Co. LLC
SEC File #: 008-52631
14.6 Name: Stifel Nicolaus & Co., Inc.
SEC File #: 008-01447
All: Custodian
15.1 Name: U.S. Bank, N.A.
Role: Custodian
Location: Milwaukee, WI

Type of custody: Section 17(f)(1) — Bank
18. Does the Registrant’s/Series’ Custodian(s) maintain some or all of the
Registrant’s/Series’ securities in a central depository or book-entry
system pursuant to Rule 17f-4? Yes
All: Brokerage Commissions Paid on Portfolio Transactions
20. The brokers who received the largest amount of gross brokerage
commissions during the period:
20.1 Broker: JPMorgan Chase & Co.
IRS #: 13-2624428
Commissions paid ($000s): 12
20.2 Broker: UBS Financial Services Inc.
IRS #: 13-2638166
Commissions paid ($000s): 12
20.3 Broker: Raymond James & Associates, Inc.
IRS #: 59-1237041
Commissions paid ($000s): 7
20.4 Broker: Wolfe Trahan Securities
Commissions paid ($000s): 4
20.5 Broker: Credit Suisse
IRS #: 13-2853402
Commissions paid ($000s): 3
20.6 Broker: Baird Robert W. & Co., Inc.
IRS #: 39-6037917
Commissions paid ($000s): 3
20.7 Broker: Barclay Investments Ltd.
IRS #: 05-0346412
Commissions paid ($000s): 2
20.8 Broker: Wachovia Bank N.A.
IRS #: 56-0927594
Commissions paid ($000s): 2
20.9 Broker: Morgan Stanley & Co., Inc.
IRS #: 13-2655998
Commissions paid ($000s): 2
20.10 Broker: Janney Montgomery Scott, Inc.
IRS #: 23-0731260
Commissions paid ($000s): 2
21. Total brokerage commissions paid by the Registrant during the period:
Aggregate paid ($000s): 66
All: Portfolio Transactions with Entities Acting as Principals
22. The entities acting as principals with whom the Registrant did the
largest amount of portfolio transactions, based on total value of
principal, during the period:
22.1 Entity: Goldman Sachs & Co.
IRS #: 13-5108880
Registrant’s purchases ($000s): 861
Registrant’s sales ($000s): 1,218
22.2 Entity: Wachovia Bank N.A.
IRS #: 56-0927594
Registrant’s purchases ($000s): 894
Registrant’s sales ($000s): 1,174
22.3 Entity: Banc/America Secur. LLC Mongomey Div
Registrant’s sales ($000s): 1,426
22.4 Entity: Merrill Lynch Inc.
IRS #: 13-5674085
Registrant’s purchases ($000s): 245
Registrant’s sales ($000s): 1,014
22.5 Entity: J.P. Morgan Chase
IRS #: 13-3224016
Registrant’s purchases ($000s): 917
22.6 Entity: Credit Suisse
IRS #: 13-5659485
Registrant’s purchases ($000s): 764
22.7 Entity: Seaport Group
IRS #: 46-4157685
Registrant’s purchases ($000s): 642
22.8 Entity: D.A. Davidson & Co.
Registrant’s purchases ($000s): 580
22.9 Entity: R.B.C. Dominion Securities Inc.
IRS #: 41-1416330
Registrant’s purchases ($000s): 551
22.10 Entity: Citibank NA
Registrant’s sales ($000s): 467
23. Total purchase/sale transactions by the Registrant during the period:
Aggregate purchases ($000s): 8,933
Aggregate sales ($000s): 6,536
All: Considerations which Affected the Participation of Brokers or Dealers
26. Considerations which affected the participation of brokers or dealers or
other entities in commissions or other compensation paid on portfolio
transactions of the Registrant:

Consideration?
Sales of the Registrant’s/Series’ shares ............................... No
Receipt of investment research and statistical info .................... Yes
Receipt of quotations for portfolio valuations ......................... No
Ability to execute portfolio transactions to obtain the best price
and execution ........................................................ Yes
Receipt of telephone line and wire services ............................ No
Broker or Dealer which is an affiliated person ......................... No
An arrangement to return or credit part or all of commissions or
profits thereon...
To an Investment Adviser or Principal Underwriter, or to an
affiliated person of either ...................................... No
To the Registrant .................................................. No
Other .................................................................. No
All: Advisory Fee
49. Was the Registrant’s/Series’ advisory fee during the period based solely
on a percentage of its income? No
50. Was the Registrant’s/Series’ advisory fee during the period based on
some combined percentage of its income and assets? No
51. Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on its investment performance? No
52. Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on the assets, income or performance of other
Registrants? No
53. Were the expenses of the Registrant/Series limited or reduced at any
time during the period by some agreement or understanding other than by
Blue Sky Laws? Yes
54. Indicated below are whether services were supplied or paid for wholly or
in substantial part by Investment Adviser(s) or Administrator(s) in
connection with the advisory or administrative contract(s) but for which
the Adviser(s) or Administrator(s) are not reimbursed by the Registrant:

Provided to the Registrant?
Occupancy and office rental ............................................ Yes
Clerical and bookkeeping services ...................................... Yes
Accounting services .................................................... Yes
Services of independent auditors ....................................... No
Services of outside counsel ............................................ No
Registration and filing fees ........................................... No
Stationery, supplies and printing ...................................... No
Salaries & compensation of Registrant’s interested Directors ........... No
Salaries & compensation of Registrant’s disinterested Directors ........ No
Salaries & compensation of Registrant’s Officers who aren’t Directors .. No
Reports to current shareholders ........................................ No
Determination of offering and redemption prices ........................ No
Trading department ..................................................... Yes
Prospectus preparation and printing for current shareholders ........... No
Other .................................................................. No
All: Miscellaneous Info
55. Did the Registrant/Series have any of the following outstanding at any
time during the period which exceeded 1% of aggregate net assets:
Overdrafts? No
Bank loans? No
56. During the period, did the Registrant’s/Series’ Investment Adviser(s)
have advisory clients other than investment companies? Yes
57. Did the Registrant/Series adjust the number of its shares outstanding by
means of a stock split or stock dividend? No
Series 4 ↑Information Common to All Funds/Series ↑List of 4 Funds/Series
7. Name: 1919 Financial Services Fund — S#46891 ⇒ SBFAX & 2 more

Is this the final Form N-SAR filed for this Fund/Series? No
S 4: Holdings of Securities Issued by Registrant’s/Series’ Brokers or Dealers
24. At period end, did the Registrant/Series hold any securities of the
Registrant’s/Series’ regular brokers or dealers, or of the parents of
such brokers or dealers, that derive more than 15% of gross revenue from
securities-related activities? Yes

25.
The brokers or dealers, or their parents (issuers):
25.1 Name: Bank of America Merrill Lynch
IRS #: 56-2058405
Type of security owned: Equity
Value of securities owned at period end ($000s): 2,042
25.2 Name: JPMorgan Chase & Co.
IRS #: 13-2624428
Type of security owned: Equity
Value of securities owned at period end ($000s): 4,290
S 4: Sales and Repurchases
28. Monthly total Net Asset Value (NAV) of sales and repurchases of the
Registrant’s/Series’ shares:
1st Month of period: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................ 1,305
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 3,279
2nd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 1,188
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 2,286
3rd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 1,604
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 3,492
4th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 1,728
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 3,658
5th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 1,514
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 1,936
6th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 1,503
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 1,708

Total of all months: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................ 8,842
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 16,359

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s): 0
S 4: Sales Load (Front-End or Deferred) and Fees (Redemption or Maintenance)
29. Was a front-end sales load deducted from any share sales during the
period? Yes
30. Total front-end sales loads collected from sales (including exchanges)
by Principal Underwriter or by any underwriter which is an affiliated
person of the Principal Underwriter, of the Registrant’s/Series’ shares
during the period ($000s): 76

The maximum sales load rate in effect at period end as a percentage of
the offering price: 5.75%
The minimum sales load rate in effect at period end as a percentage of
the offering price: 0.0%
31. Net amount retained by the Registrant’s/Series’ Principal Underwriter or
by any underwriter or dealer which is an affiliated person of the
Principal Underwriter thereof from front-end sales loads collected from
sales of the Registrant’s/Series’ shares during the period ($000s): 0

Amount by which payout by the Registrant’s/Series’ Principal Underwriter
or by any underwriter which is an affiliated person of the Principal
Underwriter thereof to persons or entities selling the
Registrant’s/Series’ shares exceeded that reported in Item 30 ($000s): 0
32. Amount the Registrant’s/Series’ Principal Underwriter and any
underwriters or dealers which are affiliated persons of the Principal
Underwriter paid to dealers which are not affiliated persons of the
Principal Underwriter for selling the Registrant’s/Series’ shares that
were sold with a front-end sales load during the period ($000s): 76
33. Amount paid to a captive retail sales force of the Registrant’s/Series’
Principal Underwriter or of any underwriter or dealer which is an
affiliated person of the Principal Underwriter for selling the
Registrant’s shares that were sold with a front-end sales load during
the period ($000s): 0
34. Did the Registrant/Series impose a deferred or contingent deferred sales
load during the period? Yes
35. Total deferred or contingent deferred sales loads collected during the
period from redemptions and repurchases of the Registrant’s/Series’
shares ($000s): 3
36. Did the Registrant/Series retain all monies collected from the deferred
or contingent deferred sales loads during the period? No

The net amount the Registrant/Series retained from deferred or
contingent deferred sales loads ($000s): 0
37. Did the Registrant/Series impose a redemption fee other than a deferred
or contingent sales load during the period? No
39. Were any account maintenance fees or other administrative fees imposed
directly on shareholders during the period? No
S 4: Payment Plan for the Distribution of Fund Shares
40. During the period, did the Registrant/Series have a plan of distribution
adopted pursuant to Rule 12b-1? Yes
41. During the period, did the Registrant/Series use its assets directly to
make payments under the 12b-1 plan? Yes
42. For the period, the percentage of total dollars paid directly by the
Registrant/Series under the 12b-1 plan for each of the following:

Percentage of Total Amount Paid (%)
Advertising ............................................................ –
Printing & mailing of prospectuses to other than current shareholders .. –
Payments to underwriters ............................................... –
Payments to brokers or dealers ......................................... –
Direct payments to sales personnel ..................................... –
Payments to banks and savings & loans .................................. –
Other uses, including payments to its Investment Adviser separate
from the advisory fee ................................................ –
Unallocated payments made for a combination of such services ........... 100
43. Total amount paid directly by the Registrant/Series pursuant to its
12b-1 plan ($000s): 200
44. If an Investment Adviser or other affiliated person of the
Registrant/Series made unreimbursed payments pursuant to the 12b-1 plan,
the total amount of such payments ($000s): 0
S 4: Advisory Fee
45. Did the Registrant/Series have an advisory contract during the period? Yes
46. Did the Registrant/Series pay more than one Investment Adviser directly
for investment advice during the period? No
47. Was the Registrant’s/Series’ advisory fee based solely on a percentage
of its assets? Yes
48. Fee (single rate or step rates) applied to the Registrant’s/Series’
assets based on the advisory contract:
Single-fee rate: 0.8%
Step-fee rates:
For 1st $000s: 0
Annual rate: 0.0%
S 4: Classification and Asset Allocation
58. Is the Registrant/Series a Separate Account of an insurance company? No
59. Is the Registrant/Series a management investment company? Yes
60. Was the Registrant/Series a diversified investment company at any time
during the period? No

Was the Registrant/Series a diversified investment company at the end of
the period? No
61. The lowest minimum initial investment required by the Registrant/Series
from an investor that is not an employee or otherwise affiliated with
the Registrant/Series, its Investment Adviser, Principal Underwriter or
other affiliated entity: $1,000
62. Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities? No
66. Is the Registrant/Series a Fund that usually invests in equity
securities, options & futures on equity securities, indices of equity
securities or securities convertible into equity securities? Yes

Which best describes its primary investment objective:

Aggressive capital appreciation? No
Capital appreciation? Yes
Growth? No
Growth and income? No
Income? No
Total return? No
67. Is the Registrant/Series a “balanced” Fund? No
68. Does the Registrant/Series have more than 50% of its net assets at
period end invested in the securities of issuers...
Engaged primarily in production or distribution of precious metals? No
Located primarily in countries other than the United States? No
69. Is the Registrant/Series an index Fund? No
S 4: Investment Practices
70. Activities that are permitted by the Registrant’s/Series’ investment
policies, and which were engaged in during the period:

Activity Permitted Engaged In
Writing or investing in repurchase agreements? Yes No
Writing or investing in options on equities? Yes No
Writing or investing in options on debt securities? Yes No
Writing or investing in options on stock indices? Yes No
Writing or investing in interest rate futures? Yes No
Writing or investing in stock index futures? Yes No
Writing or investing in options on futures? Yes No
Writing or investing in options on stock index futures? Yes No
Writing or investing in other commodity futures? Yes No
Investments in restricted securities? Yes No
Investments in shares of other investment companies? Yes No
Investments in securities of foreign issuers? Yes to both
Currency exchange transactions? Yes to both
Loaning portfolio securities? Yes No
Borrowing of money? Yes No
Purchases/sales by certain exempted affiliated persons? Yes No
Margin purchases? Yes No
Short selling? Yes No
S 4: Portfolio Turnover
71. Portfolio turnover rate for the period:
Purchases ($000s): 8,296
Sales ($000s): 14,332

Monthly average Value of portfolio ($000s): 106,807

Percent turnover (lesser of Purchases or Sales, divided by Value): 8%
S 4: Financial Info — Income and Expenses
72. The number of months covered by the values in Items 72 and 73: 6

Income ($000s)
Net interest income .............................................. –
Net dividend income .............................................. 1,011
Account maintenance fees ......................................... –
Net other income ................................................. –

Expenses ($000s)
Advisory fees .................................................... 436
Administrator fees ............................................... 37
Salaries and other compensation .................................. –
Shareholder Servicing Agent fees ................................. 99
Custodian fees ................................................... 9
Postage .......................................................... –
Printing expenses ................................................ 17
Directors’ fees .................................................. 7
Registration fees ................................................ 29
Taxes ............................................................ –
Interest ......................................................... –
Bookkeeping fees paid to anyone performing this service .......... –
Auditing fees .................................................... 7
Legal fees ....................................................... 8
Marketing/distribution payments, incl. Rule 12b-1 plan payments .. 200
Amortization of organization expenses ............................ –
Shareholder meeting expenses ..................................... –
Other expenses ................................................... 12
Total expenses ................................................... 861

Expense reimbursements ($000s): 31

Net investment income ($000s): 181

Realized capital gains ($000s): 4,297
Realized capital losses ($000s): 0

Net unrealized appreciation during the period ($000s): 0
Net unrealized depreciation during the period ($000s): 834

Total income dividends for which the record date passed during the
period ($000s): 0

Total capital gains distributions for which the record date passed
during the period ($000s): 0
73. Distributions per share for which the record date passed during the
period, shown in fractions of a cent, if so declared:

Dividends from net investment income: $0.0000

Distribution of capital gains: $0.0000
Other distributions: $0.0000
S 4: Financial Info — Condensed Balance Sheet Data
74. Assets ($000s)
Cash ............................................................. 3,373
Common stock ..................................................... 108,305
Receivables from portfolio instruments sold ...................... 110
Other receivables ................................................ 62
All other assets ................................................. 26
Total assets ..................................................... 111,876

Liabilities ($000s)
Payables for portfolio instruments purchased ..................... 280
All other liabilities .......................................... 302
Net assets of common shareholders ................................ 111,294

Number of shares outstanding (000s): 3,132
Number of shares outstanding of a second class of shares (000s): 2,481

Net Asset Value (NAV) per share (to nearest cent): $20.10
NAV per share of a second class of shares (to nearest cent): $18.89

Total number of shareholder accounts: 2,894

Total value of assets in segregated accounts ($000s): 0
75. Monthly average net assets during the period ($000s): 109,813
Series 5 ↑Information Common to All Funds/Series ↑List of 4 Funds/Series
7. Name: 1919 Socially Responsive Balanced Fund — S#46892 ⇒ SSIAX & 3 more

Is this the final Form N-SAR filed for this Fund/Series? No
S 5: Holdings of Securities Issued by Registrant’s/Series’ Brokers or Dealers
24. At period end, did the Registrant/Series hold any securities of the
Registrant’s/Series’ regular brokers or dealers, or of the parents of
such brokers or dealers, that derive more than 15% of gross revenue from
securities-related activities? Yes

25.
The brokers or dealers, or their parents (issuers):
25.1 Name: Banc of America Merrill Lynch
IRS #: 56-2058405
Type of security owned: Debt
Value of securities owned at period end ($000s): 1,654
25.2 Name: Barclays Capital, Inc.
Type of security owned: Debt
Value of securities owned at period end ($000s): 455
25.3 Name: Citigroup Global Markets
IRS #: 13-3986032
Type of security owned: Debt
Value of securities owned at period end ($000s): 352
25.4 Name: Goldman Sachs & Co.
IRS #: 13-5108880
Type of security owned: Debt
Value of securities owned at period end ($000s): 454
25.5 Name: JPMorgan Chase & Co.
IRS #: 13-2624428
Type of security owned: Debt
Value of securities owned at period end ($000s): 220
25.6 Name: Morgan Stanley
IRS #: 13-2655998
Type of security owned: Debt
Value of securities owned at period end ($000s): 658
S 5: Sales and Repurchases
28. Monthly total Net Asset Value (NAV) of sales and repurchases of the
Registrant’s/Series’ shares:
1st Month of period: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................ 918
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 1,450
2nd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 567
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 1,613
3rd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 681
Reinvestment of dividends and distributions ................ 193
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 1,611
4th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 373
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 1,477
5th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 1,032
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 2,204
6th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 613
Reinvestment of dividends and distributions ................ 230
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 1,471

Total of all months: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................ 4,184
Reinvestment of dividends and distributions ................ 423
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 9,826

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s): 0
S 5: Sales Load (Front-End or Deferred) and Fees (Redemption or Maintenance)
29. Was a front-end sales load deducted from any share sales during the
period? Yes
30. Total front-end sales loads collected from sales (including exchanges)
by Principal Underwriter or by any underwriter which is an affiliated
person of the Principal Underwriter, of the Registrant’s/Series’ shares
during the period ($000s): 55

Amount by which payout by the Registrant’s/Series’ Principal Underwriter
or by any underwriter which is an affiliated person of the Principal
Underwriter thereof to persons or entities selling the
Registrant’s/Series’ shares exceeded that reported in Item 30 ($000s): 0
32. Amount the Registrant’s/Series’ Principal Underwriter and any
underwriters or dealers which are affiliated persons of the Principal
Underwriter paid to dealers which are not affiliated persons of the
Principal Underwriter for selling the Registrant’s/Series’ shares that
were sold with a front-end sales load during the period ($000s): 55
33. Amount paid to a captive retail sales force of the Registrant’s/Series’
Principal Underwriter or of any underwriter or dealer which is an
affiliated person of the Principal Underwriter for selling the
Registrant’s shares that were sold with a front-end sales load during
the period ($000s): 0
34. Did the Registrant/Series impose a deferred or contingent deferred sales
load during the period? Yes
35. Total deferred or contingent deferred sales loads collected during the
period from redemptions and repurchases of the Registrant’s/Series’
shares ($000s): 1
36. Did the Registrant/Series retain all monies collected from the deferred
or contingent deferred sales loads during the period? No

The net amount the Registrant/Series retained from deferred or
contingent deferred sales loads ($000s): 0
37. Did the Registrant/Series impose a redemption fee other than a deferred
or contingent sales load during the period? No
39. Were any account maintenance fees or other administrative fees imposed
directly on shareholders during the period? No
S 5: Payment Plan for the Distribution of Fund Shares
40. During the period, did the Registrant/Series have a plan of distribution
adopted pursuant to Rule 12b-1? Yes
41. During the period, did the Registrant/Series use its assets directly to
make payments under the 12b-1 plan? Yes
42. For the period, the percentage of total dollars paid directly by the
Registrant/Series under the 12b-1 plan for each of the following:

Percentage of Total Amount Paid (%)
Advertising ............................................................ –
Printing & mailing of prospectuses to other than current shareholders .. –
Payments to underwriters ............................................... –
Payments to brokers or dealers ......................................... –
Direct payments to sales personnel ..................................... –
Payments to banks and savings & loans .................................. –
Other uses, including payments to its Investment Adviser separate
from the advisory fee ................................................ –
Unallocated payments made for a combination of such services ........... 100
43. Total amount paid directly by the Registrant/Series pursuant to its
12b-1 plan ($000s): 233
44. If an Investment Adviser or other affiliated person of the
Registrant/Series made unreimbursed payments pursuant to the 12b-1 plan,
the total amount of such payments ($000s): 0
S 5: Advisory Fee
45. Did the Registrant/Series have an advisory contract during the period? Yes
46. Did the Registrant/Series pay more than one Investment Adviser directly
for investment advice during the period? No
47. Was the Registrant’s/Series’ advisory fee based solely on a percentage
of its assets? Yes
48. Fee (single rate or step rates) applied to the Registrant’s/Series’
assets based on the advisory contract:
Single-fee rate: 0.0%
Step-fee rates:
For 1st $000s: 100,000
Annual rate: 0.65%
Of next $000s: 100,000
Annual rate: 0.61%
Of next $000s: 100,000
Annual rate: 0.51%
& Above $000s: 300,000
Annual rate: 0.46%
S 5: Classification and Asset Allocation
58. Is the Registrant/Series a Separate Account of an insurance company? No
59. Is the Registrant/Series a management investment company? Yes
60. Was the Registrant/Series a diversified investment company at any time
during the period? Yes

Was the Registrant/Series a diversified investment company at the end of
the period? Yes
61. The lowest minimum initial investment required by the Registrant/Series
from an investor that is not an employee or otherwise affiliated with
the Registrant/Series, its Investment Adviser, Principal Underwriter or
other affiliated entity: $1,000
62. Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities? No
66. Is the Registrant/Series a Fund that usually invests in equity
securities, options & futures on equity securities, indices of equity
securities or securities convertible into equity securities? Yes

Which best describes its primary investment objective:

Aggressive capital appreciation? No
Capital appreciation? No
Growth? No
Growth and income? No
Income? No
Total return? Yes
67. Is the Registrant/Series a “balanced” Fund? Yes
68. Does the Registrant/Series have more than 50% of its net assets at
period end invested in the securities of issuers...
Engaged primarily in production or distribution of precious metals? No
Located primarily in countries other than the United States? No
69. Is the Registrant/Series an index Fund? No
S 5: Investment Practices
70. Activities that are permitted by the Registrant’s/Series’ investment
policies, and which were engaged in during the period:

Activity Permitted Engaged In
Writing or investing in repurchase agreements? Yes No
Writing or investing in options on equities? Yes No
Writing or investing in options on debt securities? Yes No
Writing or investing in options on stock indices? Yes No
Writing or investing in interest rate futures? Yes No
Writing or investing in stock index futures? Yes No
Writing or investing in options on futures? Yes No
Writing or investing in options on stock index futures? Yes No
Writing or investing in other commodity futures? Yes No
Investments in restricted securities? Yes No
Investments in shares of other investment companies? Yes No
Investments in securities of foreign issuers? Yes to both
Currency exchange transactions? Yes No
Loaning portfolio securities? Yes No
Borrowing of money? Yes No
Purchases/sales by certain exempted affiliated persons? Yes No
Margin purchases? Yes No
Short selling? Yes No
S 5: Portfolio Turnover
71. Portfolio turnover rate for the period:
Purchases ($000s): 18,170
Sales ($000s): 25,670

Monthly average Value of portfolio ($000s): 132,811

Percent turnover (lesser of Purchases or Sales, divided by Value): 14%
S 5: Financial Info — Income and Expenses
72. The number of months covered by the values in Items 72 and 73: 6

Income ($000s)
Net interest income .............................................. 571
Net dividend income .............................................. 696
Account maintenance fees ......................................... –
Net other income ................................................. –

Expenses ($000s)
Advisory fees .................................................... 432
Administrator fees ............................................... 54
Salaries and other compensation .................................. –
Shareholder Servicing Agent fees ................................. 43
Custodian fees ................................................... 5
Postage .......................................................... –
Printing expenses ................................................ 24
Directors’ fees .................................................. 7
Registration fees ................................................ 24
Taxes ............................................................ –
Interest ......................................................... –
Bookkeeping fees paid to anyone performing this service .......... –
Auditing fees .................................................... 8
Legal fees ....................................................... 5
Marketing/distribution payments, incl. Rule 12b-1 plan payments .. 233
Amortization of organization expenses ............................ –
Shareholder meeting expenses ..................................... –
Other expenses ................................................... 13
Total expenses ................................................... 848

Expense reimbursements ($000s): 0

Net investment income ($000s): 419

Realized capital gains ($000s): 5,880
Realized capital losses ($000s): 0

Net unrealized appreciation during the period ($000s): 0
Net unrealized depreciation during the period ($000s): 6,295

Total income dividends for which the record date passed during the
period ($000s): 414
Dividends for a second class of shares ($000s): 27

Dividends from net investment income: $0.0692
Dividends for a second class of shares: $0.1084

Distribution of capital gains: $0.0000
Other distributions: $0.0000
S 5: Financial Info — Condensed Balance Sheet Data
74. Assets ($000s)
Cash ............................................................. 3,088
Long-term debt securities, including convertible debt ............ 39,074
Common stock ..................................................... 89,550
Receivables from portfolio instruments sold ...................... 63
Other receivables ................................................ 426
All other assets ................................................. 38
Total assets ..................................................... 132,239

Liabilities ($000s)
Payables for portfolio instruments purchased ..................... 101
All other liabilities .......................................... 393
Net assets of common shareholders ................................ 131,745

Number of shares outstanding (000s): 5,938
Number of shares outstanding of a second class of shares (000s): 1,209

Net Asset Value (NAV) per share (to nearest cent): $18.42
NAV per share of a second class of shares (to nearest cent): $18.62

Total number of shareholder accounts: 1,299

Total value of assets in segregated accounts ($000s): 0
75. Monthly average net assets during the period ($000s): 136,318
Series 6 ↑Information Common to All Funds/Series ↑List of 4 Funds/Series
7. Name: 1919 Maryland Tax-Free Income Fund — S#46893 ⇒ LMMDX & 2 more

Is this the final Form N-SAR filed for this Fund/Series? No
S 6: Holdings of Securities Issued by Registrant’s/Series’ Brokers or Dealers
24. At period end, did the Registrant/Series hold any securities of the
Registrant’s/Series’ regular brokers or dealers, or of the parents of
such brokers or dealers, that derive more than 15% of gross revenue from
securities-related activities? No
S 6: Sales and Repurchases
28. Monthly total Net Asset Value (NAV) of sales and repurchases of the
Registrant’s/Series’ shares:
1st Month of period: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................ 592
Reinvestment of dividends and distributions ................ 411
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 2,446
2nd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 287
Reinvestment of dividends and distributions ................ 364
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 2,581
3rd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 125
Reinvestment of dividends and distributions ................ 391
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 1,994
4th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 2,603
Reinvestment of dividends and distributions ................ 380
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 3,869
5th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 1,142
Reinvestment of dividends and distributions ................ 399
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 2,656
6th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 123
Reinvestment of dividends and distributions ................ 384
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 2,078

Total of all months: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................ 4,872
Reinvestment of dividends and distributions ................ 2,329
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 15,624

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s): 0
S 6: Sales Load (Front-End or Deferred) and Fees (Redemption or Maintenance)
29. Was a front-end sales load deducted from any share sales during the
period? Yes
30. Total front-end sales loads collected from sales (including exchanges)
by Principal Underwriter or by any underwriter which is an affiliated
person of the Principal Underwriter, of the Registrant’s/Series’ shares
during the period ($000s): 17

The maximum sales load rate in effect at period end as a percentage of
the offering price: 4.25%
The minimum sales load rate in effect at period end as a percentage of
the offering price: 0.0%
31. Net amount retained by the Registrant’s/Series’ Principal Underwriter or
by any underwriter or dealer which is an affiliated person of the
Principal Underwriter thereof from front-end sales loads collected from
sales of the Registrant’s/Series’ shares during the period ($000s): 0

Amount by which payout by the Registrant’s/Series’ Principal Underwriter
or by any underwriter which is an affiliated person of the Principal
Underwriter thereof to persons or entities selling the
Registrant’s/Series’ shares exceeded that reported in Item 30 ($000s): 0
32. Amount the Registrant’s/Series’ Principal Underwriter and any
underwriters or dealers which are affiliated persons of the Principal
Underwriter paid to dealers which are not affiliated persons of the
Principal Underwriter for selling the Registrant’s/Series’ shares that
were sold with a front-end sales load during the period ($000s): 17
33. Amount paid to a captive retail sales force of the Registrant’s/Series’
Principal Underwriter or of any underwriter or dealer which is an
affiliated person of the Principal Underwriter for selling the
Registrant’s shares that were sold with a front-end sales load during
the period ($000s): 0
34. Did the Registrant/Series impose a deferred or contingent deferred sales
load during the period? Yes
35. Total deferred or contingent deferred sales loads collected during the
period from redemptions and repurchases of the Registrant’s/Series’
shares ($000s): 1
36. Did the Registrant/Series retain all monies collected from the deferred
or contingent deferred sales loads during the period? No

The net amount the Registrant/Series retained from deferred or
contingent deferred sales loads ($000s): 0
37. Did the Registrant/Series impose a redemption fee other than a deferred
or contingent sales load during the period? No
39. Were any account maintenance fees or other administrative fees imposed
directly on shareholders during the period? No
S 6: Payment Plan for the Distribution of Fund Shares
40. During the period, did the Registrant/Series have a plan of distribution
adopted pursuant to Rule 12b-1? Yes
41. During the period, did the Registrant/Series use its assets directly to
make payments under the 12b-1 plan? Yes
42. For the period, the percentage of total dollars paid directly by the
Registrant/Series under the 12b-1 plan for each of the following:

Percentage of Total Amount Paid (%)
Advertising ............................................................ –
Printing & mailing of prospectuses to other than current shareholders .. –
Payments to underwriters ............................................... –
Payments to brokers or dealers ......................................... –
Direct payments to sales personnel ..................................... –
Payments to banks and savings & loans .................................. –
Other uses, including payments to its Investment Adviser separate
from the advisory fee ................................................ –
Unallocated payments made for a combination of such services ........... 100
43. Total amount paid directly by the Registrant/Series pursuant to its
12b-1 plan ($000s): 165
44. If an Investment Adviser or other affiliated person of the
Registrant/Series made unreimbursed payments pursuant to the 12b-1 plan,
the total amount of such payments ($000s): 0
S 6: Advisory Fee
45. Did the Registrant/Series have an advisory contract during the period? Yes
46. Did the Registrant/Series pay more than one Investment Adviser directly
for investment advice during the period? No
47. Was the Registrant’s/Series’ advisory fee based solely on a percentage
of its assets? Yes
48. Fee (single rate or step rates) applied to the Registrant’s/Series’
assets based on the advisory contract:
Single-fee rate: 0.55%
Step-fee rates:
For 1st $000s: 0
Annual rate: 0.0%
S 6: Classification and Asset Allocation
58. Is the Registrant/Series a Separate Account of an insurance company? No
59. Is the Registrant/Series a management investment company? Yes
60. Was the Registrant/Series a diversified investment company at any time
during the period? No

The percentage of net assets in each type at period end:

Debt — Short-Term Maturities
U.S. Treasury ............................... 0.0%
U.S. Government Agency ...................... 0.0
Repurchase agreements ....................... 0.0
State and Municipal – tax-free .............. 0.0
Bank certificates of deposit – domestic ..... 0.0
Bank certificates of deposit – foreign ...... 0.0
Bankers acceptances ......................... 0.0
Commercial paper – taxable .................. 0.0
Time deposits ............................... 0.0
Options ..................................... 0.0
All other ................................... 0.0

Debt — Intermediate & Long-Term Maturities
U.S. Treasury ............................... 0.0%
U.S. Government Agency ...................... 0.0
State and Municipal – tax-free .............. 96.5
Corporate ................................... 0.0
All other ................................... 0.0

Non-Debt
Investments other than debt securities ...... 3.5%
63. The dollar-weighted average portfolio maturity at period end in days or,
if longer than one year, in years (to one decimal place):
Days: 0
Years: 11.0
64. Is the timely payment of principal and interest on any of the
instruments listed in Item 62 insured or guaranteed by an entity other
than the issuer? Yes

Is the issuer of any instrument covered in Item 62 delinquent or in
default as to payment of principal or interest at period end? No
66. Is the Registrant/Series a Fund that usually invests in equity
securities, options & futures on equity securities, indices of equity
securities or securities convertible into equity securities? No
67. Is the Registrant/Series a “balanced” Fund? No
68. Does the Registrant/Series have more than 50% of its net assets at
period end invested in the securities of issuers...
Engaged primarily in production or distribution of precious metals? No
Located primarily in countries other than the United States? No
69. Is the Registrant/Series an index Fund? No
S 6: Investment Practices
70. Activities that are permitted by the Registrant’s/Series’ investment
policies, and which were engaged in during the period:

Activity Permitted Engaged In
Writing or investing in repurchase agreements? Yes No
Writing or investing in options on equities? Yes No
Writing or investing in options on debt securities? Yes No
Writing or investing in options on stock indices? Yes No
Writing or investing in interest rate futures? Yes No
Writing or investing in stock index futures? Yes No
Writing or investing in options on futures? Yes No
Writing or investing in options on stock index futures? Yes No
Writing or investing in other commodity futures? Yes No
Investments in restricted securities? Yes No
Investments in shares of other investment companies? Yes No
Investments in securities of foreign issuers? Yes to both
Currency exchange transactions? Yes No
Loaning portfolio securities? Yes No
Borrowing of money? Yes No
Purchases/sales by certain exempted affiliated persons? Yes No
Margin purchases? No –
Short selling? No –
S 6: Portfolio Turnover
71. Portfolio turnover rate for the period:
Purchases ($000s): 3,551
Sales ($000s): 14,139

Monthly average Value of portfolio ($000s): 142,578

Percent turnover (lesser of Purchases or Sales, divided by Value): 2%
S 6: Financial Info — Income and Expenses
72. The number of months covered by the values in Items 72 and 73: 6

Income ($000s)
Net interest income .............................................. 3,255
Net dividend income .............................................. –
Account maintenance fees ......................................... –
Net other income ................................................. –

Expenses ($000s)
Advisory fees .................................................... 399
Administrator fees ............................................... 50
Salaries and other compensation .................................. –
Shareholder Servicing Agent fees ................................. 49
Custodian fees ................................................... 3
Postage .......................................................... –
Printing expenses ................................................ 22
Directors’ fees .................................................. 7
Registration fees ................................................ 17
Taxes ............................................................ –
Interest ......................................................... –
Bookkeeping fees paid to anyone performing this service .......... –
Auditing fees .................................................... 10
Legal fees ....................................................... 6
Marketing/distribution payments, incl. Rule 12b-1 plan payments .. 165
Amortization of organization expenses ............................ –
Shareholder meeting expenses ..................................... –
Other expenses ................................................... 10
Total expenses ................................................... 738

Expense reimbursements ($000s): 138

Net investment income ($000s): 2,655

Realized capital gains ($000s): 62
Realized capital losses ($000s): 0

Net unrealized appreciation during the period ($000s): 0
Net unrealized depreciation during the period ($000s): 2,554

Total income dividends for which the record date passed during the
period ($000s): 1,883
Dividends for a second class of shares ($000s): 772

Dividends from net investment income: $0.3727
Dividends for a second class of shares: $0.7004

Distribution of capital gains: $0.0000
Other distributions: $0.0000
S 6: Financial Info — Condensed Balance Sheet Data
74. Assets ($000s)
Cash ............................................................. 3,413
Long-term debt securities, including convertible debt ............ 135,326
Receivables from portfolio instruments sold ...................... 20
Other receivables ................................................ 2,142
All other assets ................................................. 28
Total assets ..................................................... 140,929

Liabilities ($000s)
Payables for portfolio instruments purchased ..................... 489
All other liabilities .......................................... 258
Net assets of common shareholders ................................ 140,182

Number of shares outstanding (000s): 6,059
Number of shares outstanding of a second class of shares (000s): 2,614

Net Asset Value (NAV) per share (to nearest cent): $16.16
NAV per share of a second class of shares (to nearest cent): $16.16

Total number of shareholder accounts: 491

Total value of assets in segregated accounts ($000s): 0
75. Monthly average net assets during the period ($000s): 146,213
Series 7 ↑Information Common to All Funds/Series ↑List of 4 Funds/Series
7. Name: 1919 Variable Socially Responsive Balanced Fund — S#46894 ⇒ QLMICX

Is this the final Form N-SAR filed for this Fund/Series? No
S 7: Holdings of Securities Issued by Registrant’s/Series’ Brokers or Dealers
24. At period end, did the Registrant/Series hold any securities of the
Registrant’s/Series’ regular brokers or dealers, or of the parents of
such brokers or dealers, that derive more than 15% of gross revenue from
securities-related activities? Yes

25.
The brokers or dealers, or their parents (issuers):
25.1 Name: Banc of America Merrill Lynch
IRS #: 56-2058405
Type of security owned: Debt
Value of securities owned at period end ($000s): 464
25.2 Name: Barclays Capital, Inc.
Type of security owned: Debt
Value of securities owned at period end ($000s): 178
25.3 Name: Citigroup Global Markets
IRS #: 13-3986032
Type of security owned: Debt
Value of securities owned at period end ($000s): 119
25.4 Name: Goldman Sachs & Co.
IRS #: 13-5108880
Type of security owned: Debt
Value of securities owned at period end ($000s): 151
25.5 Name: J.P. Morgan Chase & Co.
IRS #: 13-2624428
Type of security owned: Debt
Value of securities owned at period end ($000s): 83
25.6 Name: Morgan Stanley
IRS #: 13-2655998
Type of security owned: Debt
Value of securities owned at period end ($000s): 224
S 7: Sales and Repurchases
28. Monthly total Net Asset Value (NAV) of sales and repurchases of the
Registrant’s/Series’ shares:
1st Month of period: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................ 22
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 315
2nd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 5
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 241
3rd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 1,238
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 471
4th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 3
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 1,031
5th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 25
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 381
6th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 7
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 879

Total of all months: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................ 1,300
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 3,318

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s): 0
S 7: Sales Load (Front-End or Deferred) and Fees (Redemption or Maintenance)
29. Was a front-end sales load deducted from any share sales during the
period? No
34. Did the Registrant/Series impose a deferred or contingent deferred sales
load during the period? No
37. Did the Registrant/Series impose a redemption fee other than a deferred
or contingent sales load during the period? No
39. Were any account maintenance fees or other administrative fees imposed
directly on shareholders during the period? No
S 7: Payment Plan for the Distribution of Fund Shares
40. During the period, did the Registrant/Series have a plan of distribution
adopted pursuant to Rule 12b-1? No
S 7: Advisory Fee
45. Did the Registrant/Series have an advisory contract during the period? Yes
46. Did the Registrant/Series pay more than one Investment Adviser directly
for investment advice during the period? No
47. Was the Registrant’s/Series’ advisory fee based solely on a percentage
of its assets? Yes
48. Fee (single rate or step rates) applied to the Registrant’s/Series’
assets based on the advisory contract:
Single-fee rate: 0.0%
Step-fee rates:
For 1st $000s: 100,000
Annual rate: 0.65%
Of next $000s: 100,000
Annual rate: 0.61%
Of next $000s: 100,000
Annual rate: 0.51%
& Above $000s: 300,000
Annual rate: 0.46%
S 7: Classification and Asset Allocation
58. Is the Registrant/Series a Separate Account of an insurance company? No
59. Is the Registrant/Series a management investment company? Yes
60. Was the Registrant/Series a diversified investment company at any time
during the period? Yes

Was the Registrant/Series a diversified investment company at the end of
the period? Yes
61. The lowest minimum initial investment required by the Registrant/Series
from an investor that is not an employee or otherwise affiliated with
the Registrant/Series, its Investment Adviser, Principal Underwriter or
other affiliated entity: $0
62. Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities? No
66. Is the Registrant/Series a Fund that usually invests in equity
securities, options & futures on equity securities, indices of equity
securities or securities convertible into equity securities? Yes

Which best describes its primary investment objective:

Aggressive capital appreciation? No
Capital appreciation? No
Growth? No
Growth and income? No
Income? No
Total return? Yes
67. Is the Registrant/Series a “balanced” Fund? Yes
68. Does the Registrant/Series have more than 50% of its net assets at
period end invested in the securities of issuers...
Engaged primarily in production or distribution of precious metals? No
Located primarily in countries other than the United States? No
69. Is the Registrant/Series an index Fund? No
S 7: Investment Practices
70. Activities that are permitted by the Registrant’s/Series’ investment
policies, and which were engaged in during the period:

Activity Permitted Engaged In
Writing or investing in repurchase agreements? Yes No
Writing or investing in options on equities? Yes No
Writing or investing in options on debt securities? Yes No
Writing or investing in options on stock indices? Yes No
Writing or investing in interest rate futures? Yes No
Writing or investing in stock index futures? Yes No
Writing or investing in options on futures? Yes No
Writing or investing in options on stock index futures? Yes No
Writing or investing in other commodity futures? Yes No
Investments in restricted securities? Yes No
Investments in shares of other investment companies? Yes No
Investments in securities of foreign issuers? Yes to both
Currency exchange transactions? Yes No
Loaning portfolio securities? Yes No
Borrowing of money? Yes No
Purchases/sales by certain exempted affiliated persons? Yes No
Margin purchases? Yes No
Short selling? Yes No
S 7: Portfolio Turnover
71. Portfolio turnover rate for the period:
Purchases ($000s): 7,216
Sales ($000s): 8,793

Monthly average Value of portfolio ($000s): 45,736

Percent turnover (lesser of Purchases or Sales, divided by Value): 16%
S 7: Financial Info — Income and Expenses
72. The number of months covered by the values in Items 72 and 73: 6

Income ($000s)
Net interest income .............................................. 197
Net dividend income .............................................. 244
Account maintenance fees ......................................... –
Net other income ................................................. –

Expenses ($000s)
Advisory fees .................................................... 153
Administrator fees ............................................... 34
Salaries and other compensation .................................. –
Shareholder Servicing Agent fees ................................. 28
Custodian fees ................................................... 2
Postage .......................................................... –
Printing expenses ................................................ 13
Directors’ fees .................................................. 7
Registration fees ................................................ –
Taxes ............................................................ –
Interest ......................................................... –
Bookkeeping fees paid to anyone performing this service .......... –
Auditing fees .................................................... 8
Legal fees ....................................................... 10
Marketing/distribution payments, incl. Rule 12b-1 plan payments .. –
Amortization of organization expenses ............................ –
Shareholder meeting expenses ..................................... –
Other expenses ................................................... 9
Total expenses ................................................... 264

Expense reimbursements ($000s): 54

Net investment income ($000s): 231

Realized capital gains ($000s): 2,509
Realized capital losses ($000s): 0

Net unrealized appreciation during the period ($000s): 0
Net unrealized depreciation during the period ($000s): 2,666

Total income dividends for which the record date passed during the
period ($000s): 0

Dividends from net investment income: $0.0000

Distribution of capital gains: $0.0000
Other distributions: $0.0000
S 7: Financial Info — Condensed Balance Sheet Data
74. Assets ($000s)
Cash ............................................................. 656
Long-term debt securities, including convertible debt ............ 13,363
Common stock ..................................................... 31,450
Other receivables ................................................ 141
All other assets ................................................. 3
Total assets ..................................................... 45,613

Liabilities ($000s)
Payables for portfolio instruments purchased ..................... 22
All other liabilities .......................................... 79
Net assets of common shareholders ................................ 45,512

Number of shares outstanding (000s): 1,528

Net Asset Value (NAV) per share (to nearest cent): $29.79

Total number of shareholder accounts: 4

Total value of assets in segregated accounts ($000s): 0
75. Monthly average net assets during the period ($000s): 47,515
Signature ↑Top of Form N-SAR
/s/ Russell B. Simon
Name: Russell B. Simon
Title: Treasurer & Principal Financial Officer

↑Top

Filing Submission 0001325358-15-000924 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Trust for Advised Portfolios – ‘NSAR-AT/A’ for 6/30/15

On: Friday, 8/28/15, at 4:41pm ET · Effective: 8/28/15 · For: 6/30/15 · Accession #: 1325358-15-924 · File #: 811-21422

Amendment to Semi-Annual-Transition Report by an Investment Company — Form N-SAR — ICA’40Filing Table of Contents

Amendment to Semi-Annual-Transition Report by an Investment Company — Form N-SAR — ICA’40
Filing Table of Contents