RE:
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Trust for Advised Portfolios (the “Trust”)
Securities Act Registration No: 333-108394
Investment Company Act Registration No: 811-21422
Zevenbergen Growth Fund S000050413
Zevenbergen Genea Fund S000050414
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(1)
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The Trust acknowledges that in connection with the comments made by the Staff on the Form N-1A registration statement, the Staff has not passed generally on the accuracy or adequacy of the disclosure made in the registration statement;
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(2)
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The Trust acknowledges that Staff comments or changes to disclosure in response to Staff comments in the filings reviewed by the Staff do not foreclose the Commission from taking any action with respect to the filing; and
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(3)
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The Trust represents that it will not assert the Staff’s review process as a defense in any action by the Commission or any securities-related litigation against the Trust.
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23.
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In the first paragraph, second sentence when defining each Composite, please clarify the respective Fund to which each Composite relates.
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24.
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As part of the Fundamental Investment Policies in the Statement of Additional Information (“SAI”) each Fund has an ability to concentrate in the technology group of industries; the Zevenbergen Genea Fund also has an ability to concentrate in the consumer discretionary group of industries. Please disclose any differences in the concentration policies of the Composites, as applicable.
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The Trust responds supplementally that there are no material differences between each Fund’s concentration policy and its applicable Composite.
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25.
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Disclose the ways in which the ZTech Composite is more focused than the Zevenbergen Growth Equity Composite, as appropriate.
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The Trust responds by disclosing that the ZTech Composite generally contains 15-40 stocks while the Growth Equity Composite generally contains 30-60 stocks.
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26.
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Certain differences exist between the Composites and the Funds. For example, prior to July 1, 1990 the Growth Equity Composite contained two taxable equity portfolios, which also held a convertible bond and a municipal bond. The Growth Equity Composite had a minimum account size of $1 million for a period of time, while the ZTech Composite had a minimum account size of $5 million for a period of time. Please (a) disclose, if accurate, that such differences are immaterial and would not have had a material effect on the disclosed performance, and they also do not alter the fact that each Composite is substantially similar to the relevant Fund, and (b) explain supplementally why such differences do not alter the conclusion that each Composite is substantially similar to the applicable Fund.
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The Trust responds that (a) it will disclose that such differences are immaterial and would not have had a material effect on the disclosed performance, and do not alter the fact that that each Composite is substantially similar to the relevant Fund; and (b) such differences do not alter the conclusion that each Composite is substantially similar to the applicable Fund because, regardless of such differences, the accounts in each Composite had substantially similar investment objectives, policies and strategies as the respective Funds and were managed in a manner substantially similar to the manner in which the respective Fund will be managed.
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27.
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As disclosed in the second paragraph, certain accounts were excluded during certain periods of time, and specified dollar amounts were excluded from the Composites. Please explain supplementally why such accounts were excluded. If accurate, disclose that such exclusions would not materially affect the Composites’ performance or cause the performance presentation to be misleading.
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28.
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As used in the last sentence of the second paragraph, confirm that the use of the term “accounts” includes Registered Investment Companies and Private Funds, if any.
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29.
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If accurate, please confirm supplementally that "all fees and expenses" is all actual fees and expenses (i.e., inclusive of all actual fees and expenses that comprise the applicable Composite).
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30.
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Regarding the fourth paragraph, first sentence, does the phrase “private portfolios of the Adviser” refer to discretionary accounts that comprise the Composites? If so, please make changes for consistency purposes, as the second paragraph, last sentence uses the phrase “accounts.”
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31.
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In the fifth paragraph, regarding other restrictions imposed on the Funds by the 1940 Act and the Internal Revenue Code of 1986, revise to include the specific restrictions imposed on the Funds by the respective regulations.
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32.
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In the sixth paragraph, revise to indicate that because the actual fees and expenses of the discretionary accounts were generally lower than the Funds’ estimated actual fees and expenses, the use of the Funds’ expense structure would likely have lowered the performance of the Composites.
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33.
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In the Performance Table, consider deleting all data except the Average Annual Total Returns for each Composite and the Russell 3000® Growth Index, as the other performance data may confuse investors and obscure the presentation of the performance data.
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34.
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In the Performance Table, the Russell 3000® Growth Index column for the Growth Equity Composite inception since 12/31/1986 is the same percent as the Russell 3000® Growth Index column for the ZTech Composite inception since 2/28/1994. Please revise since inception as needed.
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35.
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Please respond to the Staff comments on the Adviser’s Prior Performance as soon as practicable prior to the effective date as the Staff may have other comments.
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