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Professionally Managed Portfolios – ‘NSAR-A/A’ for 4/30/15

On: Monday, 6/29/15, at 5:31pm ET · As of: 6/30/15 · Effective: 6/30/15 · For: 4/30/15 · Accession #: 1325358-15-645 · File #: 811-05037

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

 6/30/15  Professionally Managed Portfolios NSAR-A/A    4/30/15    2:18K                                    Toppan Merrill NSAR/FA
          → Balter Long/Short Equity Fund ⇒ Institutional Class (BEQIX)
          → Becker Value Equity Fund ⇒ Institutional Class (BVEIX) — Retail Class (BVEFX)
          → Otter Creek Long/Short Opportunity Fund ⇒ Institutional Class (OTTRX) — Investor Class (OTCRX)

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

Document/Exhibit                   Description                      Pages   Size 

 1: NSAR-A/A    Amendment to Semi-Annual Report by an Investment      18±    77K 
                Company                                                          
 2: EX-99.77C VOTES  Shareholder Vote                               HTML      4K

‘NSAR-A/A’ — Amendment to Semi-Annual Report by an 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 Report by an Open-End Investment Company

Report
Registrant: Professionally Managed Portfolios — List all N-SARs

Semi-Annual Report (at mid-year) for the 1st-half period ended: 4/30/15

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: 811030
SEC File #: 811-05037

Telephone #: 626-914-7363
2. Address: 615 E. Michigan St.
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: 43
The number of separate Funds/Series (portfolios) reported here: 3...

N-SAR S# Fund/Series — Filings for F/S#… ⇒ Symbols
↓Information Common to All
↓ Series 96: Balter Long/Short Equity Fund — S#43745 ⇒ BEQIX
↓ Series 86: Becker Value Equity Fund — S#37988 ⇒ BVEIX & BVEFX
↓ Series 97: Otter Creek Long/Short Opportunity Fund — S#43717 ⇒ OTTRX & OTCRX
Family of Investment Companies
19. Is the Registrant/Series part of a “family” of investment companies? Yes

Total number of registered management investment companies, Series
and portfolios (excluding any Unit Investment Trusts) in the family: 43

The Identification Code of the family for Form N-SAR Filings: PROMANPORT
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)? Yes

EX-99.77C: Matters Submitted to a Vote of Security Holders? Yes
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 3 Funds/Series Reported Here

Information Common to All Funds/Series
All: Administrator
10.1 Name: US Bancorp Fund Services, LLC
SEC File #: 085-11357
Location: Milwaukee, WI
All: Principal Underwriter
11.1 Name: Quasar Distributors, LLC.
SEC File #: 008-52323
Location: Milwaukee, WI
All: Shareholder Servicing/Transfer Agent
12.1 Name: U.S. Bancorp Fund Services, LLC
SEC File #: 085-11357
Location: Milwaukee, WI
All: Independent Public Accountant
13.1 Name: Tait, Weller & Baker LLP
Location: Philadelphia, PA
All: Custodian
15.1 Name: Bank of New York
Role: Sub-Custodian
Location: New York, NY

Type of custody: Rule 17f-5 — Foreign Custodian
15.2 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: Goldman Sachs & Co.
IRS #: 13-5108880
Commissions paid ($000s): 229
20.2 Broker: Morgan Stanley & Co., Inc.
IRS #: 13-2655998
Commissions paid ($000s): 112
20.3 Broker: Conifer Securities LLC
Commissions paid ($000s): 50
20.4 Broker: Craig-Hallum
Commissions paid ($000s): 37
20.5 Broker: Stifel Nicolaus & Co. Inc.
IRS #: 43-0538770
Commissions paid ($000s): 30
20.6 Broker: Merrill Lynch
IRS #: 13-2740599
Commissions paid ($000s): 28
20.7 Broker: Jefferies & Co., Inc.
IRS #: 95-2622900
Commissions paid ($000s): 20
20.8 Broker: National Financial Service Corp.
Commissions paid ($000s): 15
20.9 Broker: Raymond James & Associates, Inc.
IRS #: 59-1237041
Commissions paid ($000s): 14
20.10 Broker: Strategas Securities
Commissions paid ($000s): 14
21. Total brokerage commissions paid by the Registrant during the period:
Aggregate paid ($000s): 549
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: Morgan Stanley
Registrant’s purchases ($000s): 6,182
Registrant’s sales ($000s): 28
22.2 Entity: Goldman Sachs & Co.
IRS #: 13-5108880
Registrant’s purchases ($000s): 457
22.3 Entity: Merrill Lynch
IRS #: 13-5674085
Registrant’s purchases ($000s): 272
22.4 Entity: Pershing LLC
IRS #: 13-2741729
Registrant’s purchases ($000s): 84
22.5 Entity: Roth Capital Partners
Registrant’s purchases ($000s): 80
22.6 Entity: Craig Hallum
Registrant’s purchases ($000s): 20
22.7 Entity: Jefferies & Co.
IRS #: 95-2593620
22.8 Entity: Needham & Co.
22.9 Entity: National Financial Service Corp.
22.10 Entity: Harris
23. Total purchase/sale transactions by the Registrant during the period:
Aggregate purchases ($000s): 7,095
Aggregate sales ($000s): 28
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: 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
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

Was the limitation that applied during the period based on...
Assets? Yes
Income? No
All: Classification and Asset Allocation
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
Series 86 ↑Information Common to All Funds/Series ↑List of 3 Funds/Series
7. Name: Becker Value Equity Fund — S#37988 ⇒ BVEIX & BVEFX

Is this the final Form N-SAR filed for this Fund/Series? No
S86: 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: Morgan Stanley & Co., Inc.
IRS #: 13-2655998
Type of security owned: Equity
Value of securities owned at period end ($000s): 8,457
S86: 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) ............................ 11,123
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 3,631
2nd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 14,844
Reinvestment of dividends and distributions ................ 24,625
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 5,911
3rd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 14,305
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 3,843
4th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 7,944
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 5,969
5th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 9,375
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 9,085
6th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 8,873
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 10,541

Total of all months: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................ 66,464
Reinvestment of dividends and distributions ................ 24,625
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 38,980

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s): 0
S86: Sales Load (Front-End or Deferred) and Fees (Redemption or Maintenance)
37. Did the Registrant/Series impose a redemption fee other than a deferred
or contingent sales load during the period? Yes
38. Total amount of redemption fees other than deferred or contingent
deferred sales loads collected from redemptions and repurchases of the
Registrant’s/Series’ shares during the period ($000s): 1
39. Were any account maintenance fees or other administrative fees imposed
directly on shareholders during the period? No
S86: 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
S86: 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%
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 .................................................... No
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
S86: 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
S86: 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: $2,500
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
S86: 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? No –
Investments in restricted securities? Yes No
Investments in shares of other investment companies? Yes to both
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? Yes No
S86: Portfolio Turnover
71. Portfolio turnover rate for the period:
Purchases ($000s): 79,933
Sales ($000s): 57,533

Monthly average Value of portfolio ($000s): 338,315

Percent turnover (lesser of Purchases or Sales, divided by Value): 17%
S86: 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 .............................................. 1
Net dividend income .............................................. 3,596
Account maintenance fees ......................................... –
Net other income ................................................. –

Expenses ($000s)
Advisory fees .................................................... 1,006
Administrator fees ............................................... 82
Salaries and other compensation .................................. –
Shareholder Servicing Agent fees ................................. 232
Custodian fees ................................................... 19
Postage .......................................................... –
Printing expenses ................................................ 9
Directors’ fees .................................................. 5
Registration fees ................................................ 24
Taxes ............................................................ –
Interest ......................................................... –
Bookkeeping fees paid to anyone performing this service .......... 52
Auditing fees .................................................... 12
Legal fees ....................................................... 3
Marketing/distribution payments, incl. Rule 12b-1 plan payments .. –
Amortization of organization expenses ............................ –
Shareholder meeting expenses ..................................... –
Other expenses ................................................... 14
Total expenses ................................................... 1,458

Expense reimbursements ($000s): 25

Net investment income ($000s): 2,164

Realized capital gains ($000s): 17,299
Realized capital losses ($000s): 603

Net unrealized appreciation during the period ($000s): 2,816
Net unrealized depreciation during the period ($000s): 0

Total income dividends for which the record date passed during the
period ($000s): 2,276
Dividends for a second class of shares ($000s): 3,724

Total capital gains distributions for which the record date passed
during the period ($000s): 21,596
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: $0.3125
Dividends for a second class of shares: $0.3538

Distribution of capital gains: $1.2129
Other distributions: $0.0000
S86: Financial Info — Condensed Balance Sheet Data
74. Assets ($000s)
Cash ............................................................. –
Repurchase agreements ............................................ –
Short-term debt securities, other than repurchase agreements ..... –
Long-term debt securities, including convertible debt ............ –
Preferred, conv. preferred and adjustable-rate preferred stock ... –
Common stock ..................................................... 375,078
Options on equities .............................................. –
Options on all futures ........................................... –
Other investments ................................................ 10,659
Receivables from portfolio instruments sold ...................... –
Receivables from affiliated persons .............................. –
Other receivables ................................................ 1,721
All other assets ................................................. 27
Total assets ..................................................... 387,485

Liabilities ($000s)
Payables for portfolio instruments purchased ..................... –
Amounts owed to affiliated persons ............................... 270
Senior long-term debt ............................................ –
Other liabilities:
Reverse repurchase agreements .................................. –
Short sales .................................................... –
Written options ................................................ –
All other liabilities .......................................... 364
Net assets of common shareholders ................................ 386,851

Number of shares outstanding (000s): 8,362
Number of shares outstanding of a second class of shares (000s): 11,553

Net Asset Value (NAV) per share (to nearest cent): $19.38
NAV per share of a second class of shares (to nearest cent): $19.46

Total number of shareholder accounts: 1,491
75. Monthly average net assets during the period ($000s): 368,660
Series 96 ↑Information Common to All Funds/Series ↑List of 3 Funds/Series
7. Name: Balter Long/Short Equity Fund — S#43745 ⇒ BEQIX

Is this the final Form N-SAR filed for this Fund/Series? No
S96: 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
S96: 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) ............................ 60
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. –
2nd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 117
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 17
3rd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 7,222
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 38
4th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 419
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 634
5th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 552
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 294
6th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 4,354
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 232

Total of all months: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................ 12,724
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 1,215

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s): 0
S96: Sales Load (Front-End or Deferred) and Fees (Redemption or Maintenance)
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
S96: 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
S96: 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: 1.95%
Step-fee rates:
For 1st $000s: 0
Annual rate: 0.0%
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 .................................................... No
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
S96: 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
S96: 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: $5,000
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
S96: 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 to both
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 to both
Investments in securities of foreign issuers? Yes to both
Currency exchange transactions? Yes No
Loaning portfolio securities? No –
Borrowing of money? Yes No
Purchases/sales by certain exempted affiliated persons? Yes No
Margin purchases? Yes No
Short selling? Yes to both
S96: Portfolio Turnover
71. Portfolio turnover rate for the period:
Purchases ($000s): 145,635
Sales ($000s): 134,898

Monthly average Value of portfolio ($000s): 94,716

Percent turnover (lesser of Purchases or Sales, divided by Value): 142%
S96: 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 .............................................. 2
Net dividend income .............................................. 300
Account maintenance fees ......................................... –
Net other income ................................................. –

Expenses ($000s)
Advisory fees .................................................... 1,286
Administrator fees ............................................... 28
Salaries and other compensation .................................. –
Shareholder Servicing Agent fees ................................. 13
Custodian fees ................................................... 35
Postage .......................................................... –
Printing expenses ................................................ 2
Directors’ fees .................................................. 4
Registration fees ................................................ 16
Taxes ............................................................ –
Interest ......................................................... 304
Bookkeeping fees paid to anyone performing this service .......... 28
Auditing fees .................................................... 11
Legal fees ....................................................... 1
Marketing/distribution payments, incl. Rule 12b-1 plan payments .. –
Amortization of organization expenses ............................ –
Shareholder meeting expenses ..................................... –
Other expenses ................................................... 233
Total expenses ................................................... 1,961

Expense reimbursements ($000s): 4

Net investment income ($000s): -1,655

Realized capital gains ($000s): 13,440
Realized capital losses ($000s): 12,474

Net unrealized appreciation during the period ($000s): 4,417
Net unrealized depreciation during the period ($000s): 0

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
S96: Financial Info — Condensed Balance Sheet Data
74. Assets ($000s)
Cash ............................................................. 3,358
Repurchase agreements ............................................ –
Short-term debt securities, other than repurchase agreements ..... –
Long-term debt securities, including convertible debt ............ –
Preferred, conv. preferred and adjustable-rate preferred stock ... –
Common stock ..................................................... 102,099
Options on equities .............................................. –
Options on all futures ........................................... –
Other investments ................................................ 36,817
Receivables from portfolio instruments sold ...................... 12,607
Receivables from affiliated persons .............................. –
Other receivables ................................................ 50
All other assets ................................................. 36,880
Total assets ..................................................... 191,811

Liabilities ($000s)
Payables for portfolio instruments purchased ..................... 11,263
Amounts owed to affiliated persons ............................... 242
Senior long-term debt ............................................ –
Other liabilities:
Reverse repurchase agreements .................................. –
Short sales .................................................... 37,717
Written options ................................................ –
All other liabilities .......................................... 191
Net assets of common shareholders ................................ 142,398

Number of shares outstanding (000s): 13,871

Net Asset Value (NAV) per share (to nearest cent): $10.27

Total number of shareholder accounts: 459
75. Monthly average net assets during the period ($000s): 133,027
Series 97 ↑Information Common to All Funds/Series ↑List of 3 Funds/Series
7. Name: Otter Creek Long/Short Opportunity Fund — S#43717 ⇒ OTTRX & OTCRX

Is this the final Form N-SAR filed for this Fund/Series? No
S97: 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
S97: 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) ............................ 2,410
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 60
2nd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 8,613
Reinvestment of dividends and distributions ................ 64
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 454
3rd Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 9,755
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 457
4th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 4,923
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 446
5th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 1,970
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 991
6th Month:
Total NAV of shares sold:
New sales (including exchanges) ............................ 1,318
Reinvestment of dividends and distributions ................ –
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 652

Total of all months: ($000s)
Total NAV of shares sold:
New sales (including exchanges) ............................ 28,989
Reinvestment of dividends and distributions ................ 64
Other ...................................................... –
Total NAV of shares redeemed & repurchased (inc. exchanges) .. 3,060

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s): 0
S97: Sales Load (Front-End or Deferred) and Fees (Redemption or Maintenance)
37. Did the Registrant/Series impose a redemption fee other than a deferred
or contingent sales load during the period? Yes
38. Total amount of redemption fees other than deferred or contingent
deferred sales loads collected from redemptions and repurchases of the
Registrant’s/Series’ shares during the period ($000s): 0
39. Were any account maintenance fees or other administrative fees imposed
directly on shareholders during the period? No
S97: 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 ......................................... 100
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 ........... –
43. Total amount paid directly by the Registrant/Series pursuant to its
12b-1 plan ($000s): 15
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
S97: 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: 1.5%
Step-fee rates:
For 1st $000s: 0
Annual rate: 0.0%
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 .................................................... No
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
S97: 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? No
57. Did the Registrant/Series adjust the number of its shares outstanding by
means of a stock split or stock dividend? No
S97: 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: $2,500
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
S97: 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 to both
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 to both
Investments in shares of other investment companies? Yes to both
Investments in securities of foreign issuers? Yes to both
Currency exchange transactions? Yes No
Loaning portfolio securities? No –
Borrowing of money? Yes No
Purchases/sales by certain exempted affiliated persons? Yes No
Margin purchases? Yes No
Short selling? Yes to both
S97: Portfolio Turnover
71. Portfolio turnover rate for the period:
Purchases ($000s): 59,479
Sales ($000s): 35,577

Monthly average Value of portfolio ($000s): 78,095

Percent turnover (lesser of Purchases or Sales, divided by Value): 46%
S97: 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 .............................................. 31
Net dividend income .............................................. 649
Account maintenance fees ......................................... –
Net other income ................................................. –

Expenses ($000s)
Advisory fees .................................................... 747
Administrator fees ............................................... 24
Salaries and other compensation .................................. –
Shareholder Servicing Agent fees ................................. 36
Custodian fees ................................................... 5
Postage .......................................................... –
Printing expenses ................................................ 1
Directors’ fees .................................................. 3
Registration fees ................................................ 25
Taxes ............................................................ –
Interest ......................................................... 130
Bookkeeping fees paid to anyone performing this service .......... 19
Auditing fees .................................................... 11
Legal fees ....................................................... 3
Marketing/distribution payments, incl. Rule 12b-1 plan payments .. 15
Amortization of organization expenses ............................ –
Shareholder meeting expenses ..................................... –
Other expenses ................................................... 194
Total expenses ................................................... 1,213

Expense reimbursements ($000s): 40

Net investment income ($000s): -493

Realized capital gains ($000s): 5,623
Realized capital losses ($000s): 9,363

Net unrealized appreciation during the period ($000s): 5,167
Net unrealized depreciation during the period ($000s): 0

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): 65
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: $0.0076
Other distributions: $0.0000
S97: Financial Info — Condensed Balance Sheet Data
74. Assets ($000s)
Cash ............................................................. 18,627
Repurchase agreements ............................................ –
Short-term debt securities, other than repurchase agreements ..... –
Long-term debt securities, including convertible debt ............ 783
Preferred, conv. preferred and adjustable-rate preferred stock ... –
Common stock ..................................................... 86,869
Options on equities .............................................. 3,274
Options on all futures ........................................... –
Other investments ................................................ 4,343
Receivables from portfolio instruments sold ...................... 3,000
Other receivables ................................................ 241
All other assets ................................................. 49,754
Total assets ..................................................... 166,891

Liabilities ($000s)
Payables for portfolio instruments purchased ..................... 2,981
Amounts owed to affiliated persons ............................... 140
Senior long-term debt ............................................ –
Other liabilities:
Reverse repurchase agreements .................................. –
Short sales .................................................... 51,264
Written options ................................................ –
All other liabilities .......................................... 135

Equity ($000s)
Senior equity .................................................... –
Net assets of common shareholders ................................ 112,371

Number of shares outstanding (000s): 1,261
Number of shares outstanding of a second class of shares (000s): 8,806

Net Asset Value (NAV) per share (to nearest cent): $11.14
NAV per share of a second class of shares (to nearest cent): $11.17

Total number of shareholder accounts: 112
75. Monthly average net assets during the period ($000s): 100,380
Signature ↑Top of Form N-SAR
/s/ Cory Akers
Name: Cory Akers
Title: Assistant Treasurer

↑Top

Filing Submission 0001325358-15-000645 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Professionally Managed Portfolios – ‘NSAR-A/A’ for 4/30/15

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

‘NSAR-A/A’ — Amendment to Semi-Annual Report by an Investment Company

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