If
the
subject report could not be filed without unreasonable effort or expenses and
the registrant seeks relief pursuant to Rule 12b-25(b), the following should
be
completed. (Check box is appropriate)
[X]
(a)
The reasons described in reasonable detail in Part III of this form
could
not be eliminated without unreasonable effort or
expense;
[X]
(b)The
subject annual report, semi-annual report, transition report on Form
10-K,
Form 20-F, 11-K or Form N-SAR, Form N-CSR or portion thereof, will
be
filed on or before the fifteenth calendar day following the prescribed
due
date; or the subject quarterly report of transition report on Form
10-Q,
or portion thereof will be filed on or before the Fifth calendar
day
following the prescribed due date;
and
[X]
The
accountant’s statement or other exhibit required by Rule 12b-25(c) has
been attached if applicable.
Part
III - NARRATIVE
State
below in reasonable detail the reasons why the Form 10-K and Form 10-KSB, 11-K,
20-F, IO-Q and Form IO-QSB, N-SAR, Form NCSR or other transition report or
portion thereof, could not be filed within the prescribed period.
The
Lighthouse Opportunity Fund is a series of Professionally Managed Portfolios.
An
accounting issue was raised during preparation of the annual financial
statements for the Fund. The Fund’s Administrator, U.S. Bancorp Fund Services,
LLC, currently is consulting with the Fund’s auditors, Tait, Weller and Baker
LLP (“Tait Weller”), to address a concern regarding the Fund’s Investment
Advisory Agreement and applicable advisory fees. The concern has not yet been
completely addressed and Tait Weller will not issue their report until
management provides representations as to this matter. The annual reports will
be released, and the corresponding Form N-CSR will be filed, promptly after
this
issue is resolved with Tait Weller.
Part
III - OTHER INFORMATION
(1)
Name
and telephone number of person to contact in regard to this notification
Rachel
Lohrey Esq.
(414)
765-5384
(2)
Have
all other periodic reports required under section 13 or 15(d) of the Securities
Exchange Act of 1934 or Section 30 of the Investment Company Act of 1940 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), been filed. If answer is no, identify report(s).
[X]
YES
[ ]
NO
(3)
Is it
anticipated that any significant change in results of operations from the
corresponding period for the last fiscal year will be reflected by the earnings
statement to be included in the subject report or portion thereof?
[X]
YES
[ ]
NO
If
so,
attach an explanation of the anticipated change, both narratively, and, if
appropriate, state the reasons why a reasonable estimate of the results cannot
be made.
We
are
not in the position to release our report until we receive an updated management
representation letter. Management is withholding their letter until a review
is
completed of their concerns regarding the advisory agreement and associated
fees. The review by management is expected to be completed within the next
15
days.
