Form N-CEN PROFESSIONALLY MANAGED For: Sep 30
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E-mailX0404 N-CEN LIVE 0000811030 XXXXXXXX false false false N-1A S000030907 true S000030908 true S000004936 true S000070633 true Professionally Managed Portfolios 811-05037 0000811030 254900BPISCYGRJD2727 615 East Michigan St. Milwaukee 53202 US-WI US 414-765-4324 U.S. Bancorp Fund Services LLC 615 East Michigan St. Milwaukee 53202 18336121912 Maintain physical/electronic accounts/books or any document required by section 31(a) of the Act (15 U.S.C. 80a-30(a)) and the rules under that section. N N N N-1A 27 Y Ashi S. Parikh N/A N Steven J. Paggioli N/A N Carl A. Froebel N/A N Eric W. Falkeis N/A N Wallace L. Cook N/A N Kathleen T. Barr N/A N Donna Barrette N/A 615 East Michigan St. Milwaukee 53202 XXXXXX N N N N N N Quasar Distributors LLC 008-52323 000103848 N/A N N Tait Weller and Baker LLP 00445 N/A N N N N N N N Boston Common ESG Impact Emerging Markets Fund S000070633 254900DIAM8IXXG6KE96 Y 1 1 0 N/A N N N N N/A N/A N/A N/A Y Y Y N Boston Common Asset Management, LLC 801-61564 000123558 25490024I00K3EFY4P69 N U.S. Bancorp Fund Services LLC 85-11357 N1GZ7BBF3NP8GI976H15 N N N Intercontinental Exchange Inc. 5493000F4ZO33MV32P92 N N U.S. Bank N.A. 6BYL5QZYBDK8S7L73M02 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) Citibank N.A. Brazil Branch E57ODZWZ7FF32TWEFA76 BR N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Banco Nacional de Mexico S.A. (Banamex) 2SFFM4FUIE05S37WFU55 MX N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) N N U.S. Bancorp Fund Services LLC N1GZ7BBF3NP8GI976H15 N N N INSTINET, LLC 8-23669 000007897 549300MGMN3RKMU8FT57 715.270000000000 715.270000000000 0.000000000000 Y 6791911.000000000000 N N N N Boston Common ESG Impact International Fund S000030907 254900GJOYMZY372YI92 N 1 0 0 N/A N N N N N/A N/A N/A N/A Y N N N Boston Common Asset Management, LLC 801-61564 000123558 25490024I00K3EFY4P69 N U.S. Bancorp Fund Services LLC 85-11357 N1GZ7BBF3NP8GI976H15 N N N Intercontinental Exchange Inc. 5493000F4ZO33MV32P92 N N U.S. Bank N.A. 6BYL5QZYBDK8S7L73M02 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N Y Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) BNP Paribas Securities Services (BNP) 549300WCGB70D06XZS54 GB N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Skandinaviska Enskilda Banken AB (publ) (SEB) F3JS33DEI6XQ4ZBPTN86 SE N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Svenska Handelsbanken AB (publ), Finland Branch NHBDILHZTYCNBV5UYZ31 FI N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Svenska Handelsbanken AB (publ), Denmark Branch NHBDILHZTYCNBV5UYZ31 DK N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Euroclear Bank SA/NV 549300OZ46BRLZ8Y6F65 BE N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) N N U.S. Bancorp Fund Services LLC N1GZ7BBF3NP8GI976H15 N N N INSTINET, LLC 8-23669 000007897 549300MGMN3RKMU8FT57 98761.140000000100 J.P. MORGAN SECURITIES LLC 8-35008 000000079 ZBUT11V806EZRVTWT807 30771.410000000000 ALLIANCEBERNSTEIN INVESTMENTS, INC. 8-30851 000014549 0JK55UGWSWNF3X7KLQ85 29769.980000000000 MERRILL LYNCH PROFESSIONAL CLEARING CORP. 8-33359 000016139 549300PMHS66E71I2D34 26056.520000000000 CAPITAL INSTITUTIONAL SERVICES, INC. 8-22273 000007551 54930061X8RDWFDJIS05 24067.730000000000 CLSA AMERICAS, LLC 8-69166 000165533 213800M2DXATWY7JMS07 16807.520000000000 BNY MELLON CAPITAL MARKETS, LLC 8-35255 000017454 VJW2DOOHGDT6PR0ZRO63 12508.860000000000 LOOP CAPITAL MARKETS LLC 8-50140 000043098 254900FPPM2WN90D4786 11423.970000000000 EXANE, INC. 8-49569 000041784 6SDWK6FV8H98XAGSYS75 10050.020000000000 KEPLER CAPITAL MARKETS, INC. 8-67194 000139148 254900VCHS9DMDUVZN16 8651.510000000000 285454.170000000000 0.000000000000 Y 429945954.000000000000 Uncommitted 10000000.000000000000 N N N N Boston Common ESG Impact U.S. Equity Fund S000030908 254900RNRFP3EEDFE637 N 1 0 0 N/A N N N N N/A N/A N/A N/A Y Y Y N Boston Common Asset Management, LLC 801-61564 000123558 25490024I00K3EFY4P69 N U.S. Bancorp Fund Services LLC 85-11357 N1GZ7BBF3NP8GI976H15 N N N Intercontinental Exchange Inc. 5493000F4ZO33MV32P92 N N U.S. Bank N.A. 6BYL5QZYBDK8S7L73M02 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N N U.S. Bancorp Fund Services LLC N1GZ7BBF3NP8GI976H15 N N N GOLDMAN SACHS & CO. LLC 8-12900 000000361 FOR8UP27PHTHYVLBNG30 2880.840000000000 EVERCORE GROUP L.L.C. 8-49830 000042405 5493008F0LRLS5N8LZ81 1049.400000000000 CORNERSTONE MACRO LLC 8-69293 000168152 25490003PASAH33YSQ08 910.650000000000 INSTINET, LLC 8-23669 000007897 549300MGMN3RKMU8FT57 514.260000000000 J.P. MORGAN SECURITIES LLC 8-35008 000000079 ZBUT11V806EZRVTWT807 476.850000000000 MORGAN STANLEY & CO. LLC 8-15869 000008209 9R7GPTSO7KV3UQJZQ078 380.940000000000 CITIGROUP GLOBAL MARKETS INC. 8-81770 000007059 MBNUM2BPBDO7JBLYG310 343.950000000000 JEFFERIES LLC 8-15074 000002347 58PU97L1C0WSRCWADL48 172.050000000000 EXANE, INC. 8-49569 000041784 6SDWK6FV8H98XAGSYS75 103.950000000000 6832.890000000000 0.000000000000 Y 53279518.000000000000 Uncommitted 2000000.000000000000 N N N N TCM Small Cap Growth Fund S000004936 254900RKKQGEB6MJLY08 N 1 0 0 N/A N N N N N/A N/A N/A N/A Y N N N Tygh Capital Management, Inc. 801-63231 000131898 N/A N U.S. Bancorp Fund Services LLC 85-11357 N1GZ7BBF3NP8GI976H15 N N N Intercontinental Exchange Inc. 5493000F4ZO33MV32P92 N N U.S. Bank N.A. 6BYL5QZYBDK8S7L73M02 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N N U.S. Bancorp Fund Services LLC N1GZ7BBF3NP8GI976H15 N N N COWEN AND COMPANY, LLC 8-22522 000007616 549300WR155U7DVMIW58 126963.140000000000 LIQUIDNET, INC. 8-52461 000103987 213800HSKBBO1GCVRG79 36892.230000000000 ROBERT W. BAIRD & CO. INCORPORATED 8-49700 000008158 549300772UJAHRD6LO53 27286.600000000000 INSTINET, LLC 8-23669 000007897 549300MGMN3RKMU8FT57 25881.050000000000 D.A. DAVIDSON & CO. 8-23990 000000199 549300094RQ5A7DYLF51 25325.560000000000 O'NEIL SECURITIES, INCORPORATED 8-11763 000000894 5493002J20FGJRC1XQ20 22833.840000000000 STEPHENS INC. 8-19270 000003496 213800LH6T9XDYZCA534 21912.720000000000 CRAIG-HALLUM CAPITAL GROUP LLC 8-65407 000121395 549300YWNPUXBR9XZW77 20812.440000000000 NEEDHAM & COMPANY, LLC 8-33772 000016360 254900J2GFQ4J4NK1J89 20698.160000000000 WILLIAM BLAIR & COMPANY L.L.C. 8-26980 000001252 549300J0P7XYE8BMZ775 20370.280000000000 551524.070000000000 RAYMOND JAMES & ASSOCIATES, INC. 8-10999 000000705 U4ONQX15J3RO8XCKE979 1370600.000000000000 COWEN AND COMPANY, LLC 8-22522 000007616 549300WR155U7DVMIW58 994032.000000000000 B. RILEY FBR, INC. 8-41426 000025027 2549005CLOSQO0MJEA57 851829.000000000000 GOLDMAN SACHS & CO. LLC 8-12900 000000361 FOR8UP27PHTHYVLBNG30 18333.000000000000 3234794.000000000000 Y 470781555.000000000000 Uncommitted 20000000.000000000000 N N N true
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and Board of Trustees
Professionally Managed Portfolios
Milwaukee, Wisconsin
In planning and performing our audits of the financial statements of Boston Common ESG Impact Emerging Markets Fund, Boston Common ESG Impact
International Fund and Boston Common ESG Impact U.S. Equity Fund, each a series of Professionally Managed Portfolios (the “Trust”) as of and for the year ended September 30, 2021, in accordance with the standards of the Public Company Accounting
Oversight Board (United States), we considered its internal control over financial reporting, including control activities for safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on
the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.
The management of the Trust is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this
responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A company’s internal control over financial reporting is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America. Such internal control includes
policies and procedures that provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a company’s assets that could have a material effect on the financial statements.
Because of inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation
of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
A control deficiency exists when the design or operation of a control does not allow management or employees, in the normal course of performing their
assigned functions, to prevent or detect misstatements on a timely basis. A significant deficiency is a control deficiency, or combination of control deficiencies, that adversely affects the company’s ability to initiate, authorize, record,
process or report financial data reliably in accordance with accounting principles generally accepted in the United States of America such that there is more than a remote likelihood that a misstatement of the company’s annual or interim financial
statements that is more than inconsequential will not be prevented or detected. A material weakness is a significant deficiency, or combination of significant deficiencies, that results in more than a remote likelihood that a material misstatement
of the annual or interim financial statements will not be prevented or detected.
Shareholders and Board of Trustees
Professionally Managed Portfolios
Page Two
Our consideration of the Trust’s internal control over financial reporting was for the limited purpose described in the first paragraph and would not
necessarily disclose all deficiencies in internal control that might be significant deficiencies or material weaknesses under standards established by the Public Company Accounting Oversight Board (United States). However, we noted no
deficiencies in the Trust’s internal control over financial reporting and its operation, including controls for safeguarding securities, which we consider to be material weaknesses, as defined above, as of September 30, 2021.
This report is intended solely for the information and use of management, Shareholders and Board of Trustees of the Trust and the Securities and Exchange
Commission, and is not intended to be and should not be used by anyone other than these specified parties.
TAIT, WELLER & BAKER LLP
Philadelphia, Pennsylvania
November 29, 2021
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Shareholders and Board of Trustees
Professionally Managed Portfolios
Milwaukee, Wisconsin
In planning and performing our audit of the financial statements of TCM Small Cap Growth Fund, a series of Professionally Managed Portfolios (the “Trust”) as of and for the year ended September 30, 2021, in
accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered its internal control over financial reporting, including control activities for safeguarding securities, as a basis for designing our
auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over
financial reporting. Accordingly, we express no such opinion.
The management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required
to assess the expected benefits and related costs of controls. A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that,
in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance
regarding prevention or timely detection of unauthorized acquisition, use or disposition of a company’s assets that could have a material effect on the financial statements.
Because of inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk
that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to
prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the
company’s annual or interim financial statements will not be prevented or detected on a timely basis.
Shareholders and Board of Trustees
Professionally Managed Portfolios
Page Two
Our consideration of the Trust’s internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that
might material weaknesses under standards established by the Public Company Accounting Oversight Board (United States). However, we noted no deficiencies in the Trust’s internal control over financial reporting and its operation, including
controls for safeguarding securities, which we consider to be material weaknesses, as defined above, as of September 30, 2021.
This report is intended solely for the information and use of management, Shareholders of TCM Small Cap Growth Fund and Board of Trustees of Professionally Managed Portfolios and the Securities and Exchange
Commission, and is not intended to be and should not be used by anyone other than these specified parties.
TAIT, WELLER & BAKER LLP
Philadelphia, Pennsylvania
November 29, 2021
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