Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (n-q)

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As filed with the Securities and Exchange Commission on May 30, 2013

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-Q

 

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT

INVESTMENT COMPANY

Investment Company Act file number   (811-05037)

Professionally Managed Portfolios

(Exact name of registrant as specified in charter)

615 East Michigan Street

Milwaukee, WI 53202

(Address of principal executive offices) (Zip code)

Elaine E. Richards

Professionally Managed Portfolios

2020 E. Financial Way, Suite 100

Glendora, CA 91741

 (Name and address of agent for service)

[phone]

Registrant's telephone number, including area code

Date of fiscal year end: June 30

Date of reporting period: March 31, 2013

 

 

 

 

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Item 1. Schedule of Investments.

 

Portfolio 21 Global Equity Fund
SCHEDULE OF INVESTMENTS at March 31, 2013 (Unaudited)
Shares					Value
COMMON STOCKS: 94.5%
Automobiles & Components: 2.3%
	59,000		Deere & Co. (United States)		$	5,072,820
	130,000		Johnson Controls, Inc. (United States)			4,559,100
						9,631,920
Banks: 1.9%
	450,000		New Resource Bank (United States) (a)(b)			1,755,000
	75,000		The Toronto Dominion Bank (Canada) (a)			6,244,524
						7,999,524
Capital Goods: 6.8%
	283,918		Ameresco, Inc. (United States) (a)			2,100,993
	240,000		Atlas Copco AB - Class A (Sweden)			6,828,848
	102,000		Eaton Corp. PLC (Ireland)			6,247,500
	60,000		Schneider Electric SA (France)			4,387,694
	213,300		SKF AB - Class B (Sweden)			5,212,006
	80,000		Tennant Co. (United States)			3,884,800
						28,661,841
Commercial Services & Supplies: 2.5%
	40,000		IHS, Inc. (United States) (a)			4,188,800
	165,000		Waste Management, Inc. (United States)			6,469,650
						10,658,450
Communications Equipment: 1.8%
	600,000		Ericsson (Sweden)			7,516,620
Computers & Peripherals: 2.4%
	12,800		Apple, Inc. (United States)			5,665,664
	52,000		SAP AG (Germany)			4,182,228
						9,847,892
Construction & Engineering: 1.3%
	195,000		Quanta Services, Inc. (United States) (a)			5,573,100
Consumer Durables & Supplies: 3.3%
	237,481		Koninklijke Philips Electronics NV (Netherlands)			7,026,369
	116,000		Nike, Inc. (United States)			6,845,160
						13,871,529
Diversified Financial Services: 1.2%
	32,000		Intercontinental-Exchange, Inc. (United States) (a)			5,218,240
Electrical Equipment: 1.1%
	128,660		Generac Holdings, Inc. (United States)			4,546,844
Food & Staples Retailing: 0.9%
	200,000		Jeronimo Martins, SGPS, SA (Portugal)			3,894,605

 

 

 

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Food, Beverage & Tobacco: 2.9%
	200,000		Cosan Ltd. - Class A (Brazil)			3,900,000
	65,000		Danone (France)			4,525,885
	90,000		Unilever PLC (Netherlands)			3,687,631
						12,113,516
Food Manufacturing: 0.9%
	205,200		Darling International, Inc. (United States) (a)			3,685,392
Health Care Equipment & Services: 4.8%
	140,000		Baxter International, Inc. (United States)			10,169,600
	95,000		Covidien PLC (Ireland)			6,444,800
	300,000		Smith & Nephew PLC (United Kingdom)			3,469,924
						20,084,324
Hotels, Restaurants & Leisure: 0.8%
	90,000		Accor SA (France)			3,130,130
Household & Personal Products: 1.2%
	200,000		Natura Cosmeticos SA (Brazil)			4,813,064
Insurance: 1.3%
	138,300		Metlife, Inc. (United States)			5,258,166
Internet Software & Services: 1.7%
	130,000		eBay, Inc. (United States) (a)			7,048,600
Life Sciences Tools & Services: 1.2%
	80,000		Life Technologies Corp. (United States) (a)			5,170,400
Machinery: 0.8%
	120,000		Xylem, Inc. (United States)			3,307,200
Materials: 7.4%
	235,000		Novozymes A/S - Class B (Denmark)			7,979,741
	110,000		Nucor Corp. (United States)			5,076,500
	50,000		Praxair, Inc. (United States)			5,577,000
	342,000		Svenska Cellulosa AB - Class B (Sweden)			8,829,733
	78,464		Umicore (Belgium)			3,690,630
						31,153,604
Personal Products: 1.3%
	35,000		L'oreal (France) (a)			5,552,884
Pharmaceuticals & Biotechnology: 13.0%
	160,000		Novartis AG (Switzerland)			11,403,514
	115,000		Novo-Nordisk A/S (Denmark)			18,535,945
	80,000		Roche Holdings AG (Switzerland)			18,649,852
	65,000		Waters Corp. (United States) (a)			6,104,150
						54,693,461

 

 

 

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Real Estate: 1.6%
	30,000		Jones Lang Lasalle, Inc. (United States)			2,982,300
	17,000		Unibail-Rodamco SE- REIT (France) (a)			3,959,519
						6,941,819
Retailing: 2.5%
	90,000		Hennes & Mauritz AB - Class B (Sweden)			3,223,270
	85,000		The TJX Companies, Inc. (United States)			3,973,750
	32,000		Tractor Supply Co. (United States)			3,332,160
						10,529,180
Semiconductors & Semiconductor Equipment: 4.0%
	275,000		Applied Materials, Inc. (United States)			3,707,000
	8,092		Samsung Electronic Co. Ltd. (South Korea)			11,029,642
	125,000		Taiwan Semiconductor Manufacturing Company Ltd. SA - ADR (Taiwan)			2,148,750
						16,885,392
Software & Services: 7.6%
	115,000		Adobe Systems, Inc. (United States) (a)			5,003,650
	146,000		Autodesk, Inc. (United States) (a)			6,021,040
	26,500		Google, Inc. (United States) (a)			21,041,795
						32,066,485
Technology Hardware & Equipment: 4.7%
	300,000		Cisco Systems, Inc. (United States)			6,273,000
	25,000		International Business Machines Corp. (United States)			5,332,500
	90,000		Itron, Inc. (United States) (a)			4,176,000
	115,000		NetApp, Inc. (United States) (a)			3,928,400
						19,709,900
Telecommunication Services: 2.4%
	550,000		China Mobile Ltd. (Hong Kong)			5,833,516
	150,000		Vodafone Group PLC - ADR (United Kingdom)			4,261,500
						10,095,016
Transportation: 4.6%
	45,000		Canadian Pacific Railway Ltd. (Canada) (a)			5,871,241
	90,000		East Japan Railway Co. (Japan)			7,408,509
	30,000		FedEx Corp. (United States)			2,946,000
	800,000		MTR Corp. (Hong Kong)			3,183,751
						19,409,501
Utilities: 4.3%
	50,000		ITC Holdings Corp. (United States)			4,463,000
	200,000		Ormat Technologies, Inc. (United States)			4,130,000
	100,000		Red Electrica Corporacion SA (Spain)			5,036,147
	200,000		SSE PLC (United Kingdom)			4,521,290
						18,150,437
TOTAL COMMON STOCKS
(Cost $274,213,821)						397,219,036

 

 

 

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PREFERRED STOCK: 1.6%
Banks: 1.6%
	385,000		Banco Bradesco SA (Brazil)			6,552,700
TOTAL PREFERRED STOCK
(Cost $6,002,537)						6,552,700
SHORT-TERM INVESTMENT: 3.8%
Money Market Fund: 3.8%
	15,765,945		Fidelity Money Market Portfolio - Select Class, 0.054% ^			15,765,945
TOTAL SHORT-TERM INVESTMENT
(Cost $15,765,945)						15,765,945
TOTAL INVESTMENTS IN SECURITIES: 99.9%
(Cost $295,982,303)						419,537,681
Other Assets in Excess of Liabilities: 0.1%						354,560
TOTAL NET ASSETS: 100.0%					$	419,892,241

 

(a)		Non-income producing security.
(b)		A portion of this security is considered illiquid.  As of March 31, 2013 the total market value of securities illiquid was $1,755,000 or 0.42% of net assets.
ADR		American Depositary Receipt
REIT		Real Estate Investment Trust
^		Seven -day yield as of March 31, 2013.
		The cost basis of investments for federal income tax purposes at March 31, 2013 was as follows:
		Cost of investments		$	129,822,392
		Gross unrealized appreciation			129,218,339
		Gross unrealized depreciation			(5,662,961	)
		Net unrealized appreciation		$	124,159,431
		+ Because tax adjustments are calculated annually, the above table reflects the tax adjustments outstanding at Portfolio 21's (the "Fund") previous fiscal year end.  For the previous fiscal year's federal income tax information, please refer to the Notes to Financial Statements section in the Fund's most recent annual report.

 

		Percent
		of Total
Country		Net Assets
Belgium			0.88	%
Brazil			3.63	%
Canada			2.89	%
Denmark			6.32	%
France			5.14	%
Germany			1.00	%
Hong Kong			2.15	%
Ireland			3.02	%
Japan			1.76	%
Netherlands			2.55	%
Portugal			0.93	%
Republic of Korea			2.63	%
Spain			1.20	%
Sweden			7.53	%
Switzerland			7.16	%
Taiwan			0.51	%
United Kingdom			2.93	%
United States			47.69	%
Other Assets in Excess of Liabilities:			0.08	%
			100.00	%

 

 

 

 

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Summary of Fair Value Disclosure at March 31, 2013 (Unaudited)
The Fund utilizes various methods to measure the fair value of its investments on a recurring basis.  U.S. GAAP establishes a hierarchy that prioritizes inputs to valuation methods.  The three levels of inputs are:
• Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. • Level 2 — Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly.  These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment spreads, credit risk, yield curves, default rates and similar data. • Level 3 — Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
The following is a summary of the inputs used to value the Fund's investments as of March 31, 2013.  See Schedule of Investments for industry breakouts.

Common Stocks		Level 1				Level 2				Level 3				Total
Consumer Discretionary		$	18,710,170			$	6,353,400			$	-			$	25,063,570
Consumer Staples			8,498,456				17,661,005				-				26,159,461
Financials			23,662,749				1755000				-				25,417,749
Health Care			27,888,950				52,059,235				-				79,948,185
Industrials			50,208,948				33,841,711				-				84,050,659
Information Technology			70,346,399				22,933,955				-				93,280,354
Materials			10,653,500				20,500,104				-				31,153,604
Telecommunication Services			4,261,500				5,833,516				-				10,095,016
Utilities			12,493,000				9,557,437				-				22,050,437
Total Common Stocks			226,723,672				170,495,363				-				397,219,036
Preferred Stock			6,552,700				-				-				6,552,700
Short-Term Investment			15,765,945				-				-				15,765,945
Total Investments in Securities		$	249,042,317			$	170,495,363			$	-			$	419,537,681
		Transfers into Level 2								$	1,755,000
		Transfers out of Level 2									-
		Net Transfers in and /or out of Level 2								$	1,755,000
		Transfers into Level1								$	-
		Transfers out of Level 1								$	1,755,000
		Net Transfers in and /or out of Level 1								$	1,755,000
		No transfers were made into or out of Level 3 during the period ended March 31, 2013.
		Transfers were made into Level 2 from Level 1 as the security did not trade and were valued at last traded price.
		Transfers are made at the end of each quarter

 

 

 

 

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Item 2. Controls and Procedures.

 

(a)

The Registrant’s President and Treasurer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) are effective as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b)

There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 3. Exhibits.

 

Separate certifications for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)).   Filed herewith.

 

 

 

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)   Professionally Managed Port folios                                        

 

By (Signature and Title)*             /s/ Elaine E. Richards                             

Elaine E. Richards, President

Date             5/29/13                                                                                           

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*           /s/ Elaine E. Richards                               

Elaine E. Richards, President

Date             5/29/13                                                                                            

 

By (Signature and Title)*            /s/ Eric Van Andel                                   

Eric Van Andel, Treasurer

Date            5/29/13                                                                                             

 

* Print the name and title of each signing officer under his or her signature.

 

 

 

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