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)
(626) 914 - 7363
Registrant's telephone number, including area code
Date of fiscal year end:
December 31
Date of reporting period:
March 31, 2013
Item 1. Schedule of Investments.
|
JORDAN OPPORTUNITY FUND
|
|
|
SCHEDULE OF INVESTMENTS
|
|
|
MARCH 31, 2013 (Unaudited)
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
|
COMMON STOCKS - 86.8%
|
|
|
|
|
Airlines - 4.2%
|
|
|
|
|
|
31,370
|
|
United Continental Holdings, Inc. (a)
|
|
$
|
1,004,154
|
|
|
|
65,941
|
|
U.S. Airways Group, Inc. (a)
|
|
|
1,119,018
|
|
|
|
|
|
|
|
|
2,123,172
|
|
|
|
|
|
|
|
|
|
|
|
Auto Components - 6.7%
|
|
|
|
|
|
|
14,030
|
|
BorgWarner, Inc. (a)
|
|
|
1,085,080
|
|
|
|
30,130
|
|
Johnson Controls, Inc.
|
|
|
1,056,659
|
|
|
|
22,890
|
|
TRW Automotive Holdings Corp. (a)
|
|
|
1,258,950
|
|
|
|
|
|
|
|
|
3,400,689
|
|
|
Automobiles - 6.6%
|
|
|
|
|
|
|
136,920
|
|
Ford Motor Co.
|
|
|
1,800,498
|
|
|
|
55,610
|
|
General Motors Co. (a)
|
|
|
1,547,070
|
|
|
|
|
|
|
|
|
3,347,568
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Banks - 4.2%
|
|
|
|
|
|
|
47,940
|
|
Citigroup, Inc.
|
|
|
2,120,866
|
|
|
|
|
|
|
|
|
|
|
|
Communications Equipment - 4.6%
|
|
|
|
|
|
|
34,552
|
|
QUALCOMM, Inc.
|
|
|
2,313,256
|
|
|
|
|
|
|
|
|
|
|
|
Computers & Peripherals - 6.5%
|
|
|
|
|
|
|
3,958
|
|
Apple, Inc.
|
|
|
1,751,930
|
|
|
|
9,392
|
|
Palo Alto Networks, Inc. (a)
|
|
|
531,587
|
|
|
|
1,485
|
|
priceline.com, Inc. (a)
|
|
|
1,021,576
|
|
|
|
|
|
|
|
|
3,305,093
|
|
|
Consumer Finance - 3.5%
|
|
|
|
|
|
|
90,040
|
|
The Blackstone Group L.P.
|
|
|
1,780,991
|
|
|
|
|
|
|
|
|
|
|
|
Diversified Financial Services - 11.6%
|
|
|
|
|
|
|
14,680
|
|
Goldman Sachs Group, Inc.
|
|
|
2,160,163
|
|
|
|
42,970
|
|
JPMorgan Chase & Co.
|
|
|
2,039,356
|
|
|
|
74,930
|
|
Morgan Stanley
|
|
|
1,646,961
|
|
|
|
|
|
|
|
|
5,846,480
|
|
|
Electrical Equipment - 2.3%
|
|
|
|
|
|
|
13,340
|
|
Rockwell Automation, Inc.
|
|
|
1,151,909
|
|
|
|
|
|
|
|
|
|
|
|
Energy Equipment & Services - 1.1%
|
|
|
|
|
|
|
8,859
|
|
ENSCO PLC
|
|
|
531,540
|
|
|
|
|
|
|
|
|
|
|
|
Health Care Equipment & Supplies- 2.6%
|
|
|
|
|
|
|
58,240
|
|
Hologic, Inc. (a)
|
|
|
1,316,224
|
|
|
|
|
|
|
|
|
|
|
|
Health Care Services - 2.2%
|
|
|
|
|
|
|
27,560
|
|
HCA Holdings, Inc.
|
|
|
1,119,763
|
|
|
|
|
|
|
|
|
|
|
|
Hotels, Restaurants & Leisure - 5.8%
|
|
|
|
|
|
|
25,326
|
|
Marriott International, Inc.
|
|
|
1,069,518
|
|
|
|
16,671
|
|
Starwood Hotels & Resorts Worldwide, Inc.
|
|
|
1,062,443
|
|
|
|
12,251
|
|
Wyndham Worldwide Corp.
|
|
|
789,944
|
|
|
|
|
|
|
|
|
2,921,905
|
|
|
Insurance - 2.6%
|
|
|
|
|
|
|
14,725
|
|
ACE Ltd.
|
|
|
1,310,083
|
|
|
Internet Software & Services - 10.2%
|
|
|
|
|
|
15,562
|
|
eBay, Inc. (a)
|
|
|
843,772
|
|
|
|
73,140
|
|
Facebook, Inc. (a)
|
|
|
1,870,921
|
|
|
|
7,458
|
|
salesforce.com, Inc. (a)
|
|
|
1,333,714
|
|
|
|
21,480
|
|
TripAdvisor, Inc. (a)
|
|
|
1,128,130
|
|
|
|
|
|
|
|
|
5,176,537
|
|
|
|
|
|
|
|
|
|
|
|
Media - 5.2%
|
|
|
|
|
|
|
22,704
|
|
Time Warner, Inc.
|
|
|
1,308,204
|
|
|
|
21,114
|
|
Viacom, Inc.
|
|
|
1,299,989
|
|
|
|
|
|
|
|
|
2,608,193
|
|
|
Oil, Gas & Consumable Fuels - 2.9%
|
|
|
|
|
|
|
28,240
|
|
Transocean Ltd. (a)
|
|
|
1,467,350
|
|
|
|
|
|
|
|
|
|
|
|
Pharmaceuticals - 2.4%
|
|
|
|
|
|
|
30,171
|
|
Omnicare, Inc.
|
|
|
1,228,563
|
|
|
|
|
|
|
|
|
|
|
|
Semiconductors & Semiconductor Equipment - 1.6%
|
|
|
|
|
|
|
14,900
|
|
KLA-Tencor Corp.
|
|
|
785,826
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL COMMON STOCKS
|
|
|
|
|
|
(Cost $35,891,803)
|
|
|
43,856,008
|
|
|
|
|
|
|
|
|
|
|
|
Contracts (100 shares per contract)
|
|
|
|
|
PUT OPTION PURCHASED - 0.1%
|
|
|
|
|
Index Option - 0.1%
|
|
|
|
567
|
|
S&P 500 Index,
|
|
|
|
|
|
|
|
Expiration: April 2013, Exercise Price: $155
|
|
|
60,953
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL PUT OPTION PURCHASED
|
|
|
|
|
|
(Cost $140,543)
|
|
|
60,953
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
|
|
|
|
|
SHORT-TERM INVESTMENT - 13.5%
|
|
|
|
|
|
Money Market Fund - 13.5%
|
|
|
|
|
|
|
6,806,488
|
|
Invesco Short-Term Treasury Portfolio - Institutional Class, 0.02% (b)
|
|
|
6,806,488
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL SHORT-TERM INVESTMENT
|
|
|
|
|
|
(Cost $6,806,488)
|
|
|
6,806,488
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS IN SECURITIES - 100.4%
|
|
|
|
|
|
(Cost $42,838,834)
|
|
|
50,723,449
|
|
|
Liabilities in Excess of Other Assets - (0.4)%
|
|
|
(194,952
|
)
|
|
TOTAL NET ASSETS - 100.0%
|
|
$
|
50,528,497
|
|
|
|
|
|
|
(a)
|
Non-income producing security.
|
|
|
|
|
(b)
|
Seven-day yield as of March 31, 2013.
|
|
|
|
|
|
|
|
|
|
|
The Global Industry Classification Standard (GICS
®
) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS
®
is a service mark of MSCI, Inc. and S&P and has been licensed for use by the Fund's Administrator, U.S. Bancorp Fund Services, LLC.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
S
CHEDULE OF
O
PTIONS
W
RITTEN AT MARCH 31, 2013 (UNAUDITED)
|
|
Contracts (100 shares per contract)
|
|
Value
|
|
|
|
Put Option Written
|
|
|
|
567
|
|
S&P 500 Index,
|
|
|
|
|
|
Expiration: April 2013, Exercise Price: $150
|
$
|
20,412
|
|
|
|
|
|
|
|
|
|
Total Put Option Written
|
|
|
|
|
|
(Premiums received $54,693)
|
$
|
20,412
|
|
|
|
|
|
|
|
|
|
|
The cost basis of investments for federal income tax purposes at March 31, 2013 was as follows
+
:
|
|
|
|
|
|
|
|
|
Cost of investments
|
$
|
43,047,522
|
|
|
|
|
|
|
|
|
Gross unrealized appreciation on long positions
|
|
8,026,332
|
|
|
Gross unrealized depreciation on long positions
|
|
(350,405)
|
|
|
Net unrealized appreciation on long positions
|
|
7,675,927
|
|
|
|
|
|
|
|
|
Gross unrealized appreciation on short positions
|
|
34,281
|
|
|
|
|
|
|
|
|
Total net unrealized appreciation on investments
|
$
|
7,710,208
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
+
Because tax adjustments are calculated annually, the above table reflects the tax adjustments outstanding
at the Fund’s 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.
|
|
|
|
|
|
|
|
|
|
Summary of Fair Value Exposure
at March 31, 2013 (Unaudited)
|
The Fund utilizes various methods to measure the fair value of most 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 net assets as of March 31, 2013. See Schedule
of Investments for industry breakouts:
|
Description
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
Common Stocks
|
|
$
|
43,856,008
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
43,856,008
|
|
|
Put Option Purchased
|
|
|
-
|
|
|
|
60,953
|
|
|
|
-
|
|
|
|
60,953
|
|
|
Short-Term Investment
|
|
|
6,806,488
|
|
|
|
-
|
|
|
|
-
|
|
|
|
6,806,488
|
|
|
Total Investments in Securities
|
|
$
|
50,662,496
|
|
|
$
|
60,953
|
|
|
$
|
-
|
|
|
$
|
50,723,449
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Put Option Written
|
|
$
|
-
|
|
|
$
|
20,412
|
|
|
$
|
-
|
|
|
$
|
20,412
|
|
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.
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
Portfolios
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 C. VanAndel
Eric C. VanAndel, Treasurer
Date
5/29/13
* Print the name and title of each signing officer under his or her signature.