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 East 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:
November 30
Date of reporting period:
August 31, 2013
Item 1. Schedule of Investments.
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GoodHaven Fund
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SCHEDULE OF INVESTMENTS at August 31, 2013 (Unaudited)
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Shares
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COMMON STOCKS - 60.3%
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Value
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Computer & Internet Software - 6.3%
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12,600
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Google Inc. - Class A
1
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$
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10,670,940
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630,000
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Microsoft Corp.
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21,042,000
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31,712,940
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Computers & Peripheral Equipment - 8.6%
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1,810,400
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Hewlett-Packard Co.
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40,444,336
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332,012
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Systemax Inc.
1,2
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3,017,989
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43,462,325
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Consumer Products - 6.5%
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546,111
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Spectrum Brands Holdings Inc.
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33,061,560
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Diversified Holding Companies - 6.3%
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103,200
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Berkshire Hathaway Inc. - Class B
1
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11,477,904
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814,082
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Leucadia National Corp.
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20,295,064
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31,772,968
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Financial Services - 1.5%
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290,300
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Federated Investors Inc. - Class B
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7,884,548
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Loan Servicing - 4.7%
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644,058
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Walter Investment Management Corp.
1
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23,630,488
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Marine Services & Equipment - 1.8%
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48,100
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SEACOR Holdings Inc.
1
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3,996,148
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227,134
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Stolt-Nielsen LTD
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5,233,117
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9,229,265
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Metals & Mining - 4.7%
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1,245,000
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Barrick Gold Corp.
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23,841,750
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Oil & Gas Exploration & Production - 8.1%
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1,098,200
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Birchcliff Energy Ltd.
1
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7,402,658
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181,800
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Devon Energy Corp.
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10,378,962
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1,151,542
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EXCO Resources Inc.
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8,383,226
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805,299
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WPX Energy, Inc.
1
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15,026,879
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41,191,725
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Property/Casualty Insurance - 5.1%
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30,487
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Alleghany Corp.
1
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11,801,213
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25,028
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White Mountains Insurance Group
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14,009,423
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25,810,636
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Retailing - 4.8%
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209,900
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Sears Holdings Corp.
1
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9,285,976
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1,095,000
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Staples Inc.
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15,231,450
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24,517,426
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Telecommunications - 0.9%
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655,799
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Sprint Nextel Corp.
1
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4,400,411
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Waste Treatment & Disposal - 1.0%
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163,300
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Republic Services Inc.
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5,308,883
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TOTAL COMMON STOCKS (Cost $258,259,229)
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305,824,925
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GUERNSEY INVESTMENT FUND - 1.1%
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762,123
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JZ Capital Partners Limited
2
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5,604,106
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TOTAL GUERNSEY INVESTMENT FUND (Cost $4,201,658)
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5,604,106
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Principal Amount
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FOREIGN GOVERNMENT SECURITIES - 8.6%
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CAD 10,500,000
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Canadian Government Bond
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1.000%, due 2/1/2014
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9,967,175
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CAD 15,000,000
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Canadian Treasury Bill
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1.964%, due 11/7/13
4
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14,215,323
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NOK 59,700,000
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Norwegian Treasury Bill
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3.159%, due 12/18/2013
4
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9,711,584
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NOK 59,600,000
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Norwegian Treasury Bill
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1.516%, due 3/19/2014
4
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9,657,579
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43,551,661
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TOTAL FOREIGN GOVERNMENT SECURITIES (Cost $44,530,228)
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43,551,661
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U.S. GOVERNMENT SECURITIES - 8.9%
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U.S. Treasury Bills - 8.9%
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$
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10,000,000
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0.055%, due 9/26/2013
4
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9,999,618
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10,000,000
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0.060%, due 10/31/2013
4
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9,999,840
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10,000,000
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0.043%, due 11/14/2013
4
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9,999,700
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15,000,000
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0.033%, due 1/16/2014
4
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14,998,590
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44,997,748
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TOTAL U.S. GOVERNMENT SECURITIES (Cost $44,995,850)
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44,997,748
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MISCELLANEOUS SECURITIES - 2.9%
1,3
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TOTAL MISCELLANEOUS SECURITIES (Cost $14,232,837)
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14,518,453
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Total Investments (Cost $366,219,802) - 81.8%
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414,496,893
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Cash and Other Assets in Excess of Liabilities - 18.2%
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92,370,447
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TOTAL NET ASSETS - 100.0%
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$
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506,867,340
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CAD
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Canadian Dollar
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NOK
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Norwegian Krone
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1
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Non-income producing security.
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2
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A portion of these securities are considered illiquid. As of August 31, 2013, the total market value of illiquid securities was $5,963,573 or 1.2% of net assets.
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3
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Represents previously undisclosed securities which the fund has held for less than one year.
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4
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Coupon represents yield to maturity from the purchase price.
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The cost basis of investments for federal income tax purposes at August 31, 2013 was as follows
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:
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Cost of investments
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$
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367,274,710
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Gross unrealized appreciation
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55,164,946
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Gross unrealized depreciation
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(7,942,763
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Net unrealized appreciation
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$
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47,222,183
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+
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.
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GoodHaven Fund
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Summary of Fair Value Exposure at August 31, 2013 (Unaudited)
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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:
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• 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.
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The following is a summary of the inputs used to value the Fund's investments as of August 31, 2013. See Schedule of Investments for industry breakouts:
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Description
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Level 1
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Level 2
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Level 3
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Total
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Common Stocks
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$
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305,824,925
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$
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-
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$
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-
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$
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305,824,925
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Guernsey Investment Fund
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5,604,106
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-
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-
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5,604,106
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Foreign Government Securities
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-
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43,551,661
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-
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43,551,661
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U.S. Government Securities
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-
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44,997,748
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-
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44,997,748
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Miscellaneous Securities
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14,518,453
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-
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-
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14,518,453
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Total Investments
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$
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325,947,484
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$
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88,549,409
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$
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-
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$
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414,496,893
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Item 2. Controls and Procedures.
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(a)
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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 Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.
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(b)
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There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the Registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
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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 1940 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
10/16/13
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
10/16/13
By (Signature and Title)*
/s/ Eric C. Vanandel
Eric C. Vanandel, Treasurer
Date
10/16/13
* Print the name and title of each signing officer under his or her signature.