N-Q

UNITED STATESSECURITIES 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, Ste. 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: October 31

Date of reporting period:  January 31, 2018

Item 1. Schedule of Investments.

Otter Creek Long/Short Opportunity Fund

SCHEDULE OF INVESTMENTS

AT JANUARY 31, 2018 (Unaudited)

Shares			Value
COMMON STOCKS: 86.8%
Aerospace & Defense: 7.1%
	128,545	KLX, Inc. 1	$	9,082,990
	62,103	United Technologies Corp.		8,570,835
				17,653,825
Agriculture: 2.1%
	58,235	Calavo Growers, Inc.		5,066,445
Air Freight & Logistics: 3.5%
	33,137	FedEx Corp. 2		8,697,800
Airlines: 3.0%
	131,848	Delta Air Lines, Inc. 2		7,485,011
Application Software: 4.4%
	117,931	CDK Global, Inc.		8,407,301
	26,460	Microsoft Corp.		2,513,965
				10,921,266
Communications Equipment: 2.9%
	173,672	Cisco Systems, Inc.		7,214,335
Consumer Finance: 1.5%
	42,603	PayPal Holdings, Inc. 1, 2		3,634,888
Diversified Banks: 5.4%
	191,238	Bank of America Corp.		6,119,616
	91,346	Citigroup, Inc. 2		7,168,834
				13,288,450
Diversified Chemicals: 3.8%
	125,913	DowDuPont, Inc. 2		9,516,504
Diversified Metals & Mining: 4.2%
	166,232	Newmont Mining Corp.		6,734,058
	64,456	Rio Tinto PLC - ADR		3,616,626
				10,350,684
Electric Equipment & Instruments: 3.6%
	175,893	FLIR Systems, Inc.		9,007,480
Financial Services: 2.0%
	85,831	The Bank of New York Mellon Corp.		4,866,618
Food Services: 2.5%
	133,634	Aramark		6,121,773
Health Care Equipment: 4.9%
	97,029	Abbott Laboratories 2		6,031,323
	48,679	Zimmer Biomet Holdings, Inc.		6,188,074
				12,219,397
Holding Companies: 3.7%
	43,103	Berkshire Hathaway, Inc. - Class B 1, 2		9,240,421
Industrial Machinery: 1.4%
	71,183	Kennametal, Inc.		3,472,307
Investment Banking & Brokerage: 5.0%
	110,402	E*TRADE Financial Corp. 1		5,818,185
	9,403	The Goldman Sachs Group, Inc.		2,518,970
	42,104	Raymond James Financial, Inc.		4,058,405
				12,395,560

IT Consulting & Services: 3.8%
	142,564	Leidos Holdings, Inc.			9,494,762
Medical Equipment: 1.5%
	16,914	Thermo Fisher Scientific, Inc.			3,790,597
Mortgage Insurance: 3.4%
	567,302	MGIC Investment Corp. 1, 2			8,407,416
Packaged Foods & Meats: 1.5%
	58,832	Pinnacle Foods, Inc.			3,644,054
Regional Banks: 1.9%
	179,309	Seacoast Banking Corporation of Florida 1, 2			4,624,379
Renewable Electricity: 3.5%
	190,904	NextEra Energy Partners LP			8,573,499
Restaurants: 1.4%
	38,519	Jack in the Box, Inc.			3,504,844
Specialized Real Estate Investment Trusts: 3.1%
	203,219	Weyerhaeuser Co.			7,628,841
Specialty Chemicals: 2.9%
	98,627	Ashland Global Holdings, Inc. 2			7,159,334
Transportation & Logistics: 2.8%
	92,258	Kirby Corp. 1			6,910,124
TOTAL COMMON STOCKS
(Cost $179,084,342)					214,890,614
Principal
CONVERTIBLE BONDS: 0.1%
Mortgage Insurance: 0.1%
$	200,000	MGIC Investment Corp.
		9.000%, 4/1/2063 2,3			273,603
TOTAL CONVERTIBLE BONDS
(Cost $234,939)					273,603
Shares			Notional Value
SHORT-TERM INVESTMENTS: 9.5%
Money Market Funds: 9.5%
	23,613,710	Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio, 1.208% 4			23,613,710
TOTAL SHORT-TERM INVESTMENTS
(Cost $23,613,710)					23,613,710
TOTAL MISCELLANEOUS SECURITIES: 3.3% 5
(Cost $12,857,423)			$ 278,615,322		8,222,377
TOTAL INVESTMENTS IN SECURITIES: 99.7%
(Cost $215,790,414)					247,000,304
Other Assets in Excess of Liabilities: 0.3%					634,852
TOTAL NET ASSETS: 100.0%				$	247,635,156

ADR	American Depositary Receipt
1	Non-income producing security
2	All or a portion of the shares of this security have been committed as collateral for securities sold short.
3	Security is exempt from registration under Rule 144a of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At January 31, 2018, the value of this security was $273,603 or 0.1% of net assets.
4	Seven-day yield as of January 31, 2018
5	Represents previously undisclosed securities which the Fund has held for less than one year.

Otter Creek Long/Short Opportunity Fund

SCHEDULE OF SECURITIES SOLD SHORT

AT JANUARY 31, 2018 (Unaudited)

Shares			Value
COMMON STOCKS: 47.6% 1
Apparel Retail: 2.5%
	29,427	Burlington Stores, Inc.	$	3,581,560
	61,012	Skechers USA., Inc. - Class A		2,513,085
				6,094,645
Application Software: 4.3%
	50,454	Blackbaud, Inc.		4,834,502
	62,089	Ellie Mae, Inc.		5,805,322
				10,639,824
Asset Management & Custody Banks: 1.1%
	4,964	BlackRock, Inc.		2,788,775
Auto Parts & Equipment: 1.4%
	32,448	LCI Industries		3,577,392
Automobile Manufacturers: 3.0%
	6,870	Tesla Motors, Inc.		2,434,110
	109,604	Winnebago Industries, Inc.		4,981,502
				7,415,612
Consumer Finance: 1.3%
	159,077	The Western Union Co.		3,307,211
Food Retail: 1.0%
	86,300	Sprouts Farmers Market, Inc.		2,410,359
General Merchandise Stores: 1.9%
	87,362	Ollie's Bargain Outlet Holdings, Inc.		4,852,959
Household Products: 2.5%
	105,071	Energizer Holdings, Inc.		6,117,234
Housewares & Specialties: 1.5%
	136,852	Newell Brands, Inc.		3,618,367
Industrial Machinery: 2.8%
	39,897	Snap-on, Inc.		6,834,755
Internet & Direct Marketing Research: 2.5%
	66,900	Wayfair, Inc. - Class A		6,155,469
Internet Software & Services: 1.7%
	33,208	Shopify, Inc. - Class A		4,247,967

Investment Banking & Brokerage: 1.9%
	71,815	Stifel Financial Corp.		4,848,949
Leisure Facilities: 1.2%
	91,533	Planet Fitness, Inc. - Class A		3,090,154
Packaged Foods & Meats: 1.4%
	44,696	Post Holdings, Inc.		3,382,146
Regional Banks: 2.8%
	70,023	Bank of the Ozarks, Inc.		3,497,649
	14,050	SVB Financial Group		3,464,027
				6,961,676
Semiconductor Equipment: 2.2%
	117,311	Teradyne, Inc.		5,377,536
Semiconductors: 4.4%
	13,459	Broadcom Ltd.		3,338,236
	10,613	NVIDIA Corp.		2,608,675
	50,942	Skyworks Solutions, Inc.		4,952,072
				10,898,983
Specialized Real Estate Investment Trusts: 2.6%
	6,746	Equinix, Inc.		3,070,712
	98,471	Iron Mountain, Inc.		3,449,439
				6,520,151
Specialty Stores: 1.3%
	48,199	Five Below, Inc.		3,129,561
Systems Software: 2.3%
	207,992	Symantec Corp.		5,663,622
TOTAL COMMON STOCKS
(Proceeds $105,331,376)				117,933,347
Total Securities Sold Short (Proceeds $105,331,376)			$	117,933,347

	Percentages are stated as a percent of net assets.
1	Non-income producing security

Summary of Fair Value Exposure at January 31, 2018 (Unaudited)

The Otter Creek Long/Short Opportunity Fund (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 and securities sold short as of January 31, 2018. See the Schedule of Investments and Schedule of Securities Sold Short for the industry breakout.

Description Level 1 Level 2 Level 3 Total

Investments
Common Stocks	$	214,890,614	$	-	$	–	$	214,890,614
Convertible Bonds		–		273,603		–		273,603
Short-Term Investments		23,613,710		–		–		23,613,710
Miscellaneous Securities		–		8,222,377		–		8,222,377
Total Investments in Securities	$	238,504,324	$	8,495,980	$	–	$	247,000,304
Securities Sold Short
Common Stocks	$	117,933,347	$	–	$	–	$	117,933,347
Total Securities Sold Short	$	117,933,347	$	–	$	–	$	117,933,347

The basis for recognizing and valuing transfers is as of the end of the period in which transfers occur. There were no transfers into or out of Levels 1, 2 or 3 during the period ended January 31, 2018.

The Fund has adopted financial reporting rules and regulations that require enhanced disclosure regarding derivatives and hedging activity intending to improve financial reporting of derivative instruments by enabling investors to understand how an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect an entity's results of operations and financial position.

The Fund may invest in options on equities, debt and stock indices (collectively, “options”). The Fund may also invest in futures contracts and options on futures contracts (collectively,  futures”). The Fund may make these investments as a substitute for a comparable market position in the underlying security, to attempt to hedge or limit the exposure of the Fund’s position, to create a synthetic money market position for certain tax-related purposes and to effect closing transactions. The Fund will not invest in futures for speculative purposes.

The average absolute notional value of options held by the Fund during the period was $312,888,462. The following table presents the fair value of derivative instruments, held long or written by the Fund at January 31, 2018:

	Asset Derivatives as of January 31, 2018			Liability Derivatives as of January 31, 2018
Instruments	Balance Sheet Location	Value		Balance Sheet Location	Value
Equity Contracts: Call Options Purchased	Investments in securities, at value	$	56,100	None	$	-
Equity Contracts: Put Options Purchased	Investments in securities, at value		8,166,277	None		-
Total		$	8,222,377		$	-

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 Rule 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 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.

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/Principal Executive Officer

Date                                      3/22/18                                                                                                                       

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/Principal Executive Officer

Date                                         3/22/18                                                                                                                    

By (Signature and Title) /s/ Aaron J. Perkovich                                                                               

 Aaron J. Perkovich, Treasurer/Principal Financial Officer

Date                                        3/22/18                                                                                                                  

EX-99.CERT

CERTIFICATION

I, Elaine E. Richards, certify that:

1. I have reviewed this report on Form N-Q of Professionally Managed Portfolios;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940)for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; 

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:          3/22/18	/s/ Elaine E. Richards
	Elaine E. Richards President/Principal Executive Officer

CERTIFICATION

I, Aaron J. Perkovich, certify that:

1. I have reviewed this report on Form N-Q of Professionally Managed Portfolios;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940)for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation;

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:             3/22/18	/s/ Aaron J. Perkovich
	Aaron J. Perkovich Treasurer/Principal Financial Officer