0001145549-22-061443.txt : 20221007 0001145549-22-061443.hdr.sgml : 20221007 20221007125029 ACCESSION NUMBER: 0001145549-22-061443 CONFORMED SUBMISSION TYPE: N-CEN PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20220731 FILED AS OF DATE: 20221007 DATE AS OF CHANGE: 20221007 EFFECTIVENESS DATE: 20221007 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PROFESSIONALLY MANAGED PORTFOLIOS CENTRAL INDEX KEY: 0000811030 IRS NUMBER: 566415270 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-CEN SEC ACT: 1940 Act SEC FILE NUMBER: 811-05037 FILM NUMBER: 221300049 BUSINESS ADDRESS: STREET 1: 615 EAST MICHIGAN STREET CITY: MILWAUKEE STATE: WI ZIP: 53202 BUSINESS PHONE: 626-914-7363 MAIL ADDRESS: STREET 1: 615 EAST MICHIGAN STREET CITY: MILWAUKEE STATE: WI ZIP: 53202 FORMER COMPANY: FORMER CONFORMED NAME: AVONDALE INVESTMENT TRUST DATE OF NAME CHANGE: 19910529 0000811030 S000026760 Akre Focus Fund C000080286 Retail Class AKREX C000080287 Institutional Class AKRIX C000159797 Supra Institutional Class AKRSX N-CEN 1 primary_doc.xml X0404 N-CEN LIVE 0000811030 XXXXXXXX false false false N-1A S000026760 true Professionally Managed Portfolios 811-05037 0000811030 254900BPISCYGRJD2727 615 East Michigan St. Milwaukee 53202 US-WI US 414-516-1716 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 25 Y Kathleen T. Barr N/A N Wallace L. Cook N/A N Eric W. Falkeis N/A N Carl A. Froebel N/A N Steven J. Paggioli N/A N Ashi S. Parikh N/A N Cynthia M. Fornelli 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 Akre Focus Fund S000026760 254900AAWDDXKKD0EF84 N 3 0 0 N/A Y N Y N N U.S. Bank N.A. 6BYL5QZYBDK8S7L73M02 N N Revenue sharing split Cash collateral reinvestment fee 28086754.000000000000 9493.000000000000 N/A Y N N N Akre Capital Management LLC 801-57156 000109242 254900PTYDRC1H1RQF42 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)) Euroclear Bank SA/NV 549300OZ46BRLZ8Y6F65 BE N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Royal Bank of Canada ES7IP3U3RHIGC71XBU11 CA N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) N Akre Capital Management LLC 254900PTYDRC1H1RQF42 CRD Y N N U.S. Bancorp Fund Services LLC N1GZ7BBF3NP8GI976H15 N N N GOLDMAN SACHS & CO. LLC 8-12900 000000361 FOR8UP27PHTHYVLBNG30 201330.000000000000 RAYMOND JAMES & ASSOCIATES, INC. 8-10999 000000705 U4ONQX15J3RO8XCKE979 134406.000000000000 WILLIAM BLAIR & COMPANY L.L.C. 8-26980 000001252 549300J0P7XYE8BMZ775 51442.000000000000 KEEFE, BRUYETTE & WOODS, INC. 8-10888 000000481 549300OM47DQV01G4854 12102.000000000000 399280.000000000000 0.000000000000 N 16209775622.000000000000 Uncommitted 400000000.000000000000 N N N N true INTERNAL CONTROL RPT 2 akre-ncen_lttr.htm


REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM


Shareholders and Board of Trustees
Professionally Managed Portfolios
Milwaukee, Wisconsin


In planning and performing our audits of the financial statements of the Akre Focus Fund, as of and for the year ended July 31, 2022, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered the Fund’s internal control over financial reporting, including controls over 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 Fund’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 with 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 Fund’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 material weaknesses under standards established by the Public Company Accounting Oversight Board (United States).   However, we noted no deficiencies in the Fund’s internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be material weaknesses as defined above as of July 31, 2022.

This report is intended solely for the information and use of management, Shareholders and Board of Trustees of the 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
September 27, 2022