0001145549-22-075909.txt : 20221212 0001145549-22-075909.hdr.sgml : 20221212 20221212144927 ACCESSION NUMBER: 0001145549-22-075909 CONFORMED SUBMISSION TYPE: N-CEN PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20220930 FILED AS OF DATE: 20221212 DATE AS OF CHANGE: 20221212 EFFECTIVENESS DATE: 20221212 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: 221456941 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 S000030907 Boston Common ESG Impact International Fund C000095889 Boston Common ESG Impact International BCAIX 0000811030 S000030908 Boston Common ESG Impact U.S. Equity Fund C000095890 Boston Common ESG Impact U.S. Equity BCAMX 0000811030 S000070633 Boston Common ESG Impact Emerging Markets Fund C000224360 Boston Common ESG Impact Emerging Markets Fund BCEMX N-CEN 1 primary_doc.xml X0404 N-CEN LIVE 0000811030 XXXXXXXX false false false N-1A S000070633 true S000030907 true S000030908 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 Eric W. Falkeis N/A N Ashi S. Parikh N/A N Cynthia M. Fornelli N/A N Steven J. Paggioli N/A N Wallace L. Cook N/A N Carl A. Froebel 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 Boston Common ESG Impact Emerging Markets Fund S000070633 254900DIAM8IXXG6KE96 N 1 0 0 N/A N N N N N/A N/A N/A N/A Y Y Y N Boston Common Asset Management, LLC 801-61564 000123558 25490024I00K3EFY4P69 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)) Citibank N.A. Brazil Branch E57ODZWZ7FF32TWEFA76 BR N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Banco Nacional de Mexico S.A. 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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
To the Shareholders and Board of Trustees
Professionally Managed Portfolios
Milwaukee, Wisconsin


In planning and performing our audits of the financial statements of Boston Common ESG Impact Emerging Markets Fund, Boston Common ESG Impact International Fund and Boston Common ESG Impact U.S. Equity Fund, each a series of Professionally Managed Portfolios (the “Trust”) as of and for the year ended September 30, 2022, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered its internal control over financial reporting, including control activities for 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 Trust’s internal control over financial reporting. Accordingly, we express no such opinion.
 
The management of the Trust 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 accounting principles generally accepted in the United States of America. Such internal control includes policies and procedures that 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 control deficiency 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 significant deficiency is a control deficiency, or combination of control deficiencies, that adversely affects the company’s ability to initiate, authorize, record, process or report financial data reliably in accordance with accounting principles generally accepted in the United States of America such that there is more than a remote likelihood that a misstatement of the company’s annual or interim financial statements that is more than inconsequential will not be prevented or detected. A material weakness is a significant deficiency, or combination of significant deficiencies, that results in more than a remote likelihood that a material misstatement of the annual or interim financial statements will not be prevented or detected.

 
Shareholders and Board of Trustees
Professionally Managed Portfolios
Page Two


Our consideration of the Trust’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 significant deficiencies or material weaknesses under standards established by the Public Company Accounting Oversight Board (United States). However, we noted no deficiencies in the Trust’s internal control over financial reporting and its operation, including controls for safeguarding securities, which we consider to be material weaknesses, as defined above, as of September 30, 2022.

This report is intended solely for the information and use of management, Shareholders and Board of Trustees of the Trust 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
November 28, 2022