-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, QLHmUuTIB2Odp4/Dj8xy3oHN2uxVgF/M6IW4JhM/YQiKW+vclXXfZjw/xxAVI/54 qU4Y+28JgCCSukc+WR7aOQ== 0000894189-09-003644.txt : 20091030 0000894189-09-003644.hdr.sgml : 20091030 20091030153354 ACCESSION NUMBER: 0000894189-09-003644 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20090831 FILED AS OF DATE: 20091030 DATE AS OF CHANGE: 20091030 EFFECTIVENESS DATE: 20091030 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PROFESSIONALLY MANAGED PORTFOLIOS CENTRAL INDEX KEY: 0000811030 IRS NUMBER: 566415270 STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-05037 FILM NUMBER: 091148014 BUSINESS ADDRESS: STREET 1: MK-WI-T4 STREET 2: 777 EAST WISCONSIN AVENUE CITY: MILWAUKEE STATE: WI ZIP: 53202 BUSINESS PHONE: 414-765-5348 MAIL ADDRESS: STREET 1: MK-WI-T4 STREET 2: 777 EAST WISCONSIN AVENUE CITY: MILWAUKEE STATE: WI ZIP: 53202 FORMER COMPANY: FORMER CONFORMED NAME: AVONDALE INVESTMENT TRUST DATE OF NAME CHANGE: 19910529 0000811030 S000004928 Stephens Small Cap Growth Fund C000013343 Class A Shares STSGX C000035366 Class I Shares STSIX C000062083 Class C Shares STGCX 0000811030 S000004929 Stephens Mid Cap Growth Fund C000013344 Class A Shares STMGX C000035367 Class I Shares SFMIX C000062084 Class C Shares SFMCX N-Q 1 sf-nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS sf-nq.htm

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)



Robert M. Slotky
Professionally Managed Portfolios
2020 E. Financial Way, Ste. 100
Glendora, CA 91741
(Name and address of agent for service)



(626) 914-7383
Registrant's telephone number, including area code



Date of fiscal year end: November 30

Date of reporting period: August 31, 2009

 
 
 
 
 
Item 1. Schedule of Investments.
 
Stephens Mid Cap Growth Fund
Schedule of Investments at August 31, 2009 (Unaudited)
 
Shares
        
Value
  
   
COMMON STOCKS - 98.7%
      
   
Aerospace & Defense - 1.9%
      
  6,250  
BE Aerospace, Inc. *
   $ 107,062  
  1,595  
Precision Castparts Corp.
     145,592  
            252,654  
     
Auto Components - 1.2%
        
  8,650  
LKQ Corp. *
     150,164  
               
     
Beverages - 1.9%
        
  2,687  
Brown-Forman Corp. - Class B
     120,163  
  4,100  
Hansen Natural Corporation *
     133,906  
            254,069  
     
Biological Products - 1.7%
        
  10,500  
QIAGEN NV *
     215,775  
               
     
Biotechnology - 1.7%
        
  700  
Alexion Pharmaceuticals, Inc. *
     31,598  
  1,880  
Cephalon, Inc. *
     107,028  
  2,700  
Myriad Genetics, Inc. *
     82,539  
            221,165  
     
Capital Markets - 3.6%
        
  2,380  
Affiliated Managers Group, Inc. *
     155,485  
  850  
Greenhill & Co., Inc.
     67,320  
  2,800  
Lazard Ltd.
     108,836  
  6,000  
Raymond James Financial, Inc.
     136,500  
            468,141  
     
Chemicals - 1.1%
        
  2,975  
Airgas, Inc.
     138,338  
               
     
Commercial Banks - 0.8%
        
  2,200  
Cullen/Frost Bankers, Inc.
     108,416  
               
     
Commercial Services & Supplies - 6.5%
        
  7,850  
Corrections Corp. of America *
     155,744  
  3,200  
DeVry, Inc.
     163,520  
  3,100  
FTI Consulting, Inc. *
     134,974  
  2,750  
IHS, Inc. *
     133,100  
  3,950  
Stericycle, Inc. *
     195,604  
  300  
Strayer Education, Inc.
     63,330  
            846,272  
     
Communications Equipment - 1.4%
        
  5,400  
F5 Networks, Inc. *
     186,246  
               
     
Electrical Equipment - 1.0%
        
  250  
First Solar, Inc. *
     30,395  
  2,200  
Roper Industries, Inc.
     104,236  
            134,631  
     
Electronic Equipment & Instruments - 3.7%
        
  3,800  
Dolby Laboratories, Inc. *
     148,238  
  1,900  
Itron, Inc. *
     104,101  
  4,720  
National Instruments Corp.
     120,974  
  2,750  
SunPower Corp. - Class A *
     58,822  
  2,060  
Trimble Navigation Ltd. *
     52,448  
            484,583  
     
Energy Equipment & Services - 5.8%
        
  1,650  
Core Laboratories NV
     152,905  
  3,590  
FMC Technologies, Inc. *
     171,243  
  4,710  
National-Oilwell Varco, Inc. *
     171,209  
  4,050  
Noble Corp.
     141,871  
  2,350  
Smith International, Inc.
     64,790  
  5,860  
TETRA Technologies, Inc. *
     51,685  
            753,703  
     
Food & Staples Retailing - 0.7%
        
  3,100  
Whole Foods Market, Inc. *
     90,148  
               
     
Health Care Equipment & Supplies - 7.9%
        
  4,085  
Gen-Probe, Inc. *
     157,477  
  9,998  
Hologic, Inc. *
     164,467  
  4,100  
Idexx Laboratories, Inc. *
     208,116  
  3,950  
Illumina, Inc. *
     139,316  
  4,925  
ResMed, Inc. *
     226,107  
  1,150  
St. Jude Medical, Inc. *
     44,321  
  2,250  
Varian Medical Systems, Inc. *
     96,908  
            1,036,712  
     
Health Care Providers & Services - 7.4%
        
  3,845  
Cerner Corp. *
     237,275  
  3,650  
Express Scripts, Inc. *
     263,603  
  2,595  
Henry Schein, Inc. *
     137,483  
  5,695  
Psychiatric Solutions, Inc. *
     152,569  
  7,280  
VCA Antech, Inc. *
     180,180  
            971,110  
     
Hotels, Restaurants & Leisure - 1.4%
        
  900  
Chipotle Mexican Grill, Inc. *
     66,924  
  2,150  
Panera Bread Co. - Class A *
     112,251  
            179,175  
     
Insurance - 2.4%
        
  2,950  
Covanta Holding Corp. *
     52,805  
  6,480  
HCC Insurance Holdings, Inc.
     171,331  
  1,600  
RenaissanceRe Holdings Ltd.
     87,120  
            311,256  
     
Internet & Catalog Retail - 1.1%
        
  1,200  
Netflix, Inc. *
     52,392  
  2,150  
VistaPrint Ltd. *
     89,096  
            141,488  
     
Internet Software & Services - 1.9%
        
  5,650  
Akamai Technologies, Inc. *
     99,666  
  2,050  
Mercadolibre, Inc. *
     64,513  
  4,200  
VeriSign, Inc. *
     88,998  
            253,177  
     
IT Services - 7.2%
        
  4,300  
Alliance Data Systems Corp. *
     238,908  
  4,410  
Cognizant Technology Solutions Corp. - Class A *
     153,821  
  5,555  
Global Payments, Inc.
     235,754  
  10,845  
Iron Mountain, Inc. *
     317,650  
            946,133  
     
Life Sciences Tools & Services - 3.4%
        
  3,580  
Covance, Inc. *
     190,098  
  2,000  
Life Technologies Corporation *
     89,060  
  2,590  
Millipore Corp. *
     171,536  
            450,694  
     
Machinery - 0.4%
        
  1,500  
AGCO Corp. *
     46,860  
               
     
Medical Devices - 1.3%
        
  755  
Intuitive Surgical, Inc. *
     168,146  
               
     
Multiline Retail - 1.4%
        
  2,750  
Big Lots, Inc. *
     69,905  
  3,650  
Family Dollar Stores, Inc.
     110,522  
            180,427  
     
Oil, Gas & Consumable Fuels - 4.6%
        
  4,630  
Newfield Exploration Co. *
     179,135  
  3,350  
Petrohawk Energy Corp. *
     72,125  
  3,900  
Range Resources Corp.
     188,643  
  4,410  
Southwestern Energy Co. *
     162,553  
            602,456  
     
Pharmaceuticals - 0.7%
        
  1,755  
Shire PLC - ADR
     86,978  
               
     
Road & Rail - 0.3%
        
  1,600  
J.B. Hunt Transport Services, Inc.
     44,848  
               
     
Semiconductor & Semiconductor Equipment - 7.1%
        
  34,265  
ARM Holdings PLC - ADR
     217,583  
  6,511  
ASML Holding NV - ADR
     178,857  
  7,590  
Intersil Corp. - Class A
     112,332  
  7,280  
Microchip Technology, Inc.
     193,284  
  4,750  
NVIDIA Corp. *
     68,970  
  5,025  
Varian Semiconductor Equipment Associates, Inc. *
     153,614  
            924,640  
     
Software - 7.3%
        
  16,820  
Activision Blizzard, Inc. *
     195,280  
  3,050  
Ansys, Inc. *
     107,177  
  2,300  
Factset Research Systems, Inc.
     126,592  
  950  
McAfee, Inc. *
     37,791  
  8,950  
Nuance Communications, Inc. *
     110,354  
  7,290  
Red Hat, Inc. *
     167,378  
  4,005  
Salesforce.com, Inc. *
     207,739  
            952,311  
     
Specialty Retail - 8.5%
        
  700  
AutoZone, Inc. *
     103,075  
  4,250  
Dick's Sporting Goods, Inc. *
     95,243  
  6,080  
GameStop Corp. - Class A *
     144,704  
  5,850  
Guess ?, Inc.
     204,984  
  4,600  
Ross Stores, Inc.
     214,544  
  4,350  
The TJX Companies, Inc.
     156,382  
  6,750  
Urban Outfitters, Inc. *
     191,903  
            1,110,835  
     
Trading Companies & Distributors - 1.4%
        
  2,530  
Fastenal Co.
     91,586  
  2,280  
MSC Industrial Direct Co., Inc. - Class A
     90,083  
            181,669  
     
TOTAL COMMON STOCKS
        
     
(Cost $14,244,641)
     12,893,220  
               
     
SHORT-TERM INVESTMENT - 1.6%
        
     
Money Market Fund - 1.6%
        
  206,955  
AIM Liquid Assets Portfolio - Institutional Class
     206,955  
               
     
TOTAL SHORT-TERM INVESTMENT
        
     
(Cost $206,955)
     206,955  
               
     
TOTAL INVESTMENTS IN SECURITIES - 100.3%
        
     
(Cost $14,451,596)
     13,100,175  
     
Liabilities in Excess of Other Assets - (0.3)%
     (31,821 )
     
TOTAL NET ASSETS - 100.0%
   $ 13,068,354  
               
  *  
Non-income producing security.
        
ADR
  
American Depository Receipt
        
               
 
 
The cost basis of investments for federal income tax purposes at August 31, 2009 was as follows+:
      
         
 
Cost of investments
   $ 14,453,214  
 
Gross unrealized appreciation
     608,883  
 
Gross unrealized depreciation
     (1,961,922 )
 
Net unrealized depreciation
   $ (1,353,039 )
           
 
+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 semi-annual
        
 
or annual report.
        

FAS 157 - Summary of Fair Value Exposure at August 31, 2009
 
Stephens Mid Cap Growth Fund adopted Statement of Financial Accounting Standard No. 157, Fair Value Measurements ("FAS 157") and FASB Staff Position No. 157-4 ("FSP 157-4"). FSP 157-4 clarifies FAS 157 and requires an entity to evaluate certain factors to determine whether there has been a significant decrease in volume and level of activity for the asset or liability such that recent transactions and quoted prices may not be determinative of fair value and further analysis and adjustment may be necessary to estimate fair value. The FSP 157-4 also requires enhanced disclosure regarding the inputs and valuation techniques used to measure fair value in those instances as well as expanded disclosure of valuation levels for major security types. FAS 157 requires each fund to classify its securities based on valuation method, using the following levels:
 
Level 1 - Quoted prices in active markets for identical securities.
Level 2 - Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 - Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)
 
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
 
The following is a summary of the inputs used to value Stephens Mid Cap Growth Fund's net assets as of August 31, 2009:

Description
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Equity
                        
Consumer Discretionary
   $ 1,899,844     $ —     $ —     $ 1,899,844  
Consumer Staples
     344,217       —       —       344,217  
Energy
     1,356,159       —       —       1,356,159  
Financials
     835,009       —       —       835,009  
Health Care
     3,150,579       —       —       3,150,579  
Industrials
     1,709,361       —       —       1,709,361  
Information Technology
     3,459,714       —       —       3,459,714  
Materials
     138,337       —       —       138,337  
Total Equity
     12,893,220       —       —       12,893,220  
Short-Term Investment
     206,955       —       —       206,955  
Total Investments in Securities
   $ 13,100,175     $ —     $ —     $ 13,100,175  
 

 
 
 
 
Stephens Small Cap Growth Fund
Schedule of Investments at August 31, 2009 (Unaudited)

Shares
        
Value
  
   
COMMON STOCKS - 94.5%
      
   
Auto Components - 1.2%
      
  37,100  
LKQ Corp. *
   $ 644,056  
               
     
Beverages - 0.5%
        
  7,400  
Hansen Natural Corporation *
     241,684  
               
     
Biotechnology - 1.5%
        
  7,600  
BioMarin Pharmaceutical, Inc. *
     125,172  
  12,700  
Cepheid, Inc. *
     152,273  
  6,700  
Cubist Pharmaceuticals, Inc. *
     138,556  
  5,800  
Myriad Genetics, Inc. *
     177,306  
  1,800  
United Therapeutics Corp. *
     164,718  
            758,025  
     
Capital Markets - 3.3%
        
  5,800  
Affiliated Managers Group, Inc. *
     378,914  
  4,000  
Greenhill & Co., Inc.
     316,800  
  23,400  
Raymond James Financial, Inc.
     532,350  
  8,500  
Stifel Financial Corp. *
     478,550  
            1,706,614  
     
Commercial Banks - 0.5%
        
  7,600  
Prosperity Bancshares, Inc.
     262,428  
               
     
Commercial Services & Supplies - 9.4%
        
  11,632  
Advisory Board Co. *
     307,434  
  31,500  
Asset Acceptance Capital Corp. *
     229,320  
  14,100  
Cornell Companies, Inc. *
     283,269  
  15,635  
CoStar Group, Inc. *
     593,348  
  10,700  
CRA International, Inc. *
     298,851  
  6,300  
FTI Consulting, Inc. *
     274,302  
  24,600  
GEO Group, Inc. *
     450,672  
  11,400  
ICF International, Inc. *
     311,790  
  17,100  
Portfolio Recovery Associates, Inc. *
     751,032  
  3,100  
Strayer Education, Inc.
     654,410  
  15,400  
Team, Inc. *
     268,422  
  15,000  
Tetra Tech, Inc. *
     443,100  
            4,865,950  
     
Communications Equipment - 2.0%
        
  19,900  
DG FastChannel, Inc. *
     345,066  
  13,000  
F5 Networks, Inc. *
     448,370  
  11,500  
Riverbed Technology, Inc. *
     221,720  
            1,015,156  
     
Computers & Peripherals - 2.7%
        
  9,000  
QLogic Corp. *
     142,290  
  26,400  
STEC, Inc. *
     1,069,992  
  12,300  
Stratasys, Inc. *
     176,997  
            1,389,279  
     
Consumer Finance - 1.3%
        
  27,200  
EZCORP, Inc. *
     363,664  
  17,600  
First Cash Financial Services, Inc. *
     330,704  
            694,368  
     
Distributors - 0.2%
        
  11,900  
DXP Enterprises, Inc. *
     126,259  
               
     
Diversified Consumer Services - 0.8%
        
  6,500  
Capella Education Co. *
     411,775  
               
     
Diversified Telecommunication Services - 0.4%
        
  9,100  
Neutral Tandem, Inc. *
     227,591  
               
     
Electric Services - 0.3%
        
  3,800  
Ormat Technologies, Inc.
     137,028  
               
     
Electrical Equipment - 0.7%
        
  11,200  
American Superconductor Corporation *
     361,872  
               
     
Electronic Equipment & Instruments - 2.1%
        
  7,100  
Itron, Inc. *
     389,009  
  11,845  
National Instruments Corp.
     303,587  
  10,700  
SunPower Corp. - Class A *
     228,873  
  7,410  
Trimble Navigation Ltd. *
     188,659  
            1,110,128  
     
Energy Equipment & Services - 5.6%
        
  8,900  
Core Laboratories NV
     824,763  
  9,600  
Dril-Quip, Inc. *
     409,536  
  12,300  
Hornbeck Offshore Services, Inc. *
     271,338  
  53,200  
Key Energy Services, Inc. *
     380,380  
  8,730  
Oceaneering International, Inc. *
     455,444  
  9,600  
Oil States International, Inc. *
     282,912  
  30,370  
TETRA Technologies, Inc. *
     267,864  
            2,892,237  
     
Food & Staples Retailing - 1.0%
        
  20,140  
United Natural Foods, Inc. *
     544,183  
               
     
Food Products - 0.7%
        
  23,810  
Hain Celestial Group, Inc. *
     380,960  
               
     
Health Care Equipment & Supplies - 7.2%
        
  30,400  
Conceptus, Inc. *
     550,848  
  13,160  
Gen-Probe, Inc. *
     507,318  
  17,690  
Hologic, Inc. *
     291,000  
  5,600  
Illumina, Inc. *
     197,512  
  4,000  
Masimo Corporation *
     100,480  
  16,400  
Meridian Bioscience, Inc.
     395,240  
  14,700  
Micrus Endovascular Corp. *
     168,168  
  13,600  
Neogen Corp. *
     380,800  
  19,880  
NuVasive, Inc. *
     796,592  
  25,000  
Volcano Corporation *
     357,500  
            3,745,458  
     
Health Care Providers & Services - 7.7%
        
  9,300  
Amedisys, Inc. *
     414,222  
  40,680  
Eclipsys Corp. *
     681,797  
  8,900  
HMS Holdings Corp. *
     334,729  
  22,600  
ICON PLC - ADR *
     488,612  
  12,300  
IPC The Hospitalist Company, Inc. *
     363,342  
  29,500  
PSS World Medical, Inc. *
     602,980  
  23,610  
Psychiatric Solutions, Inc. *
     632,512  
  18,355  
VCA Antech, Inc. *
     454,286  
            3,972,480  
     
Health Care Technology - 2.8%
        
  19,000  
athenahealth, Inc. *
     764,370  
  21,600  
MedAssets, Inc. *
     482,328  
  13,021  
Medidata Solutions, Inc. *
     206,513  
            1,453,211  
     
Hotels, Restaurants & Leisure - 2.0%
        
  14,920  
BJ's Restaurants, Inc. *
     255,878  
  7,800  
Buffalo Wild Wings, Inc. *
     321,594  
  8,500  
Panera Bread Co. - Class A *
     443,785  
            1,021,257  
     
Insurance - 0.6%
        
  12,500  
Validus Holdings Ltd.
     320,750  
               
     
Internet & Catalog Retail - 3.1%
        
  8,200  
Blue Nile, Inc. *
     454,116  
  3,300  
Netflix, Inc. *
     144,078  
  12,300  
Shutterfly, Inc. *
     177,858  
  20,526  
VistaPrint Ltd. *
     850,597  
            1,626,649  
     
Internet Software & Services - 5.6%
        
  9,600  
Akamai Technologies, Inc. *
     169,344  
  53,259  
CyberSource Corp. *
     817,526  
  11,800  
Digital River, Inc. *
     416,776  
  15,200  
Mercadolibre, Inc. *
     478,344  
  35,305  
Omniture, Inc. *
     505,214  
  29,970  
Vocus, Inc. *
     505,294  
            2,892,498  
     
IT Services - 0.8%
        
  13,800  
NCI, Inc. *
     405,030  
               
     
Kidney Dialysis Centers - 0.4%
        
  36,300  
Dialysis Corp. of America *
     216,711  
               
     
Life Sciences Tools & Services - 1.0%
        
  20,300  
Parexel International Corp. *
     260,449  
  3,800  
Techne Corp.
     234,346  
            494,795  
     
Media - 3.0%
        
  78,212  
IMAX Corporation *
     735,193  
  27,200  
National CineMedia, Inc.
     408,000  
  43,500  
TiVo, Inc. *
     426,735  
            1,569,928  
     
Multiline Retail - 0.5%
        
  9,800  
Big Lots, Inc. *
     249,116  
               
     
Oil, Gas & Consumable Fuels - 2.4%
        
  7,800  
Arena Resources, Inc. *
     238,524  
  15,900  
Carrizo Oil & Gas, Inc. *
     307,347  
  11,400  
Goodrich Petroleum Corp. *
     272,916  
  12,700  
Tesco Corporation *
     97,536  
  6,900  
Whiting Petroleum Corp. *
     334,926  
            1,251,249  
     
Prepackaged Software - 1.9%
        
  23,250  
Blackbaud, Inc.
     447,795  
  43,300  
Phase Forward, Inc. *
     556,838  
            1,004,633  
     
Property & Casualty Insurance - 1.1%
        
  23,698  
Tower Group, Inc.
     568,515  
               
     
Semiconductor & Related Products - 1.3%
        
  19,000  
Aixtron AG - ADR
     373,350  
  14,378  
Monolithic Power Systems, Inc. *
     323,936  
            697,286  
     
Semiconductor & Semiconductor Equipment - 6.1%
        
  54,520  
ARM Holdings PLC - ADR
     346,202  
  22,800  
Atheros Communications, Inc. *
     630,192  
  11,800  
Cymer, Inc. *
     415,124  
  10,300  
Hittite Microwave Corp. *
     354,526  
  23,430  
Microsemi Corp. *
     330,597  
  25,900  
Semtech Corp. *
     473,193  
  20,270  
Varian Semiconductor Equipment Associates, Inc. *
     619,654  
            3,169,488  
     
Software - 6.9%
        
  19,700  
Ansys, Inc. *
     692,258  
  12,300  
ArcSight, Inc. *
     238,005  
  8,200  
Concur Technologies, Inc. *
     289,952  
  43,100  
EPIQ Systems, Inc. *
     646,069  
  7,400  
Factset Research Systems, Inc.
     407,296  
  14,500  
MICROS Systems, Inc. *
     404,115  
  19,400  
Nuance Communications, Inc. *
     239,202  
  28,800  
PROS Holdings, Inc. *
     232,704  
  8,300  
Quality Systems, Inc.
     446,872  
            3,596,473  
     
Specialty Retail - 5.4%
        
  23,865  
Aaron's, Inc.
     622,876  
  6,000  
Aeropostale, Inc. *
     234,900  
  21,299  
Citi Trends, Inc. *
     474,755  
  9,940  
Guess?, Inc.
     348,298  
  8,400  
hhgregg, Inc. *
     145,152  
  40,400  
Pep Boys - Manny, Moe & Jack
     360,772  
  38,200  
Ulta Salon, Cosmetics & Fragrance, Inc. *
     440,064  
  5,800  
Urban Outfitters, Inc. *
     164,894  
            2,791,711  
     
Trading Companies & Distributors - 0.5%
        
  6,045  
MSC Industrial Direct Co., Inc. -  Class A
     238,838  
               
     
TOTAL COMMON STOCKS
        
     
(Cost $44,793,774)
     49,055,669  
               
     
SHORT-TERM INVESTMENTS - 5.1%
        
     
Money Market Funds - 5.1%
        
  2,061,099  
AIM Liquid Assets Portfolio - Institutional Class
     2,061,099  
  595,714  
AIM Short-Term Prime Portfolio - Institutional Class
     595,714  
            2,656,813  
     
TOTAL SHORT-TERM INVESTMENTS
        
     
(Cost $2,656,813)
     2,656,813  
               
     
TOTAL INVESTMENTS IN SECURITIES - 99.6%
        
     
(Cost $47,450,587)
     51,712,482  
     
Other Assets in Excess of Liabilities - 0.4%
     205,487  
     
TOTAL NET ASSETS - 100.0%
   $ 51,917,969  
               
  *  
Non-income producing security.
        
ADR
  
American Depository Receipt
        
               
 
 
The cost basis of investments for federal income tax purposes at August 31, 2009 was as follows+:
      
         
 
Cost of investments
   $ 47,466,955  
 
Gross unrealized appreciation
     7,028,834  
 
Gross unrealized depreciation
     (2,783,307 )
 
Net unrealized appreciation
   $ 4,245,527  
           
 
+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 semi-annual
        
 
or annual report.
        
 
FAS 157 - Summary of Fair Value Exposure at August 31, 2009
 
Stephens Small Cap Growth Fund adopted Statement of Financial Accounting Standard No. 157, Fair Value Measurements ("FAS 157") and FASB Staff Position No. 157-4 ("FSP 157-4"). FSP 157-4 clarifies FAS 157 and requires an entity to evaluate certain factors to determine whether there has been a significant decrease in volume and level of activity for the asset or liability such that recent transactions and quoted prices may not be determinative of fair value and further analysis and adjustment may be necessary to estimate fair value. The FSP 157-4 also requires enhanced disclosure regarding the inputs and valuation techniques used to measure fair value in those instances as well as expanded disclosure of valuation levels for major security types. FAS 157 requires each fund to classify its securities based on valuation method, using the following levels:
 
Level 1 - Quoted prices in active markets for identical securities.
Level 2 - Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 - Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)
 
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
 
The following is a summary of the inputs used to value Stephens Small Cap Growth Fund's net assets as of August 31, 2009:
 
Description
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Equity
                        
Consumer Discretionary
   $ 7,691,570     $ —     $ —     $ 7,691,570  
Consumer Staples
     1,166,827       —       —       1,166,827  
Energy
     4,143,485       —       —       4,143,485  
Financials
     4,533,027       —       —       4,533,027  
Health Care
     11,644,390       —       —       11,644,390  
Industrials
     4,187,030       —       —       4,187,030  
Information Technology
     15,324,721       —       —       15,324,721  
Telecommunication Services
     227,591       —       —       227,591  
Utilities
     137,028       —       —       137,028  
Total Equity
     49,055,669       —       —       49,055,669  
Short-Term Investments
     2,656,813       —       —       2,656,813  
Total Investments in Securities
   $ 51,712,482     $ —     $ —     $ 51,712,482  

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/Robert M. Slotky      
Robert M. Slotky, President

Date  October 13, 2009                                                  


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/Robert M. Slotky      
Robert M. Slotky, President

Date  October 13, 2009                                                  
 

 
By (Signature and Title)*    /s/Eric W. Falkeis          
Eric W. Falkeis, Treasurer

Date  September 22, 2009                                              
 
* Print the name and title of each signing officer under his or her signature.
 
 
 
 
EX-99.CERT 2 sf-ex99cert.htm OFFICER CERTIFICATIONS sf-ex99cert.htm
 
CERTIFICATION
 
I, Robert M. Slotky, 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; and

(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:  October 13, 2009         
/s/Robert M. Slotky            
 
Robert M. Slotky
President

 
 
 
 
CERTIFICATION
 
I, Eric W. Falkeis, 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; and

(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:  September 22, 2009         
/s/Eric Falkeis           
 
Eric Falkeis
Treasurer
-----END PRIVACY-ENHANCED MESSAGE-----