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<PAGE> PAGE 4
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 19
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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<PAGE> PAGE 42
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066 G000900 N
067 000900 N
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068 B000900 N
069 000900 N
070 A010900 Y
070 A020900 Y
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070 C020900 N
070 D010900 Y
070 D020900 N
070 E010900 N
070 E020900 N
070 F010900 Y
070 F020900 N
070 G010900 N
070 G020900 N
070 H010900 N
070 H020900 N
070 I010900 N
<PAGE> PAGE 43
070 I020900 N
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070 K020900 N
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070 L020900 Y
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070 M020900 N
070 N010900 N
070 N020900 N
070 O010900 N
070 O020900 N
070 P010900 N
070 P020900 N
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070 Q020900 N
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<PAGE> PAGE 44
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008 A001001 TRENT CAPITAL MANAGEMENT, INC.
008 B001001 A
008 C001001 801-34570
008 D011001 GREENSBORO
008 D021001 NC
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<PAGE> PAGE 45
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<PAGE> PAGE 46
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<PAGE> PAGE 47
070 B021000 N
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070 F021000 N
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070 G021000 N
070 H011000 N
070 H021000 N
070 I011000 N
070 I021000 N
070 J011000 N
070 J021000 N
070 K011000 N
070 K021000 N
070 L011000 N
070 L021000 N
070 M011000 N
070 M021000 N
070 N011000 Y
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<PAGE> PAGE 48
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<PAGE> PAGE 49
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008 A001101 SENA WELLER ROHS WILLIAMS, INC.
008 B001101 A
008 C001101 801-5326
008 D011101 CINCINNATI
008 D021101 OH
008 D031101 45202
011 A001101 REYNOLDS DEWITT SECURITIES CO.
011 B001101 8-37407
011 C011101 CINCINNATI
011 C021101 OH
011 C031101 45202
012 A001101 AMERICAN DATA SERVICES, INC.
012 B001101 85-5093
012 C011101 HUNTINGTON
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013 B011101 CINCINNATI
013 B021101 OH
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015 A001101 STAR BANK, N.A.
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<PAGE> PAGE 50
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<PAGE> PAGE 51
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<PAGE> PAGE 52
070 Q011100 N
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<PAGE> PAGE 53
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008 A001201 SENA WELLER ROHS WILLIAMS, INC.
008 B001201 A
008 C001201 801-5326
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008 D021201 OH
008 D031201 45202
011 A001201 REYNOLDS DEWITT SECURITIES CO.
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011 C021201 OH
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012 A001201 AMERICAN DATA SERVICES, INC.
012 B001201 85-5093
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015 A001201 STAR BANK, N.A.
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<PAGE> PAGE 54
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<PAGE> PAGE 55
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<PAGE> PAGE 56
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<PAGE> PAGE 57
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<PAGE> PAGE 58
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<PAGE> PAGE 59
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<PAGE> PAGE 60
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<PAGE> PAGE 61
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<PAGE> PAGE 62
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<PAGE> PAGE 63
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<PAGE> PAGE 64
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070 F011400 N
070 F021400 N
070 G011400 N
070 G021400 N
070 H011400 N
070 H021400 N
070 I011400 N
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070 K011400 N
070 K021400 N
070 L011400 Y
070 L021400 Y
070 M011400 N
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<PAGE> PAGE 65
070 O021400 N
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<PAGE> PAGE 66
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008 B001501 A
008 C001501 801-EXEMPT
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008 D031501 02108
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<PAGE> PAGE 67
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<PAGE> PAGE 68
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<PAGE> PAGE 69
070 J011500 Y
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<PAGE> PAGE 70
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008 A001601 LEONETTI & ASSOCIATES, INC.
008 B001601 A
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008 D011601 BUFFALO GROVE
008 D021601 IL
008 D031601 60089
011 A001601 FIRST FUND DISTRIBUTORS, INC.
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<PAGE> PAGE 71
011 C031601 10011
012 A001601 AMERICAN DATA SERVICES, INC.
012 B001601 85-5093
012 C011601 HUNTINGTON
012 C021601 NY
012 C031601 11743
013 A001601 ERNST & YOUNG LLP
013 B011601 LOS ANGELES
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013 B031601 90071
015 A001601 STAR BANK, N.A.
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<PAGE> PAGE 72
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<PAGE> PAGE 73
070 D021600 N
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<PAGE> PAGE 74
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<PAGE> PAGE 75
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008 A001701 YEAGER, WOOD & MARSHALL, INC.
008 B001701 A
008 C001701 801-4995
008 D011701 NEW YORK
008 D021701 NY
008 D031701 10111
011 A001701 FIRST FUND DISTRIBUTORS, INC.
011 B001701 8-42809
011 C011701 NEW YORK
011 C021701 NY
011 C031701 10011
012 A001701 AMERICAN DATA SERVICES, INC.
012 B001701 85-5093
012 C011701 HUNTINGTON
012 C021701 NY
012 C031701 11743
013 A001701 ERNST & YOUNG LLP
013 B011701 LOS ANGELES
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013 B031701 90071
015 A001701 STAR BANK, N.A.
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<PAGE> PAGE 76
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<PAGE> PAGE 77
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070 H011700 N
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<PAGE> PAGE 78
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<PAGE> PAGE 79
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008 A001801 LIGHTHOUSE CAPITAL MANAGEMENT, INC.
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008 C001801 801-32168
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<PAGE> PAGE 80
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<PAGE> PAGE 81
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</TABLE>
AN OHIO REGISTERED PARTNERSHIP HAVING LIMITED LIABILITY
Private Companies Practice SectionMember AICPA Division for CPA Firms
SEC Practice Section
REPORT OF INDEPENDENT CERTIFIED PUBLIC
ACCOUNTANTS ON
INTERNAL ACCOUNTING CONTROLS
To The Shareholders of
Matrix Growth Fund,
Matrix Emerging Growth Fund and
The Board of Trustees of
Professionally Managed Portfolios
In planning and performing our audits of the financial statements of Matrix
Growth Fund and Matrix Emerging Growth Fund (series of Professionally Managed
Portfolios) for the year ended December 31, 1996, we considered their
internal control structures, including procedures for safeguarding
securities, in order to determine our auditing procedures for the purpose of
expressing our opinions on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on the internal control
structures.
The management of Matrix Growth Fund and Matrix Emerging Growth Fund is
responsible for establishing and maintaining internal control structures.
In fulfilling this responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs of internal
control structure policies and procedures. Two of the objectives of an
internal control structure are to provide management with reasonable, but not
absolute, assurance that assets are safeguarded against loss from
unauthorized use or dispostion and transactions are executed in accordance
with management's authorization and recorded properly to permit preparation
of financial statements in conformity with generally accepted accounting
principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and may not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it
may become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the internal control structures would not necessarily
disclose all matters in the internal control structures that might be
material weaknesses under standards established by the American Institute of
Certified Public Accountants. A material weakness is a condition in which
the design or operation of the specific internal control structure elements
does not reduce to a relatively low level the risk that errors or
irregularities in amounts that would be material in relation to the finan
rmal course of performing their assigned functions. However, we noted no
matters involving their internal control structures, including procedures for
safeguarding securities, that we consider to be material weaknesses as
defined above as of December 31, 1996.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
JOSEPH DECOSIMO AND COMPANY
AN OHIO REGISTERED PARTNERSHIP HAVING LIMITED
LIABILITY
Cincinnati, Ohio
February 26, 1997
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
ON INTERNAL CONTROL STRUCTURE
Shareholders and Board of Trustees
Professionally Managed Portfolio
New York, New York
In planning and performing our audit of the financial statements of
Insightful Investor Growth Fund, a series of shares of Professionally Managed
Portfolios, for the year ended December 31, 1996, we considered its internal
control structure, including procedures for safeguarding securities, in order
to determine our auditing procedures for the purpose of expressing our
opinion on the financial statements and to comply with the requirements of
Form N-SAR, not to provide assurance on the internal control structure.
The management of the Fund is responsible for establishing and maintaining an
internal control structure. In fulfilling this responsibility, estimates
and judgments by management are required to assess the expected benefits and
related costs of internal control structure policies and procedures. Two of
the objectives of an internal control structure are to provide management
with reasonable, but not absolute, assurance that assets are safeguarded
against loss from unauthorized use or disposition, and that transactions are
executed in accordance with management's authorization and recorded properly
to permit preparation of financial statements in conformity with generally
accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it
may become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design
or operation of the specific internal control structure elements does not
reduce to a relatively low level the risk that errors or irregularities in
amounts that would be material in relation to the financial statements being
audited may occur and not be detected within a timely period by employees in
the normal course of performing their assigned functions. However, we noted
no matters involving the internal control structure, including procedures
for safeguarding securities, that we consider to be material weaknesses, as
defined above, as of December 31, 1996.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission, and should not be used for any other
purpose.
Philadelphia, Pennsylvania
February 14, 1997
