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SIGNATURE ERIC M. BANHAZL
TITLE TREASURER
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<ACCUMULATED-NII-PRIOR> 37884
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<PER-SHARE-NAV-BEGIN> 10.80
<PER-SHARE-NII> 0.06
<PER-SHARE-GAIN-APPREC> 1.54
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000811030
<NAME> PMP
<SERIES>
<NUMBER> 17
<NAME> U.S. GLOBAL LEADERS GROWTH FUND
<MULTIPLIER> 1
<CURRENCY> US
<S> <C>
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<PERIOD-START> JUL-1-1996
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<INVESTMENTS-AT-VALUE> 26175605
<RECEIVABLES> 829441
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<OTHER-ITEMS-LIABILITIES> 28810
<TOTAL-LIABILITIES> 160156
<SENIOR-EQUITY> 0
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<SHARES-COMMON-STOCK> 1648149
<SHARES-COMMON-PRIOR> 746696
<ACCUMULATED-NII-CURRENT> (60534)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (114284)
<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 26852139
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Report of Independent Auditors
The Board of Trustees of
Professionally Managed Portfolios
In planning and performing our audit of the financial statements of Boston
Managed Growth Fund (the Fund), a series of Professionally Managed
Portfolios, for the year ended June 30, 1997, we considered its internal
control, including control activities 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.
The management of the Fund is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments
by management are required to assess the expected benefits and related costs
of controls. Generally, controls that are relevant to an audit pertain to
the entity's objective of preparing financial statements for external
purposes that are fairly presented in conformity with generally accepted
accounting principles. Those controls include the safeguarding of assets
against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or irregularities
may occur and not be detected. Also, projection of any evaluation of
internal control to future periods is subject to the risk that it may
become inadequate because of the changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the internal control would not necessarily disclose all
matters in the internal control 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 one or more of the internal control components 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 and its operation, including controls
for safeguarding securities, that we consider to be material weaknesses as
defined above at June 30, 1997.
This report is intended solely for the information and use of the Board of
Trustees and management of Boston Managed Growth Fund and the Securities and
Exchange Commission.
/s/Ernst & Young, LLP
Los Angeles, California
July 30, 1997
Report of Independent Auditors
The Board of Trustees of
Professionally Managed Portfolios
In planning and performing our audit of the financial statements of Leonetti
Balanced Fund (the Fund), a series of Professionally Managed Portfolios, for
the year ended June 30, 1997, we considered its internal control, including
control activities 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.
The management of the Fund is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments
by management are required to assess the expected benefits and related costs
of controls. Generally, controls that are relevant to an audit pertain to
the entity's objective of preparing financial statements for external
purposes that are fairly presented in conformity with generally accepted
accounting principles. Those controls include the safeguarding of assets
against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or irregularities
may occur and not be detected. Also, projection of any evaluation of
internal control to future periods is subject to the risk that it may become
inadequate because of the changes in conditions or that the effectiveness of
the design and operation may deteriorate.
Our consideration of the internal control would not necessarily disclose all
matters in the internal control 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 one or more of the internal control components 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 and its operation, including controls
for safeguarding securities, that we consider to be material weaknesses as
defined above at June 30, 1997.
This report is intended solely for the information and use of the Board of
Trustees and management of Leonetti Balanced Fund and the Securities and
Exchange Commission.
/s/Ernst & Young, LLP
Los Angeles, California
July 30, 1997
Report of Independent Auditors
The Board of Trustees of
Professionally Managed Portfolios
In planning and performing our audit of the financial statements of U.S.
Global Leaders Growth Fund (the Fund), a series of Professionally Managed
Portfolios, for the year ended June 30, 1997, we considered its internal
control, including control activities 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.
The management of the Fund is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments
by management are required to assess the expected benefits and related costs
of controls. Generally, controls that are relevant to an audit pertain to
the entity's objective of preparing financial statements for external
purposes that are fairly presented in conformity with generally accepted
accounting principles. Those controls include the safeguarding of assets
against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or irregularities
may occur and not be detected. Also, projection of any evaluation of
internal control to future periods is subject to the risk that it may become
inadequate because of the changes in conditions or that the effectiveness of
the design and operation may deteriorate.
Our consideration of the internal control would not necessarily disclose all
matters in the internal control 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 one or more of the internal control components 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
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 and its operation, including controls for
safeguarding securities, that we consider to be material weaknesses as
defined above at June 30, 1997.
This report is intended solely for the information and use of the Board of
Trustees and management of U.S. Global Leaders Growth Fund and the Securities
and Exchange Commission.
/s/Ernst & Young, LLP
Los Angeles, California
July 30, 1997
