<PAGE> PAGE 1
000 B000000 04/30/97
000 C000000 0000811030
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 PROFESSIONALLY MANAGED PORTFOLIOS
001 B000000 811-5037
001 C000000 8188521033
002 A000000 2025 EAST FINANCIAL WAY - SUITE 101
002 B000000 GLENDORA
002 C000000 CA
002 D010000 91741
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 21
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
007 C011100 11
007 C011200 12
007 C011300 13
007 C011400 14
007 C011500 15
007 C011600 16
007 C011700 17
007 C011800 18
007 C011900 19
007 C012000 20
007 C022000 PZENA FOCUSED VALUE FUND
007 C032000 N
007 C012100 21
007 C022100 TITAN FINANCIAL SERVICES FUND
007 C032100 N
007 C012200 22
007 C012300 23
007 C012400 24
007 C012500 25
<PAGE> PAGE 2
007 C012600 26
007 C012700 27
007 C012800 28
007 C012900 29
007 C013000 30
007 C013100 31
007 C013200 32
007 C013300 33
007 C013400 34
007 C013500 35
007 C013600 36
007 C013700 37
007 C013800 38
007 C013900 39
007 C014000 40
010 A00AA01 INVESTMENT COMPANY ADMINISTRATION CORPORATION
010 C01AA01 PHOENIX
010 C02AA01 AZ
010 C03AA01 85018
011 A00AA01 FIRST FUND DISTRIBUTORS, INC.
011 B00AA01 8-42809
011 C01AA01 NEW YORK
011 C02AA01 NY
011 C03AA01 10011
018 00AA00 Y
019 A00AA00 N
019 B00AA00 0
020 A000001 WHEAT, FIRST SECURITIES, INC.
020 B000001 54-0796506
020 C000001 19
020 A000002 SMITH BARNEY, HARRIS UPHAM & CO., INC.
020 B000002 13-1912900
020 C000002 9
020 A000003 SANFORD C. BERNSTEIN & CO., INC.
020 B000003 13-2625874
020 C000003 5
020 A000004 NEUBERGER & BERMAN
020 B000004 13-5521910
020 C000004 2
020 A000005 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
020 B000005 13-5674085
020 C000005 1
020 A000006 MONTGOMERY SECURITIES
020 B000006 94-1701676
020 C000006 1
020 A000007 FIRST BOSTON CORP.
020 B000007 13-5659485
020 C000007 1
020 A000008 MORGAN STANLEY & CO., INC.
020 B000008 13-2655998
020 C000008 1
<PAGE> PAGE 3
020 C000009 0
020 C000010 0
021 000000 39
022 A000001 WHEAT, FIRST SECURITIES, INC.
022 B000001 54-0796506
022 C000001 5930
022 D000001 2704
022 A000002 SMITH BARNEY, HARRIS UPHAM & CO., INC.
022 B000002 13-1912900
022 C000002 4001
022 D000002 2095
022 A000003 SANFORD C. BERNSTEIN & CO., INC.
022 B000003 13-2625874
022 C000003 2390
022 D000003 170
022 A000004 NEUBERGER & BERMAN
022 B000004 13-5521910
022 C000004 660
022 D000004 204
022 A000005 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
022 B000005 13-5674085
022 C000005 240
022 D000005 138
022 A000006 FIRST BOSTON CORP.
022 B000006 13-5659485
022 C000006 141
022 D000006 0
022 A000007 FRIEDMAN, BILLINGS & RAMSEY, INC.
022 C000007 128
022 D000007 0
022 A000008 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
022 B000008 13-2741729
022 C000008 121
022 D000008 0
022 A000009 MONTGOMERY SECURITIES
022 B000009 94-1701676
022 C000009 82
022 D000009 11
022 A000010 MORGAN STANLEY & CO., INC.
022 B000010 13-2655998
022 C000010 42
022 D000010 48
023 C000000 14169
023 D000000 5881
024 00AA00 N
025 D00AA01 0
025 D00AA02 0
025 D00AA03 0
025 D00AA04 0
025 D00AA05 0
025 D00AA06 0
<PAGE> PAGE 4
025 D00AA07 0
025 D00AA08 0
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 Y
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
034 00AA00 N
035 00AA00 0
036 B00AA00 0
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 Y
053 B00AA00 Y
053 C00AA00 N
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 Y
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 Y
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 N
054 N00AA00 N
054 O00AA00 N
055 A00AA00 N
055 B00AA00 N
056 00AA00 Y
057 00AA00 N
062 A00AA00 N
062 B00AA00 0.0
062 C00AA00 0.0
062 D00AA00 0.0
062 E00AA00 0.0
062 F00AA00 0.0
062 G00AA00 0.0
062 H00AA00 0.0
062 I00AA00 0.0
062 J00AA00 0.0
<PAGE> PAGE 5
062 K00AA00 0.0
062 L00AA00 0.0
062 M00AA00 0.0
062 N00AA00 0.0
062 O00AA00 0.0
062 P00AA00 0.0
062 Q00AA00 0.0
062 R00AA00 0.0
063 A00AA00 0
063 B00AA00 0.0
077 A000000 Y
077 B000000 Y
080 A00AA00 ICI MUTUAL INSURANCE COMPANY
080 C00AA00 1600
081 A00AA00 N
081 B00AA00 0
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
008 A002001 PZENA INVESTMENT MANAGEMENT, LLC
008 B002001 A
008 C002001 801-50838
008 D012001 NEW YORK
008 D022001 NY
008 D032001 10022
012 A002001 AMERICAN DATA SERVICES, INC.
012 B002001 85-5093
012 C012001 HUNTINGTON
012 C022001 NY
012 C032001 11743
013 A002001 TAIT, WELLER & BAKER
013 B012001 PHILADELPHIA
013 B022001 PA
013 B032001 19102
<PAGE> PAGE 6
015 A002001 STAR BANK, N.A.
015 B002001 C
015 C012001 CINCINNATI
015 C022001 OH
015 C032001 45202
015 E012001 X
028 A012000 139
028 A022000 0
028 A032000 0
028 A042000 6
028 B012000 100
028 B022000 5
028 B032000 0
028 B042000 1
028 C012000 327
028 C022000 0
028 C032000 0
028 C042000 1
028 D012000 213
028 D022000 0
028 D032000 0
028 D042000 1
028 E012000 732
028 E022000 0
028 E032000 0
028 E042000 27
028 F012000 199
028 F022000 0
028 F032000 0
028 F042000 52
028 G012000 1710
028 G022000 5
028 G032000 0
028 G042000 88
028 H002000 0
029 002000 N
030 A002000 0
030 B002000 0.00
030 C002000 0.00
031 A002000 0
031 B002000 0
032 002000 0
033 002000 0
037 002000 N
038 002000 0
039 002000 N
040 002000 N
041 002000 N
042 A002000 0
042 B002000 0
042 C002000 0
<PAGE> PAGE 7
042 D002000 0
042 E002000 0
042 F002000 0
042 G002000 0
042 H002000 0
043 002000 0
044 002000 0
045 002000 Y
046 002000 N
047 002000 Y
048 002000 1.250
048 A012000 0
048 A022000 0.000
048 B012000 0
048 B022000 0.000
048 C012000 0
048 C022000 0.000
048 D012000 0
048 D022000 0.000
048 E012000 0
048 E022000 0.000
048 F012000 0
048 F022000 0.000
048 G012000 0
048 G022000 0.000
048 H012000 0
048 H022000 0.000
048 I012000 0
048 I022000 0.000
048 J012000 0
048 J022000 0.000
048 K012000 0
048 K022000 0.000
058 A002000 N
059 002000 Y
060 A002000 Y
060 B002000 Y
061 002000 5000
066 A002000 Y
066 B002000 N
066 C002000 N
066 D002000 Y
066 E002000 N
066 F002000 N
066 G002000 N
067 002000 N
068 A002000 N
068 B002000 N
069 002000 N
070 A012000 Y
070 A022000 Y
<PAGE> PAGE 8
070 B012000 Y
070 B022000 N
070 C012000 N
070 C022000 N
070 D012000 Y
070 D022000 N
070 E012000 N
070 E022000 N
070 F012000 Y
070 F022000 N
070 G012000 Y
070 G022000 N
070 H012000 Y
070 H022000 N
070 I012000 N
070 I022000 N
070 J012000 Y
070 J022000 N
070 K012000 N
070 K022000 N
070 L012000 Y
070 L022000 Y
070 M012000 N
070 M022000 N
070 N012000 N
070 N022000 N
070 O012000 N
070 O022000 N
070 P012000 N
070 P022000 N
070 Q012000 N
070 Q022000 N
070 R012000 N
070 R022000 N
071 A002000 3814
071 B002000 433
071 C002000 1965
071 D002000 22
072 A002000 11
072 B002000 5
072 C002000 23
072 D002000 0
072 E002000 0
072 F002000 21
072 G002000 27
072 H002000 0
072 I002000 8
072 J002000 16
072 K002000 0
072 L002000 2
072 M002000 3
<PAGE> PAGE 9
072 N002000 2
072 O002000 0
072 P002000 0
072 Q002000 0
072 R002000 10
072 S002000 2
072 T002000 0
072 U002000 6
072 V002000 0
072 W002000 2
072 X002000 99
072 Y002000 69
072 Z002000 -2
072AA002000 72
072BB002000 0
072CC012000 270
072CC022000 0
072DD012000 1
072DD022000 0
072EE002000 5
073 A012000 0.0047
073 A022000 0.0000
073 B002000 0.0223
073 C002000 0.0000
074 A002000 1
074 B002000 138
074 C002000 0
074 D002000 0
074 E002000 0
074 F002000 3723
074 G002000 0
074 H002000 0
074 I002000 0
074 J002000 0
074 K002000 13
074 L002000 3
074 M002000 33
074 N002000 3911
074 O002000 0
074 P002000 6
074 Q002000 0
074 R012000 0
074 R022000 0
074 R032000 0
074 R042000 48
074 S002000 0
074 T002000 3857
074 U012000 334
074 U022000 0
074 V012000 11.56
074 V022000 0.00
<PAGE> PAGE 10
074 W002000 0.0000
074 X002000 109
074 Y002000 0
075 A002000 0
075 B002000 2016
076 002000 0.00
008 A002101 TITAN INVESTMENT ADVISORS, LLC
008 B002101 A
008 C002101 801-51306
008 D012101 UPPER MARLBORO
008 D022101 MD
008 D032101 20772
012 A002101 AMERICAN DATA SERVICES, INC.
012 B002101 85-5093
012 C012101 HUNTINGTON
012 C022101 NY
012 C032101 11743
013 A002101 TAIT, WELLER & BAKER
013 B012101 PHILADELPHIA
013 B022101 PA
013 B032101 19102
015 A002101 STAR BANK, N.A.
015 B002101 C
015 C012101 CINCINNATI
015 C022101 OH
015 C032101 45202
015 E012101 X
028 A012100 159
028 A022100 0
028 A032100 0
028 A042100 0
028 B012100 151
028 B022100 28
028 B032100 0
028 B042100 0
028 C012100 237
028 C022100 0
028 C032100 0
028 C042100 4
028 D012100 544
028 D022100 0
028 D032100 0
028 D042100 0
028 E012100 548
028 E022100 0
028 E032100 0
028 E042100 0
028 F012100 420
028 F022100 0
028 F032100 0
028 F042100 0
<PAGE> PAGE 11
028 G012100 2059
028 G022100 28
028 G032100 0
028 G042100 4
028 H002100 0
029 002100 N
030 A002100 0
030 B002100 0.00
030 C002100 0.00
031 A002100 0
031 B002100 0
032 002100 0
033 002100 0
037 002100 N
038 002100 0
039 002100 N
040 002100 Y
041 002100 Y
042 A002100 0
042 B002100 0
042 C002100 100
042 D002100 0
042 E002100 0
042 F002100 0
042 G002100 0
042 H002100 0
043 002100 12
044 002100 0
045 002100 Y
046 002100 N
047 002100 Y
048 002100 1.000
048 A012100 0
048 A022100 0.000
048 B012100 0
048 B022100 0.000
048 C012100 0
048 C022100 0.000
048 D012100 0
048 D022100 0.000
048 E012100 0
048 E022100 0.000
048 F012100 0
048 F022100 0.000
048 G012100 0
048 G022100 0.000
048 H012100 0
048 H022100 0.000
048 I012100 0
048 I022100 0.000
048 J012100 0
<PAGE> PAGE 12
048 J022100 0.000
048 K012100 0
048 K022100 0.000
058 A002100 N
059 002100 Y
060 A002100 Y
060 B002100 Y
061 002100 5000
066 A002100 Y
066 B002100 N
066 C002100 Y
066 D002100 N
066 E002100 N
066 F002100 N
066 G002100 N
067 002100 N
068 A002100 N
068 B002100 N
069 002100 N
070 A012100 Y
070 A022100 Y
070 B012100 Y
070 B022100 Y
070 C012100 Y
070 C022100 N
070 D012100 Y
070 D022100 Y
070 E012100 N
070 E022100 N
070 F012100 Y
070 F022100 N
070 G012100 Y
070 G022100 N
070 H012100 Y
070 H022100 Y
070 I012100 N
070 I022100 N
070 J012100 Y
070 J022100 N
070 K012100 N
070 K022100 N
070 L012100 Y
070 L022100 Y
070 M012100 N
070 M022100 N
070 N012100 N
070 N022100 N
070 O012100 N
070 O022100 N
070 P012100 N
070 P022100 N
<PAGE> PAGE 13
070 Q012100 N
070 Q022100 N
070 R012100 N
070 R022100 N
071 A002100 10285
071 B002100 4447
071 C002100 4545
071 D002100 98
072 A002100 12
072 B002100 29
072 C002100 98
072 D002100 0
072 E002100 5
072 F002100 46
072 G002100 29
072 H002100 0
072 I002100 10
072 J002100 23
072 K002100 0
072 L002100 4
072 M002100 3
072 N002100 2
072 O002100 0
072 P002100 0
072 Q002100 0
072 R002100 11
072 S002100 3
072 T002100 12
072 U002100 0
072 V002100 0
072 W002100 4
072 X002100 147
072 Y002100 31
072 Z002100 16
072AA002100 463
072BB002100 0
072CC012100 650
072CC022100 0
072DD012100 28
072DD022100 0
072EE002100 0
073 A012100 0.0601
073 A022100 0.0000
073 B002100 0.0000
073 C002100 0.0000
074 A002100 0
074 B002100 829
074 C002100 0
074 D002100 0
074 E002100 0
074 F002100 7091
<PAGE> PAGE 14
074 G002100 0
074 H002100 0
074 I002100 0
074 J002100 28
074 K002100 8
074 L002100 10
074 M002100 3
074 N002100 7969
074 O002100 229
074 P002100 4
074 Q002100 0
074 R012100 0
074 R022100 0
074 R032100 144
074 R042100 12
074 S002100 0
074 T002100 7580
074 U012100 602
074 U022100 0
074 V012100 12.60
074 V022100 0.00
074 W002100 0.0000
074 X002100 262
074 Y002100 0
075 A002100 0
075 B002100 4964
076 002100 0.00
SIGNATURE ERIC M. BANHAZL
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000811030
<NAME> PROFESSIONALLY MANAGED PORTFOLIOS
<SERIES>
<NUMBER> 20
<NAME> PZENA FOCUSED VALUE FUND
<MULTIPLIER> 1
<CURRENCY> US DOLLARS
<S> <C>
<PERIOD-TYPE> 10-MOS
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-START> JUN-24-1996
<PERIOD-END> APR-30-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 3590907
<INVESTMENTS-AT-VALUE> 3861114
<RECEIVABLES> 15869
<ASSETS-OTHER> 33891
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3910874
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 54191
<TOTAL-LIABILITIES> 54191
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3521534
<SHARES-COMMON-STOCK> 33602
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 64942
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 270207
<NET-ASSETS> 3856683
<DIVIDEND-INCOME> 23187
<INTEREST-INCOME> 5111
<OTHER-INCOME> 0
<EXPENSES-NET> 29876
<NET-INVESTMENT-INCOME> (1578)
<REALIZED-GAINS-CURRENT> 72267
<APPREC-INCREASE-CURRENT> 270207
<NET-CHANGE-FROM-OPS> 340896
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1000
<DISTRIBUTIONS-OF-GAINS> 4747
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 340987
<NUMBER-OF-SHARES-REDEEMED> 7882
<SHARES-REINVESTED> 497
<NET-CHANGE-IN-ASSETS> 33602
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 21340
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 99453
<AVERAGE-NET-ASSETS> 2016064
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 1.59
<PER-SHARE-DIVIDEND> (0.01)
<PER-SHARE-DISTRIBUTIONS> (0.02)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.56
<EXPENSE-RATIO> 1.75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000811030
<NAME> PROFESSIONALLY MANAGED PORTFOLIOS
<SERIES>
<NUMBER> 21
<NAME> TITAN FINANCIAL SERVICES FUND
<MULTIPLIER> 1
<CURRENCY> US DOLLARS
<S> <C>
<PERIOD-TYPE> 11-MOS
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-START> MAY-22-1996
<PERIOD-END> APR-30-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 7233256
<INVESTMENTS-AT-VALUE> 7919585
<RECEIVABLES> 46719
<ASSETS-OTHER> 2555
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 7968859
<PAYABLE-FOR-SECURITIES> 228794
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 159814
<TOTAL-LIABILITIES> 388608
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 6478880
<SHARES-COMMON-STOCK> 601635
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 450922
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 650449
<NET-ASSETS> 7580251
<DIVIDEND-INCOME> 97281
<INTEREST-INCOME> 29031
<OTHER-INCOME> 5213
<EXPENSES-NET> 115916
<NET-INVESTMENT-INCOME> 15609
<REALIZED-GAINS-CURRENT> 462927
<APPREC-INCREASE-CURRENT> 650449
<NET-CHANGE-FROM-OPS> 1128985
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 27614
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 599647
<NUMBER-OF-SHARES-REDEEMED> 342
<SHARES-REINVESTED> 2330
<NET-CHANGE-IN-ASSETS> 601635
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 46576
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 146748
<AVERAGE-NET-ASSETS> 4964095
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.04
<PER-SHARE-GAIN-APPREC> 2.62
<PER-SHARE-DIVIDEND> (0.06)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.6
<EXPENSE-RATIO> 2.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
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 Titan
Financial Services Fund, a series
of shares of Professionally Managed Portfolios, for the period ended April
30, 1997, 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
April 30, 1997.
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
May 17, 1997
<PAGE>
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
ON INTERNAL CONTROL STRUCTURE
The Board of Trustees
Professionally Managed Portfolio
New York, New York
In planning and performing our audits of the financial statements of the
Pzena Focused Value Fund, a series
of shares of Professionally Managed Portfolios, for the period ended April
30, 1997, we considered the 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 are 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
April 30, 1997.
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
May 17, 1997
