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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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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 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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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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SIGNATURE ERIC M. BANHAZL
TITLE TREASURER
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<CIK> 0000811030
<NAME> PROFESSIONALLY MANAGED PORTFOLIOS
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<NAME> HARRIS BRETALL SULLIVAN & SMITH GROWTH EQUITY FUND
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<INVESTMENTS-AT-VALUE> 3409218
<RECEIVABLES> 23471
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<TOTAL-LIABILITIES> 22987
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<SHARES-COMMON-STOCK> 314179
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</TABLE>
Report of Independent Auditors
To the Shareholders of
Harris Bretall Sullivan & Smith Growth Equity Fund and the
Board of Trustees of Professionally Managed Portfolios
We have audited the accompanying statement of assets and liabilities of
Harris Bretall Sullivan & Smith Growth Equity Fund (the Fund), a series
of Professionally Managed Portfolios, including the schedule of investments,
as of March 31, 1997, and the related statements of operations, changes
in net assets, and the financial highlights for the period from May 1, 1996
(commencement of operations) through March 31, 1997. These financial
statements and financial highlights are the responsibility of the Fund's
it.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements
and financial highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. Our procedures included
confirmation of securities owned as of March 31, 1997, by
correspondence with the custodian and brokers. An audit also includes
accessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable
basis for our opinion.
In our opinion, the financial statements and financial highlights
referred to above present fairly, in all material respects, the
financial position of Harris Bretall Sullivan & Smith Growth Equity Fund
as of March 31, 1997, the results of its operations, the changes in its
net assets, and the financial highlights for the period from May 1, 1996
(commencement of operations) through March 31, 1997, in conformity with
generally accepted accounting principles.
Los Angeles, California
May 9, 1997
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 Avondale Total Return Fund, Hodges Fund, Women's Equity Mutual
Fund, and the Perkins Opportunity Fund, each a series of shares of
Professionally Managed Portfolios, for the year ended March 31, 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 Funds 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 March 31, 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
April 17, 1997
Report of Independent Auditors
To the Shareholders of
The Osterweis Fund and the
Board of Trustees of Professionally Managed Portfolios
We have audited the accompanying statement of assets and liabilities of The
Osterweis Fund (the Fund), a series of Professionally Managed Portfolios,
including the schedule of investments, as of March 31, 1997, and the
related statement of operations for the year then ended and the
statement of changes in net assets and the financial highlights
for each of the two years in the period then ended. These financial
statements and financial highlights are the responsibility of the
Fund's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audit.
The financial highlights for the year ended March 31, 1995 and
for the period from October 1, 1993 (commencement of operations)
through March 31, 1994 were audited by other auditors whose report
dated May 16, 1995 expressed an unqualified opinion on those
financial highlights.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements
and financial highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. Our procedures included
confirmation of securities owned as of March 31, 1997, by correspondence
with the custodian and brokers. An audit also includes accessing
the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the 1997 and 1996 financial statements and
financial highlights referred to above present fairly, in
all material respects, the financial position of The Osterweis
Fund as of March 31, 1997, the results of its operations for
the year then ended, and the changes in its net assets and the
financial highlights for each of the two years in the period then
ended, in conformity with generally accepted accounting principles.
Los Angeles, California
May 9, 1997
