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Form N-17f-2
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Certificate of Accounting of Securities and Similar Investments in the Custody of
Management Investment Companies
Pursuant to Rule 17f-2 [17 CFR 270.17f-2]
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1. Investment Company Act File Number: Date Examination Completed:
811-5037 July 24, 1997
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2. State Identification Number: N/A
<S> <C> <C> <C> <C> <C> <C> <C> <C>
AL AK AZ AR CA CO CT DE DC FL GA
HI ID IL IN KS KY LA ME MD MA
MI MN MS MO MT NE NV NH NJ NM NY
NC ND OH OK OR PA RI SC SD TN TX
UT VT VA WA WV WI WY PUERTO RICO
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3. Exact name of Investment Company as specified in registration statement
Professionally Managed Portfolios (on behalf of its series designated Boston Managed
Growth Fund)
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4. Address of principal executived office: (number, street, city, state, zip code)
Professionally Managed Portfolios Boston Managed Growth Fund
479 West 22nd Street United States Trust Company of Boston
New York, NY 10011 40 Court Street
Boston, MA 02108
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United States Trust Company of Boston
Investment Management
Management Statement Regarding Certain Provisions of
the Investment Company Act of 1940
We, as members of management and custodian of Boston Managed Growth Fund (the
"Fund"), are responsible for complying with the requirements of subsections (b)
and ( c) of Rule 17f-2, "Custody of Investments by Registered Management
Investment Companies," of the Investment Company Act of 1940. We are also
responsible for establishing and maintaining effective internal controls over
compliance with those requirements. We have performed an evaluation of the
Fund's compliance with the requirements of subsections (b) and ( c) of Rule
17f-2 as of June 30, 1997. Based on this evaluation, we assert that the Fund was
in compliance with the requirements of subsections (b) and ( c) of Rule 17f-2 of
the Investment Company Act of 1940 as of June 30, 1997, with respect to
securities reflected in the investment account of the Fund.
United States Trust Company
By:
xLucia Santini
Lucia Santini
Senior Vice President
ARTHUR ANDERSEN LLP
Report of Independent Public Accountants
To the Board of Trustees of Professionally Managed Portfolios on behalf of its
series designated Boston Managed Growth Fund and the Securities and Exchange
Commission:
We have examined management's assertion about the Boston Managed Growth Fund's
(the "Fund") compliance with certain rules under the Investment Company Act of
1940 (the "Act") as of June 30, 1997, included in the accompanying Management
Statement Regarding Compliance with Certain Provisions of the Act. Management is
responsible for the Fund's compliance with those requirements. Our
responsibility is to express an opinion on management's assertion about the
Fund's compliance based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about the Fund's compliance with those
requirements and performing such other procedures as we considered necessary in
the circumstances. Included among our procedures were the following tests
performed as of June 30, 1997:
-Confirmation of all securities held by the Bank of New York
-Confirmation of money market fund shares held by CoreStates Bank on
behalf of SEI Shareholder Services
-Confirmation of all securities purchased or sold but not received or
delivered;
-Reconciliation of all such securities to books and records maintained
by the United States Trust Company utilizing SEI.
We believe that our examination provides a reasonable basis for our opinion. Our
examination does not provide a legal determination on the Fund's compliance with
specified requirements.
In our opinion, management's assertion that the Fund was in compliance with
certain provisions of Rule 17f-2 of the Act as of June 30, 1997 is fairly
stated, in all material respects.
This report is intended solely for the information and use of management of the
Fund and the Securities and Exchange Commission and should not be used for any
other purpose.
x ARTHUR ANDERSEN LLP
ARTHUR ANDERSEN LLP
Boston, Massachusetts
July 24, 1997
