PROFESSIONALLY MANAGED PORTFOLIOS, N-30D, 1997-07-09

PROFESSIONALLY MANAGED PORTFOLIOS
N-30D, 1997-07-09

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July 9, 1997

Securities and Exchange Commission
Attn: Filing Desk, Stop 1-4
450 Fifth Street, N.W.
Washington, DC 20549

Re: Professionally Managed Portfolios
File No. 811-5037
CIK No. 811030

Dear Sir or Madam:

On behalf of the above Registrant and pursuant to Rule 30b-2 under
the Investment Company Act of 1940, I enclose for filing via EDGAR,
a copy of the Annual Report to shareholders of the Titan Financial
Services Fund series of the Registrant for the twelve month period
ended April 30, 1997.

If you have any questions, please contact me at (602) 952-1100.

Sincerely yours,

/s/
Robert H. Wadsworth

<PAGE>

Titan Financial Services Fund
Annual Report

April 30, 1997
<PAGE>

May 30, 1997

Dear Fellow Shareholder,

The Titan Investment Advisors, LLC, are pleased with the Fund's results
thus far. On March 11, 1997, we reached a record high of $13.24 and have since
pulled back slightly due to weakness in the stock market.

A correction was widely anticipated and, by the end of the first quarter, a
very sharp drop of all the major indexes occurred, with the Dow decreasing over
9.7% and the NASDAQ 13.5%. In this period, we reached our lowest point of
$12.12, which occurred on April 2, 1997 (a decline of 8.45%), from a high of
$13.24 on March 11, 1997.

From the time of our opening, our present net asset value has increased
from a level of $10 on May 22, 1996 to a level of $13.49 as of May 30, 1997.
This represents an appreciation of 34.90%. The total return from inception
through May 30, 1997 is 35.62%. The total return for the fiscal period ending
April 30, 1997 is 26.67%.

We are very proud of our performance, which has been particularly good in a
challenging market. We outperformed all the major indexes including the Dow,
S&P, and the NASDAQ. We think this period supports our view that the small and
medium-sized bank stocks are a relatively safe haven during a down market, while
appreciating significantly in the resurgent market which we are presently
experiencing. We have assiduously kept to our commitment to be at least 65%
invested in bank stocks and financial vehicles such as brokerage firms and
insurance companies. Indeed, we are presently over 75% invested in banks and
financial vehicles.

We were able to anticipate the down movement which occurred in the first
quarter and used this opportunity to buy depressed stocks which presently
represent some of our most successful choices. During the past quarter, we added
to our positions in the broker stocks; particularly Bear Stearns, Raymond James
Financial, Lehman Bros., A.G. Edwards, and Alex Brown & Sons, Inc. We feel that
they are substantially undervalued and will be subject to future mergers. We are
pleased to announce that we had four mergers relative to our bank and broker
holdings; Alex Brown & Sons, Inc., American Bancorp of Nevada, Greater New York
Savings Bank, and California Federal Bank.

<PAGE>
Titan Financial Services Fund

From time to time, we also purchase non-financial vehicles when we see an
opportunity, such as when we believe a stock of high quality is unfairly driven
down or is not performing on the financial markets consistent with its merits.
This has permitted us to pick up such stocks as Glaxo, Cisco Systems, U.S. Air,
LCI International, and Outback Steakhouse, which have performed well in our
portfolio so far.

We anticipate that the appreciation of bank stocks and particularly small
to medium-sized bank stocks will outperform the market in the foreseeable future
(at least for the next year or two). We are very enthusiastic about our early
performance, which has met our initial goals. One feature of our Fund that we
think makes it unique, is that we are heavily invested in it ourselves. We
participate in the Fund's gains or losses along with our fellow investors.

We are looking forward to the next six months with the confidence that
comes from weathering a particularly difficult market during our early months of
existence. We also look forward to justifying your confidence in us, which we
will try to deserve.
Very truly yours,

/s/
Gilbert R. Giordano
President
Titan Investment Advisors,LLC

<PAGE>
Titan Financial Services Fund

Titan Financial Services Fund
Value of $10,000 vs. S&P 500 Index
Annual Average Total Return Periods
Ended April 30, 1997
1 Year Inception (5/22/96)
N/A 26.67%

Titan Financial S&P500
Services Fund
5/22/96 10,000 10,000
6/30/96 9,950 9,903
9/30/96 10,760 10,213
12/31/96 11,850 11,068
3/31/97 12,285 11,364
4/30/97 12,668 12,044

Past performance is not predictive of future performance.
<PAGE>
Titan Financial Services Fund
<TABLE>
<CAPTION>

SCHEDULE OF INVESTMENTS at April 30, 1997
- ------------------------------------------------------------------------------------------------------------------------------------
Shares COMMON STOCKS: 93.6% Market Value
- ------------------------------------------------------------------------------------------------------------------------------------
Banks: 31.3%
<S> <C> <C>
6,700 American Bancorp Nevada................................................. $ 132,325
700 Australian and New Zealand Banking Group................................ 22,400
1,700 Bank of Montreal........................................................ 61,837
1,100 Barnett Banks, Inc...................................................... 53,762
1,000 Cathay Bancorp Inc...................................................... 21,500
2,000 Civic BanCorp California................................................ 22,750
1,000 Colonial Bancgroup Inc.................................................. 22,500
2,000 Comstock Bank, Carson City, Nevada...................................... 23,375
1,400 Corestates Financial Corp............................................... 70,875
1,000 Corporacion Bancaria de Espana S.A., ADR................................ 22,250
1,900 First Chicago NBD Corp.................................................. 106,875
2,700 First Southern Bancshares, Inc.......................................... 34,425
3,800 Fleet Financial Group, Inc.............................................. 231,800
1,050 FNB Corp................................................................ 25,200
1,000 FNB Rochester Corp...................................................... 12,312
1,000 Hibernia Corp., Class A................................................. 12,875
2,000 Imperial Bancorp........................................................ 47,000
1,000 Keycorp................................................................. 52,125
3,000 Magna Group, Inc........................................................ 92,625
1,000 National City Bancorporation............................................ 22,125
1,000 New England Community Bancorp, Inc., Class A............................ 15,250
1,000 New Milford Bank and Trust Company...................................... 13,000
3,700 Norwest Corp............................................................ 184,538
2,000 PNC Bank Corp........................................................... 82,250
200 Park National Corp...................................................... 11,100
1,000 Poncebank............................................................... 16,250
15,000 Ramapo Financial Corp................................................... 85,313
4,000 Republic Security Financial Corp........................................ 28,500
4,000 Royal Bank Canada Montreal.............................................. 159,500
10,200 Sterling Bancorp........................................................ 163,200
3,000 Surety Capital Corp..................................................... 15,750
1,580 Susquehanna Bancshares, Inc............................................. 52,930
2,000 Trans Financial, Inc.................................................... 46,500
2,000 U.S. Bancorp............................................................ 114,250
4,000 US Bancorp, Inc......................................................... 181,000
See accompanying Notes to Financial Statements.
<PAGE>
Titan Financial Services Fund

SCHEDULE OF INVESTMENTS at April 30, 1997, Continued
- ------------------------------------------------------------------------------------------------------------------------------------
Shares Market Value
- ------------------------------------------------------------------------------------------------------------------------------------
Banks, continued
4,000 Vectra Banking Corp..................................................... $ 76,500
2,300 Westernbank Puerto Rico................................................. 37,375
------
2,374,142
---------
Brokerage Services: 16.8%
4,000 Alex Brown & Sons, Inc.................................................. 257,500
12,050 Bear Stearns Companies, Inc............................................. 367,525
4,800 A.G. Edwards, Inc....................................................... 168,000
4,000 Fahnestock Vinder Holdings, Inc., Class A............................... 62,000
4,200 Lehman Brothers Holdings, Inc........................................... 142,275
2,700 Paine Webber Group, Inc................................................. 91,800
6,450 Raymond James Financial, Inc............................................ 150,768
2,000 Southwest Securities Group, Inc......................................... 31,500
------
1,271,368
---------
Computers: 6.1%
2,000 Applied Magnetics Corp.................................................. 50,250
1,000 Banctec, Inc............................................................ 22,875
2,400 Cisco Systems, Inc...................................................... 124,200
1,000 Comp USA, Inc........................................................... 19,250
5,000 Dense-Pac Microsystems, Inc............................................. 9,063
800 EMC Corp................................................................ 29,100
1,400 Hewlett-Packard Company................................................. 73,500
3,700 Micron Technology, Inc.................................................. 130,425
-------
458,663
-------
Electronics: 0.5%
700 Motorola, Inc........................................................... 40,075
------

Financial Services: 5.3%
1,000 American Express Company................................................ 65,875
4,800 John Hancock Bank and Thrift Opportunity................................ 151,200
11,000 Pilgrim American Bank and Thrift Fund................................... 181,500
-------
398,575
-------
Food and Beverage: 0.6%
1,000 Sara Lee Corp........................................................... 42,000
------

See accompanying Notes to Financial Statements.
<PAGE>
Titan Financial Services Fund

Hotels: 0.4%
2,000 Innkeepers USA Trust.................................................... 28,000
------

Insurance: 2.8%
500 Aetna, Inc.............................................................. 45,563
1,600 Travelers Group, Inc.................................................... 88,600
4,000 USF&G Corp.............................................................. 80,000
------
214,163
-------
Long Distance Telephone Service: 0.2%
1,000 LCI International, Inc.................................................. 16,625
------

Manufacturing - Household Furniture: 0.2%
2,000 Rowe Furniture Corp..................................................... 14,500
------

Office Supplies: 0.7%
2,000 Officemax, Inc.......................................................... 24,750
1,000 US Office Products Company.............................................. 25,500
------
50,250
------
Oil: 0.3%
1,000 Reading and Bates Corp.................................................. 22,375
------

Pharmaceuticals: 0.9%
1,700 Glaxo Wellcome, PLC, ADR................................................ 66,938
------

Restaurants: 0.8%
1,000 Outback Steakhouse, Inc................................................. 19,625
2,000 Wendy's International, Inc.............................................. 41,250
------
60,875
------
Shipping Containers: 0.4%
2,000 Sea Containers Ltd., Class A............................................ 33,000
------
See accompanying Notes to Financial Statements.
<PAGE>
Titan Financial Services Fund

Thrift and Savings / Savings Banks: 22.1%
700 Abington Bancorp, Inc................................................... 15,050
1,000 Alabama National Bancorporation......................................... 19,812
2,800 American Bank of Connecticut-Waterbury.................................. 89,250
500 Bankatlantic Bancorp, Inc., Class A..................................... 5,968
2,000 Bankatlantic Bancorp, Inc., Class B..................................... 24,500
2,000 Bankunited Financial Corp., Class A..................................... 18,000
2,000 Bostonfed Bancorp, Inc.................................................. 30,500
5,000 Branford Savings Bank Connecticut....................................... 20,000
100 Cal Fed Bancorp, Inc.................................................... 1,550
1,000 Commerce Bancorp, Inc................................................... 31,125
2,000 D & N Financial Corp.................................................... 34,750
4,700 Dime Bancorp, Inc....................................................... 75,787
2,700 Dime Financial Corp..................................................... 50,963
1,000 Fed One Bancorp, Inc.................................................... 18,500
1,000 First Colorado Bancorp, Inc............................................. 16,000
8,000 First Essex Bancorp, Inc................................................ 125,000
1,000 First Palm Beach Bancorp, Inc........................................... 27,500
2,000 First United Bancorp.................................................... 28,000
2,000 FirstFed Financial Bancshares........................................... 46,750
1,000 Glendale Federal Bank, Federal Savings Bank............................. 24,875
5,000 Greater New York Savings Bank........................................... 91,875
4,000 Lawrence Savings Bank................................................... 38,500
1,000 Long Island Bancorp, Inc................................................ 34,000
1,000 Norwich Financial Corp.................................................. 19,250
1,000 Ottawa Financial Corp................................................... 22,500
3,000 Pennfed Financial Services, Inc......................................... 71,250
2,000 People's Bank, Bridgeport, Connecticut.................................. 60,000
3,645 Peoples Bancshares, Inc................................................. 46,474
1,000 Peoples Heritage Financial Group, Inc................................... 31,375
15,000 Poughkeepsie Savings Bank FSB........................................... 82,500
1,000 RCSB Financial, Inc..................................................... 29,750
2,000 Reliance Bancorp, Inc................................................... 45,250
See accompanying Notes to Financial Statements.
<PAGE>
Titan Financial Services Fund

Total Common Stocks (cost $6,404,256)................................... 7,090,585
---------

Principal Amount REPURCHASE AGREEMENT: 10.9%
- ------------------------------------------------------------------------------------------------------------------------------------
$829,000 Star Bank Repurchase Agreement, 5.00%, dated 4/30/1997, due
5/1/1997, collateralized by $890,000 GNMA, 5.50%, due 1/20/2024
(proceeds $829,115) (cost $829,000)..................................... 829,000

Total Investments in Securities (cost $7,233,256+): 104.5% ............. 7,919,585
Liabilities in excess of Other Assets: (4.5%)........................... (339,334)
--------
Total Net Assets: 100.0% ............................................... $7,580,251
==========

<FN>
+ At April 30, 1997, the cost of investments for Federal income tax purposes was
the same as the basis for financial reporting. Unrealized appreciation and
depreciation of securities were as follows:

Gross unrealized appreciation........................................... $ 811,431
Gross unrealized depreciation........................................... (160,982)
--------
Net unrealized appreciation................................... $ 650,449
=========
</FN>
</TABLE>

See accompanying Notes to Financial Statements.

<PAGE>
Titan Financial Services Fund
<TABLE>
<CAPTION>

<S> <C> <C>
5 Aetna, Inc. / July / 95.00.............................................. $ 1,469
24 Alex Brown & Sons, Inc. / July / 55.00.................................. 24,600
20 Applied Magnetics Corp. / July / 25.00.................................. 7,500
11 Barnett Banks, Inc. / July / 50.00...................................... 2,063
50 Bear Stearns Companies, Inc. / July / 30.00............................. 10,781
10 Cisco Systems, Inc. / July / 50.00...................................... 5,500
14 Cisco Systems, Inc. / July / 60.00...................................... 3,106
20 Dime Bancorp, Inc. / June / 17.50....................................... 750
10 First Chicago NBD Corp. / July / 60.00.................................. 1,813
25 Fleet Financial Group, Inc. / July / 60.00.............................. 9,219
10 Glendale Federal Savings Bank / July / 25.00............................ 1,781
10 Hewlett-Packard Company / August / 60.00................................ 1,938
10 Keycorp / June / 50.00.................................................. 3,312
15 Lehman Brothers Holdings, Inc. / July / 35.00........................... 3,469
10 Long Island Bancorp, Inc. / July / 35.00................................ 1,656
20 Micron Technology, Inc. / July / 45.00.................................. 1,750
17 Micron Technology, Inc. / July / 35.00.................................. 6,375
17 Norwest Corp. / July / 50.00............................................ 3,613
10 Norwest Corp. / July / 45.00............................................ 5,750
10 PNC Bank Corp. / August / 40.00......................................... 3,188
10 Reading & Bates Corp. / June / 25.00.................................... 750
10 Southwest Airlines Company / September / 25.00.......................... 3,938
15 Travelers Group Inc. / June / 50.00..................................... 9,562
20 U.S. Bancorp / July / 55.00............................................. 7,375
15 US Airways Group, Inc. / June / 25.00................................... 11,812
15 US Airways Group, Inc. / June / 30.00................................... 5,906
25 USF&G Corp. / July / 20.00.............................................. 2,812
20 Wendy's International, Inc. / June / 20.00.............................. 2,500
-----

Total Options Written (cost $108,408)................................... $ 144,288
=========

</TABLE>
See accompanying Notes to Financial Statements.
<PAGE>
Titan Financial Services Fund
<TABLE>
<CAPTION>

STATEMENT OF ASSETS AND LIABILITIES at April 30, 1997
- ------------------------------------------------------------------------------------------------------------------------------------

ASSETS
<S> <C>
Investments in securities, at value (identified cost $7,233,256) ...................... $7,919,585
Receivables:
Investment securities sold....................................................... 28,307
From Advisor..................................................................... 8,151
Dividends and interest .......................................................... 7,761
Fund shares sold................................................................. 2,500
Prepaid expenses....................................................................... 2,555
-----
Total assets .............................................................. 7,968,859
---------

LIABILITIES
Options written, at value (proceeds $108,408).......................................... 144,288
Payables:
Administration fee............................................................... 2,324
Distribution fees................................................................ 1,479
Investment securities purchased.................................................. 228,794
Accrued expenses....................................................................... 11,723
------
Total liabilities.......................................................... 388,608
-------

NET ASSETS $7,580,251
==========

Net asset value, offering and redemption price per share
($7,580,251/601,635 shares outstanding;
unlimited number of shares authorized without par value) ........................ $12.60
======

COMPONENTS OF NET ASSETS
Paid-in capital ....................................................................... $6,478,880
Undistributed net realized gain on investments......................................... 450,922
Net unrealized appreciation on investments............................................. 650,449
-------
Net assets ...................................................................... $7,580,251
==========

</TABLE>

See accompanying Notes to Financial Statements.
<PAGE>
Titan Financial Services Fund
<TABLE>
<CAPTION>

STATEMENT OF OPERATIONS - For the Period May 22, 1996* through April 30, 1997
- ------------------------------------------------------------------------------------------------------------------------------------

INVESTMENT INCOME
Income
<S> <C>
Interest......................................................................... $ 29,031
Dividends........................................................................ 97,281
Other............................................................................ 5,213
-----
Total income............................................................... 131,525
-------

Expenses
Advisory fees.................................................................... 46,576
Administration fees.............................................................. 28,591
Custodian and accounting fees.................................................... 22,985
Distribution costs............................................................... 11,668
Audit fees....................................................................... 11,278
Transfer agent fees.............................................................. 9,586
Reports to shareholders.......................................................... 4,320
Miscellaneous fees............................................................... 3,906
Trustees' fees................................................................... 3,019
Legal fees....................................................................... 2,844
Registration fees................................................................ 1,975
-----
Total expenses............................................................. 146,748
Less: expenses reimbursed.................................................. (30,832)
-------
Net expenses............................................................... 115,916
-------
Net investment income ............................................... 15,609
------

REALIZED AND UNREALIZED GAIN ON INVESTMENTS
Net realized gain from security transactions..................................... 462,927
Net change in unrealized appreciation on investments............................. 650,449
-------
Net realized and unrealized gain on investments............................ 1,113,376
---------
Net Increase in Net Assets Resulting from Operations ................ $1,128,985
==========

<FN>
*Commencement of operations.
</FN>
</TABLE>

See accompanying Notes to Financial Statements.
<PAGE>
Titan Financial Services Fund
<TABLE>
<CAPTION>

STATEMENT OF CHANGES IN NET ASSETS
- ------------------------------------------------------------------------------------------------------------------------------------
May 22, 1996*
through
April 30, 1997
- ------------------------------------------------------------------------------------------------------------------------------------

INCREASE IN NET ASSETS FROM:
OPERATIONS
<S> <C>
Net investment income...................................................................... $ 15,609
Net realized gain from security transactions............................................... 462,927
Net change in unrealized appreciation on investments....................................... 650,449
-------
Net increase in net assets resulting from operations ................................ 1,128,985
---------

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Net investment income...................................................................... (27,614)
-------

CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from net change in outstanding shares (a)............... 6,478,880
---------
Total increase in net assets ........................................................ 7,580,251

NET ASSETS
Beginning of period........................................................................ -0-
-
End of period ............................................................................. $7,580,251
==========

<FN>
(a) A summary of capital shares transactions is as follows:
May 22, 1996*
through
April 30, 1997
- ------------------------------------------------------------------------------------------------------------------------------------

Shares Value
- ------------------------------------------------------------------------------------------------------------------------------------
Shares sold................................................................. 599,647 $6,455,398
Shares issued in reinvestment of distribution............................... 2,330 27,614
Shares redeemed............................................................. (342) (4,132)
---- ------
Net increase................................................................ 601,635 $6,478,880
======= ==========

*Commencement of operations.
</FN>
</TABLE>

See accompanying Notes to Financial Statements.
<PAGE>
Titan Financial Services Fund
<TABLE>
<CAPTION>

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period
- ------------------------------------------------------------------------------------------------------------------------------------
May 22, 1996*
through
April 30, 1997
- ------------------------------------------------------------------------------------------------------------------------------------

<S> <C>
Net asset value, beginning of period....................................................... $10.00
Income from investment operations:
Net investment income................................................................ .04
Net realized and unrealized gain on investments...................................... 2.62
----
Total from investment operations........................................................... 2.66
----

Less distributions:
From net investment income........................................................... (.06)
----

Net asset value, end of period............................................................. $12.60
======

Total return............................................................................... 26.67%++

Ratios/supplemental data:
Net assets, end of period (millions)....................................................... $ 7.6

Ratio of expenses to average net assets:
Before expense reimbursement......................................................... 3.14%+
After expense reimbursement.......................................................... 2.49%+

Ratio of net investment income (loss) to average net assets:
Before expense reimbursement......................................................... (0.33%)+
After expense reimbursement.......................................................... 0.33%+

Portfolio turnover rate.................................................................... 97.84%

Average commission rate paid per share..................................................... $.0464

<FN>
*Commencement of operations.

+Annualized.

++Not annualized.
</FN>
</TABLE>

See accompanying Notes to Financial Statements.
<PAGE>
Titan Financial Services Fund

NOTES TO FINANCIAL STATEMENTS at April 30, 1997
- --------------------------------------------------------------------------------
NOTE 1 - ORGANIZATION

The Titan Financial Services Fund (the "Fund") is a diversified series of
shares of beneficial interest of Professionally Managed Portfolios (the
"Trust"), which is registered under the Investment Company Act of 1940 (the
"1940 Act") as an open-end management investment company. The Fund began
operations on May 22, 1996. The investment objective of the Fund is capital
appreciation. The secondary objective is moderate income.

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently
followed by the Fund. These policies are in conformity with generally accepted
accounting principles.

A. Security Valuation. The Fund's investments are carried at market
value. Securities listed on an exchange or quoted on a National
Market System are valued at the last sale price. Other securities
are valued at the last quoted bid price. Securities for which market
quotations are not readily available, if any, traded on an exchange
or NASDAQ for which there have been no sales and other
over-the-counter securities are valued at their respective fair
values as determined in good faith by the Board of Trustees.
Short-term investments are stated at cost, which when combined with
accrued interest, approximates market value.

B. Federal Income Taxes. The Fund intends to comply with the
requirements of the Internal Revenue Code applicable to regulated
investment companies and to distribute all of its taxable income to
its shareholders. Therefore, no federal income tax provision is
required.

C. Security Transactions, Dividends and Distributions. As is common in
the industry, security transactions are accounted for on the trade
date. Dividend income and distributions to shareholders are recorded
on the ex-dividend date.

D. Use of Estimates. The preparation of financial statements in
conformity with generally accepted accounting principles requires
management to make estimates and assumptions that affect the amounts
reported in the financial statements and accompanying notes. Actual
results could differ from those estimates.

NOTE 3 - COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS

For the period ended April 30, 1997, Titan Investment Advisors, LLC (the
"Advisor") provided the Fund with investment management services under an
Investment Advisory Agreement. The Advisor furnishes all investment advice,
office space, facilities, and most personnel needed by the Fund. As compensation
for its services, the Advisor is entitled to a monthly fee at the annual rate of
1.00% based upon the average daily net assets of the Fund. For the period ended
April 30, 1997, the Fund incurred $46,576 in Advisory fees.

The Fund is responsible for its own operating expenses. The Advisor has
agreed to reduce fees payable to it by the Fund to the extent necessary to limit
the Fund's aggregate annual operating expenses to 2.50% of average net assets.
Any such reductions made by the Advisor in its fees or payments or reimbursement
of expenses which are the Fund's obligation may be subject to reimbursement by
the Fund provided the Fund is able to effect such
<PAGE>
Titan Financial Services Fund

NOTES TO FINANCIAL STATEMENTS, Continued
reimbursement and remain in compliance with applicable
law. For the period ended April 30, 1997, the Advisor reimbursed the Fund in the
amount of $30,832.

Investment Company Administration Corporation (the "Administrator") acts
as the Fund's Administrator under an Administration Agreement. The Administrator
prepares various federal and state regulatory filings, reports and returns for
the Fund; prepares reports and materials to be supplied to the trustees;
monitors the activities of the Fund's custodian, transfer agent and accountants;
coordinates the preparation and payment of Fund expenses and reviews the Fund's
expense accruals. For its services, the Administrator receives an annual fee at
the following rate:

Under $15 million - $30,000
$15 to $50 million - 0.20% of average net assets
$50 to $100 million - 0.15% of average net assets
$100 to $150 million - 0.10% of average net assets
Over $150 million - 0.05% of average net assets

First Fund Distributors, Inc. (the "Distributor") acts as the Fund's
principal underwriter in a continuous public offering of the Fund's shares. The
Distributor is an affiliate of the Administrator.

Certain officers and trustees of the Trust are also officers and/or
directors of the Administrator and the Distributor.

NOTE 4 - DISTRIBUTION COSTS

The Fund has adopted a Distribution Plan (the "Plan") in accordance with
Rule 12b-1 under the 1940 Act. The Plan provides that the Fund will pay a fee to
the Advisor as Distribution Coordinator at an annual rate of up to 0.25% of the
average daily net assets of the Fund. The fee is paid to the Advisor as
reimbursement for, or in anticipation of, expenses incurred for
distribution-related activity. During the period ended April 30, 1997, the Fund
paid fees of $11,668 to the Advisor.
<PAGE>
Titan Financial Services Fund

NOTES TO FINANCIAL STATEMENTS, Continued
NOTE 5 - PURCHASES AND SALES OF SECURITES

The cost of purchases and the proceeds from sales of securities, other
than short-term investments, for the period ended April 30, 1997, were
$10,284,639 and $4,447,109, respectively.

Purchased option transactions during the period ended April 30, 1997 are
summarized as follows:
<TABLE>

<S> <C>
Options outstanding, beginning of period................................ $ -0-
Options purchased....................................................... (14,500)
Options written ................................................... (248,872)
Buybacks of options written............................................. 119,796
Purchased options expired............................................... 14,500
Written options expired................................................. 20,668
------
Options outstanding at April 30, 1997................................... (108,408)
Unrealized depreciation at April 30, 1997............................... (35,880)
-------
Market value of options at April 30, 1997............................... $ (144,288)
==========

Average fair market value of options for the
period ended April 30, 1997............................................. $ 57,309
========

Net trading losses on options for the period ended April 30, 1997....... $ (21,456)
=========
</TABLE>

<PAGE>
Titan Financial Services Fund

REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
- --------------------------------------------------------------------------------
TO THE SHAREHOLDERS OF
TITAN FINANCIAL SERVICES FUND and
THE BOARD OF TRUSTEES OF
PROFESSIONALLY MANAGED PORTFOLIOS

We have audited the accompanying statement of assets and liabilities,
including the schedule of investments, of Titan Financial Services Fund (a
series of Professionally Managed Portfolios) as of April 30, 1997, and the
related statement of operations, the statement of changes in net assets and the
financial highlights for the period May 22, 1996 (commencement of operations) to
April 30, 1997. 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.

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 April
30, 1997, by correspondence with the custodian and brokers. To the extent we did
not receive replies from brokers, we applied alternative auditing procedures. An
audit also includes assessing 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
Titan Financial Services Fund as of April 30, 1997, the results of its
operations, the changes in its net assets and the financial highlights for the
period May 22, 1996 (commencement of operations) to April 30, 1997, in
conformity with generally accepted accounting principles.

TAIT, WELLER & BAKER

Philadelphia, Pennsylvania
May 17, 1997

<PAGE>
Advisor

Titan Investment Advisors, LLC
9672 Pennsylvania Avenue
Upper Marlboro, MD 20772
888-44-TITAN
Account Inquiries 1-800-385-7003

Distributor
First Fund Distributors, Inc.
4455 E. Camelback Rd., Suite 261E
Phoenix, AZ 85018

Custodian
Star Bank, N.A.
425 Walnut St.
Cincinnati, OH 45202

Shareholder Service and Transfer Agent
American Data Services, Inc.
24 West Carver St.
Huntington, NY 11743
(800) 385-7003

Independent Auditors
Tait, Weller & Baker
Two Penn Center Plaza
Philadelphia, PA 19102

Counsel to the Trust
Paul, Hastings, Janofsky & Walker
345 California Street, 29th Floor
San Francisco, CA 94104

Counsel to the Fund
Kirkpatrick & Lockhart
1800 M Street NW
Washington, DC 20036

This report is intended for shareholders of the Fund and may not be used
as sales literature unless preceded or accompanied by a current
prospectus.

Past performance results shown in this report should not be considered a
representation of future performance. Share price and returns will
fluctuate so that shares, when redeemed, may be worth more or less than
their original cost. Statements and other information herein are dated
and are subject to change.