PROFESSIONALLY MANAGED PORTFOLIOS
497, 1997-03-18
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                   Pro-Conscience Women's Equity Mutual Fund


                        Supplement Dated March 10, 1997
                       To Prospectus Dated August 1, 1996


Effective  January 31, 1997, the Fund's new address is 625 Market  Street,  16th
floor, San Francisco CA 94105. The new local phone number is (415) 547-9135. The
shareholder service number remains (800) 385-7003. 

The discussion in the Fund's prospectus under the caption  "Check-A-Matic Plan,"
on page 10, is supplemented with the following information:

Effective  immediately,  the  minimum  initial  investment  is  waived  for  new
investors  who agree to open an  automatic  investment  plan  whereby a check is
automatically drawn on the investor's personal checking account each month for a
predetermined  amount.  The minimum monthly amount that may be invested has been
reduced to $50.00. This waiver of the minimum investment amount and reduction in
monthly minimum amount that must be invested may be revised or discontinued upon
further notice to shareholders.


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