<PAGE> PAGE 1
000 A000000 12/31/97
000 C000000 811030
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 2.2
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 3
007 C010100 1
007 C010200 2
007 C010300 3
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 GOLDMAN, SACHS & CO.
020 B000001 13-5108880
020 C000001 11
020 A000002 MERRILL LYNCH, PIERCE FENNER & SMITH, INC.
020 B000002 13-5674085
020 C000002 9
020 A000003 CHARLES SCHWAB & CO., INC.
020 B000003 94-1737782
020 C000003 8
020 A000004 PAINE WEBBER, INC.
020 B000004 13-2638166
020 C000004 2
020 A000005 WEEDEN & CO.
020 B000005 13-3364318
<PAGE> PAGE 2
020 C000005 2
020 A000006 COWEN & CO.
020 B000006 13-5616116
020 C000006 2
020 A000007 MORGAN STANLEY & CO., INC.
020 B000007 13-2655998
020 C000007 2
020 A000008 CANTOR FITZGERALD & CO., INC.
020 B000008 95-1786286
020 C000008 1
020 A000009 HAMBRECHT & QUIST INC.
020 B000009 94-2856935
020 C000009 1
020 A000010 JEFFERIES & CO., INC.
020 B000010 95-2622900
020 C000010 1
021 000000 43
022 A000001 GOLDMAN, SACHS & CO.
022 B000001 13-5108880
022 C000001 11271
022 D000001 2102
022 A000002 CHARLES SCHWAB & CO., INC.
022 B000002 94-1737782
022 C000002 3537
022 D000002 3002
022 A000003 PAINE WEBBER, INC.
022 B000003 13-2638166
022 C000003 3563
022 D000003 2605
022 A000004 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
022 B000004 13-5674085
022 C000004 5134
022 D000004 910
022 A000005 COWEN & CO.
022 B000005 13-5616116
022 C000005 1692
022 D000005 568
022 A000006 WEEDEN & CO.
022 B000006 13-3364318
022 C000006 799
022 D000006 888
022 A000007 CANTOR FITZGERALD & CO., INC.
022 B000007 95-1786286
022 C000007 1062
022 D000007 271
022 A000008 H.C. WAINWRIGHT & CO.
022 B000008 04-1938890
022 C000008 1100
022 D000008 0
022 A000009 LEHMAN GOVERNMENT SECURITIES CORP.
022 C000009 1037
<PAGE> PAGE 3
022 D000009 0
022 A000010 FIDELITY CAPITAL MARKETS
022 C000010 465
022 D000010 473
023 C000000 43334
023 D000000 26078
024 00AA00 N
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
<PAGE> PAGE 4
062 F00AA00 0.0
062 G00AA00 0.0
062 H00AA00 0.0
062 I00AA00 0.0
062 J00AA00 0.0
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
077 A000000 N
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
SIGNATURE ERIC M. BANHAZL
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000811030
<NAME> PROFESSIONALLY MANAGED PORTFOLIOS
<SERIES>
<NUMBER> 15
<NAME> BOSTON BALANCED FUND
<MULTIPLIER> 1
<CURRENCY> US DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-START> JUL-01-1997
<PERIOD-END> DEC-31-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 69399607
<INVESTMENTS-AT-VALUE> 92598365
<RECEIVABLES> 487827
<ASSETS-OTHER> 11781
<OTHER-ITEMS-ASSETS> 9937
<TOTAL-ASSETS> 93107910
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 114713
<TOTAL-LIABILITIES> 114713
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 69171065
<SHARES-COMMON-STOCK> 909113
<SHARES-COMMON-PRIOR> 865240
<ACCUMULATED-NII-CURRENT> 125415
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 497959
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 23198758
<NET-ASSETS> 92993197
<DIVIDEND-INCOME> 484095
<INTEREST-INCOME> 816529
<OTHER-INCOME> 0
<EXPENSES-NET> 440969
<NET-INVESTMENT-INCOME> 859655
<REALIZED-GAINS-CURRENT> 1179287
<APPREC-INCREASE-CURRENT> 7635718
<NET-CHANGE-FROM-OPS> 9674660
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1584936)
<DISTRIBUTIONS-OF-GAINS> (1549116)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 65683
<NUMBER-OF-SHARES-REDEEMED> (52840)
<SHARES-REINVESTED> 31030
<NET-CHANGE-IN-ASSETS> 10959724
<ACCUMULATED-NII-PRIOR> 850696
<ACCUMULATED-GAINS-PRIOR> 867788
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 330726
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 428277
<AVERAGE-NET-ASSETS> 87532436
<PER-SHARE-NAV-BEGIN> 94.81
<PER-SHARE-NII> 0.94
<PER-SHARE-GAIN-APPREC> 10.07
<PER-SHARE-DIVIDEND> (1.79)
<PER-SHARE-DISTRIBUTIONS> (1.74)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 102.29
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000811030
<NAME> PROFESIONALLY MANAGED PORTFOLIOS
<SERIES>
<NUMBER> 16
<NAME> LEONETTI BALANCED FUND
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-START> JUL-01-1997
<PERIOD-END> DEC-31-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 10475355
<INVESTMENTS-AT-VALUE> 12544572
<RECEIVABLES> 74441
<ASSETS-OTHER> 19916
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 12638929
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 210066
<TOTAL-LIABILITIES> 210066
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10317641
<SHARES-COMMON-STOCK> 1001245
<SHARES-COMMON-PRIOR> 916840
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (1704)
<ACCUMULATED-NET-GAINS> 43709
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2069217
<NET-ASSETS> 12428863
<DIVIDEND-INCOME> 48285
<INTEREST-INCOME> 96793
<OTHER-INCOME> 1246
<EXPENSES-NET> 123051
<NET-INVESTMENT-INCOME> 23273
<REALIZED-GAINS-CURRENT> 682340
<APPREC-INCREASE-CURRENT> 405368
<NET-CHANGE-FROM-OPS> 1110981
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (30060)
<DISTRIBUTIONS-OF-GAINS> (972962)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 71398
<NUMBER-OF-SHARES-REDEEMED> (68707)
<SHARES-REINVESTED> 81714
<NET-CHANGE-IN-ASSETS> 1145642
<ACCUMULATED-NII-PRIOR> 5083
<ACCUMULATED-GAINS-PRIOR> 334331
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 60960
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 123051
<AVERAGE-NET-ASSETS> 12098496
<PER-SHARE-NAV-BEGIN> 12.31
<PER-SHARE-NII> 0.08
<PER-SHARE-GAIN-APPREC> 1.20
<PER-SHARE-DIVIDEND> 0.09
<PER-SHARE-DISTRIBUTIONS> 1.09
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.41
<EXPENSE-RATIO> 2.02
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000811030
<NAME> PROFESSIONALLY MANAGED PORTFOLIOS
<SERIES>
<NUMBER> 17
<NAME> U.S. GLOBAL LEADERS GROWTH FUND
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-START> JUL-01-1997
<PERIOD-END> DEC-31-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 33360991
<INVESTMENTS-AT-VALUE> 44242883
<RECEIVABLES> 173220
<ASSETS-OTHER> 4386
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 44420489
<PAYABLE-FOR-SECURITIES> 142280
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 57640
<TOTAL-LIABILITIES> 199920
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 34028782
<SHARES-COMMON-STOCK> 2421709
<SHARES-COMMON-PRIOR> 1648149
<ACCUMULATED-NII-CURRENT> (164344)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (525761)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 10881892
<NET-ASSETS> 44220569
<DIVIDEND-INCOME> 164892
<INTEREST-INCOME> 11745
<OTHER-INCOME> 0
<EXPENSES-NET> 280447
<NET-INVESTMENT-INCOME> (103810)
<REALIZED-GAINS-CURRENT> (411477)
<APPREC-INCREASE-CURRENT> 4608112
<NET-CHANGE-FROM-OPS> 4092825
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 790943
<NUMBER-OF-SHARES-REDEEMED> (17383)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 17368430
<ACCUMULATED-NII-PRIOR> (60534)
<ACCUMULATED-GAINS-PRIOR> (114284)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 189491
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 283290
<AVERAGE-NET-ASSETS> 37682426
<PER-SHARE-NAV-BEGIN> 16.29
<PER-SHARE-NII> (0.03)
<PER-SHARE-GAIN-APPREC> 2.00
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.26
<EXPENSE-RATIO> 1.48
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>