PROFESSIONALLY MANAGED PORTFOLIOS, N-30D, 1998-07-22

PROFESSIONALLY MANAGED PORTFOLIOS
N-30D, 1998-07-22

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July 10, 1998

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 year ended April 30, 1998.

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

Sincerely yours,

/s/
Robert H. Wadsworth

<PAGE>
Annual Report

April 30, 1998
<PAGE>
TITAN INVESTMENT ADVISORS, LLC

Titan Financial Services Fund
9672 Pennsylvania Avenue Upper Marlboro, Maryland 20772
Telephone: 888-448-4826
Gilbert R. Giordano, President

June 11, 1998

Dear Fellow Shareholder,

Titan Investment Advisors, LLC, are pleased with the Fund's results thus
far. On April 22, 1998, we reached a record high of $20.28. This movement
represents a total return of 114%, from the inception of the Fund on May 22,
1996. From that date through April 30, 1998 our net asset value has increased
from $10.00 to $19.61, which equates to an average annual total return of
45.54%. The 12-month return for the year ending April 30, 1998 is 63.47%.(1)

We are very proud of our performance, which has been particularly good in a
challenging market. During the fiscal year ended April 30, 1998, we outperformed
all the major indices including the Dow, S&P, and the NASDAQ. We think this
period supports our view that the small cap bank stocks are a relatively safe
haven during an uncertain market, while appreciating significantly in resurgent
markets. We have assiduously kept to our commitment to be at least 65% invested
in bank stocks and financial institutions such as brokerage firms and insurance
companies. Indeed, we are presently over 80% invested in banks and other
financial service companies.

The financial services environment has played an important role in our
outstanding performance over the past 12 months. We feel that consolidation
within the industry has helped to propel our share price. The liberalization of
banking laws in the 1990's has allowed for the continued metamorphosis of the
financial industry with aggressive mergers across state lines becoming a
frequent occurrence. The banks have been experiencing a diminution of deposits
of 3 to 4% a year and many are forced to merge in order to obtain growth.
Mergers and consolidations reduce back office operations and help to increase
the bottom line. Titan has capitalized on these situations by investing in banks
and other financial service companies looking to take advantage of this
scenario. We are pleased to announce that we had five recent mergers among our
financial holdings: The Money Store, Green Tree Financial, Life Financial, Dime
Financial, and Travelers Group.

We were able to use the period of downward movement in late January as an
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, Lehman Brothers, and Paine Webber. We
now have over 20% of our investments in brokerages and investment banks. We feel
this sector is still substantially undervalued, particularly as compared with
the S&P and the Dow.

From time to time, we also purchase non-financial institutions 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

(1) The average annual total return for the 12 month period ended March
31, 1998 and from inception through March 31, 1998, was 63.48% and
45.56%, respectively.
<PAGE>
Titan Financial Services Fund

its merits. This has permitted us to pick up such stocks as Pharmacia & Upjohn
and Supreme Industries, which have performed well in our portfolio so far.

We believe that the appreciation of small-sized bank stocks, along with
other financials and particularly the brokerages will outperform that of the
market over the next several years. We are very enthusiastic about our
performance thus far. One feature of our Fund that we think makes it unusual, 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 and outperforming all the
major indexes during that time. 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 Financial Services Fund
Value of $10,000 vs. S&P 500 Index

Average Annual Total Return
Since Inception (5/22/96)..45.54%
1 year.....................63.47%

QTR Titan Financial Services Fund S&P 500
5/22/96 10,000 10,000
6/30/96 9.950 9,903
9/30/96 10,763 10,213
12/31/96 11,913 11,068
3/31/97 12,285 11,362
6/30/97 14,407 13,341
9/30/97 16,910 14,342
12/31/97 18,532 14,759
3/31/97 20,084 16,816
4/30/98 20,707 16,985

Past performance is not predictive of future performance.

The S&P 500 is a broad market-weighted average of U.S. blue-chip
companies. The index is unmanaged and returns include reinvested dividends.
<PAGE>
Titan Financial Services Fund
<TABLE>
<CAPTION>

SCHEDULE OF INVESTMENTS at April 30, 1998
- ------------------------------------------------------------------------------------------------------------------------------------
Shares COMMON STOCKS: 92.6% Market Value
- ------------------------------------------------------------------------------------------------------------------------------------
Airlines: 0.5%
<S> <C> <C>
6,000 Southwest Airlines Company.............................................. $ 164,625
---------

Banks: 21.8%
2,000 Alabama National BanCorporation......................................... 64,000
2,000 AMCORE Financial, Inc................................................... 51,750
1,000 American Bancorporation................................................. 25,250
2,000 American Pacific Bank, Class B*......................................... 10,000
2,000 Atlantic Bank and Trust Company*........................................ 46,000
2,000 Bank of Amador.......................................................... 29,500
30,250 Bank of Los Angeles*.................................................... 518,031
1,050 Beverly Bancorporation, Inc............................................. 27,431
1,000 CNB Bancshares, Inc..................................................... 49,000
1,000 Cape Cod Bank & Trust Company........................................... 42,000
4,000 Cathay Bancorp Inc...................................................... 145,500
7,400 Citizens National Bank of Texas......................................... 120,250
7,600 Civic BanCorp*.......................................................... 140,600
1,260 Commerce Bancorp, Inc................................................... 72,293
3,700 Community First Bankshares, Inc......................................... 186,387
21,000 Comstock Bancorp*....................................................... 220,500
300 Cornerstone Bank........................................................ 6,262
1,000 Corporacion Bancaria de Espana S.A., ADR................................ 40,750
5,000 CORUS Bankshares, Inc................................................... 224,375
6,353 FNB Corp................................................................ 236,631
2,000 FNB Rochester Corp...................................................... 40,500
26,000 Fidelity National Corp.*................................................ 370,500
24,300 First Bank of Philadelphia*............................................. 129,094
6,666 First Banks America, Inc.*.............................................. 163,317
1,000 First Commerce Bancshares, Inc., Class A................................ 28,750
5,000 First International Bancorp, Inc........................................ 86,562
8,500 First Lehigh Corp.*..................................................... 59,500
1,700 First Oak Brook Bancshares, Inc., Class A............................... 83,300
16,000 First Regional Bancorp*................................................. 132,000
8,149 First Security Corp..................................................... 199,651
6,000 First State Bancorporation.............................................. 144,750
4,500 FirstBank Puerto Rico................................................... 255,375
See accompanying Notes to Financial Statements.
<PAGE>
Titan Financial Services Fund

SCHEDULE OF INVESTMENTS at April 30, 1998, Continued
- ------------------------------------------------------------------------------------------------------------------------------------
Shares Market Value
- ------------------------------------------------------------------------------------------------------------------------------------
Banks, continued
8,300 Hibernia Corp., Class A................................................. $ 169,631
1,200 HUBCO, Inc.............................................................. 44,100
5,400 Magna Group, Inc........................................................ 319,275
8,333 Mahaska Investment Company.............................................. 183,326
5,600 NMBT Corp............................................................... 109,200
2,300 National Bank of Canada................................................. 47,515
5,100 National City Bancorporation*........................................... 192,525
3,300 New England Community Bancorp, Inc., Class A............................ 81,675
3,500 Northrim Bank........................................................... 61,250
1,000 Orange National Bancorp................................................. 29,750
2,000 Pacific Bank N.A........................................................ 120,000
11,000 Patriot National Bank*.................................................. 118,937
2,500 Premier Bancshares, Inc................................................. 64,219
8,100 Professional Bancorp, Inc.*............................................. 168,075
16,000 Ramapo Financial Corp................................................... 128,000
5,600 Redwood Empire Bancorp*................................................. 106,400
1,000 Republic Bancshares, Inc.*.............................................. 34,250
10,000 Republic Security Financial Corp........................................ 126,875
1,000 Royal Bank Canada....................................................... 59,812
1,500 Sterling Bancshares, Inc................................................ 26,250
2,000 Summit Bancshares, Inc.................................................. 44,875
24,100 Surety Capital Corp.*................................................... 129,537
3,000 Texas Regional Bancshares, Inc., Class A................................ 99,000
2,500 Trans Financial, Inc.................................................... 138,750
1,000 USBANCORP, Inc.......................................................... 82,000
1,000 Uniao de Bancos Brasileiros S.A., GDR................................... 39,750
11,100 Union Bankshares Ltd.*.................................................. 324,675
5,400 Wainwright Bank & Trust Co.............................................. 54,675
8,000 Westernbank Puerto Rico................................................. 151,000
-------
7,205,136
---------
Brokerage Services: 16.8%
9,200 A.G. Edwards, Inc....................................................... 414,000
3,000 Advest Group, Inc....................................................... 93,937
24,050 Bear Stearns Companies, Inc.**.......................................... 1,372,353
1,500 Dain Rauscher Corp...................................................... 90,281
See accompanying Notes to Financial Statements.
<PAGE>
Titan Financial Services Fund

Business Services: 0.1%
3,000 Philip Services Corp.*.................................................. 22,688
------

Computers: 0.8%
2,000 EMC Corp.*.............................................................. 92,250
4,000 Informix Corp.*......................................................... 39,563
7,000 INTERSOLV, Inc.*........................................................ 107,625
3,000 Novell, Inc.*........................................................... 30,000
------
269,438
-------

Electronics - Semiconductors: 0.1%
14,000 Dense-Pac Microsystems, Inc.*........................................... 26,688
------

Financial Services: 9.5%
11,000 Aames Financial Corp.................................................... 150,562
4,000 Allstate Financial Corp.*............................................... 30,500
1,000 Amresco, Inc.*.......................................................... 36,250
18,000 Consumer Portfolio Services, Inc.*...................................... 211,500
7,300 ContiFinancial Corp.*................................................... 235,425
4,000 EZCORP, Inc., Class A*.................................................. 47,500
See accompanying Notes to Financial Statements.
<PAGE>
Titan Financial Services Fund

SCHEDULE OF INVESTMENTS at April 30, 1998, Continued
- ------------------------------------------------------------------------------------------------------------------------------------
Shares Market Value
- ------------------------------------------------------------------------------------------------------------------------------------
Financial Services, continued
14,000 Green Tree Financial Corp............................................... $ 570,500
3,000 IMC Mortgage Company*................................................... 47,812
7,000 Imperial Credit Industries, Inc.*....................................... 176,750
14,800 KBK Capital Corp.*...................................................... 175,750
19,000 Long Beach Financial Corp.*............................................. 248,188
15,400 The Money Store, Inc.**................................................. 506,275
2,000 Ocwen Asset Investment Corp. - REIT..................................... 36,750
100 PLM International, Inc.*................................................ 581
4,000 PacificAmerica Money Center, Inc.*...................................... 90,500
6,700 Phoenix Duff & Phelps Corp.............................................. 59,044
4,000 Resource Bancshares Mortgage Group, Inc................................. 71,000
1,000 Source Capital Corp..................................................... 8,063
19,000 Southern Pacific Funding Corp.*......................................... 334,875
10,500 Ugly Duckling Corp.*.................................................... 116,813
-------
3,154,638
---------
Insurance: 9.3%
1,000 Alfa Corp............................................................... 17,875
1,000 Allmerica Financial Corp................................................ 62,625
5,000 EMC Insurance Group, Inc................................................ 76,250
3,000 The Equitable Companies, Inc.**......................................... 184,125
1,000 Financial Industries Corp.*............................................. 19,375
5,000 Franklin American Corp.*................................................ 11,875
8,000 Frontier Insurance Group, Inc........................................... 212,000
11,300 Harleysville Group, Inc................................................. 305,100
13,000 LaSalle Re Holdings Ltd................................................. 475,313
1,000 LandAmerica Financial Group, Inc........................................ 52,750
2,000 Life USA Holding, Inc................................................... 30,250
3,700 Motor Club of America*.................................................. 61,975
19,000 National Insurance Group................................................ 242,250
1,000 Ohio Casualty Corp...................................................... 48,375
1,000 PXRE Corp............................................................... 30,125
1,000 PartnerRe Ltd........................................................... 50,062
3,000 Presidential Life Corp.................................................. 61,125
20,000 Reliance Group Holdings, Inc............................................ 346,250
3,400 Selective Insurance Group, Inc.......................................... 93,500
See accompanying Notes to Financial Statements.
<PAGE>
Titan Financial Services Fund

Manufacturing - Auto/Truck Parts and Equipment: 0.4%
9,000 Supreme Industries, Inc.*............................................... 117,000
-------

Manufacturing - Household Furniture: 0.4%
12,000 Rowe Furniture Corp..................................................... 120,000
-------

Medical - Health Care Management and Products: 0.7%
6,000 FPA Medical Management, Inc.*........................................... 75,000
3,000 Genesis Health Ventures, Inc.*.......................................... 79,312
1,000 Horizon Health Corp.*................................................... 23,750
8,000 Utah Medical Products, Inc.*............................................ 60,500
------
238,562
-------

Office Supplies and Equipment: 0.8%
13,000 Danka Business Systems, PLC, ADR........................................ 260,000
-------

Oil: 0.5%
3,000 Edge Petroleum Corp.*................................................... 38,250
1,000 Exxon Corp.............................................................. 72,937
1,000 Texaco, Inc............................................................. 61,500
------
172,687
-------

Pharmaceuticals: 1.2%
13,000 GeneMedicine, Inc.*..................................................... 35,750
8,700 Pharmacia & Upjohn, Inc................................................. 365,944
-------
401,694
-------

Restaurants: 1.6%
3,000 Applebee's International, Inc........................................... 74,625
6,000 Apple South, Inc........................................................ 94,500
See accompanying Notes to Financial Statements.
<PAGE>
Titan Financial Services Fund

Telecommunications: 0.3%
2,000 EXCEL Communications, Inc.*............................................. 47,000
1,000 General Magic, Inc.*.................................................... 8,000
1,000 Yurie Systems, Inc.*.................................................... 34,750
------
89,750
------
Thrift and Savings / Savings Banks: 24.4%
25,888 Access Anytime Bancorp, Inc.*........................................... 304,184
5,400 Alliance Bancorp of New England, Inc.................................... 121,500
6,400 American Bank of Connecticut............................................ 196,800
5,200 Andover Bancorp, Inc.................................................... 224,900
386 Astoria Financial Corp.................................................. 22,629
5,500 Bancorp Connecticut, Inc................................................ 110,000
7,000 Bank of South Windsor................................................... 217,000
15,735 Bank Plus Corp.*........................................................ 221,273
1,000 Bank United Corp., Class A.............................................. 51,750
15,156 BankAtlantic Bancorp, Inc., Class A..................................... 207,451
20,000 BankAtlantic Bancorp, Inc., Class B..................................... 287,500
5,000 Bayonne Bancshares, Inc................................................. 82,500
2,000 BostonFed Bancorp, Inc.................................................. 48,750
1,000 Capital City Bank Group, Inc............................................ 48,000
6,000 Carver Bancorp, Inc..................................................... 88,500
2,000 Classic Bancshares, Inc................................................. 37,750
See accompanying Notes to Financial Statements.
<PAGE>
Titan Financial Services Fund

SCHEDULE OF INVESTMENTS at April 30, 1998, Continued
- ------------------------------------------------------------------------------------------------------------------------------------
Shares Market Value
- ------------------------------------------------------------------------------------------------------------------------------------
Thrift and Savings / Savings Banks, continued
1,000 Community Savings Bankshares, Inc....................................... $ 37,250
6,510 D & N Financial Corp.................................................... 189,604
14,700 Dime Bancorp, Inc....................................................... 451,106
6,000 Dime Financial Corp..................................................... 211,500
4,000 Downey Financial Corp................................................... 138,750
2,000 FSF Financial Corp...................................................... 40,750
1,000 Fidelity Bankshares, Inc................................................ 30,750
10,357 Fidelity Federal Bancorp................................................ 84,151
1,000 Fidelity Financial of Ohio, Inc......................................... 18,375
1,000 First Bell Bancorp, Inc................................................. 20,875
4,000 First Colorado Bancorp, Inc............................................. 117,000
1,200 First Georgia Holding, Inc.............................................. 15,900
2,700 First Palm Beach Bancorp, Inc........................................... 102,431
1,000 First Savings Bank of Washington Bancorp, Inc........................... 26,563
1,900 FirstFed America Bancorp, Inc.*......................................... 44,175
2,000 Flagstar Bancorp, Inc................................................... 56,125
10,200 Golden State Bancorp, Inc.*............................................. 397,800
2,000 Harrington Financial Group, Inc......................................... 22,250
4,000 Haven Bancorp, Inc...................................................... 104,750
2,000 Hawthorne Financial Corp.*.............................................. 40,500
1,000 Home Federal Bancorp.................................................... 30,500
4,000 Horizon Financial Corp.*................................................ 71,000
2,000 Ipswich Savings Bank.................................................... 38,750
16,900 Lawrence Savings Bank*.................................................. 299,975
7,500 Life Financial Corp.*................................................... 170,625
1,000 Long Island Bancorp, Inc................................................ 66,000
28,700 MetroWest Bank.......................................................... 240,362
1,000 NSS Bancorp, Inc........................................................ 43,250
2,635 Net.B@nk, Inc.*......................................................... 70,816
2,000 Northeast Pennsylvania Financial Corp.*................................. 31,000
2,000 Nutmeg Federal Savings and Loan......................................... 21,750
2,750 Pacific Crest Capital, Inc.*............................................ 55,688
2,000 Park Bancorp, Inc.*..................................................... 39,000
6,000 PennFed Financial Services, Inc......................................... 107,250
9,622 People's Bank........................................................... 371,650
2,645 People's Bancshares, Inc................................................ 70,754
See accompanying Notes to Financial Statements.
<PAGE>
Titan Financial Services Fund

Total Common Stocks (cost $24,431,635).................................. 30,665,972
----------

CLOSED-END FUNDS - DOMESTIC: 1.3%
- ------------------------------------------------------------------------------------------------------------------------------------
2,000 BlackRock California Insured Municipal 2008 Term Trust.................. 30,500
14,800 John Hancock Bank and Thrift Opportunity................................ 196,100
2,000 Petroleum & Resources Corp.............................................. 77,500
12,000 Templeton Dragon Fund, Inc.............................................. 132,000
-------

Total Closed End Funds - Domestic (cost $373,743)....................... 436,100
-------

OPEN-END FUND - DOMESTIC: 0.7%
- ------------------------------------------------------------------------------------------------------------------------------------
8,027 Pilgrim American Bank and Thrift Fund (cost $141,876)................... 225,706
-------
See accompanying Notes to Financial Statements.
<PAGE>
Titan Financial Services Fund

LONG EQUITY OPTIONS: 0.8%
- ------------------------------------------------------------------------------------------------------------------------------------
Contracts
Subject to Call Common Stocks/Expiration Date/Exercise Price
- ------------------------------------------------------------------------------------------------------------------------------------
40 Compaq Computer Corp. / October / 20.................................... 36,500
30 Exel Ltd. Ord. / July / 65.............................................. 33,000
30 Exxon Corp. / July / 60................................................. 40,875
20 Exxon Corp. / July / 65................................................. 17,750
15 First Union Corp. / October / 50........................................ 17,438
20 Furniture Brands International, Inc. / July / 25........................ 10,625
10 General Motors Corp. / June / 55........................................ 12,750
15 Hewlett-Packard Company / May / 55...................................... 30,656
15 LandAmerica Financial Group, Inc. / September / 40...................... 21,750
10 Lincoln National Corp. / October / 80................................... 11,500
20 Texaco, Inc. / July / 50................................................ 23,500
------

Total Long Equity Options (proceeds $226,396)........................... 256,344
-------

Principal Amount REPURCHASE AGREEMENT: 5.4%
- ------------------------------------------------------------------------------------------------------------------------------------
$1,783,000 Star Bank Repurchase Agreement, 4.80%, dated 4/30/1998,
due 5/l/1998, collateralized by $1,785,000 GNMA, 7.375%, due
5/20/2024 (proceeds $1,783,238) (cost $1,783,000)....................... 1,783,000
---------

Total Investments in Securities (cost $27,031,283+): 101.0%............. 33,427,622
----------
See accompanying Notes to Financial Statements.
<PAGE>
Titan Financial Services Fund

SCHEDULE OF INVESTMENTS at April 30, 1998, Continued
- ------------------------------------------------------------------------------------------------------------------------------------

- ------------------------------------------------------------------------------------------------------------------------------------
CALL OPTIONS WRITTEN: (0.1)%
Contracts
Subject to Call Common Stocks/Expiration Date/Exercise Price Market Value
- ------------------------------------------------------------------------------------------------------------------------------------
30 Bear Stearns Companies, Inc. / July / 60................................ $ (9,563)
30 The Equitable Companies, Inc. / July / 60............................... (14,062)
60 The Money Store, Inc. / May / 30........................................ (16,500)
-------

Total Call Options Written (proceeds $35,090): (0.1)%................... (40,125)
-------

Liabilities in excess of Other Assets: (0.9)%........................... (281,447)
--------
Total Net Assets: 100.0% ............................................... $33,106,050
===========
<FN>

*Non-income producing security.
**Security subject to call option.

+At April 30, 1998, the cost for Federal income tax purposes was $27,098,157.
Unrealized appreciation and depreciation of securities and options were as
follows:

Gross unrealized appreciation........................................... $ 6,652,302
Gross unrealized depreciation........................................... (327,872)
--------
Net unrealized appreciation.................................... $ 6,324,430
===========
</FN>
</TABLE>

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

STATEMENT OF ASSETS AND LIABILITIES at April 30, 1998
- ------------------------------------------------------------------------------------------------------------------------------------

ASSETS
<S> <C>
Investments in securities, at value (cost $27,031,283) ................................ $33,427,622
Cash................................................................................... 14,250
Receivables:
Securities sold.................................................................. 168,110
Dividends and interest .......................................................... 17,740
Fund shares sold................................................................. 159,908
Prepaid expenses....................................................................... 3,552
-----
Total assets .............................................................. 33,791,182
----------

LIABILITIES
Options written, at value (proceeds $35,090)........................................... 40,125
Payables:
Advisory fees.................................................................... 26,397
Administration fee............................................................... 5,279
Distribution fees................................................................ 6,599
Securities purchased............................................................. 588,624
Accrued expenses....................................................................... 18,108
------
Total liabilities.......................................................... 685,132
-------

NET ASSETS $33,106,050
===========

Net asset value, offering and redemption price per share
($33,106,050/1,688,530 shares outstanding;
unlimited number of shares authorized without par value) ........................ $19.61
======

COMPONENTS OF NET ASSETS
Paid-in capital ....................................................................... $24,771,614
Undistributed net realized gain on investments......................................... 1,943,132
Net unrealized appreciation on investments............................................. 6,391,304
---------
Net assets ...................................................................... $33,106,050
===========
</TABLE>

See accompanying Notes to Financial Statements.

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

STATEMENT OF OPERATIONS - For the Year Ended April 30, 1998
- ------------------------------------------------------------------------------------------------------------------------------------

INVESTMENT INCOME
Income
<S> <C>
Dividends........................................................................ $ 286,099
Interest......................................................................... 12,716
------
Total income............................................................... 298,815
-------

Expenses
Advisory fees.................................................................... 179,418
Distribution fees................................................................ 44,855
Administration fee............................................................... 39,532
Custody fees..................................................................... 36,804
Transfer agent fees.............................................................. 19,375
Fund accounting fees............................................................. 18,998
Registration fees................................................................ 10,299
Audit fee........................................................................ 8,317
Reports to shareholders.......................................................... 5,817
Miscellaneous.................................................................... 5,202
Trustee fees..................................................................... 5,096
Legal fees....................................................................... 3,423
Insurance........................................................................ 571
---
Total expenses............................................................. 377,707
Add: recoupment by Advisor................................................. 30,832
------
Net expenses............................................................... 408,539
-------
Net investment loss ................................................. (109,724)
--------

REALIZED AND UNREALIZED GAIN ON INVESTMENTS

Net realized gain (loss) from:
Security transactions...................................................... 2,927,145
Option transactions........................................................ (349,897)
--------
Net realized gain.................................................... 2,577,248
Net change in unrealized appreciation on investments............................. 5,740,855
---------
Net realized and unrealized gain on investments............................ 8,318,103
---------
Net increase in net assets resulting from operations ................ $ 8,208,379
===========
</TABLE>

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

STATEMENT OF CHANGES IN NET ASSETS
- ------------------------------------------------------------------------------------------------------------------------------------
Year May 22, 1996*
Ended through
April 30, 1998 April 30, 1997
- ------------------------------------------------------------------------------------------------------------------------------------

INCREASE IN NET ASSETS FROM:
OPERATIONS
<S> <C> <C>
Net investment (loss) income............................................ $ (109,724) $ 15,609
Net realized gain from security and option transactions................. 2,577,248 462,927
Net change in unrealized appreciation on investments.................... 5,740,855 650,449
--------- -------
Net increase in net assets resulting from operations ............. 8,208,379 1,128,985
--------- ---------

DISTRIBUTIONS TO SHAREHOLDERS
Net investment income................................................... -0- (27,614)
Net realized gain....................................................... (975,314) -0-
-------- ------
Total distributions to shareholders .............................. (975,314) (27,614)
-------- -------

CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from net change in
outstanding shares (a)............................................... 18,292,734 6,478,880
---------- ---------
Total increase in net assets ..................................... 25,525,799 7,580,251

NET ASSETS
Beginning of period..................................................... 7,580,251 -0-
--------- ----------
End of period .......................................................... $33,106,050 $7,580,251
=========== ==========
<FN>

(a) A summary of capital shares transactions is as follows:
Year May 22, 1996*
Ended through
April 30, 1998 April 30, 1997
- ------------------------------------------------------------------------------------------------------------------------------------

Shares Value Shares Value
- ------------------------------------------------------------------------------------------------------------------------------------
Shares sold................................ 1,044,410 $17,567,019 599,647 $6,455,398
Shares issued in reinvestment
of distribution......................... 56,239 960,009 2,330 27,614
Shares redeemed............................ (13,754) (234,294) (342) (4,132)
------- -------- ---- ------
Net increase............................... 1,086,895 $18,292,734 601,635 $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 each period
- ------------------------------------------------------------------------------------------------------------------------------------
Year May 22, 1996*
Ended through
April 30, 1998 April 30, 1997
- ------------------------------------------------------------------------------------------------------------------------------------

<S> <C> <C>
Net asset value, beginning of period................................... $12.60 $10.00
Income from investment operations:
Net investment (loss) income..................................... (0.06) 0.04
Net realized and unrealized gain on investments.................. 7.93 2.62
---- ----
Total from investment operations....................................... 7.87 2.66
---- ----

Less distributions:
From net investment income....................................... 0.00 (0.06)
From net capital gains........................................... (0.86) 0.00
----- ----
Total distributions.................................................... (0.86) (0.06)
----- -----

Net asset value, end of period......................................... $19.61 $12.60
====== ======

Total return........................................................... 63.47% 26.67%

Ratios/supplemental data:
Net assets, end of period (millions)................................... $ 33.1 $ 7.6

Ratio of expenses to average net assets:
Before expense reimbursement/recoupment.......................... 2.10% 3.14%+
After expense reimbursement/recoupment........................... 2.27% 2.49%+

Ratio of net investment (loss) income to average net assets:
Before expense reimbursement/recoupment.......................... (0.44%) (0.33%)+
After expense reimbursement/recoupment........................... (0.61%) 0.33%+

Portfolio turnover rate................................................ 107.12% 97.84%

Average commission rate paid per share................................. $.0493 $.0464

<FN>

*Commencement of operations.

+Annualized.
</FN>
</TABLE>

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

NOTES TO FINANCIAL STATEMENTS at April 30, 1998
- --------------------------------------------------------------------------------

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 investment management company. The Fund began
operations on May 22, 1996. The primary 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. Investments in securities traded on a national
securities exchange, or included in the NASDAQ National Market
System, are valued at the last reported sales price at the close of
regular trading on the last business day of the period; securities
traded on an exchange or NASDAQ for which there have been no sales,
and other over-the-counter securities, are valued at the last
reported bid price. Securities for which quotations are not readily
available 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, Investment Income and Distributions. As is
common in the industry, security transactions are accounted for on
the trade date. The cost of securities owned on realized
transactions are relieved on a first-in, first-out basis. 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
reported amounts of assets and liabilities at the date of the
financial statements. Actual results could differ from those
estimates.

NOTE 3 - COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS

For the year ended April 30, 1998, Titan Investment Advisors, LLC (the
"Advisor") provided the Fund with investment management services under an
Investment Advisory Agreement. The Advisor furnished all investment advice,
office space, facilities, and most of the personnel needed by the Fund. As
compensation for its services, the Advisor was entitled to a monthly fee at the
annual rate of 1.00% based upon the average daily net assets of the Fund. For
the year ended April 30, 1998, the Fund incurred $179,418 in Advisory fees.

The Fund is responsible for its own operating expenses. The Advisor has
agreed to reduce fees to the extent necessary to limit the Fund's aggregate
annual operating expenses to 2.50% of average net assets. Any such
<PAGE>
Titan Financial Services Fund

NOTES TO FINANCIAL STATEMENTS, Continued

reductions made by the Advisor in its fees or payments or reimbursement of
expenses which are the Fund's obligation are subject to reimbursement by the
Fund provided the Fund is able to effect such reimbursement and remain in
compliance with applicable limitations. For the year ended April 30, 1998, the
Advisor recouped $30,832 of such expenses it had previously reimbursed to the
Fund.

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 a monthly fee at
the following rate:

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

For the year ended April 30, 1998, the Fund incurred $39,532 in
Administration fees.

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 PLAN

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 year ended April 30, 1998, the Fund
paid fees of $44,855 to the Advisor.

<PAGE>
Titan Financial Services Fund

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

The cost of purchases and the proceeds from sales of securities, other
than short-term investments, for the year ended April 30, 1998, were $34,857,001
and $19,203,740, respectively.

The activity in call options written during the year ended April 30, 1998
is summarized as follows:
<TABLE>
<CAPTION>

Contracts Written Amount

<S> <C> <C>
(448) Options outstanding, beginning of year.................................. $ (108,408)
(101) Options purchased....................................................... 1,222,230
594 Options closed.......................................................... (905,432)
72 Options exercised....................................................... (7,422)
(12) Purchased options expired............................................... (9,662)
--- ------
105 Options outstanding at April 30, 1998................................... 191,306
Unrealized appreciation at April 30, 1998............................... 24,913
------
Market value of options at April 30, 1998............................... $ 216,219
=========

Average fair market value of options for
the year ended April 30, 1998........................................ $ 8,586
=======

Net trading losses on options for the year ended April 30, 1998......... $ (349,897)
==========
</TABLE>

NOTE 6 - YEAR 2000 ISSUE (Unaudited)

Like other mutual funds, financial and business organizations and
individuals around the world, the Fund could be adversely affected if the
computer systems it uses and those used by the Fund's brokers and other major
service providers, do not properly process and calculate date-related
information and data from and after January 1, 2000. This is commonly known as
the "Year 2000 issue." Management is assessing its computer systems and the
systems compliance issues of its brokers and major service providers. Based on
information available to management, the Fund's brokers and major service
providers are taking steps that they believe are reasonably designed to address
the Year 2000 issue with respect to computer systems that they use. At this
time, however, there can be no assurance that these steps will be sufficient,
and the failure of a timely completion of all necessary procedures could have a
material adverse effect on the Fund's operations. Management will continue to
monitor the status of, and its exposure to, this issue.
<PAGE>
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, 1998, and the
related statement of operations, the statement of changes in net assets and the
financial highlights for the year then ended and 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, 1998, 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, 1998, the results of its
operations, the changes in its net assets and the financial highlights for the
year then ended and 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 29, 1998

<PAGE>
Advisor

Titan Investment Advisors, LLC
9672 Pennsylvania Avenue
Upper Marlboro, MD 20772
888-44-TITAN
Account Inquiries 1-800-282-2340

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.
P.O. Box 5536
Hauppauge, NY 11788-0132

Independent Auditors

Tait, Weller & Baker
8 Penn Center Plaza, Suite 800
Philadelphia, PA 19103

Counsel to the Trust

Paul, Hastings, Janofsky & Walker LLP
345 California Street, 29th Floor
San Francisco, CA 94104

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.