<PAGE> PAGE 1
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<PAGE> PAGE 2
007 C021900 HARRIS BRETALL SULLIVAN & SMITH EQUITY FUND
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015 A00AA01 STAR BANK, N.A.
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<PAGE> PAGE 3
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<PAGE> PAGE 4
054 A00AA00 Y
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
070 E020200 N
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<SHARES-REINVESTED> 127199
<NET-CHANGE-IN-ASSETS> 5890940
<ACCUMULATED-NII-PRIOR> 22387
<ACCUMULATED-GAINS-PRIOR> 448379
<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-EXPENSE> 317129
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<PER-SHARE-NAV-BEGIN> 12.88
<PER-SHARE-NII> 0.02
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<PER-SHARE-DIVIDEND> 0.05
<PER-SHARE-DISTRIBUTIONS> 1.47
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.99
<EXPENSE-RATIO> 1.75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000811030
<NAME> PROFESSIONALLY MANAGED PORTFOLIOS
<SERIES>
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<NAME> PERKINS OPPORTUNITY FUND
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<PERIOD-START> APR-01-1997
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<INVESTMENTS-AT-VALUE> 56428604
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<NET-INVESTMENT-INCOME> (1341964)
<REALIZED-GAINS-CURRENT> (5974426)
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<NET-CHANGE-IN-ASSETS> (19145308)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (5086648)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000811030
<NAME> PROFESSIONALLY MANAGED PORTFOLIOS
<SERIES>
<NUMBER> 5
<NAME> WOMEN'S EQUITY MUTUAL FUND
<MULTIPLIER> 1
<CURRENCY> US DOLLARS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-START> APR-01-1997
<PERIOD-END> MAR-31-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 4281378
<INVESTMENTS-AT-VALUE> 6963798
<RECEIVABLES> 25222
<ASSETS-OTHER> 4852
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 6993872
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 22610
<TOTAL-LIABILITIES> 22610
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4263151
<SHARES-COMMON-STOCK> 385793
<SHARES-COMMON-PRIOR> 367200
<ACCUMULATED-NII-CURRENT> (3305)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 28996
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2682420
<NET-ASSETS> 6971262
<DIVIDEND-INCOME> 58863
<INTEREST-INCOME> 9552
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<NET-INVESTMENT-INCOME> (14155)
<REALIZED-GAINS-CURRENT> 87152
<APPREC-INCREASE-CURRENT> 2196962
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<DISTRIBUTIONS-OF-GAINS> (54283)
<DISTRIBUTIONS-OTHER> 0
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<NET-CHANGE-IN-ASSETS> 2526482
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</TABLE>
Report of Independent Auditors
The Board of Trustees of
Professionally Managed Portfolios
In planning and performing our audit of the financial
statements of Harris Bretall Sullivan & Smith Growth
Equity Fund (the Fund), a series of Professionally Managed
Portfolios, for the year ended March 31, 1998, we
considered its internal control, including control activities
for safeguarding securities, in order to determine our
auditing procedures for the purpose of expressing our
opinion the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on
the internal control.
The management of the Fund is responsible for
establishing and maintaining internal control. In fulfilling
this responsibility, estimates and judgments by management
are required to assess the expected benefits and related costs
of controls. Generally, controls that are relevant to an audit
pertain to the entity's objective of preparing financial
statements for external purposes that are fairly presented in
conformity with generally accepted accounting principles.
Those controls include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors
or irregularities may occur and not be detected. Also,
projection of any evaluation of internal control to future
periods is subject to the risk that it may become inadequate
because of the changes in conditions or that the effectiveness
of the design and operation may deteriorate.
Our consideration of the internal control would not
necessarily disclose all matters in the internal control that
might be material weaknesses under standards established
by the American Institute of Certified Public Accountants.
A material weakness is a condition in which the design or
operation of one or more of the internal control components
does not reduce to a relatively low level the risk that errors
or irregularities in amounts that would be material in
relation to the financial statements being audited may occur
and not be detected within a timely period by employees in
the normal course of performing their assigned functions.
However, we noted no matters involving the internal control
and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as
defined above at March 31, 1998.
This report is intended solely for the information and use of
the Board of Trustees and management of Harris Bretall
Sullivan & Smith Growth Equity Fund and the Securities
and Exchange Commission.
Ernst & Young LLP
Los Angeles, California
May 1, 1998
REPORT OF INDEPENDENT CERTIFIED PUBLIC
ACCOUNTANTS
ON INTERNAL CONTROL STRUCTURE
Board of Trustees
Professionally Managed Portfolios
New York, NY
In planning and performing our audit of the financial statements of
the Avondale Total Return Fund, the Hodges Fund, the Perkins
Opportunity Fund and the Women's Equity Mutual Fund, each a
series of shares of Professionally Managed Portfolios, for the
period ended March 31, 1998, we considered their internal control
structure, including procedures for safeguarding securities, in order
to determine our auditing procedures for the purpose of expressing
our opinion on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on the
internal control structure.
The management of the Funds is responsible for establishing and
maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs of
internal control structure policies and procedures. Two of the
objectives of an internal control structure are to provide
management with reasonable, but not absolute, assurance that
assets are safeguarded against loss from unauthorized use
or disposition, and that transactions are executed in accordance
with management's authorization and recorded properly to permit
preparation of financial statements in conformity with generally
accepted accounting principles.
Because of inherent limitations in any internal control structure,
errors or irregularities may occur and not be detected. Also,
projection of any evaluation of the structure to future periods is
subject to the risk that it may become inadequate because of
changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of the internal control structure would not
necessarily disclose all matters in the internal control structure that
might be material weaknesses under standards established by the
American Institute of Certified Public Accountants. A material
weakness is a condition in which the design or operation of the
specific internal control structure elements does not reduce to a
relatively low level the risk that errors or irregularities in amounts
that would be material in relation to the financial statements being
audited may occur and not be detected within a timely period by
employees in the normal course of performing their assigned
functions.
However, we noted no matters involving the internal control
structure, including procedures for safeguarding securities, that we
consider to be material weaknesses, as defined above, as of March
31, 1998.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission, and
should not be used for any other purpose.
Tait, Weller & Baker
Philadelphia, Pennsylvania
April 24, 1998
Report of Independent Auditors
The Board of Trustees of
Professionally Managed Portfolios
In planning and performing our audit of the financial statements of
The Osterweis Fund (the Fund), a series of Professionally
Managed Portfolios, for the year ended March 31, 1998, we
considered its internal control, including control activities for
safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the
financial statements and to comply with the requirements of Form
N-SAR, not to provide assurance on the internal control.
The management of the Fund is responsible for establishing and
maintaining internal control. In fulfilling this responsibility,
estimates and judgments by management are required to assess the
expected benefits and related costs of controls. Generally,
controls that are relevant to an audit pertain to the entity's objective
of preparing financial statements for external purposes that are
fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets
against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or
irregularities may occur and not be detected. Also, projection of
any evaluation of internal control to future periods is subject to the
risk that it may become inadequate because of the changes in
conditions or that the effectiveness of the design and operation
may deteriorate.
Our consideration of the internal control would not necessarily
disclose all matters in the internal control that might be material
weaknesses under standards established by the American Institute
of Certified Public Accountants. A material weakness is a
condition in which the design or operation of one or more of the
internal control components does not reduce to a relatively low
level the risk that errors or irregularities in amounts that would be
material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in
the normal course of performing their assigned functions.
However, we noted no matters involving the internal control and
its operation, including controls for safeguarding securities, that we
consider to be material weaknesses as defined above at March 31,
1998.
This report is intended solely for the information and use of the
board of trustees and management of The Osterweis Fund and the
Securities and Exchange Commission.
Ernst & Young LLP
Los Angeles, California
May 1, 1998
