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TITLE VICE PRESIDENT
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<DISTRIBUTIONS-OF-INCOME> 0
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<NUMBER-OF-SHARES-SOLD> 2462187
<NUMBER-OF-SHARES-REDEEMED> (109778)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 62564261
<ACCUMULATED-NII-PRIOR> (60534)
<ACCUMULATED-GAINS-PRIOR> (114284)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 539774
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 773415
<AVERAGE-NET-ASSETS> 54148131
<PER-SHARE-NAV-BEGIN> 16.29
<PER-SHARE-NII> (0.07)
<PER-SHARE-GAIN-APPREC> 6.13
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 22.35
<EXPENSE-RATIO> 1.42
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000811030
<NAME> PROFESSIONALLY MANAGED PORTFOLIOS
<SERIES>
<NUMBER> 16
<NAME> LEONETTI BALANCED FUND
<MULTIPLIER> 1
<CURRENCY> US
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-START> JUL-01-1997
<PERIOD-END> JUN-30-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 12713267
<INVESTMENTS-AT-VALUE> 15427990
<RECEIVABLES> 95367
<ASSETS-OTHER> 215
<OTHER-ITEMS-ASSETS> 13147
<TOTAL-ASSETS> 15536719
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 39634
<TOTAL-LIABILITIES> 39634
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 11700630
<SHARES-COMMON-STOCK> 1104981
<SHARES-COMMON-PRIOR> 916840
<ACCUMULATED-NII-CURRENT> 26568
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1055164
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2714723
<NET-ASSETS> 15497085
<DIVIDEND-INCOME> 88343
<INTEREST-INCOME> 220572
<OTHER-INCOME> 3496
<EXPENSES-NET> 260639
<NET-INVESTMENT-INCOME> 51772
<REALIZED-GAINS-CURRENT> 1694629
<APPREC-INCREASE-CURRENT> 1050874
<NET-CHANGE-FROM-OPS> 2797275
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<DISTRIBUTIONS-OF-GAINS> (973796)
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<NUMBER-OF-SHARES-REDEEMED> (112150)
<SHARES-REINVESTED> 81718
<NET-CHANGE-IN-ASSETS> 4213864
<ACCUMULATED-NII-PRIOR> 5083
<ACCUMULATED-GAINS-PRIOR> 334331
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<GROSS-ADVISORY-FEES> 130603
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<GROSS-EXPENSE> 260639
<AVERAGE-NET-ASSETS> 13071685
<PER-SHARE-NAV-BEGIN> 12.31
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<PER-SHARE-GAIN-APPREC> 2.75
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<PER-SHARE-DISTRIBUTIONS> (1.06)
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<PER-SHARE-NAV-END> 14.02
<EXPENSE-RATIO> 1.99
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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
Boston Balanced Fund (the Fund), a series of Professionally
Managed Portfolios, for the year ended June 30, 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 fraud
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
specific internal control components does not reduce to a
relatively low level the risk that errors or fraud 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 June 30, 1998.
This report is intended solely for the information and use of the
Board of Trustees and management of Boston Balanced Fund and
the Securities and Exchange Commission.
/s/ Ernst & Young LLP
Los Angeles, California
July 31, 1998
Report of Independent Auditors
The Board of Trustees of
Professionally Managed Portfolios
In planning and performing our audit of the financial statements of
U.S. Global Leaders Growth Fund (the Fund), a series of
Professionally Managed Portfolios, for the year ended June 30,
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 fraud
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
specific internal control components does not reduce to a relatively
low level the risk that errors or fraud 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 June 30, 1998.
This report is intended solely for the information and use of the
board of trustees and management of U.S. Global Leaders Growth
Fund and the Securities and Exchange Commission.
/s/ Ernst & Young LLP
Los Angeles, California
July 31, 1998
Report of Independent Auditors
The Board of Trustees of
Professionally Managed Portfolios
In planning and performing our audit of the financial statements
of Leonetti Balanced Fund (the Fund), a series of Professionally
Managed Portfolios, for the year ended June 30, 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 fraud
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
specific internal control components does not reduce to a
relatively low level the risk that errors or fraud 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 June 30, 1998.
This report is intended solely for the information and use of the
Board of Trustees and management of Leonetti Balanced Fund
and the Securities and Exchange Commission.
/s/ Ernst & Young LLP
Los Angeles, California
July 31, 1998
