<PAGE> PAGE 1
000 B000000 04/30/98
000 C000000 0000811030
000 D000000 N
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<PAGE> PAGE 2
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007 C012700 27
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007 C012900 29
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010 A00AA01 INVESMENT COMPANY ADMINISTRATION CORPORATION
010 C01AA01 GLENDORA
010 C02AA01 CA
010 C03AA01 91741
011 A00AA01 FIRST FUND DISTRIBUTORS, INC.
011 B00AA01 8-42809
011 C01AA01 PHOENIX
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011 C03AA01 85018
012 A00AA01 AMERICAN DATA SERVICES, INC
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020 A000003 WHEATFIRST SECURITIES INC.
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020 A000004 NEUBERGER & BERMAN
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020 A000006 SANFORD BERNSTEIN
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<PAGE> PAGE 3
020 C000006 3
020 A000007 FIRST BOSTON CORP.
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<PAGE> PAGE 4
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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
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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SIGNATURE ERIC M BANHAZL
TITLE TREASURER
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REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
ON INTERNAL CONTROL STRUCTURE
The Board of Trustees
Professionally Managed Portfolio
New York, New York
In planning and performing our audits of the financial statements of the
Pzena Focused Value Fund and the Titan Financial Services Fund, each
a series of shares of Professionally Managed Portfolios, for the period
ended April 30, 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 are 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 April 30, 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
May 29, 1998
