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<PAGE> PAGE 2
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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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<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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<PAGE> PAGE 21
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<PAGE> PAGE 22
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066 E000500 N
066 F000500 N
066 G000500 N
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
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070 C020500 N
070 D010500 N
070 D020500 N
070 E010500 N
070 E020500 N
070 F010500 N
070 F020500 N
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070 G020500 N
070 H010500 N
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 Y
070 K020500 N
070 L010500 Y
070 L020500 N
070 M010500 Y
070 M020500 N
070 N010500 N
070 N020500 N
070 O010500 N
070 O020500 N
070 P010500 N
070 P020500 N
<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 32
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 37
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SIGNATURE ROBERT M SLOTKY
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<CIK> 0000811030
<NAME> PROFESSIONALLY MANAGED PORTFOLIOS
<SERIES>
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<NAME> HARRIS BRETALL SULLIVAN & SMITH GROWTH EQUITY FUND
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<INVESTMENTS-AT-VALUE> 17024165
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<NET-INVESTMENT-INCOME> (69127)
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<SHARES-REINVESTED> 30224
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<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 31929
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<GROSS-EXPENSE> 253718
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<PER-SHARE-NII> (0.08)
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<PER-SHARE-DISTRIBUTIONS> (0.65)
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000811030
<NAME> PROFESSIONALLY MANAGED PORTFOLIOS
<SERIES>
<NUMBER> 2
<NAME> HODGES FUND
<MULTIPLIER> 1
<CURRENCY> US DOLLAR
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-START> APR-01-1998
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<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 26014352
<INVESTMENTS-AT-VALUE> 35980922
<RECEIVABLES> 1016939
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<TOTAL-ASSETS> 37022853
<PAYABLE-FOR-SECURITIES> 1226075
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 282295
<TOTAL-LIABILITIES> 1508370
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 25304101
<SHARES-COMMON-STOCK> 2115371
<SHARES-COMMON-PRIOR> 2246224
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 155227
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 10055155
<NET-ASSETS> 35514483
<DIVIDEND-INCOME> 249740
<INTEREST-INCOME> 47002
<OTHER-INCOME> 373
<EXPENSES-NET> 612038
<NET-INVESTMENT-INCOME> (314923)
<REALIZED-GAINS-CURRENT> 2046902
<APPREC-INCREASE-CURRENT> 4264975
<NET-CHANGE-FROM-OPS> 5996954
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<DISTRIBUTIONS-OF-GAINS> 1185924
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<NUMBER-OF-SHARES-SOLD> 269362
<NUMBER-OF-SHARES-REDEEMED> 489920
<SHARES-REINVESTED> 89705
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<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (429203)
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<GROSS-EXPENSE> 612038
<AVERAGE-NET-ASSETS> 31893409
<PER-SHARE-NAV-BEGIN> 14.44
<PER-SHARE-NII> (0.15)
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<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.55)
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<PER-SHARE-NAV-END> 16.79
<EXPENSE-RATIO> 1.92
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000811030
<NAME> PROFESSIONALLY MANAGED PORTFOLIOS
<SERIES>
<NUMBER> 3
<NAME> PERKINS OPPORTUNITY FUND
<MULTIPLIER> 1
<CURRENCY> US DOLLAR
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-START> APR-01-1998
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<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 44571425
<INVESTMENTS-AT-VALUE> 31943694
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<OTHER-ITEMS-LIABILITIES> 202543
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<PAID-IN-CAPITAL-COMMON> 59396556
<SHARES-COMMON-STOCK> 2681396
<SHARES-COMMON-PRIOR> 3941484
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (14994425)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (12627731)
<NET-ASSETS> 31774400
<DIVIDEND-INCOME> 145890
<INTEREST-INCOME> 66276
<OTHER-INCOME> 0
<EXPENSES-NET> 865144
<NET-INVESTMENT-INCOME> (652978)
<REALIZED-GAINS-CURRENT> (2754312)
<APPREC-INCREASE-CURRENT> (5416328)
<NET-CHANGE-FROM-OPS> (8823618)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 261889
<NUMBER-OF-SHARES-REDEEMED> 1521977
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (24354630)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (12240113)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 387486
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 865144
<AVERAGE-NET-ASSETS> 38681848
<PER-SHARE-NAV-BEGIN> 14.24
<PER-SHARE-NII> (0.24)
<PER-SHARE-GAIN-APPREC> (2.15)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.85
<EXPENSE-RATIO> 2.24
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000811030
<NAME> PROFESSIONALLY MANAGED PORTFOLIOS
<SERIES>
<NUMBER> 6
<NAME> THE OSTERWEIS FUND
<MULTIPLIER> 1
<CURRENCY> US DOLLAR
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-START> APR-01-1998
<PERIOD-END> MAR-31-1999
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 16821231
<INVESTMENTS-AT-VALUE> 25669080
<RECEIVABLES> 17883
<ASSETS-OTHER> 943
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 25687906
<PAYABLE-FOR-SECURITIES> 500000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 62263
<TOTAL-LIABILITIES> 562263
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 14835783
<SHARES-COMMON-STOCK> 1398520
<SHARES-COMMON-PRIOR> 1320805
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1442011
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8847849
<NET-ASSETS> 25125643
<DIVIDEND-INCOME> 165882
<INTEREST-INCOME> 130083
<OTHER-INCOME> 15289
<EXPENSES-NET> 367176
<NET-INVESTMENT-INCOME> (55922)
<REALIZED-GAINS-CURRENT> 2972398
<APPREC-INCREASE-CURRENT> 591074
<NET-CHANGE-FROM-OPS> 3507550
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (123)
<DISTRIBUTIONS-OF-GAINS> (1971361)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 107134
<NUMBER-OF-SHARES-REDEEMED> 160144
<SHARES-REINVESTED> 130725
<NET-CHANGE-IN-ASSETS> 2684761
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 440974
<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-ADVISORY-FEES> 209803
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<GROSS-EXPENSE> 367176
<AVERAGE-NET-ASSETS> 20988807
<PER-SHARE-NAV-BEGIN> 16.99
<PER-SHARE-NII> (0.04)
<PER-SHARE-GAIN-APPREC> 2.62
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (1.60)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.97
<EXPENSE-RATIO> 1.75
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000811030
<NAME> PROFESSIONALLY MANAGED PORTFOLIOS
<SERIES>
<NUMBER> 5
<NAME> WOMEN'S EQUITY FUND
<MULTIPLIER> 1
<CURRENCY> US DOLLAR
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-START> APR-01-1998
<PERIOD-END> MAR-31-1999
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 6724516
<INVESTMENTS-AT-VALUE> 9903523
<RECEIVABLES> 24256
<ASSETS-OTHER> 5031
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 9932810
<PAYABLE-FOR-SECURITIES> 137400
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 39022
<TOTAL-LIABILITIES> 176422
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 6233439
<SHARES-COMMON-STOCK> 491186
<SHARES-COMMON-PRIOR> 385793
<ACCUMULATED-NII-CURRENT> (1909)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 345851
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3179007
<NET-ASSETS> 9756388
<DIVIDEND-INCOME> 80533
<INTEREST-INCOME> 5250
<OTHER-INCOME> 0
<EXPENSES-NET> 210905
<NET-INVESTMENT-INCOME> 117348
<REALIZED-GAINS-CURRENT> 652750
<APPREC-INCREASE-CURRENT> 496587
<NET-CHANGE-FROM-OPS> 1117772
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 335895
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 125386
<NUMBER-OF-SHARES-REDEEMED> 37925
<SHARES-REINVESTED> 17931
<NET-CHANGE-IN-ASSETS> 2785126
<ACCUMULATED-NII-PRIOR> (3305)
<ACCUMULATED-GAINS-PRIOR> 28996
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 80905
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 210905
<AVERAGE-NET-ASSETS> 7827171
<PER-SHARE-NAV-BEGIN> 18.07
<PER-SHARE-NII> (0.06)
<PER-SHARE-GAIN-APPREC> 2.65
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.80)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 19.86
<EXPENSE-RATIO> 1.50
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
Report of Independent Auditors
To 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, 1999, 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,
1999.
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.
April 30, 1999
REPORT OF INDEPENDENT CERTIFIED PUBLIC
ACCOUNTANTS
ON INTERNAL CONTROL STRUCTURE
Board of Trustees
Professionally Managed Portfolios
New York, New York
In planning and performing our audit of the financial statements of
the Avondale Hester Total Return Fund, the Hodges Fund, the
Perkins Discovery Fund, the Perkins Opportunity Fund and the
Pro-Conscience Women's Equity Mutual Fund, each a series of
Professionally Managed Portfolios, for the period ended March 31,
1999, we considered its 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, 1999.
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.
Philadelphia, Pennsylvania
April 16, 1999
Report of Independent Auditors
To 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, 1999, 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,
1999.
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.
May 7, 1999
