<PAGE> PAGE 1
000 B000000 06/30/99
000 C000000 0000811030
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 PROFESSIONALLY MANAGED PORTFOLIOS
001 B000000 811-5037
001 C000000 6268521033
002 A000000 2020 E. FINANCIAL WAY, STE. 100
002 B000000 GLENDORA
002 C000000 CA
002 D010000 91741
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 5
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
007 C011100 11
007 C011200 12
007 C011300 13
007 C011400 14
007 C011500 15
007 C021500 BOSTON BALANCED FUND
007 C031500 Y
007 C011600 16
007 C021600 LEONETTI BALANCED FUND
007 C031600 N
007 C011700 17
007 C021700 U.S. GLOBAL LEADERS GROWTH FUND
007 C031700 N
007 C011800 18
007 C011900 19
007 C012000 20
007 C012100 21
007 C012200 22
007 C012300 23
<PAGE> PAGE 2
007 C012400 24
007 C022400 RCB GROWTH & INCOME FUND
007 C032400 N
007 C012500 25
007 C022500 RCB SMALL CAP FUND
007 C032500 N
007 C012600 26
007 C012700 27
007 C012800 28
007 C012900 29
007 C013000 30
010 A00AA01 INVESTMENT COMPANY ADMINISTRATION, LLC
010 C01AA01 GLENDORA
010 C02AA01 CA
010 C03AA01 91741
011 A00AA01 FIRST FUND DISTRIBUTORS, INC.
011 B00AA01 8-42809
011 C01AA01 NEW YORK
011 C02AA01 NY
011 C03AA01 10011
018 00AA00 Y
019 A00AA00 N
019 B00AA00 0
020 A000001 MERRILL LYNCH
020 B000001 13-5674085
020 C000001 42
020 A000002 GOLDMAN SACHS
020 B000002 13-5108880
020 C000002 28
020 A000003 DONALDSON LUFKIN JENNRETTE
020 B000003 13-2741729
020 C000003 15
020 A000004 WILLIAM BLAIR
020 B000004 36-2214610
020 C000004 13
020 A000005 MORGAN STANLEY
020 B000005 13-265598
020 C000005 8
020 A000006 PAINE WEBBER
020 B000006 13-2638166
020 C000006 5
020 A000007 CANTOR FITZGERALD
020 B000007 13-3680184
020 C000007 4
020 A000008 BEAR, STEARNS & CO., INC.
020 B000008 13-3299429
020 C000008 4
020 A000009 INTERSTATE JOHNSON LANE, CORP.
020 B000009 56-0276690
020 C000009 3
020 A000010 OPCO
<PAGE> PAGE 3
020 C000010 3
021 000000 142
022 A000001 WILLIAM BLAIR
022 B000001 36-2214610
022 C000001 4755
022 D000001 3633
022 A000002 DONALDSON LUFKIN JENNRETTE
022 B000002 13-2741729
022 C000002 3282
022 D000002 170
022 A000003 BEAR, STEARNS & CO., INC.
022 B000003 13-3299429
022 C000003 2785
022 D000003 0
022 A000004 GOLDMAN SACHS
022 B000004 13-5108880
022 C000004 394
022 D000004 2072
022 A000005 MERRILL LYNCH
022 B000005 13-5674085
022 C000005 1713
022 D000005 173
022 A000006 CANTOR FITZGERALD
022 B000006 13-3680184
022 C000006 1063
022 D000006 484
022 A000007 PRUDENTIAL SECURITIES
022 B000007 22-2347336
022 C000007 0
022 D000007 646
022 A000008 FIDELITY CAPITAL MARKETS
022 C000008 0
022 D000008 591
022 A000009 JEFFERIES & CO.
022 B000009 95-2622900
022 C000009 191
022 D000009 151
022 A000010 HERZOG HEINE
022 B000010 13-1955436
022 C000010 314
022 D000010 22
023 C000000 14691
023 D000000 8156
024 00AA00 N
025 D00AA01 0
025 D00AA02 0
025 D00AA03 0
025 D00AA04 0
025 D00AA05 0
025 D00AA06 0
025 D00AA07 0
<PAGE> PAGE 4
025 D00AA08 0
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 Y
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
034 00AA00 N
035 00AA00 0
036 B00AA00 0
054 A00AA00 Y
054 B00AA00 N
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 Y
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 N
055 A00AA00 N
055 B00AA00 N
056 00AA00 Y
057 00AA00 N
062 A00AA00 N
062 B00AA00 0.0
062 C00AA00 0.0
062 D00AA00 0.0
062 E00AA00 0.0
062 F00AA00 0.0
062 G00AA00 0.0
062 H00AA00 0.0
062 I00AA00 0.0
062 J00AA00 0.0
062 K00AA00 0.0
062 L00AA00 0.0
062 M00AA00 0.0
062 N00AA00 0.0
062 O00AA00 0.0
062 P00AA00 0.0
062 Q00AA00 0.0
062 R00AA00 0.0
<PAGE> PAGE 5
063 A00AA00 0
063 B00AA00 0.0
077 A000000 Y
077 B000000 Y
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078 000000 N
080 A00AA00 ICI MUTUAL INSURANCE COMPANY
080 C00AA00 1000
081 A00AA00 Y
081 B00AA00 23
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
008 A001501 U.S. TRUST COMPANY OF BOSTON
008 B001501 A
008 C001501 801-exempt
008 D011501 BOSTON
008 D021501 MA
008 D031501 02108
012 A001501 UNITED STATES TRUST COMPANY OF BOSTON
012 B001501 85-
012 C011501 BOSTON
012 C021501 MA
012 C031501 12108
013 A001501 ERNST & YOUNG LLP
013 B011501 LOS ANGELES
013 B021501 CA
013 B031501 90017
015 A001501 U.S. TRUST COMPANY OF BOSTON
015 B001501 C
015 C011501 BOSTON
015 C021501 MA
015 C031501 02108
<PAGE> PAGE 6
015 E011501 X
028 A011500 1512
028 A021500 0
028 A031500 0
028 A041500 512
028 B011500 2068
028 B021500 0
028 B031500 0
028 B041500 289
028 C011500 2605
028 C021500 0
028 C031500 0
028 C041500 1351
028 D011500 991
028 D021500 0
028 D031500 0
028 D041500 1269
028 E011500 874
028 E021500 0
028 E031500 0
028 E041500 3115
028 F011500 1269
028 F021500 0
028 F031500 0
028 F041500 381
028 G011500 9319
028 G021500 0
028 G031500 0
028 G041500 6917
028 H001500 0
029 001500 N
030 A001500 0
030 B001500 0.00
030 C001500 0.00
037 001500 N
038 001500 0
039 001500 N
040 001500 N
045 001500 Y
046 001500 N
047 001500 Y
048 001500 0.750
048 A011500 0
048 A021500 0.000
048 B011500 0
048 B021500 0.000
048 C011500 0
048 C021500 0.000
048 D011500 0
048 D021500 0.000
048 E011500 0
<PAGE> PAGE 7
048 E021500 0.000
048 F011500 0
048 F021500 0.000
048 G011500 0
048 G021500 0.000
048 H011500 0
048 H021500 0.000
048 I011500 0
048 I021500 0.000
048 J011500 0
048 J021500 0.000
048 K011500 0
048 K021500 0.000
049 001500 N
050 001500 N
051 001500 N
052 001500 N
053 A001500 Y
053 B001500 Y
053 C001500 N
058 A001500 N
059 001500 Y
060 A001500 N
060 B001500 N
061 001500 2000
066 A001500 Y
066 B001500 N
066 C001500 N
066 D001500 N
066 E001500 Y
066 F001500 N
066 G001500 N
067 001500 Y
068 A001500 N
068 B001500 N
069 001500 N
070 A011500 Y
070 A021500 N
070 B011500 Y
070 B021500 N
070 C011500 N
070 C021500 N
070 D011500 Y
070 D021500 N
070 E011500 N
070 E021500 N
070 F011500 Y
070 F021500 N
070 G011500 Y
070 G021500 N
070 H011500 Y
<PAGE> PAGE 8
070 H021500 N
070 I011500 N
070 I021500 N
070 J011500 Y
070 J021500 N
070 K011500 Y
070 K021500 Y
070 L011500 Y
070 L021500 N
070 M011500 Y
070 M021500 N
070 N011500 N
070 N021500 N
070 O011500 N
070 O021500 N
070 P011500 N
070 P021500 N
070 Q011500 N
070 Q021500 N
070 R011500 N
070 R021500 N
071 A001500 41973
071 B001500 17823
071 C001500 124163
071 D001500 14
072 A001500 12
072 B001500 2436
072 C001500 0
072 D001500 0
072 E001500 8
072 F001500 964
072 G001500 129
072 H001500 0
072 I001500 4
072 J001500 23
072 K001500 0
072 L001500 3
072 M001500 12
072 N001500 9
072 O001500 0
072 P001500 0
072 Q001500 42
072 R001500 15
072 S001500 6
072 T001500 0
072 U001500 0
072 V001500 0
072 W001500 9
072 X001500 1216
072 Y001500 0
072 Z001500 1228
<PAGE> PAGE 9
072AA001500 4365
072BB001500 0
072CC011500 36255
072CC021500 0
072DD011500 2188
072DD021500 0
072EE001500 4866
073 A011500 0.4900
073 A021500 0.0000
073 B001500 1.0900
073 C001500 0.0000
074 A001500 0
074 B001500 0
074 C001500 0
074 D001500 0
074 E001500 0
074 F001500 0
074 G001500 0
074 H001500 0
074 I001500 0
074 J001500 0
074 K001500 0
074 L001500 0
074 M001500 0
074 N001500 0
074 O001500 0
074 P001500 0
074 Q001500 0
074 R011500 0
074 R021500 0
074 R031500 0
074 R041500 0
074 S001500 0
074 T001500 0
074 U011500 0
074 U021500 0
074 V011500 0.00
074 V021500 0.00
074 W001500 0.0000
074 X001500 0
074 Y001500 0
075 A001500 0
075 B001500 0
076 001500 0.00
008 A001601 LEONETTI AND ASSOCIATES, INC.
008 B001601 A
008 C001601 801-36381
008 D011601 BUFFALO GROVE
008 D021601 IL
008 D031601 60089
012 A001601 AMERICAN DATA SERVICES, INC.
<PAGE> PAGE 10
012 B001601 84-1964
012 C011601 HAUPPAUGE
012 C021601 NY
012 C031601 11788
013 A001601 ERNST & YOUNG LLP
013 B011601 LOS ANGELES
013 B021601 CA
013 B031601 90017
015 A001601 FIRSTAR BANK, N.A.
015 B001601 C
015 C011601 CINCINNATI
015 C021601 OH
015 C031601 45202
015 E011601 X
028 A011600 340
028 A021600 0
028 A031600 0
028 A041600 137
028 B011600 260
028 B021600 0
028 B031600 0
028 B041600 21
028 C011600 759
028 C021600 0
028 C031600 0
028 C041600 89
028 D011600 492
028 D021600 0
028 D031600 0
028 D041600 95
028 E011600 753
028 E021600 0
028 E031600 0
028 E041600 48
028 F011600 560
028 F021600 0
028 F031600 0
028 F041600 70
028 G011600 3164
028 G021600 0
028 G031600 0
028 G041600 460
028 H001600 0
029 001600 N
030 A001600 0
030 B001600 0.00
030 C001600 0.00
037 001600 N
038 001600 0
039 001600 N
040 001600 N
<PAGE> PAGE 11
045 001600 Y
046 001600 N
047 001600 Y
048 001600 1.000
048 A011600 0
048 A021600 0.000
048 B011600 0
048 B021600 0.000
048 C011600 0
048 C021600 0.000
048 D011600 0
048 D021600 0.000
048 E011600 0
048 E021600 0.000
048 F011600 0
048 F021600 0.000
048 G011600 0
048 G021600 0.000
048 H011600 0
048 H021600 0.000
048 I011600 0
048 I021600 0.000
048 J011600 0
048 J021600 0.000
048 K011600 0
048 K021600 0.000
049 001600 N
050 001600 N
051 001600 N
052 001600 N
053 A001600 N
058 A001600 N
059 001600 Y
060 A001600 N
060 B001600 N
061 001600 100
066 A001600 Y
066 B001600 N
066 C001600 N
066 D001600 N
066 E001600 N
066 F001600 N
066 G001600 Y
067 001600 Y
068 A001600 N
068 B001600 N
069 001600 N
070 A011600 Y
070 A021600 N
070 B011600 N
070 B021600 N
<PAGE> PAGE 12
070 C011600 N
070 C021600 N
070 D011600 N
070 D021600 N
070 E011600 N
070 E021600 N
070 F011600 N
070 F021600 N
070 G011600 N
070 G021600 N
070 H011600 N
070 H021600 N
070 I011600 N
070 I021600 N
070 J011600 Y
070 J021600 N
070 K011600 Y
070 K021600 N
070 L011600 N
070 L021600 N
070 M011600 N
070 M021600 N
070 N011600 N
070 N021600 N
070 O011600 N
070 O021600 N
070 P011600 N
070 P021600 N
070 Q011600 N
070 Q021600 N
070 R011600 N
070 R021600 N
071 A001600 17560
071 B001600 13842
071 C001600 17055
071 D001600 81
072 A001600 12
072 B001600 316
072 C001600 73
072 D001600 0
072 E001600 4
072 F001600 185
072 G001600 36
072 H001600 0
072 I001600 19
072 J001600 10
072 K001600 0
072 L001600 3
072 M001600 4
072 N001600 20
072 O001600 0
<PAGE> PAGE 13
072 P001600 0
072 Q001600 21
072 R001600 16
072 S001600 5
072 T001600 0
072 U001600 6
072 V001600 0
072 W001600 3
072 X001600 328
072 Y001600 0
072 Z001600 65
072AA001600 676
072BB001600 0
072CC011600 3511
072CC021600 0
072DD011600 59
072DD021600 0
072EE001600 1020
073 A011600 0.0500
073 A021600 0.0000
073 B001600 0.8600
073 C001600 0.0000
074 A001600 0
074 B001600 2455
074 C001600 2955
074 D001600 3471
074 E001600 0
074 F001600 16212
074 G001600 0
074 H001600 0
074 I001600 0
074 J001600 0
074 K001600 0
074 L001600 113
074 M001600 8
074 N001600 25214
074 O001600 1078
074 P001600 19
074 Q001600 0
074 R011600 0
074 R021600 0
074 R031600 0
074 R041600 49
074 S001600 0
074 T001600 24068
074 U011600 1473
074 U021600 0
074 V011600 16.34
074 V021600 0.00
074 W001600 0.0000
074 X001600 789
<PAGE> PAGE 14
074 Y001600 0
075 A001600 0
075 B001600 18524
076 001600 0.00
008 A001701 YEAGER, WOOD AND MARSHALL, INC.
008 B001701 A
008 C001701 801-4995
008 D011701 NEW YORK
008 D021701 NY
008 D031701 10111
012 A001701 AMERICAN DATA SERVICES, INC.
012 B001701 84-1964
012 C011701 HAUPPAUGE
012 C021701 NY
012 C031701 11788
013 A001701 ERNST & YOUNG LLP
013 B011701 LOS ANGELES
013 B021701 CA
013 B031701 90017
015 A001701 FIRSTAR BANK, N.A.
015 B001701 C
015 C011701 CINCINNATI
015 C021701 OH
015 C031701 45202
015 E011701 X
028 A011700 1473
028 A021700 0
028 A031700 0
028 A041700 489
028 B011700 3092
028 B021700 0
028 B031700 0
028 B041700 850
028 C011700 7125
028 C021700 0
028 C031700 0
028 C041700 700
028 D011700 5149
028 D021700 0
028 D031700 0
028 D041700 729
028 E011700 3738
028 E021700 0
028 E031700 0
028 E041700 583
028 F011700 1752
028 F021700 0
028 F031700 0
028 F041700 1841
028 G011700 22329
028 G021700 0
<PAGE> PAGE 15
028 G031700 0
028 G041700 5192
028 H001700 0
029 001700 N
030 A001700 0
030 B001700 0.00
030 C001700 0.00
037 001700 N
038 001700 0
039 001700 N
040 001700 N
045 001700 Y
046 001700 N
047 001700 Y
048 001700 1.000
048 A011700 0
048 A021700 0.000
048 B011700 0
048 B021700 0.000
048 C011700 0
048 C021700 0.000
048 D011700 0
048 D021700 0.000
048 E011700 0
048 E021700 0.000
048 F011700 0
048 F021700 0.000
048 G011700 0
048 G021700 0.000
048 H011700 0
048 H021700 0.000
048 I011700 0
048 I021700 0.000
048 J011700 0
048 J021700 0.000
048 K011700 0
048 K021700 0.000
049 001700 N
050 001700 N
051 001700 N
052 001700 N
053 A001700 N
058 A001700 N
059 001700 Y
060 A001700 N
060 B001700 N
061 001700 2000
066 A001700 Y
066 B001700 N
066 C001700 N
066 D001700 Y
<PAGE> PAGE 16
066 E001700 N
066 F001700 N
066 G001700 N
067 001700 N
068 A001700 N
068 B001700 N
069 001700 N
070 A011700 Y
070 A021700 Y
070 B011700 N
070 B021700 N
070 C011700 N
070 C021700 N
070 D011700 N
070 D021700 N
070 E011700 N
070 E021700 N
070 F011700 N
070 F021700 N
070 G011700 N
070 G021700 N
070 H011700 N
070 H021700 N
070 I011700 N
070 I021700 N
070 J011700 Y
070 J021700 N
070 K011700 N
070 K021700 N
070 L011700 Y
070 L021700 N
070 M011700 Y
070 M021700 N
070 N011700 N
070 N021700 N
070 O011700 Y
070 O021700 N
070 P011700 N
070 P021700 N
070 Q011700 N
070 Q021700 N
070 R011700 N
070 R021700 N
071 A001700 38921
071 B001700 14345
071 C001700 100520
071 D001700 14
072 A001700 12
072 B001700 67
072 C001700 594
072 D001700 0
<PAGE> PAGE 17
072 E001700 0
072 F001700 1018
072 G001700 162
072 H001700 0
072 I001700 22
072 J001700 28
072 K001700 0
072 L001700 10
072 M001700 12
072 N001700 20
072 O001700 0
072 P001700 0
072 Q001700 33
072 R001700 16
072 S001700 6
072 T001700 0
072 U001700 0
072 V001700 0
072 W001700 8
072 X001700 1335
072 Y001700 0
072 Z001700 -674
072AA001700 0
072BB001700 1564
072CC011700 16808
072CC021700 0
072DD011700 0
072DD021700 0
072EE001700 0
073 A011700 0.0000
073 A021700 0.0000
073 B001700 0.0000
073 C001700 0.0000
074 A001700 0
074 B001700 774
074 C001700 0
074 D001700 0
074 E001700 0
074 F001700 128183
074 G001700 0
074 H001700 0
074 I001700 0
074 J001700 0
074 K001700 0
074 L001700 292
074 M001700 2
074 N001700 129251
074 O001700 0
074 P001700 102
074 Q001700 0
074 R011700 0
<PAGE> PAGE 18
074 R021700 0
074 R031700 0
074 R041700 196
074 S001700 0
074 T001700 128953
074 U011700 5028
074 U021700 0
074 V011700 25.65
074 V021700 0.00
074 W001700 0.0000
074 X001700 592
074 Y001700 0
075 A001700 0
075 B001700 101863
076 001700 0.00
008 A002401 REED, CONNER AND BIRDWELL, INC.
008 B002401 A
008 C002401 801-4128
008 D012401 LOS ANGELES
008 D022401 CA
008 D032401 90025
012 A002401 AMERICAN DATA SERVICES, INC.
012 B002401 84-1964
012 C012401 HAUPPAUGE
012 C022401 NY
012 C032401 11788
013 A002401 TAIT, WELLER AND BAKER
013 B012401 PHILADELPHIA
013 B022401 PA
013 B032401 19103
015 A002401 FIRSTAR BANK, N.A.
015 B002401 C
015 C012401 CINCINNATI
015 C022401 OH
015 C032401 45202
015 E012401 X
028 A012400 106
028 A022400 0
028 A032400 0
028 A042400 0
028 B012400 0
028 B022400 0
028 B032400 0
028 B042400 0
028 C012400 220
028 C022400 21
028 C032400 0
028 C042400 0
028 D012400 136
028 D022400 28
028 D032400 0
<PAGE> PAGE 19
028 D042400 0
028 E012400 93
028 E022400 0
028 E032400 0
028 E042400 0
028 F012400 181
028 F022400 0
028 F032400 0
028 F042400 0
028 G012400 736
028 G022400 49
028 G032400 0
028 G042400 0
028 H002400 736
029 002400 Y
030 A002400 10
030 B002400 3.50
030 C002400 0.00
031 A002400 1
031 B002400 0
032 002400 9
033 002400 0
037 002400 N
038 002400 0
039 002400 N
040 002400 Y
041 002400 Y
042 A002400 41
042 B002400 9
042 C002400 0
042 D002400 27
042 E002400 0
042 F002400 0
042 G002400 23
042 H002400 0
043 002400 2
044 002400 0
045 002400 Y
046 002400 N
047 002400 Y
048 002400 0.600
048 A012400 0
048 A022400 0.000
048 B012400 0
048 B022400 0.000
048 C012400 0
048 C022400 0.000
048 D012400 0
048 D022400 0.000
048 E012400 0
048 E022400 0.000
<PAGE> PAGE 20
048 F012400 0
048 F022400 0.000
048 G012400 0
048 G022400 0.000
048 H012400 0
048 H022400 0.000
048 I012400 0
048 I022400 0.000
048 J012400 0
048 J022400 0.000
048 K012400 0
048 K022400 0.000
049 002400 N
050 002400 N
051 002400 N
052 002400 N
053 A002400 Y
053 B002400 Y
053 C002400 N
058 A002400 N
059 002400 Y
060 A002400 N
060 B002400 N
061 002400 25000
066 A002400 Y
066 B002400 N
066 C002400 Y
066 D002400 N
066 E002400 N
066 F002400 N
066 G002400 N
067 002400 N
068 A002400 N
068 B002400 N
069 002400 N
070 A012400 Y
070 A022400 Y
070 B012400 Y
070 B022400 N
070 C012400 N
070 C022400 N
070 D012400 N
070 D022400 N
070 E012400 N
070 E022400 N
070 F012400 N
070 F022400 N
070 G012400 N
070 G022400 N
070 H012400 N
070 H022400 N
<PAGE> PAGE 21
070 I012400 N
070 I022400 N
070 J012400 Y
070 J022400 N
070 K012400 Y
070 K022400 N
070 L012400 Y
070 L022400 Y
070 M012400 Y
070 M022400 N
070 N012400 N
070 N022400 N
070 O012400 N
070 O022400 N
070 P012400 N
070 P022400 N
070 Q012400 N
070 Q022400 N
070 R012400 N
070 R022400 N
071 A002400 1265
071 B002400 38
071 C002400 858
071 D002400 4
072 A002400 12
072 B002400 1
072 C002400 9
072 D002400 0
072 E002400 0
072 F002400 4
072 G002400 22
072 H002400 0
072 I002400 8
072 J002400 4
072 K002400 0
072 L002400 2
072 M002400 2
072 N002400 7
072 O002400 0
072 P002400 0
072 Q002400 10
072 R002400 12
072 S002400 2
072 T002400 2
072 U002400 0
072 V002400 0
072 W002400 2
072 X002400 77
072 Y002400 69
072 Z002400 2
072AA002400 16
<PAGE> PAGE 22
072BB002400 0
072CC012400 229
072CC022400 0
072DD012400 1
072DD022400 0
072EE002400 0
073 A012400 0.0200
073 A022400 0.0000
073 B002400 0.0000
073 C002400 0.0000
074 A002400 23
074 B002400 0
074 C002400 0
074 D002400 0
074 E002400 0
074 F002400 1472
074 G002400 0
074 H002400 0
074 I002400 0
074 J002400 0
074 K002400 0
074 L002400 182
074 M002400 2
074 N002400 1679
074 O002400 92
074 P002400 1
074 Q002400 0
074 R012400 0
074 R022400 0
074 R032400 0
074 R042400 23
074 S002400 0
074 T002400 1563
074 U012400 113
074 U022400 0
074 V012400 13.83
074 V022400 0.00
074 W002400 0.0000
074 X002400 31
074 Y002400 0
075 A002400 0
075 B002400 834
076 002400 0.00
008 A002501 REED, CONNER AND BIRDWELL, INC.
008 B002501 A
008 C002501 801-4128
008 D012501 LOS ANGELES
008 D022501 CA
008 D032501 90025
012 A002501 AMERICAN DATA SERVICES, INC.
012 B002501 84-1964
<PAGE> PAGE 23
012 C012501 HAUPPAUGE
012 C022501 NY
012 C032501 11788
013 A002501 TAIT, WELLER AND BAKER
013 B012501 PHILADELPHIA
013 B022501 PA
013 B032501 19103
015 A002501 FIRSTAR BANK, N.A.
015 B002501 C
015 C012501 CINCINNATI
015 C022501 OH
015 C032501 45202
015 E012501 X
028 A012500 79
028 A022500 0
028 A032500 0
028 A042500 0
028 B012500 226
028 B022500 0
028 B032500 0
028 B042500 0
028 C012500 280
028 C022500 1
028 C032500 0
028 C042500 0
028 D012500 180
028 D022500 0
028 D032500 0
028 D042500 0
028 E012500 183
028 E022500 0
028 E032500 0
028 E042500 0
028 F012500 701
028 F022500 1
028 F032500 0
028 F042500 0
028 G012500 1649
028 G022500 2
028 G032500 0
028 G042500 0
028 H002500 1649
029 002500 Y
030 A002500 11
030 B002500 3.50
030 C002500 0.00
031 A002500 1
031 B002500 0
032 002500 10
033 002500 0
037 002500 N
<PAGE> PAGE 24
038 002500 0
039 002500 N
040 002500 Y
041 002500 Y
042 A002500 41
042 B002500 9
042 C002500 0
042 D002500 27
042 E002500 0
042 F002500 0
042 G002500 23
042 H002500 0
043 002500 3
044 002500 0
045 002500 Y
046 002500 N
047 002500 Y
048 002500 0.850
048 A012500 0
048 A022500 0.000
048 B012500 0
048 B022500 0.000
048 C012500 0
048 C022500 0.000
048 D012500 0
048 D022500 0.000
048 E012500 0
048 E022500 0.000
048 F012500 0
048 F022500 0.000
048 G012500 0
048 G022500 0.000
048 H012500 0
048 H022500 0.000
048 I012500 0
048 I022500 0.000
048 J012500 0
048 J022500 0.000
048 K012500 0
048 K022500 0.000
049 002500 N
050 002500 N
051 002500 N
052 002500 N
053 A002500 Y
053 B002500 Y
053 C002500 N
058 A002500 N
059 002500 Y
060 A002500 N
060 B002500 N
<PAGE> PAGE 25
061 002500 25000
066 A002500 Y
066 B002500 N
066 C002500 Y
066 D002500 N
066 E002500 N
066 F002500 N
066 G002500 N
067 002500 N
068 A002500 N
068 B002500 N
069 002500 N
070 A012500 Y
070 A022500 Y
070 B012500 Y
070 B022500 N
070 C012500 N
070 C022500 N
070 D012500 N
070 D022500 N
070 E012500 N
070 E022500 N
070 F012500 N
070 F022500 N
070 G012500 N
070 G022500 N
070 H012500 N
070 H022500 N
070 I012500 N
070 I022500 N
070 J012500 Y
070 J022500 N
070 K012500 Y
070 K022500 N
070 L012500 Y
070 L022500 Y
070 M012500 Y
070 M022500 N
070 N012500 N
070 N022500 N
070 O012500 N
070 O022500 N
070 P012500 N
070 P022500 N
070 Q012500 N
070 Q022500 N
070 R012500 N
070 R022500 N
071 A002500 2838
071 B002500 532
071 C002500 1490
<PAGE> PAGE 26
071 D002500 36
072 A002500 12
072 B002500 4
072 C002500 9
072 D002500 0
072 E002500 0
072 F002500 9
072 G002500 22
072 H002500 0
072 I002500 8
072 J002500 4
072 K002500 0
072 L002500 2
072 M002500 2
072 N002500 7
072 O002500 0
072 P002500 0
072 Q002500 11
072 R002500 12
072 S002500 2
072 T002500 3
072 U002500 0
072 V002500 0
072 W002500 2
072 X002500 84
072 Y002500 68
072 Z002500 -3
072AA002500 96
072BB002500 0
072CC012500 565
072CC022500 0
072DD012500 0
072DD022500 0
072EE002500 0
073 A012500 0.0000
073 A022500 0.0000
073 B002500 0.0000
073 C002500 0.0000
074 A002500 0
074 B002500 255
074 C002500 0
074 D002500 0
074 E002500 33
074 F002500 2934
074 G002500 0
074 H002500 0
074 I002500 0
074 J002500 53
074 K002500 0
074 L002500 185
074 M002500 6
<PAGE> PAGE 27
074 N002500 3466
074 O002500 284
074 P002500 2
074 Q002500 0
074 R012500 0
074 R022500 0
074 R032500 0
074 R042500 24
074 S002500 0
074 T002500 3156
074 U012500 198
074 U022500 0
074 V012500 15.93
074 V022500 0.00
074 W002500 0.0000
074 X002500 46
074 Y002500 0
075 A002500 0
075 B002500 1455
076 002500 0.00
SIGNATURE ROBERT SLOTKY
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000811030
<NAME> PROFESSIONALLY MANAGED PORTFOLIOS
<SERIES>
<NUMBER> 15
<NAME> BOSTON BALANCED FUND
<MULTIPLIER> 1
<CURRENCY> US DOLLARS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> JUL-01-1998
<PERIOD-END> JUN-30-1999
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 4175096
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2435700
<OTHER-INCOME> 7749
<EXPENSES-NET> 1216815
<NET-INVESTMENT-INCOME> 2396465
<REALIZED-GAINS-CURRENT> 4365274
<APPREC-INCREASE-CURRENT> 36254672
<NET-CHANGE-FROM-OPS> 41846580
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2187510
<DISTRIBUTIONS-OF-GAINS> 4866093
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 809295
<NUMBER-OF-SHARES-REDEEMED> 374731
<SHARES-REINVESTED> 253467
<NET-CHANGE-IN-ASSETS> 54319561
<ACCUMULATED-NII-PRIOR> 1073301
<ACCUMULATED-GAINS-PRIOR> 3171068
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 964251
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1216815
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 29.21
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000811030
<NAME> PROFESSIONALLY MANAGED PORTFOLIOS
<SERIES>
<NUMBER> 17
<NAME> U.S. GLOBAL LEADERS GROWTH FUND
<MULTIPLIER> 1
<CURRENCY> US DOLLARS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> JUL-01-1998
<PERIOD-END> JUN-30-1999
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 87098907
<INVESTMENTS-AT-VALUE> 128957131
<RECEIVABLES> 292083
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 2024
<TOTAL-ASSETS> 129251238
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 298646
<TOTAL-LIABILITIES> 298646
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 89182540
<SHARES-COMMON-STOCK> 5027986
<SHARES-COMMON-PRIOR> 4000558
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2088172)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 41858224
<NET-ASSETS> 128952592
<DIVIDEND-INCOME> 593889
<INTEREST-INCOME> 66987
<OTHER-INCOME> 0
<EXPENSES-NET> 1335349
<NET-INVESTMENT-INCOME> (674473)
<REALIZED-GAINS-CURRENT> (1563910)
<APPREC-INCREASE-CURRENT> 16808184
<NET-CHANGE-FROM-OPS> 14569801
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1580614
<NUMBER-OF-SHARES-REDEEMED> 553186
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 39536192
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (524262)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1017545
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1335349
<AVERAGE-NET-ASSETS> 101862779
<PER-SHARE-NAV-BEGIN> 22.35
<PER-SHARE-NII> (0.13)
<PER-SHARE-GAIN-APPREC> 3.43
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 25.65
<EXPENSE-RATIO> 1.31
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000811030
<NAME> PROFESSIONALLY MANAGED PORTFOLIOS
<SERIES>
<NUMBER> 24
<NAME> RCB GROWTH & INCOME FUND
<MULTIPLIER> 1
<CURRENCY> US DOLLARS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> JUL-01-1998
<PERIOD-END> JUN-30-1999
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 1242818
<INVESTMENTS-AT-VALUE> 1472019
<RECEIVABLES> 182296
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 24763
<TOTAL-ASSETS> 1679078
<PAYABLE-FOR-SECURITIES> 91518
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 24330
<TOTAL-LIABILITIES> 115848
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1317462
<SHARES-COMMON-STOCK> 112996
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 990
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 15577
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 229201
<NET-ASSETS> 1563230
<DIVIDEND-INCOME> 8941
<INTEREST-INCOME> 819
<OTHER-INCOME> 0
<EXPENSES-NET> 7712
<NET-INVESTMENT-INCOME> 2048
<REALIZED-GAINS-CURRENT> 15577
<APPREC-INCREASE-CURRENT> 229201
<NET-CHANGE-FROM-OPS> 246826
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1058
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 114638
<NUMBER-OF-SHARES-REDEEMED> 1730
<SHARES-REINVESTED> 88
<NET-CHANGE-IN-ASSETS> 1563230
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3702
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 76883
<AVERAGE-NET-ASSETS> 834439
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 3.82
<PER-SHARE-DIVIDEND> 0.02
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.83
<EXPENSE-RATIO> 1.25
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000811030
<NAME> PROFESSIONALLY MANAGED PORTFOLIOS
<SERIES>
<NUMBER> 16
<NAME> LEONETTI BALANCED FUND
<MULTIPLIER> 1
<CURRENCY> US DOLLARS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> JUL-01-1998
<PERIOD-END> JUN-30-1999
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 18867933
<INVESTMENTS-AT-VALUE> 25093300
<RECEIVABLES> 112876
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 7390
<TOTAL-ASSETS> 25213566
<PAYABLE-FOR-SECURITIES> 1077700
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 68044
<TOTAL-LIABILITIES> 1145744
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 17098340
<SHARES-COMMON-STOCK> 1473219
<SHARES-COMMON-PRIOR> 1104981
<ACCUMULATED-NII-CURRENT> 32448
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 711667
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6225367
<NET-ASSETS> 24067822
<DIVIDEND-INCOME> 72895
<INTEREST-INCOME> 315555
<OTHER-INCOME> 3952
<EXPENSES-NET> 327164
<NET-INVESTMENT-INCOME> 65238
<REALIZED-GAINS-CURRENT> 676378
<APPREC-INCREASE-CURRENT> 3510644
<NET-CHANGE-FROM-OPS> 4252260
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 59358
<DISTRIBUTIONS-OF-GAINS> 1019875
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 365405
<NUMBER-OF-SHARES-REDEEMED> 75553
<SHARES-REINVESTED> 78386
<NET-CHANGE-IN-ASSETS> 8570737
<ACCUMULATED-NII-PRIOR> 26568
<ACCUMULATED-GAINS-PRIOR> 1055164
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 184956
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 327164
<AVERAGE-NET-ASSETS> 18524247
<PER-SHARE-NAV-BEGIN> 14.02
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 3.18
<PER-SHARE-DIVIDEND> 0.05
<PER-SHARE-DISTRIBUTIONS> 0.86
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.34
<EXPENSE-RATIO> 1.77
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000811030
<NAME> PROFESSIONALLY MANAGED PORTFOLIOS
<SERIES>
<NUMBER> 25
<NAME> RCB SMALL CAP FUND
<MULTIPLIER> 1
<CURRENCY> US DOLLARS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> JUL-01-1998
<PERIOD-END> JUN-30-1999
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 2656778
<INVESTMENTS-AT-VALUE> 3222226
<RECEIVABLES> 238184
<ASSETS-OTHER> 5488
<OTHER-ITEMS-ASSETS> 450
<TOTAL-ASSETS> 3466348
<PAYABLE-FOR-SECURITIES> 283609
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 26709
<TOTAL-LIABILITIES> 310318
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2498566
<SHARES-COMMON-STOCK> 198108
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 92016
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 565448
<NET-ASSETS> 3156030
<DIVIDEND-INCOME> 8958
<INTEREST-INCOME> 3587
<OTHER-INCOME> 0
<EXPENSES-NET> 16092
<NET-INVESTMENT-INCOME> (3547)
<REALIZED-GAINS-CURRENT> 95563
<APPREC-INCREASE-CURRENT> 565448
<NET-CHANGE-FROM-OPS> 657464
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 198111
<NUMBER-OF-SHARES-REDEEMED> 3
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 3156030
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 9180
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 84417
<AVERAGE-NET-ASSETS> 1455495
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> (0.02)
<PER-SHARE-GAIN-APPREC> 5.95
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.93
<EXPENSE-RATIO> 1.49
</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
Leonetti Balanced Fund (the
Fund), a series of Professionally Managed Portfolios, for the year
ended June 30, 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,
and 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 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, 1999.
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.
July 30, 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
U.S. Global Leaders Growth Fund (the Fund), a series of
Professionally Managed Portfolios, for the year ended June 30,
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, and 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 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, 1999.
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.
July 30, 1999
REPORT OF INDEPENDENT CERTIFIED PUBLIC
ACCOUNTANTS
ON INTERNAL CONTROL STRUCTURE
The Board of Trustees
Professionally Managed Portfolios
Glendora, California
In planning and performing our audits of the financial statements of the
RCB Growth & Income Fund and RCB Small Cap Fund, each a series
of shares of Professionally Managed Portfolios, for the period ended
June 30, 1999, 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 June 30, 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
July 29, 1999