<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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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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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 20
SIGNATURE ROBERT SLOTKY
TITLE TREASURER
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<GROSS-ADVISORY-FEES> 35669
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<GROSS-EXPENSE> 85651
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<PER-SHARE-NAV-BEGIN> 15.13
<PER-SHARE-NII> (0.11)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000811030
<NAME> PROFESSIONALLY MANAGED PORTFOLIOS
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<NAME> LIGHTHOUSE CONTRARIAN FUND
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<TOTAL-LIABILITIES> 184681
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<SHARES-COMMON-PRIOR> 1187521
<ACCUMULATED-NII-CURRENT> (177437)
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<NET-INVESTMENT-INCOME> (56963)
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<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
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<EXPENSE-RATIO> 2.00
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<TABLE> <S> <C>
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<CIK> 0000811030
<NAME>PROFESSIONALLY MANAGED PORTFOLIOS
<SERIES>
<NUMBER> 32
<NAME> PORTFOLIO 21
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<INVESTMENTS-AT-COST> 3582029
<INVESTMENTS-AT-VALUE> 4059637
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</TABLE>
Special Meeting of Shareholders
A special meeting of shareholders of the Trent
Equity Fund, a separate series of Professionally
Managed Portfolios were held at the offices of Trent
Capital Management, Inc., on December 15, 1999.
The proposal considers a Distribution Plan
(or "Rule 12b-1") whereby the Fund would
pay a distribution fee of up to 0.25% of net
assets annually to be used for marketing and
distribution of the Fund's shares. The purpose
of the meeting is to adopt a Distribution Plan to
make the Fund more marketable and visible in an
extremely competitive environment, and grow the
assets of the Fund to a level where management
expects that overall operating expenses will be
reduced from current levels.
A brief description of the matter voted upon as
well as the voting results is outlined below.
1.It is proposed that shareholders of the
Trust consider the adoption of a
Distribution Plan (the "Distribution Plan")
pursuant to Rule12b-1 under the Investment
Company Act of 1940.
Number of shares:
For 232,877
Against 4,101
