<PAGE> PAGE 1
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<PAGE> PAGE 2
022 A000001 LEHMAN BROTHERS
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077 A000000 Y
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008 A000101 INVESTOR RESOURCES GROUP, INC.
008 B000101 A
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<PAGE> PAGE 3
010 C010101 WAYNE
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011 A000101 COUNTRYWIDE FUND SERVICES, INC.
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012 C040101 8020
013 A000101 COOPERS & LYBRAND L.L.P.
013 B010101 PHILADELPHIA
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013 B030101 19003
015 A000101 CORESTATES BANK NA
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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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SIGNATURE JIM VOLK
TITLE DIRECTOR
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<CIK> 0001016887
<NAME> PROFIT
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</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Trustees of
The Profit Funds Investment Trust
In planning and performing our audit of the financial statements and
financial highlights of the Profit Funds Investment Trust, the Profit
Lomax Value Fund (the "Fund") for the year ended September 30, 1997,
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
financial highlights and to comply with the requirements of Form N-SAR,
not to provide assurance on the internal control structure.
The management of the Fund 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 do 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 and financial highlights 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 September 30, 1997.
This report is intended solely for the information and use of management
and Board of Trustees of the Profit Funds Investment Trust and the Securities
and Exchange Commission.
2400 Eleven Penn Center
Philadelphia, Pennsylvania
November 15, 1997