PROFESSIONALLY MANAGED PORTFOLIOS
497, 1995-11-29
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                    LIGHTHOUSE GROWTH FUND

          Supplement to Prospectus dated October 1,1995


Page 2 of the Prospectus is revised as follows:


"The  Advisor  has  voluntarily  agreed to reduce its fees or make  payments  to
assure that the Fund's annual ratio of operating  expenses to average net assets
will not exceed 2.00%."

November 20, 1995





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