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<PAGE> PAGE 2
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<PAGE> PAGE 5
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<PAGE> PAGE 7
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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SIGNATURE ERIC M. BANHAZL
TITLE TREASURER
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<DISTRIBUTIONS-OF-GAINS> 315958
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<NUMBER-OF-SHARES-SOLD> 1173527
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<SHARES-REINVESTED> 20938
<NET-CHANGE-IN-ASSETS> 16499617
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<ACCUMULATED-GAINS-PRIOR> 192105
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</TABLE>
<TABLE> <S> <C>
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<NAME> PROFESSIONALLY MANAGED PORTFOLIOS
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REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
ON INTERNAL CONTROL STRUCTURE
Board of Trustees
Professionally Managed Portfolios
Glendora, California
In planning and performing our audit of the financial statements of Trent
Equity Fund, a series of Professionally Managed Portfolios, for the year
ended August 31, 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 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
transactons are executed in accordance 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 August 31,
1997.
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.
/s/ Tait, Weller, & Baker
Philadelphia, Pennsylvania
October 6, 1997
REPORT OF INDEPENDENT AUDITORS
To the Shareholders of
Lighthouse Growth Fund and
the Board of Trustees of
Professionally Managed Portfolios
In planning and performing our audit of the financial statements of
Lighthouse Growth Fund (the "Fund"), a series of Professionally Managed
Portfolios, for the year ended August 31, 1997, 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 any 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 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 of 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 as of August 31, 1997.
This report is intended solely for the information and use of the Board of
Trustees, management of the Fund and the Securities and Exchange Commission.
/s/ Ernst & Young, LLP
Los Angeles, California
October 14, 1997
REPORT OF INDEPENDENT AUDITORS
To the Board of Trustees of
Professionally Managed Portfolios and
Academy Value Fund
In planning and performing our audit of the financial statements of Academy
Value Fund (the "Fund"), a series of Professionally Managed Portfolios, for
the year ended August 31, 1997, 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 any 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 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 of 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 as of August 31, 1997.
This report is intended solely for the information and use of the Board of
Trustees, management of the Fund and the Securities and Exchange Commission.
/s/ Ernst & Young, LLP
Los Angeles, California
October 3, 1997
