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<PAGE> PAGE 7
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SIGNATURE ROBERT M. SLOTKY
TITLE TREASURER/CFO
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<DIVIDEND-INCOME> 139224
<INTEREST-INCOME> 570751
<OTHER-INCOME> 0
<EXPENSES-NET> 686062
<NET-INVESTMENT-INCOME> 23913
<REALIZED-GAINS-CURRENT> (1683921)
<APPREC-INCREASE-CURRENT> (7371821)
<NET-CHANGE-FROM-OPS> (9031829)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (1274545)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 505849
<NUMBER-OF-SHARES-REDEEMED> 516994
<SHARES-REINVESTED> 81339
<NET-CHANGE-IN-ASSETS> (8720851)
<ACCUMULATED-NII-PRIOR> (63421)
<ACCUMULATED-GAINS-PRIOR> 1015546
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<GROSS-ADVISORY-FEES> 398634
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<GROSS-EXPENSE> 727528
<AVERAGE-NET-ASSETS> 31866705
<PER-SHARE-NAV-BEGIN> 15.76
<PER-SHARE-NII> .01
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<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.61)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.85
<EXPENSE-RATIO> 2.00
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000811030
<NAME> PROFESSIONALLY MANAGED PORTFOLIOS
<SERIES>
<NUMBER> 10
<NAME> TRENT EQUITY FUND
<MULTIPLIER> 1
<CURRENCY> US DOLLARS
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1998
<PERIOD-START> SEP-01-1997
<PERIOD-END> AUG-31-1998
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<INVESTMENTS-AT-COST> 2946372
<INVESTMENTS-AT-VALUE> 3223136
<RECEIVABLES> 11470
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<OTHER-ITEMS-ASSETS> 41066
<TOTAL-ASSETS> 3275700
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<OTHER-ITEMS-LIABILITIES> 28131
<TOTAL-LIABILITIES> 28131
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<PAID-IN-CAPITAL-COMMON> 2500608
<SHARES-COMMON-STOCK> 265590
<SHARES-COMMON-PRIOR> 279063
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<ACCUMULATED-NET-GAINS> 470197
<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 3247569
<DIVIDEND-INCOME> 31353
<INTEREST-INCOME> 924
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<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
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<NUMBER-OF-SHARES-REDEEMED> 33215
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<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (268925)
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<GROSS-ADVISORY-FEES> 43550
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 116623
<AVERAGE-NET-ASSETS> 3786835
<PER-SHARE-NAV-BEGIN> 11.90
<PER-SHARE-NII> (0.16)
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</TABLE>
Report of Independent Auditors
The Board of Trustees of
Professionally Managed Portfolios
In planning and performing our audit of the financial statements
of Academy Value Fund (the Fund) (one of the portfolios
constituting Professionally Managed Portfolios), for the year
ended August 31, 1998, 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 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 the 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 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 and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined
above at August 31, 1998.
This report is intended solely for the information and use of the
board of trustees and management of Academy Value Fund and
the Securities and Exchange Commission.
ERNST & YOUNG LLP
Los Angeles, California
September 30, 1998
Report of Independent Auditors
The Board of Trustees of
Professionally Managed Portfolios
In planning and performing our audit of the financial statements of
Lighthouse Contrarian Fund (the Fund) (one of the portfolios
constituting Professionally Managed Portfolios), for the year
ended August 31, 1998, 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 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 the 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 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 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 at August 31, 1998.
This report is intended solely for the information and use of the
board of trustees and management of Lighthouse Contrarian Fund
and the Securities and Exchange Commission.
ERNST & YOUNG LLP
Los Angeles, California
September 30, 1998
REPORT OF INDEPENDENT CERTIFIED PUBLIC
ACCOUNTANTS
ON INTERNAL CONTROL STRUCTURE
Board of Trustees
Professionally Managed Portfolios
New York, New York
In planning and performing our audit of the financial statements of
Trent Equity Fund, a series of Professionally Managed Portfolios,
for the period ended August 31, 1998, 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
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
August 31, 1998.
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
September 11, 1998
