<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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SIGNATURE ROBERT SLOTKY
TITLE TREASURER
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<PER-SHARE-DISTRIBUTIONS> 1.22
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.70
<EXPENSE-RATIO> 2.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000811030
<NAME> PROFESSIONALLY MANAGED PORTFOLIOS
<SERIES>
<NUMBER> 18
<NAME> LIGHTHOUSE CONTRARIAN FUND
<MULTIPLIER> 1
<CURRENCY> US DOLLARS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-1999
<PERIOD-START> SEP-01-1998
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<INVESTMENTS-AT-COST> 12783265
<INVESTMENTS-AT-VALUE> 12364327
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<TOTAL-ASSETS> 12624596
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<SHARES-COMMON-PRIOR> 2003127
<ACCUMULATED-NII-CURRENT> (120474)
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<ACCUMULATED-NET-GAINS> (5966584)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (418938)
<NET-ASSETS> 12384832
<DIVIDEND-INCOME> 88058
<INTEREST-INCOME> 196572
<OTHER-INCOME> 0
<EXPENSES-NET> 348870
<NET-INVESTMENT-INCOME> (64240)
<REALIZED-GAINS-CURRENT> (4023664)
<APPREC-INCREASE-CURRENT> 3388473
<NET-CHANGE-FROM-OPS> (699431)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 16726
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 103469
<NUMBER-OF-SHARES-REDEEMED> 920664
<SHARES-REINVESTED> 1589
<NET-CHANGE-IN-ASSETS> (9358359)
<ACCUMULATED-NII-PRIOR> (39508)
<ACCUMULATED-GAINS-PRIOR> (1942920)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 207288
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 408981
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<PER-SHARE-NAV-BEGIN> 10.85
<PER-SHARE-NII> (0.07)
<PER-SHARE-GAIN-APPREC> (0.34)
<PER-SHARE-DIVIDEND> 0.01
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.43
<EXPENSE-RATIO> 2.00
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<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000811030
<NAME> PROFESSIONALLY MANAGED PORTFOLIOS
<SERIES>
<NUMBER> 10
<NAME> TRENT EQUITY FUND
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<CURRENCY> US DOLLARS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-1999
<PERIOD-START> SEP-01-1998
<PERIOD-END> AUG-31-1999
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<INVESTMENTS-AT-COST> 3938659
<INVESTMENTS-AT-VALUE> 5156380
<RECEIVABLES> 5673
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<OTHER-ITEMS-ASSETS> 82630
<TOTAL-ASSETS> 5244683
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 30443
<TOTAL-LIABILITIES> 30443
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<SHARES-COMMON-STOCK> 344517
<SHARES-COMMON-PRIOR> 265590
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 540127
<OVERDISTRIBUTION-GAINS> 0
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<EXPENSES-NET> 88158
<NET-INVESTMENT-INCOME> (41680)
<REALIZED-GAINS-CURRENT> 796793
<APPREC-INCREASE-CURRENT> 940957
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<DISTRIBUTIONS-OF-GAINS> 725130
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<SHARES-REINVESTED> 60162
<NET-CHANGE-IN-ASSETS> 1966671
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 470197
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 50691
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 148352
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</TABLE>
REPORT OF INDEPENDENT AUDITORS
To 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 the series of Professionally
Managed Portfolios), for the year ended August 31,
1999, 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, and 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 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
specific internal control components does not reduce to
a relatively low level the risk that errors or fraud 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, 1999.
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.
September 27, 1999
REPORT OF INDEPENDENT AUDITORS
To the Board of Trustees of
Professionally Managed Portfolios
In planning and performing our audit of the financial
statements of Lighthouse Contrarian Fund (the Fund),
a series of Professionally Managed Portfolios, for the
year ended August 31, 1999, 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, and 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 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
specific internal control components does not reduce to
a relatively low level the risk that errors or fraud 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, 1999.
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.
September 30, 1999
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, 1999, 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, 1999.
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.
TAIT, WELLER & BAKER
Philadelphia, Pennsylvania
October 1, 1999
