REPORT OF INDEPENDENT
CERTIFIED PUBLIC ACCOUNTANTS
ON INTERNAL CONTROL
STRUCTURE
Board of Trustees
Purisima Funds
Woodside, California
In planning and performing our audits of the
financial statements of Purisima Total Return
Fund, Purisima Pure American Fund, and Purisima
Pure Foreign Fund, each a series of shares of
beneficial interest of Purisima Funds (the
"Funds"), for the year ended August 31, 2000, 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 Trust 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, 2000.
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 13, 2000
