<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 ERIC M. BANHAZL
TITLE TREASURER
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<CIK> 0000811030
<NAME> PROFESSIONALLY MANAGED PORTFOLIOS
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REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
ON INTERNAL CONTROL STRUCTURE
Shareholders and Board of Trustees
Professionally Managed Portfolio
New York, New York
In planning and performing our audit of the financial statements of the
Matrix Growth Fund and the Matrix Emerging Growth Fund, each a series of
shares of Professionally Managed Portfolios, for the year ended December
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 Funds 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 December 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.
Philadelphia, Pennsylvania
January 16, 1998
SUB-ITEM 77K: Changes in registrant's certifying accountant.
Effective August 19, 1997, the Registrant's Board of Trustees selected the
accounting firm of Tait, Weller, & Baker to serve as the Registrant's
independent certified public accountants for the fiscal year ended December
31, 1997 to fill a vacancy in such position in accordance with Section 32(a)
(2) of the Investment Company Act. Of 1940 resulting from Joseph DeCosimo &
Company's resignation on August 19, 1997. Joseph DeCosimo & Company had
served as the Registrant's independent certified public accountants for the
Registrant's initial fiscal year ended December 31, 1996. Joseph DeCosimo &
Company's report on the financial statements of the Registrant for the fiscal
year ended December 31, 1996, did not contain an adverse opinion or
disclaimer of opinion or was not qualified or modified as to uncertainty,
audit scope, or accounting principles. There were no disagreements with
Joseph DeCosimo & Company on any matter of accounting principles or
practices, financial statement disclosure, or auditing scope of procedure
during the fiscal year ended December 31, 1996 or for the interim period from
January 1, 1997 through the date of their resignation.
The Registrant represents that it had no consulted with Tait, Weller, & Baker
at any time prior to their engagement with respect to the application of
accounting principles to a specified transaction, either completed or
proposed,; or the type of audit opinion that might be rendered on the
Registrant's financial statements.
Securities and Exchange Commission
450 Fifth Street, NW
Washington, DC 20549
Gentlemen:
We have read and agree with the comments in Item 77K of Form NSAR of
Matrix Emerging Growth/Matrix Growth Funds dated February 17, 1998.
/s/Joseph DeCosimo and Company, PLL
Joseph DeCosimo and Company, PLL
Cincinnati, Ohio
February 27, 1998
