REPORT OF INDEPENDENT AUDITORS
To the Board of Trustees of
Professionally Managed Portfolios
In planning and performing our audit of the
financial statements of U.S. Global Leaders
Growth Fund (the Fund), a series of Professionally
Managed Portfolios, for the year ended June 30,
2000, 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 accounting principles
generally accepted in the United States. 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 June 30, 2000.
This report is intended solely for the information
and use of the board of trustees and management
of U.S. Global Leaders Growth Fund and the Securities
and Exchange Commission.
Ernst & Young LLP
Los Angeles, California
July 31, 2000
