REPORT OF INDEPENDENT AUDITORS
To the Board of Trustees of
Professionally Managed Portfolios
In planning and performing our audit of
the financial statements of Leonetti Balanced
Fund and Leonetti Growth Fund (the Funds),
two series of Professionally Managed
Portfolios, for the fiscal year ended June 30,
2000, we considered their 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 Funds 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 Leonetti
Balanced Fund and Leonetti Growth Fund and the
Securities and Exchange Commission.
Ernst & Young LLP
Los Angeles, California
July 31, 2000
