Report of Independent Auditors
To the Board of Trustees of
Professionally Managed Portfolios
In planning and performing our audit of the financial
statements of Harris Bretall Sullivan & Smith Growth
Equity Fund (the Fund), a series of Professionally
Managed Portfolios, for the year ended March 31, 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, not to provide
assurance on 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, error
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 internal control would not necessarily
disclose all matters in 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 internal control components
does not reduce to a relatively low level the risk that
misstatements caused by error 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 internal control and
its operation, including controls for safeguarding
securities, that we consider to be material weaknesses
as defined above at March 31, 2000.
This report is intended solely for the information
and use of management, the Board of Trustees of
Professionally Managed Portfolios, and the Securities
and Exchange Commission and is not intended to be
and should not be used by anyone other than these
specified parties.
ERNST & YOUNG, LLP
Los Angeles, California
April 27, 2000
