REPORT OF INDEPENDENT CERTIFIED
PUBLIC ACCOUNTANTSON INTERNAL
CONTROL STRUCTURE
The Board of Trustees
Professionally Managed Portfolios
Glendora, California
In planning and performing our audits of the financial
statements of The Perkins Opportunity Fund, The Perkins
Discovery Fund, the Hodges Fund, the Pro-Conscience
Women's Equity Mutual Fund, the James C. Edwards
Equity Masters Fund, and the Avondale Hester Total
Return Fund, for the period ended March 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 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 March 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
April 20, 2000
