Report of Independent Auditors
To the Board of Trustees of
Professionally Managed Portfolios
In planning and performing our audit
of the financial statements of Lighthouse
Contrarian Fund (the Fund), a series of
Professionally Managed Portfolios, for
the year ended August 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, 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
generally accepted accounting principles.
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 August 31, 2000.
This report is intended solely for the information
and use of the board of trustees and management
of Lighthouse Contrarian Fund 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
October 3, 2000
