PROFESSIONALLY MANAGED PORTFOLIOS INVESTMENT ADVISORY AGREEMENT Stephens Small Cap Growth Fund
▇▇▇▇▇▇▇▇
Small Cap Growth Fund
THIS
INVESTMENT ADVISORY AGREEMENT is made
as of the 21st day of November, 2004, by and between Professionally Managed
Portfolios, a Massachusetts business trust (the “Trust”), on behalf of the
▇▇▇▇▇▇▇▇ Small Cap Growth Fund series (the “Fund”) and ▇▇▇▇▇▇▇▇ Management
Investment Group, LLC (the “Advisor”).
WITNESSETH:
WHEREAS, the
Trust is an open-end management investment company, registered as such under the
Investment Company Act of 1940 (the “Investment Company Act”); and
WHEREAS, the
Fund is a series of the Trust having separate assets and liabilities; and
WHEREAS, the
Advisor is registered as an investment advisor under the Investment Advisors Act
of 1940 (the “Advisors Act”) and is engaged in the business of supplying
investment advice as an independent contractor; and
WHEREAS, the
Trust desires to retain the Advisor to render advice and services to the Fund
pursuant to the terms and provisions of this Agreement, and the Advisor desires
to furnish said advice and services;
NOW,
THEREFORE, in
consideration of the covenants and the mutual promises hereinafter set forth,
the parties to this Agreement, intending to be legally bound hereby, mutually
agree as follows:
1.
APPOINTMENT OF ADVISOR. The
Trust hereby employs the Advisor and the Advisor hereby accepts such employment,
to render investment advice and related services with respect to the assets of
the Fund for the period and on the terms set forth in this Agreement, subject to
the supervision and direction of the Trust’s Board of Trustees (the “Board of
Trustees”).
2.
DUTIES OF ADVISOR.
(a)
GENERAL
DUTIES. The
Advisor shall act as investment advisor to the Fund and shall supervise
investments of the Fund on behalf of the Fund in accordance with the investment
objectives, policies and restrictions of the Fund as set forth in the Fund’s and
Trust’s governing documents, including, without limitation, the Trust’s
Agreement and Declaration of Trust and By-Laws; the Fund’s prospectus, statement
of additional information and undertakings; and such other limitations, policies
and procedures as the Trustees may impose from time to time in writing to the
Advisor (collectively, “Investment Policies”). In providing such services, the
Advisor shall at all times adhere to the provisions and restrictions contained
in the federal securities laws, applicable state securities laws, the Internal
Revenue Code of 1986, the Uniform Commercial Code and other applicable law.
Without
limiting the generality of the foregoing, the Advisor shall: (i) furnish the
Fund with advice and recommendations with respect to the investment of the
Fund’s assets and the purchase and sale of portfolio securities for the Fund,
including the taking of such steps as may be necessary to implement such advice
and recommendations (i.e.,
placing the orders); (ii) manage and oversee the investments of the Fund,
subject to the ultimate supervision and direction of the Trust’s Board of
Trustees; (iii) vote proxies for the Fund and file ownership reports under
Section 13 of the Securities Exchange Act of 1934 (the “1934 Act”) for the Fund;
(iv) maintain records relating to the advisory services provided by the Advisor
hereunder required to be prepared and maintained by the Advisor or the Fund
pursuant to applicable law; (v) furnish reports, statements and other data on
securities, economic conditions and other matters related to the investment of
the Fund’s assets which the officers of the Trust may reasonably request; and
(vi) render to the Trust’s Board of Trustees such periodic and special reports
with respect to each Fund’s investment activities as the Board may reasonably
request, including at least one in-person appearance annually before the Board
of Trustees.
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(b)
BROKERAGE. The
Advisor shall be responsible for decisions to buy and sell securities for the
Fund, for broker-dealer selection, and for negotiation of brokerage commission
rates, provided that the Advisor shall not direct orders to an affiliated person
of the Advisor (“Affiliated Broker”) without general prior authorization to use
such Affiliated Broker from the Trust’s Board of Trustees. The Advisor shall
ensure full compliance with Section 17 and other applicable provisions of the
Investment Company Act in respect of any such use of an Affiliated Broker. In
selecting a broker-dealer to execute each particular transaction, the Advisor
may take the following factors, among others, into consideration: the best net
price available; the reliability, integrity and financial condition of the
broker-dealer; the size of and difficulty in executing the order; and the value
of the expected contribution of the broker-dealer to the investment performance
of the Fund on a continuing basis. The price to the Fund in any transaction may
be less favorable than that available from another broker-dealer if the
difference is reasonably justified by other aspects of the portfolio execution
services offered.
Subject
to such policies as the Board of Trustees of the Trust may determine and
consistent with Section 28(e) of the 1934 Act the Advisor shall not be deemed to
have acted unlawfully or to have breached any duty created by this Agreement or
otherwise solely by reason of its having caused the Fund to pay a broker or
dealer that provides (directly or indirectly) brokerage or research services to
the Advisor an amount of commission for effecting a portfolio transaction in
excess of the amount of commission another broker or dealer would have charged
for effecting that transaction, if the Advisor determines in good faith that
such amount of commission was reasonable in relation to the value of the
brokerage and research services provided by such broker or dealer, viewed in
terms of either that particular transaction or the Advisor’s overall
responsibilities with respect to the Trust. Subject to the same policies and
legal provisions, the Advisor is further authorized to allocate the orders
placed by it on behalf of the Fund to such brokers or dealers who also provide
research or statistical material, or other services, to the Trust, the Advisor,
or any affiliate of either. Such allocation shall be in such amounts and
proportions as the Advisor shall determine, and the Advisor shall report on such
allocations regularly to the Trust, indicating the broker-dealers to whom such
allocations have been made and the basis therefor.
On
occasions when the Advisor deems the purchase or sale of a security to be in the
best interest of the Fund as well as of other clients, the Advisor, to the
extent permitted by applicable laws and regulations, may aggregate the
securities to be so purchased or sold in order to obtain the most favorable
price or lower brokerage commissions and the most efficient execution. In such
event, allocation of the securities so purchased or sold, as well as the
expenses incurred in the transaction, will be made by the Advisor in the manner
it considers to be the most equitable and consistent with its fiduciary
obligations to the Fund and to such other clients.
(c) It is
understood and agreed that the Advisor shall have no obligation whatsoever to
initiate litigation on behalf of the Fund.
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3.
REPRESENTATIONS OF THE ADVISOR.
(a) The
Advisor shall use its best judgment and efforts in rendering the advice and
services to the Fund as contemplated by this Agreement.
(b) The
Advisor shall maintain all licenses and registrations necessary to perform its
duties hereunder in good order.
(c) The
Advisor shall conduct its operations at all times in conformance with the
Advisors Act, the Investment Company Act , and any other applicable state and/or
self-regulatory organization regulations.
(d) The
Advisor shall maintain errors and omissions insurance in an amount at least
equal to that disclosed to the Board of Trustees in connection with their
approval of this Agreement.
4.
INDEPENDENT CONTRACTOR. The
Advisor shall, for all purposes herein, be deemed to be an independent
contractor, and shall, unless otherwise expressly provided and authorized to do
so, have no authority to act for or represent the Trust or the Fund in any way,
or in any way be deemed an agent for the Trust or for the Fund. It is expressly
understood and agreed that the services to be rendered by the Advisor to the
Fund under the provisions of this Agreement are not to be deemed exclusive, and
that the Advisor may give advice and take action with respect to other clients,
including affiliates of the Advisor, that may be similar or different from that
given to the Fund, so long as the Advisor allocates investment opportunities
among its clients on a fair and equitable basis.
5.
ADVISOR’S PERSONNEL. The
Advisor shall, at its own expense, maintain such staff and employ or retain such
personnel and consult with such other persons as it shall from time to time
determine to be necessary to the performance of its obligations under this
Agreement. Without limiting the generality of the foregoing, the staff and
personnel of the Advisor shall be deemed to include any compliance staff and
personnel required by the Advisor and reasonably requested by the Board of
Trustees.
6.
EXPENSES.
(a) With
respect to the operation of the Fund, the Advisor shall be responsible for (i)
the Fund’s organizational expenses, (ii) providing the personnel, office space
and equipment reasonably necessary to perform its obligations under this
Agreement, (iii) the expenses of printing and distributing extra copies of the
Fund’s prospectus, statement of additional information, and sales and
advertising materials (but not the legal, auditing or accounting fees attendant
thereto) to prospective investors (but not to existing shareholders) to the
extent such expenses are not covered by any applicable plan adopted pursuant to
Rule 12b-1 under the Investment Company Act (each, a “12b-1 Plan”), (iv) the
costs of any special Board of Trustees meetings or shareholder meetings convened
for the primary benefit of the Advisor, and (v) any costs of liquidating or
reorganizing the Fund (unless such cost is otherwise allocated by the Board of
Trustees). If the Advisor has agreed to limit the operating expenses of the
Fund, the Advisor also shall be responsible on a monthly basis for any operating
expenses that exceed the agreed upon expense limit, subject to the terms of such
agreement.
(b) The
Fund is responsible for and has assumed the obligation for payment of all of its
expenses, other than as stated in Subparagraph 6(a) above, including but not
limited to: fees and expenses incurred in connection with the issuance,
registration and transfer of its shares; brokerage and commission expenses; all
expenses of transfer, receipt, safekeeping, servicing and accounting for the
cash, securities and other property of the Trust for the benefit of the Fund
including all fees and expenses of its custodian, shareholder services agent and
accounting services agent; interest charges on any borrowings; costs and
expenses of pricing and calculating its daily net asset value and of maintaining
its books of account required under the Investment Company Act; taxes, if any; a
pro rata portion of expenditures in connection with meetings of the Fund’s
shareholders and the Board of Trustees that are properly payable by the Fund;
salaries and expenses of officers of the Trust, including without limitation the
Trust’s Chief Compliance Officer, and fees and expenses of members of the Board
of Trustees or members of any advisory board or committee who are not members
of, affiliated with or interested persons of the Advisor; insurance premiums on
property or personnel of each Fund which inure to its benefit, including
liability and fidelity bond insurance; the cost of preparing and printing
reports, proxy statements, prospectuses and statements of additional information
of the Fund or other communications for distribution to existing shareholders
which are covered by any 12b-1 Plan; legal, auditing and accounting fees; all or
any portion of trade association dues or educational program expenses determined
appropriate by the Board of Trustees; fees and expenses (including legal fees)
of registering and maintaining registration of its shares for sale under
applicable securities laws; all expenses of maintaining and servicing
shareholder accounts, including all charges for transfer, shareholder
recordkeeping, dividend disbursing, redemption, and other agents for the benefit
of the Fund, if any; and all other charges and costs of its operation plus any
extraordinary and non-recurring expenses, except as herein otherwise prescribed.
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(c) The
Advisor may voluntarily or contractually absorb certain Fund expenses.
(d) To
the extent the Advisor incurs any costs by assuming expenses which are an
obligation of the Fund as set forth herein, the Fund shall promptly reimburse
the Advisor for such costs and expenses, except to the extent the Advisor has
otherwise agreed to bear such expenses. To the extent the services for which a
Fund is obligated to pay are performed by the Advisor, the Advisor shall be
entitled to recover from such Fund to the extent of the Advisor’s actual costs
for providing such services. In determining the Advisor’s actual costs, the
Advisor may take into account an allocated portion of the salaries and overhead
of personnel performing such services.
(e) The
Advisor may not pay fees in addition to any Fund distribution or servicing fees
to financial intermediaries, including without limitation banks, broker-dealers,
financial advisors, or pension administrators, for sub-administration,
sub-transfer agency or any other shareholder servicing or distribution services
associated with shareholders whose shares are held in omnibus or other group
accounts, except with the prior authorization of the Trust’s Board of Trustees.
Where such arrangements are authorized by the Trust’s Board of Trustees, the
Advisor shall report regularly to the Trust on the amounts paid and the relevant
financial institutions.
7.
INVESTMENT ADVISORY AND MANAGEMENT FEE.
(a) The
Fund shall pay to the Advisor, and the Advisor agrees to accept, as full
compensation for all services furnished or provided to such Fund pursuant to
this Agreement, an annual management fee at the rate set forth in Schedule
A to this
Agreement.
(b) The
management fee shall be accrued daily by the Fund and paid to the Advisor on the
first business day of the succeeding month.
(c) The
initial fee under this Agreement shall be payable on the first business day of
the first month following the effective date of this Agreement and shall be
prorated as set forth below. If this Agreement is terminated prior to the end of
any month, the fee to the Advisor shall be prorated for the portion of any month
in which this Agreement is in effect which is not a complete month according to
the proportion which the number of calendar days in the month during which the
Agreement is in effect bears to the number of calendar days in the month, and
shall be payable within ten (10) days after the date of termination.
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(d) The
fee payable to the Advisor under this Agreement will be reduced to the extent of
any receivable owed by the Advisor to the Fund and as required under any expense
limitation applicable to a Fund.
(e) The
Advisor voluntarily may reduce any portion of the compensation or reimbursement
of expenses due to it pursuant to this Agreement and may agree to make payments
to limit the expenses which are the responsibility of a Fund under this
Agreement. Any such reduction or payment shall be applicable only to such
specific reduction or payment and shall not constitute an agreement to reduce
any future compensation or reimbursement due to the Advisor hereunder or to
continue future payments. Any such reduction will be agreed to prior to accrual
of the related expense or fee and will be estimated daily and reconciled and
paid on a monthly basis.
(f) Any
such reductions made by the Advisor in its fees or payment of expenses which are
the Fund’s obligation are subject to reimbursement by the Fund to the Advisor,
if so requested by the Advisor, in subsequent fiscal years if the aggregate
amount actually paid by the Fund toward the operating expenses for such fiscal
year (taking into account the reimbursement) does not exceed the applicable
limitation on Fund expenses. Under the expense limitation agreement, the Advisor
may recoup reimbursements made in any fiscal year of the Fund over the following
three fiscal years. Any such reimbursement is also contingent upon Board of
Trustees review and approval at time the reimbursement is made. Such
reimbursement may not be paid prior to the Fund’s payment of current ordinary
operating expenses.
(g) The
Advisor may agree not to require payment of any portion of the compensation or
reimbursement of expenses otherwise due to it pursuant to this Agreement. Any
such agreement shall be applicable only with respect to the specific items
covered thereby and shall not constitute an agreement not to require payment of
any future compensation or reimbursement due to the Advisor hereunder.
8.
NO SHORTING; NO BORROWING. The
Advisor agrees that neither it nor any of its officers or employees shall take
any short position in the shares of the Fund. This prohibition shall not prevent
the purchase of such shares by any of the officers or employees of the Advisor
or any trust, pension, profit-sharing or other benefit plan for such persons or
affiliates thereof, at a price not less than the net asset value thereof at the
time of purchase, as allowed pursuant to rules promulgated under the Investment
Company Act. The Advisor agrees that neither it nor any of its officers or
employees shall borrow from the Fund or pledge or use the Fund’s assets in
connection with any borrowing not directly for the Fund’s benefit. For this
purpose, failure to pay any amount due and payable to the Fund for a period of
more than thirty (30) days shall constitute a borrowing.
9.
CONFLICTS WITH TRUST’S GOVERNING DOCUMENTS AND APPLICABLE
LAWS. Nothing
herein contained shall be deemed to require the Trust or the Fund to take any
action contrary to the Trust’s Agreement and Declaration of Trust, By-Laws, or
any applicable statute or regulation, or to relieve or deprive the Board of
Trustees of its responsibility for and control of the conduct of the affairs of
the Trust and Fund. In this connection, the Advisor acknowledges that the
Trustees retain ultimate plenary authority over the Fund and may take any and
all actions necessary and reasonable to protect the interests of shareholders.
10.
REPORTS AND ACCESS. The
Advisor agrees to supply such information to the Fund’s administrator and to
permit such compliance inspections by the Fund’s administrator as shall be
reasonably necessary to permit the administrator to satisfy its obligations and
respond to the reasonable requests of the Board of Trustees.
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11.
ADVISOR’S LIABILITIES AND INDEMNIFICATION.
(a) The
Advisor shall have responsibility for the accuracy and completeness (and
liability for the lack thereof) of all the statements and disclosures in the
Fund’s offering materials (including the prospectus, the statement of additional
information, advertising and sales materials) relating to: (i) the Advisor and
its affiliates, (ii) the Fund’s investment strategies and related risks, and
(iii) any brokerage transactions in respect of the Fund.
(b)
Except as otherwise provided herein, the Advisor shall be liable to the Fund for
any loss (including brokerage charges) incurred by the Fund as a result of any
investment made by the Advisor in violation of the Investment Policies, other
than those damages relating to lost profits.
(c) In
the absence of willful misfeasance, bad faith, gross negligence, or reckless
disregard of the obligations or duties hereunder on the part of the Advisor, the
Advisor shall not be subject to liability to the Trust or the Fund or to any
shareholder of the Fund for any act or omission in the course of, or connected
with, rendering services hereunder or for any losses that may be sustained in
the purchase, holding or sale of any security by the Fund. Notwithstanding the
foregoing, the parties acknowledge that nothing herein is intended to constitute
a waiver or limitation of any obligation or standard of care required under any
federal securities law.
(d) Each
party to this Agreement shall indemnify and hold harmless the other party and
the shareholders, directors, officers and employees of the other party (any such
person, an “Indemnified Party”) against any loss, liability, claim, damage or
expense (including the reasonable cost of investigating and defending any
alleged loss, liability, claim, damage or expenses and reasonable counsel fees
incurred in connection therewith) (collectively, “Losses”) arising out of the
Indemnifying Party’s willful misfeasance, bad faith, gross negligence or
reckless disregard of its obligations or duties hereunder; provided, however,
that nothing herein shall be deemed to protect any Indemnified Party against any
liability to which such Indemnified Party would otherwise be subject by reason
of willful misfeasance, bad faith, gross negligence or reckless disregard of its
obligations and duties under this Agreement; and, provided further, the Advisor
shall in any event indemnify the Fund for all Losses arising out of or in
connection with any use of an Affiliated Broker, other than investment loses not
in any way related to the use of such Affiliated Broker, without regard to the
Advisor’s willful misfeasance, bad faith, gross negligence or reckless disregard
to its obligations and duties hereunder.
(e) No
provision of this Agreement shall be construed to protect any Trustee or officer
of the Trust, or officer of the Advisor, from liability in violation of Sections
17(h) and (i) of the Investment Company Act.
12.
NON-EXCLUSIVITY; TRADING FOR ADVISOR’S OWN ACCOUNT. The
Trust’s employment of the Advisor is not an exclusive arrangement. The Trust may
from time to time employ other individuals or entities to furnish it with the
services provided for herein. Likewise, the Advisor may act as investment
advisor for any other person, and shall not in any way be limited or restricted
from buying, selling or trading any securities for its or their own accounts or
the accounts of others for whom it or they may be acting; provided, however,
that the Advisor will adopt a code of ethics governing employee trading and
trading for proprietary accounts that conforms to the requirements of the
Investment Company Act and the Advisor Act and has been approved by the Board of
Trustees.
13.
TERM.
(a) This
Agreement shall become effective at the time the Fund commences operations
pursuant to an effective amendment to the Trust’s Registration Statement under
the Securities Act of 1933 and shall remain in effect for a period of two (2)
years, unless sooner terminated as hereinafter provided. This Agreement shall
continue in effect thereafter for additional periods not exceeding one (l) year
so long as such continuation is approved at least annually by (i) the Board of
Trustees or by the vote of a majority of the outstanding voting securities of
the Fund and (ii) the vote of a majority of the Trustees of the Trust who are
not parties to this Agreement nor interested persons thereof, cast in person at
a meeting called for the purpose of voting on such approval. The terms “majority
of the outstanding voting securities” and “interested persons” shall have the
meanings set forth in the Investment Company Act.
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(b) The
Fund may use the name “▇▇▇▇▇▇▇▇ Small Cap Growth Fund” or any name derived from
or using the name “▇▇▇▇▇▇▇▇” only for so long as this Agreement or any
extension, renewal or amendment hereof remains in effect. Within sixty (60) days
from such time as this Agreement shall no longer be in effect, the Fund shall
cease to use such a name or any other name connected with the Advisor.
14.
TERMINATION; NO ASSIGNMENT.
(a) This
Agreement may be terminated by the Trust on behalf of the Fund at any time
without payment of any penalty, by the Board of Trustees or by vote of a
majority of the outstanding voting securities of a Fund, upon sixty (60) days’
written notice to the Advisor, and by the Advisor upon sixty (60) days’ written
notice to the Fund. In the event of a termination, the Advisor shall cooperate
in the orderly transfer of the Fund’s affairs and, at the request of the Board
of Trustees, transfer any and all books and records of the Fund maintained by
the Advisor on behalf of the Fund.
(b) This
Agreement shall terminate automatically in the event of any transfer or
assignment thereof, as defined in the Investment Company Act.
15.
NONPUBLIC
PERSONAL INFORMATION.
Notwithstanding
any provision herein to the contrary, the Advisor agrees on behalf of itself and
its managers, members, officers, and employees (1) to treat confidentially (a)
all records and other information relative to the Fund’s prior, present, or
potential shareholders (and clients of said shareholders) and (b) any Nonpublic
Personal Information, as defined under Section 248.3(t) of Regulation S-P
(“Regulation S-P”), promulgated under the ▇▇▇▇▇-▇▇▇▇▇-▇▇▇▇▇▇ Act (the “G-L-B
Act”), and (2) except after prior notification to and approval in writing by the
Trust, not to use such records and information for any purpose other than the
performance of its responsibilities and duties hereunder, or as otherwise
permitted by Regulation S-P or the G-L-B Act, and if in compliance therewith,
the privacy policies adopted by the Trust and communicated in writing to the
Advisor. Such written approval shall not be unreasonably withheld by the Trust
and may not be withheld where the Advisor may be exposed to civil or criminal
contempt or other proceedings for failure to comply after being requested to
divulge such information by duly constituted authorities.
16.
ANTI-MONEY LAUNDERING COMPLIANCE. The
Advisor acknowledges that, in compliance with the Bank Secrecy Act, as amended,
the USA PATRIOT Act, and any implementing regulations thereunder (together, “AML
Laws”), the Trust has adopted an Anti-Money Laundering Policy. The Advisor
agrees to comply with the Trust’s Anti-Money Laundering Policy and the AML Laws,
as the same may apply to the Advisor, now and in the future, provided, however,
that the Advisor shall not be liable in respect to any failure to comply with
changes to such AML Policy of which it has not been notified of in writing by
the Trust. The Advisor further agrees to provide to the Trust and/or the
administrator such reports, certifications and contractual assurances as may be
reasonably requested by the Trust. The Trust may disclose information regarding
the Advisor to governmental and/or regulatory or self-regulatory authorities to
the extent required by applicable law or regulation and may file reports with
such authorities as may be required by applicable law or
regulation.
17.
CERTIFICATIONS; DISCLOSURE CONTROLS AND PROCEDURES. The
Advisor acknowledges that, in compliance with the ▇▇▇▇▇▇▇▇-▇▇▇▇▇ Act of 2002
(the “▇▇▇▇▇▇▇▇-▇▇▇▇▇ Act”), and the implementing regulations promulgated
thereunder, the Trust and the Fund are required to make certain certifications
and have adopted disclosure controls and procedures. To the extent reasonably
requested by the Trust, the Advisor agrees to use its best efforts to assist the
Trust and the Fund in complying with the ▇▇▇▇▇▇▇▇-▇▇▇▇▇ Act and implementing the
Trust’s disclosure controls and procedures. The Advisor agrees to inform the
Trust of any material development related to the Fund that the Advisor
reasonably believes is relevant to the Fund’s certification obligations under
the ▇▇▇▇▇▇▇▇-▇▇▇▇▇ Act.
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18.
SEVERABILITY. If any
provision of this Agreement shall be held or made invalid by a court decision,
statute or rule, or shall be otherwise rendered invalid, the remainder of this
Agreement shall not be affected thereby.
19.
CAPTIONS. The
captions in this Agreement are included for convenience of reference only and in
no way define or limit any of the provisions hereof or otherwise affect their
construction or effect.
20.
GOVERNING LAW. This
Agreement shall be governed by, and construed in accordance with, the laws of
the State of Delaware without giving effect to the conflict of laws principles
of Delaware or any other jurisdiction; provided that nothing herein shall be
construed to preempt, or to be inconsistent with, any federal law, regulation or
rule, including the Investment Company Act and the Advisors Act and any rules
and regulations promulgated thereunder.
IN
WITNESS WHEREOF, the
parties hereto have caused this Agreement to be duly executed by their duly
authorized officers, all on the day and year first above written.
| PROFESSIONALLY MANAGED PORTFOLIOS | ▇▇▇▇▇▇▇▇ INVESTMENT |
| on behalf of the | MANAGEMENT GROUP, LLC |
| ▇▇▇▇▇▇▇▇ Small Cap Growth Fund | |
| By: /s/ ▇▇▇▇▇▇ ▇▇▇▇▇▇ | By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ |
| Name: ▇▇▇▇▇▇ ▇▇▇▇▇▇ | Name: ▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ |
| Title: President | Title: President |
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SCHEDULE
A
Series or
Fund of Professionally Managed Portfolios Annual
Fee rate
---------------------------------------------------
--------------- -------------------
▇▇▇▇▇▇▇▇
Small Cap Growth Fund 0.75% of
average daily net assets