OPERATING EXPENSES LIMITATION AGREEMENT
Appendix A
to the
(as a percentage of daily net assets)
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Series of Professionally Managed Portfolios
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Operating Expense Limit
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Osterweis Institutional Equity Fund
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1.00%
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Osterweis Emerging Opportunity Fund
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1.50%
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Osterweis Total Return Fund
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0.75%
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Approved by the Board: November 14, 2016
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on behalf of the Funds listed on Appendix A
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OSTERWEIS CAPITAL MANAGEMENT, LLC
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By: __________________________________
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By: __________________________________
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Name: Xxxxxx X. Xxxxxxxx
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Name:
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Title: President
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Title:
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Appendix A revised on: November 14, 2016 to add the new Osterweis Emerging Opportunity Fund and Osterweis Total Return Fund.
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