0000894189-05-003336 Sample Contracts

PROFESSIONALLY MANAGED PORTFOLIOS INVESTMENT ADVISORY AGREEMENT FIMCO Select Fund
Investment Advisory Agreement • December 22nd, 2005 • Professionally Managed Portfolios • Delaware

THIS INVESTMENT ADVISORY AGREEMENT is made as of the 15th day of November, 2005, by and between Professionally Managed Portfolios, a Massachusetts business trust (the “Trust”), on behalf of the Trust’s FIMCO Select Fund series (the “Fund”) and Frontier Investment Management Co.(the “Advisor”).

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PROFESSIONALLY MANAGED PORTFOLIOS OPERATING EXPENSES LIMITATION AGREEMENT
Operating Expenses Limitation Agreement • December 22nd, 2005 • Professionally Managed Portfolios • Delaware

THIS OPERATING EXPENSES LIMITATION AGREEMENT (the “Agreement”) is effective as of the 15th day of , 2005, by and between Professionally Managed Portfolios, a Massachusetts business trust (the “Trust”), on behalf of the FIMCO Select Fund (the “Fund”), a series of the Trust, and the Advisor of the Fund, Frontier Investment Management Co. (the “Advisor”).

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