SCHEDULE A

to the

PROFESSIONALLY MANAGED PORTFOLIOS

INVESTMENT ADVISORY AGREEMENT

With

Osterweis Capital Management, LLC

Series of Professionally Managed Portfolios	Annual Fee Rate as a Percentage of Average Daily Net Assets
Osterweis Strategic Income Fund	1.00% of average daily net assets on assets up to $250 million; 0.75% of average daily net assets between $250 million and $2.5 billion; and 0.65% of average daily net assets over $2.5 billion
Osterweis Strategic Investment Fund	1.00% on the first $500 million; 0.75% on amounts above $500 million
Osterweis Institutional Equity Fund	0.85% on the first $500 million; 0.75% on amounts above $500 million
Osterweis Emerging Opportunity Fund	1.00% on the first $500 million; 0.85% on amounts between $500 million and $1 billion, and 0.75% on amounts above $1 billion.
Osterweis Total Return Fund	0.45%

Approved by the Board: November 14, 2016

PROFESSIONALLY MANAGED PORTFOLIOS on behalf of  the Funds listed on Schedule A	Osterweis Capital Management, LLC
By:	By:
Name:  Elaine E. Richards	Name:
Title:    President	Title:

Schedule A revised on: November 14, 2016 to add the new Osterweis Emerging Opportunity Fund and Osterweis Total Return Fund.

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