0000894189-06-002561 Sample Contracts

DISTRIBUTION AGREEMENT
Distribution Agreement • October 16th, 2006 • Professionally Managed Portfolios • Wisconsin

THIS AGREEMENT is made and entered into as of this 1st day of August, 2006, by and between PROFESSIONALLY MANAGED PORTFOLIOS a Massachusetts business trust (the “Trust”) on behalf of its series, CAN SLIM Select Growth, and QUASAR DISTRIBUTORS, LLC, a Delaware limited liability company (the “Distributor”). DUNCAN HURST CAPITAL MANAGEMENT, LP, the investment advisor (the “Advisor”), is a party hereto with respect to Section 5 only.

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CUSTODY AGREEMENT
Custody Agreement • October 16th, 2006 • Professionally Managed Portfolios • Ohio

THIS AGREEMENT is made and entered into as of this 22nd day of June, 2006, by and between PROFESSIONALLY MANAGED PORTFOLIOS, a Massachusetts business trust (the “Trust”), on behalf of the funds listed on the exhibits attached hereto and U.S. BANK NATIONAL ASSOCIATION, a national banking association organized and existing under the laws of the United States of America with its principal place of business at Cincinnati, Ohio (the “Custodian”).

PROFESSIONALLY MANAGED PORTFOLIOS AMENDED AND RESTATED INVESTMENT ADVISORY AGREEMENT Villere Balanced Fund
Investment Advisory Agreement • October 16th, 2006 • Professionally Managed Portfolios • Delaware

THIS AMENDED AND RESTATED INVESTMENT ADVISORY AGREEMENT is made as of the 31st day of Augst, 2006, by and between Professionally Managed Portfolios, a Massachusetts business trust (the “Trust”), on behalf of the Trust’s Villere Balanced Fund series (the “Fund”) and St. Denis J. Villere & Company, LLC (the “Advisor”).

FUND ACCOUNTING SERVICING AGREEMENT
Fund Accounting Servicing Agreement • October 16th, 2006 • Professionally Managed Portfolios • Wisconsin

THIS AGREEMENT is made and entered into as of this 22nd day of June, 2006, by and between PROFESSIONALLY MANAGED PORTFOLIOS, a Massachusetts business trust (the “Trust”), on behalf of the funds listed on the exhibits attached hereto and U.S. BANCORP FUND SERVICES, LLC, a Wisconsin limited liability company (“USBFS”).

TRANSFER AGENT SERVICING AGREEMENT
Transfer Agent Servicing Agreement • October 16th, 2006 • Professionally Managed Portfolios • Wisconsin

THIS AGREEMENT is made and entered into as of this 22nd day of June, 2006, by and between PROFESSIONALLY MANAGED PORTFOLIOS, a Massachusetts business trust (the "Trust"), on behalf of the funds listed on the exhibits attached hereto and U.S. BANCORP FUND SERVICES, LLC, a Wisconsin limited liability company ("USBFS").

FUND ADMINISTRATION SERVICING AGREEMENT
Fund Administration Servicing Agreement • October 16th, 2006 • Professionally Managed Portfolios • Wisconsin

THIS AGREEMENT is made and entered into this 22nd day of June, 2006, by and between PROFESSIONALLY MANAGED PORTFOLIOS, a Massachusetts business trust (the “Trust”), on behalf of the funds listed on the exhibits attached hereto and U.S. BANCORP FUND SERVICES, LLC, a Wisconsin limited liability company (“USBFS”).

ADDENDUM TO THE FUND ADMINISTRATION SERVICING AGREEMENT
Fund Administration Servicing Agreement • October 16th, 2006 • Professionally Managed Portfolios

THIS ADDENDUM dated as of the 24th day of July, 2006, to the Fund Administration Servicing Agreement, dated as of June 22, 2006 (the "Agreement"), is entered by and between PROFESSIONALLY MANAGED PORTFOLIOS, a Massachusetts business trust on behalf of the separate series of the Stephens Funds (the "Trust") and U.S. BANCORP FUND SERVICES, LLC, a Wisconsin limited liability company ("USBFS").

PROFESSIONALLY MANAGED PORTFOLIOS AMENDED AND RESTATED INVESTMENT ADVISORY AGREEMENT FundX Upgrader Fund FundX Aggressive Upgrader Fund FundX Conservative Upgrader Fund FundX Flexible Income Fund
Investment Advisory Agreement • October 16th, 2006 • Professionally Managed Portfolios • Delaware

THIS AMENDED AND RESTATED INVESTMENT ADVISORY AGREEMENT is made as of the 31st day of August, 2006, by and between Professionally Managed Portfolios, a Massachusetts business trust (the “Trust”), on behalf of the following series of the Trust: the FundX Upgrader Fund, the FundX Aggressive Upgrader Fund, the FundX Conservative Upgrader Fund and the FundX Flexible Income Funds (the “Funds”) and DAL Investment Company, LLC (the “Advisor”).

PROFESSIONALLY MANAGED PORTFOLIOS OPERATING EXPENSES LIMITATION AGREEMENT
Operating Expenses Limitation Agreement • October 16th, 2006 • Professionally Managed Portfolios • Delaware

THIS OPERATING EXPENSES LIMITATION AGREEMENT (the “Agreement”) is effective as of the 31st day of August, 2006, by and between Professionally Managed Portfolios, a Massachusetts business trust (the “Trust”), on behalf of the CAN SLIM® Select Growth Fund (the “Fund”), a series of the Trust, and the Advisor of the Fund Duncan-Hurst Capital Management, LP (the “Advisor”).

PROFESSIONALLY MANAGED PORTFOLIOS OPERATING EXPENSES LIMITATION AGREEMENT
Operating Expenses Limitation Agreement • October 16th, 2006 • Professionally Managed Portfolios • California

THIS OPERATING EXPENSES LIMITATION AGREEMENT (the “Agreement”) is effective as of the 29th day of July, 2004, by and between Professionally Managed Portfolios, a Massachusetts business trust (the “Trust”), on behalf of The Perkins Opportunity Fund (the “Fund”), a series of the Trust, and the Advisor of the Fund, Perkins Capital Management, Inc. (the “Advisor”).

AMENDMENT TO THE PROFESSIONALLY MANAGED PORTFOLIOS FUND ACCOUNTING SERVICING AGREEMENT
Fund Accounting Servicing Agreement • October 16th, 2006 • Professionally Managed Portfolios

THIS AMENDMENT dated as of the 17th day of August, 2006, to the Fund Accounting Servicing Agreement, dated as of June 22, 2006 (the "Agreement"), is entered by and between Professionally Managed Portfolios, a Massachusetts business trust (the "Trust") and U.S. Bancorp Fund Services, LLC, a Wisconsin limited liability company ("USBFS").

AMENDMENT TO THE PROFESSIONALLY MANAGED PORTFOLIOS CUSTODY AGREEMENT
Custody Agreement • October 16th, 2006 • Professionally Managed Portfolios

THIS AMENDMENT dated as of the 17th day of August, 2006, to the Custody Agreement, dated as of June 22, 2006 (the "Agreement"), is entered by and between Professionally Managed Portfolios, a Massachusetts business trust (the "Trust") and U.S. Bank National Association, a national banking association (the "Custodian").

AMENDMENT TO THE PROFESSIONALLY MANAGED PORTFOLIOS TRANSFER AGENT SERVICING AGREEMENT
Transfer Agent Servicing Agreement • October 16th, 2006 • Professionally Managed Portfolios

THIS AMENDMENT dated as of the 17th day of August, 2006, to the Transfer Agent Servicing Agreement, dated as of June 22, 2006 (the "Agreement"), is entered by and between Professionally Managed Portfolios, a Massachusetts business trust (the "Trust") and U.S. Bancorp Fund Services, LLC, a Wisconsin limited liability company ("USBFS").

PROFESSIONALLY MANAGED PORTFOLIOS OPERATING EXPENSES LIMITATION AGREEMENT
Operating Expenses Limitation Agreement • October 16th, 2006 • Professionally Managed Portfolios • Delaware

THIS OPERATING EXPENSES LIMITATION AGREEMENT (the “Agreement”) is effective as of the 31stday of August, 2006, by and between Professionally Managed Portfolios, a Massachusetts business trust (the “Trust”), on behalf of the Lighthouse Opportunity Fund (the “Fund”), a series of the Trust, and the Advisor of the Fund, Lighthouse Capital Management, LP (the “Advisor”).

AMENDMENT TO THE PROFESSIONALLY MANAGED PORTFOLIOS FUND ADMINISTRATION SERVICING AGREEMENT
Fund Administration Servicing Agreement • October 16th, 2006 • Professionally Managed Portfolios

THIS AMENDMENT dated as of the 17th day of August, 2006, to the Fund Administration Servicing Agreement, dated as of June 22, 2006 (the "Agreement"), as amended July, 24, 2006, is entered by and between Professionally Managed Portfolios, a Massachusetts business trust (the "Trust") and U.S. Bancorp Fund Services, LLC, a Wisconsin limited liability company ("USBFS").

PROFESSIONALLY MANAGED PORTFOLIOS OPERATING EXPENSES LIMITATION AGREEMENT
Operating Expenses Limitation Agreement • October 16th, 2006 • Professionally Managed Portfolios • Delaware

THIS OPERATING EXPENSES LIMITATION AGREEMENT (the “Agreement”) is effective as of the 1st day of March, 2006, by and between Professionally Managed Portfolios, a Massachusetts business trust (the “Trust”), on behalf of the Women’s Equity Fund (the “Fund”), a series of the Trust, and the Advisor of the Fund, FEMMX Financial (the “Advisor”).

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