PMP Custody - Amend - Exhibit for Akre

Certain identified information has been excluded from this exhibit because it is both (1) not

material and (2) would likely cause competitive harm to the registrant if publicly disclosed.

AMENDMENT TO THE

PROFESSIONALLY MANAGED PORTFOLIOS

CUSTODY AGREEMENT

THIS AMENDMENT effective as of November 21, 2024 (the “Effective Date”) to the

Custody Agreement dated as of August 10, 2023 (the "Agreement"), is entered into by and

between Professionally Managed Portfolios, a Massachusetts business trust (the "Trust"), on

behalf of its separate series, the Akre Funds and U.S. Bank N.A., a national banking association

(the "Custodian").

RECITALS

WHEREAS, the parties entered into the Agreement;

WHEREAS, the parties had previously entered into an Amended and Restated Custody

Agreement, dated May 15, 2013, as amended (the “AR Custody Agreement”);

WHEREAS, the parties desire to amend the Agreement to add an Exhibit for Akre

Capital Management, LLC and to add the following fund:

•Akre Focus ETF

WHEREAS, the parties desire to amend the Agreement to add the following fund and

applicable fees from the AR Custody Agreement to the Exhibit for Akre Capital Management,

LLC:

•Akre Focus Fund

WHEREAS, Article XV, Section 15.02 of the Agreement allows for its amendment by a

written instrument executed by both parties.

NOW, THEREFORE, the parties agree as follows:

1.As of the Effective Date, the attached Exhibit for Akre Capital Management, LLC

is hereby added to the Agreement.

2.As of the Effective Date, Exhibit HH to the AR Custody Agreement is hereby

superseded by the Exhibit for Akre Capital Management, LLC attached hereto.

Except to the extent amended hereby, the Agreement shall remain in full force and effect.

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be

executed by a duly authorized officer on one or more counterparts as of the Effective Date.

PROFESSIONALLY MANAGED U.S. BANK N.A.

PORTFOLIOS

By: /s/Elaine E. Richards____________By: /s/Greg Farley _______________

Name: Elaine E. Richards___________Name: Greg Farley __________

Title: Vice President and Secretary____ Title:Sr. Vice President____________

Date: December 16, 2024____________Date: December 16, 2024__________

Exhibit for Akre Capital Management, LLC

Professionally Management Portfolios Custody Agreement

Name of ETF (Fees Applicable to ETFs)

Akre Focus ETF

Base Fee for Custody Services

The following reflects the greater of the basis point fee or annual minimum1 where Akre Capital

Management, LLC (the “Adviser”) acts as investment adviser to the fund(s) in the same registered

investment company.

Annual Minimum per Fund2 Basis Points on Trust AUM2

$- Balance - bps

See Appendix C for Services and Associated Fees in addition to Base Fee

See Appendix D for Global Sub-Custodial Services & Safekeeping Services in addition to the Base Fee

Once a Fund is operational, should this service agreement with U.S. Bank be terminated prior to the end

of the initial two-year period, Adviser will be responsible for the balance of the minimum fees for the

remainder of the initial two-year period. Following the initial two-year period, this fee schedule will

automatically renew (unless otherwise amended or terminated) for successive two-year periods, and

should this service agreement with U.S. Bank be terminated prior to the end of such a two-year period,

Adviser will be responsible for the balance of the minimum fees for the remainder of such two-year period.

Additional services not included herein shall be mutually agreed upon at the time of the service being

added. In addition to the fees described above, additional fees may be charged to the extent that

changes to applicable laws, rules or regulations require additional work or expenses related to services

provided (e.g., compliance with new derivatives risk management and reporting requirements).

2 Subject to annual CPI increase: All Urban Consumers – U.S. City Average” index, provided that the CPI

adjustment will not decrease the base fees (even if the cumulative CPI rate at any point in time is

negative).

All annual fees described in this fee schedule (including appendices) are calculated pro rata and billed

monthly

APPENDIX C

Custody Services in addition to the Base Fee

Portfolio Transaction Fees1

$- – Book entry DTC transaction, Federal Reserve transaction, principal paydown

$- – Repurchase agreement, reverse repurchase agreement, time deposit/CD or other non-

depository transaction

$- – Option/SWAPS/future contract written, exercised or expired

$- – Mutual fund trade, Margin Variation Wire and outbound Fed wire

$- – Physical security transaction

$- – Check disbursement (waived if U.S. Bank is Administrator)

A transaction is a purchase/sale of a security, free receipt/free delivery, maturity, tender or exchange.

Miscellaneous Expenses

All other miscellaneous fees and expenses, including but not limited to the following, will be separately

billed as incurred: expenses incurred in the safekeeping, delivery and receipt of securities, shipping,

transfer fees, deposit withdrawals at custodian (DWAC) fees, SWIFT charges, negative interest charges

and extraordinary expenses based upon complexity.

Additional Services

Additional fees apply for global servicing.

Sub Advised Funds - $- per custody account per year.

Class Action Services – $- filing fee per class action per account, plus -% of gross proceeds, up

to a maximum per recovery not to exceed $-

$- – Segregated account per year

No charge for the initial conversion free receipt if fund is converting from another service provider.

$- per SMA converting into the fund

Overdrafts – charged to the account at prime interest rate plus -%, unless a line of credit is in

place

Third Party lending - Additional fees will apply

1 “Sponsor trades” are defined as any trades put through the Portfolio, on behalf of the Fund by any

portfolio manager/sub advisor and their affiliates authorized by the BOT to act on behalf of the Fund,

outside of the create/redeem process. Cash-in-Lieu proceeds received as part of the create/redeem

process, and their related transactions are not considered to be “Sponsor trades”.

APPENDIX D

Non Eurobonds rate sheet – below rate is applied on ISINs held at Euroclear plus (in addition to

standard - basis point charge.) Non Eurobond rate is calculated on any ISIN code listed below held at

Euroclear at month end.


Market	Non Eurobond ISIN code	Non Eurobond Rate ISINs held at EOC*
ARGENTINA	AR	-
AUSTRALIA	AU	-
BELGIUM	BE	-
CANADA	CA	-
CHILE	CL	-
CZECH REPUBLIC	CZ	-
DENMARK	DK	-
FINLAND	FI	-
FRANCE	FR	-
GERMANY	DE	-
GREECE	GG	-
HOLLAND	NL	-
HONG KONG	HK	-
HUNGARY	HU	-
ISRAEL	IL	-
ITALY	IT	-
JAPAN	JP	-
LUXEMBOURG	LU	-
MEXICO	MX	-
NEWZEALAND	NZ	-
NORWAY	NO	-
PERU	PE	-
POLAND	PL	-
PORTUGAL	PT	-
ROMANIA	RO	-
RUSSIA	RU	-
SINGAPORE	SG	-
SLOVAK REPUBLIC	SK	-
SLOVENIA	SI	-
SPAIN	ES	-
SOUTH-AFRICA	ZA	-
SWEDEN	SE	-
SWITZERLAND	CH	-
THAILAND	TH	-
UNITED KINGDOM	GB	-

Additional Global Sub-Custodial Services Annual Fee Schedule

Base Fee, Waived

Global Custody Transaction Fees1

Global Custody transaction fees associate with Sponsor Trades2. (See schedule below)

A transaction is defined as any purchase/sale, free receipt / free delivery, maturity, tender or

exchange of a security.

Global Safekeeping and Transaction Fees

(See schedule below)

Global Custody Tax Reclamation Services:

May be subject to additional charges depending upon the service level agreed. Tax reclaims that have

been outstanding for more than 6 (six) months with the client will be charged $- per claim.

Miscellaneous Expenses

Charges incurred by U.S. Bank, N.A. directly or through sub-custodians for account opening fees,

local taxes, stamp duties or other local duties and assessments, stock exchange fees, foreign

exchange transactions, postage and insurance for shipping, facsimile reporting, extraordinary

telecommunications fees, proxy services and other shareholder communications, recurring

administration fees, negative interest charges, overdraft charges or other expenses which are

unique to a country in which the client or its clients is investing will be passed along as incurred.

A surcharge may be added to certain miscellaneous expenses listed herein to cover handling,

servicing and other administrative costs associated with the activities giving rise to such

expenses. Also, certain expenses are charged at a predetermined flat rate.

SWIFT reporting and message fees.

1“Sponsor trades” are defined as any trades put through the Portfolio, on behalf of the Fund by any

portfolio manager/sub advisor and their affiliates authorized by the BOT to act on behalf of the Fund,

outside of the create/redeem process. Cash-in-Lieu proceeds received as part of the create/redeem

process, and their related transactions are not considered to be “Sponsor trades.”

Additional Global Sub-Custodial Services Annual Fee Schedule


Country	Safekeeping (BPS)	Transaction fee	Country	Safekeeping (BPS)	Transaction fee	Country	Safekeeping (BPS)	Transaction fee
Argentina	-	$-	Hong Kong	-	$-	Poland	-	$-
Australia	-	$-	Hungary	-	$-	Portugal	-	$-
Austria	-	$-	Iceland	-	$-	Qatar	-	$-
Bahrain	-	$-	India	-	$-	Romania	-	$-
Bangladesh	-	$-	Indonesia	-	$-	Russia	-	$-
Belgium	-	$-	Ireland	-	$-	Saudi Arabia	-	$-
Bermuda	-	$-	Israel	-	$-	Serbia	-	$-
Botswana	-	$-	Italy	-	$-	Singapore	-	$-
Brazil	-	$-	Japan	-	$-	Slovakia	-	$-
Bulgaria	-	$-	Jordan	-	$-	Slovenia	-	$-
Canada	-	$-	Kenya	-	$-	South Africa	-	$-
Chile	-	$-	Kuwait	-	$-	South Korea	-	$-
China Connect	-	$-	Latvia	-	$-	Spain	-	$-
China (B Shares)	-	$-	Lithuania	-	$-	Sri Lanka	-	$-
Colombia	-	$-	Luxembourg	-	$-	Sweden	-	$-
Costa Rica	-	$-	Malaysia	-	$-	Switzerland	-	$-
Croatia	-	$-	Malta	-	$-	Taiwan	-	$-
Cyprus	-	$-	Mauritius	-	$-	Tanzania	-	$-
Czech Republic	-	$-	Mexico	-	$-	Thailand	-	$-
Denmark	-	$-	Morocco	-	$-	Tunisia	-	$-
Egypt	-	$-	Namibia	-	$-	Turkey	-	$-
Estonia	-	$-	Netherlands	-	$-	UAE	-	$-
Euroclear (Eurobonds)	-	$-	New Zealand	-	$-	Uganda	-	$-
Euroclear (Non- Eurobonds)	-	$-	Nigeria	-	$-	Ukraine	-	$-
Finland	-	$-	Norway	-	$-	United Kingdom	-	$-
France	-	$-	Oman	-	$-	Uruguay	-	$-
Germany	-	$-	Pakistan	-	$-	Vietnam	-	$-
Ghana	-	$-	Panama	-	$-	West African Economic Monetary Union (WAEMU)*	-	$-
Greece	-	$-	Peru	-	$-	Zambia	-	$-
			Philippines	-	$-	Zimbabwe	-	$-

*Transaction Fee includes: Receive Versus Payment (RVP), Delivery Versus Payment (DVP), FREE REC, and FREE DEL activity

related to securities settlement within U.S. Bank sub-custodian network.

Exhibit for Akre Capital Management, LLC

Professionally Management Portfolios Custody Agreement

Name of Fund (Fees Applicable to Mutual Funds)

Akre Focus Fund

Custody Services Fee Schedule

Based upon an annual rate of average daily market value of all long securities and cash held in the

portfolio*:

- basis points

Minimum annual fee per fund – $-

Plus portfolio transaction fees

Portfolio Transaction Fees

$- – Book entry DTC transaction, Federal Reserve transaction, principal paydown

$- – Repurchase agreement, reverse repurchase agreement, time deposit/CD or other non-

depository transaction

$- – Option/SWAPS/future contract written, exercised or expired

$- – Mutual fund trade, Margin Variation Wire and outbound Fed wire

$- – Physical security transaction

$- – Check disbursement (waived if U.S. Bancorp is Administrator)

A transaction is a purchase/sale of a security, free receipt/free delivery, maturity, tender or exchange.

Miscellaneous Expenses

All other miscellaneous fees and expenses, including but not limited to the following, will be separately

billed as incurred: expenses incurred in the safekeeping, delivery and receipt of securities, shipping,

transfer fees, deposit withdrawals at custodian (DWAC) fees, SWIFT charges, negative interest charges

and extraordinary expenses based upon complexity.

Additional Services

Additional fees apply for global servicing.

Sub Advised Funds - $- per custody account per year

Class Action Services –$- filing fee per class action per account, plus -% of gross proceeds, up to

a maximum per recovery not to exceed $-..

$- – Segregated account per year.

No charge for the initial conversion free receipt.

Overdrafts – charged to the account at prime interest rate plus -% unless a line of credit is in

place.

Third Party lending - Additional fees will apply.

* Subject to annual CPI increase – All Urban Consumers – U.S. City Average” index, provided that the

CPI adjustment will not decrease the base fees (even if the cumulative CPI rate at any point in time is

negative).

Fees are calculated pro rata and billed monthly.

Additional Global Sub-Custodial Services Annual Fee Schedule

Safekeeping and transaction fees are assessed on security and currency transactions.

Global Custody Base Fee

Base Fee, Waived.

Global Custody Transaction Fees

A transaction is defined as any purchase/sale, free receipt / free delivery, maturity, tender or

exchange of a security.

Global Custody Tax Reclamation Services:

May be subject to additional charges depending upon the service level agreed. Tax reclaims that

have been outstanding for more than 6 (six) months with the client will be charged $- per claim.

Miscellaneous Expenses

Charges incurred by U.S. Bank, N.A. directly or through sub-custodians for account opening fees,

local taxes, stamp duties or other local duties and assessments, stock exchange fees, central

securities depository fees, securities market regulator fees, foreign exchange transactions, postage

and insurance for shipping, facsimile reporting, extraordinary telecommunications fees, proxy services

and other shareholder communications, recurring administration fees, negative interest charges,

overdraft charges or other expenses which are unique to a country in which the client or its clients is

investing will be passed along as incurred.

A surcharge may be added to certain miscellaneous expenses listed herein to cover handling,

servicing and other administrative costs associated with the activities giving rise to such expenses.

Also, certain expenses are charged at a predetermined flat rate.

SWIFT reporting and message fees.

Non Eurobonds rate sheet – below rate is applied on ISINs held at Euroclear plus (in addition to standard 1 basis

point charge.) Non Eurobond rate is calculated on any ISIN code listed below held at Euroclear at month end.


Market	Non Eurobond ISIN code	Non Eurobond Rate ISINs held at EOC*
ARGENTINA	AR	-
AUSTRALIA	AU	-
BELGIUM	BE	-
CANADA	CA	-
CHILE	CL	-
CZECH REPUBLIC	CZ	-
DENMARK	DK	-
FINLAND	FI	-
FRANCE	FR	-
GERMANY	DE	-
GREECE	GG	-
HOLLAND	NL	-
HONG KONG	HK	-
HUNGARY	HU	-
ISRAEL	IL	-
ITALY	IT	-
JAPAN	JP	-
LUXEMBOURG	LU	-
MEXICO	MX	-
NEWZEALAND	NZ	-
NORWAY	NO	-
PERU	PE	-
POLAND	PL	-
PORTUGAL	PT	-
ROMANIA	RO	-
RUSSIA	RU	-
SINGAPORE	SG	-
SLOVAK REPUBLIC	SK	-
SLOVENIA	SI	-
SPAIN	ES	-
SOUTH-AFRICA	ZA	-
SWEDEN	SE	-
SWITZERLAND	CH	-
THAILAND	TH	-
UNITED KINGDOM	GB	-
UNITED STATES	US	-

Adviser’s signature below is solely in acknowledgment of the above fee schedules and

Exhibit for Akre Capital Management, LLC.

Akre Capital Management, LLC

By: /s/John Neff________________

Name: John Neff________________

Title: CEO and CIO______________

Date: December 12, 2024__________