MANAGED PORTFOLIO SERIES OPERATING EXPENSES LIMITATION AGREEMENTOperating Expenses Limitation Agreement • April 22nd, 2016 • Managed Portfolio Series • Delaware
THIS OPERATING EXPENSES LIMITATION AGREEMENT (the “Agreement”) is made as of the 29th day of April 2016, by and between Managed Portfolio Series, a Delaware statutory trust (the “Trust”), on behalf of the series of the Trust listed on Appendix A, which may be amended from time to time (the “Fund”), and TorrayResolute, LLC, a Delaware limited liability company (“TorrayResolute” or the “Adviser”), and, with respect only to paragraph 3 below, Montage Investments, LLC, a Kansas limited liability company and majority owner of TorrayResolute (“Montage” or “Guarantor”). This Agreement hereby supersedes the operating expenses limitation agreement dated November 19, 2014 between the Trust, the Adviser, and the Guarantor.
