0001144204-08-015369 Sample Contracts

FORM OF INVESTMENT ADVISORY AGREEMENT FOR THE INSIGHT SMALL CAP GROWTH FUND OF THE INVESTMENT MANAGERS SERIES TRUST
Investment Advisory Agreement • March 14th, 2008 • Investment Managers Series Trust • Delaware

THIS INVESTMENT ADVISORY AGREEMENT (the “Agreement”), dated as of [xx], 200__, between the Investment Managers Series Trust, a Delaware statutory trust (the “Trust”), on behalf of its series the Insight Small Cap Growth Fund (the “Fund”), and Insight Capital Research & Management, Inc.®, a California corporation (the “Adviser”).

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FORM OF SUBSCRIPTION AGREEMENT
Subscription Agreement • March 14th, 2008 • Investment Managers Series Trust

THIS SUBSCRIPTION AGREEMENT is entered into as of the ____th day of _____, 200_, between Investment Managers Series Trust, a statutory trust organized and existing under the laws of Delaware (the "Trust"), and ________________________________ (the "Purchaser").

FORM OF INVESTMENT MANAGERS SERIES TRUST OPERATING EXPENSES LIMITATION AGREEMENT
Operating Expenses Limitation Agreement • March 14th, 2008 • Investment Managers Series Trust • California

THIS OPERATING EXPENSES LIMITATION AGREEMENT (this “Agreement”) is effective as of March __, 2008, by and between Investment Managers Series Trust, a Delaware statutory trust (the “Trust”), on behalf of the Insight Small Cap Growth Fund (the “Fund”), a series of the Trust, and the investment adviser of the Fund, Insight Capital Research & Management, Inc.® (the “Advisor”).

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