0001144204-09-050892 Sample Contracts

INVESTMENT ADVISORY AGREEMENT BETWEEN INVESTMENT MANAGERS SERIES TRUST AND ADVISORY RESEARCH, INC.
Investment Advisory Agreement • September 30th, 2009 • Investment Managers Series Trust • Delaware

THIS INVESTMENT ADVISORY AGREEMENT (the “Agreement”), dated as of October 1, 2009, between the Investment Managers Series Trust, a Delaware statutory trust (the “Trust”), on behalf of its series listed in Appendix A, as amended from time to time (the “Fund”), and Advisory Research Inc., a Delaware corporation (the “Advisor”).

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SUBSCRIPTION AGREEMENT
Subscription Agreement • September 30th, 2009 • Investment Managers Series Trust

THIS SUBSCRIPTION AGREEMENT is entered into as of the ___th day of October __, 2009, between Investment Managers Series Trust, a statutory trust organized and existing under the laws of Delaware (the "Trust"), and __________________ (the "Purchaser").

INVESTMENT MANAGERS SERIES TRUST OPERATING EXPENSES LIMITATION AGREEMENT
Operating Expenses Limitation Agreement • September 30th, 2009 • Investment Managers Series Trust • Delaware

THIS OPERATING EXPENSES LIMITATION AGREEMENT (the “Agreement”) is effective as of October 1, 2009 by and between INVESTMENT MANAGERS SERIES TRUST, a Delaware statutory trust (the “Trust”), on behalf of its series listed in Appendix A, as amended from time to time (the “Fund”), and Advisory Research, Inc. (the “Advisor”).

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