0001144204-10-033089 Sample Contracts

FORM OF INVESTMENT ADVISORY AGREEMENT BETWEEN INVESTMENT MANAGERS SERIES TRUST AND ADVISORY RESEARCH, INC.
Investment Advisory Agreement • June 11th, 2010 • Investment Managers Series Trust • Delaware

THIS INVESTMENT ADVISORY AGREEMENT (the “Agreement”), dated as of_______________, 2010, 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 (each a “Fund”), and Advisory Research, Inc., a Delaware corporation (the “Advisor”).

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FORM OF SUBSCRIPTION AGREEMENT
Form of Subscription Agreement • June 11th, 2010 • Investment Managers Series Trust

THIS SUBSCRIPTION AGREEMENT is entered into as of the __th day of ___________, 2010, 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 FORM OF OPERATING EXPENSES LIMITATION AGREEMENT
Operating Expenses Limitation Agreement • June 11th, 2010 • Investment Managers Series Trust • Delaware

THIS OPERATING EXPENSES LIMITATION AGREEMENT (the “Agreement”) is effective as of _______________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., a Delaware corporation (the “Advisor”).

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