0001144204-11-033195 Sample Contracts

INVESTMENT ADVISORY AGREEMENT BETWEEN INVESTMENT MANAGERS SERIES TRUST AND WCM INVESTMENT MANAGEMENT
Investment Advisory Agreement • May 31st, 2011 • Investment Managers Series Trust • Delaware

THIS INVESTMENT ADVISORY AGREEMENT (the “Agreement”), dated as of May 27, 2011 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 WCM Investment Management, a California corporation (the “Advisor”).

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INVESTMENT MANAGERS SERIES TRUST OPERATING EXPENSES LIMITATION AGREEMENT
Operating Expenses Limitation Agreement • May 31st, 2011 • Investment Managers Series Trust • Delaware

THIS OPERATING EXPENSES LIMITATION AGREEMENT (the “Agreement”) is effective as of May 27, 2011 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”), a series of the Trust, and the Advisor of the Fund, WCM Investment Management (the “Advisor”).

SUBSCRIPTION AGREEMENT
Subscription Agreement • May 31st, 2011 • Investment Managers Series Trust

THIS SUBSCRIPTION AGREEMENT is entered into as of the 24th day of May, 2011, between Investment Managers Series Trust, a statutory trust organized and existing under the laws of Delaware (the "Trust"), and WCM Investment Management (the "Purchaser").

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