0001144204-12-011419 Sample Contracts

INVESTMENT ADVISORY AGREEMENT BETWEEN INVESTMENT MANAGERS SERIES TRUST AND ADVISORY RESEARCH, INC.

Investment Advisory Agreement • February 28th, 2012 • Investment Managers Series Trust • Delaware

• Contract Type
  Investment Advisory Agreement
• Filed
  February 28th, 2012
• Company
  Investment Managers Series Trust
• Jurisdiction
  Delaware

THIS INVESTMENT ADVISORY AGREEMENT (the “Agreement”), dated as of March 1, 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”).

INVESTMENT MANAGERS SERIES TRUST AMENDED OPERATING EXPENSES LIMITATION AGREEMENT

Operating Expenses Limitation Agreement • February 28th, 2012 • Investment Managers Series Trust • Delaware

• Contract Type
  Operating Expenses Limitation Agreement
• Filed
  February 28th, 2012
• Company
  Investment Managers Series Trust
• Jurisdiction
  Delaware

THIS OPERATING EXPENSES LIMITATION AGREEMENT (the “Agreement”) is effective as of September 14, 2010 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, ADVISORY RESEARCH, INC., (the “Advisor”).