0001398344-12-003912 Sample Contracts

INVESTMENT ADVISORY AGREEMENT BETWEEN INVESTMENT MANAGERS SERIES TRUST AND ADVISORY RESEARCH, INC.
Investment Advisory Agreement • December 28th, 2012 • Investment Managers Series Trust • 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”).

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INVESTMENT MANAGERS SERIES TRUST AMENDED OPERATING EXPENSES LIMITATION AGREEMENT
Operating Expenses Limitation Agreement • December 28th, 2012 • Investment Managers Series Trust • 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”).

SUBSCRIPTION AGREEMENT
Subscription Agreement • December 28th, 2012 • Investment Managers Series Trust

THIS SUBSCRIPTION AGREEMENT is entered into as of the 21st day of December 2012, between Investment Managers Series Trust, a statutory trust organized and existing under the laws of Delaware (the "Trust") on behalf of the Advisory Research Strategic Income Fund (the “Fund”), and Brien M. O’Brien (the "Purchaser").

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