Form of 1^st Amended and Restated Appendix A

to the

FIRST AMENDED AND RESTATED

OPERATING EXPENSES LIMITATION AGREEMENTBETWEEN INVESTMENT MANAGERS SERIES TRUST

AND

LIBERTY STREET ADVISORS, INC.

Fund (and Class, as applicable)	Annual Operating Expense Limit	Effective Date
Robinson Tax Advantaged Income Fund
Class A	1.60%	09/30/2014
Class T	1.60%	05/01/2017
Class C	2.35%	09/30/2014
Institutional Class	1.35%	09/30/2014

Amended and approved by the Board on March 16, 2017.

Agreed and accepted this ____ day of ____________, 2017.

INVESTMENT MANAGERS SERIES TRUST	LIBERTY STREET ADVISORS, INC.
By:	By:
Print Name:	Print Name
Title:	Title: