Zacks Market Neutral Fund

Class A Shares

(Ticker Symbol: ZMNAX)

Class C Shares

(Ticker Symbol: ZMNCX)

A series of Investment Managers Series Trust (the “Trust”)

Supplement dated October 3, 2016, to the

Prospectus and Statement of Additional Information dated April 1, 2016, and the

Summary Prospectus dated April 4, 2016

Important Notice Regarding Class A Shares

The Board of Trustees of the Trust has approved the Fund’s re-designation of its Class A Shares to Investor Class Shares effective October 31, 2016 (the “Effective Date”). As of the Effective Date, all references to “Class A Shares” in the Prospectus, Summary Prospectus and Statement of Additional Information are replaced with “Investor Class Shares”, and the ticker symbol for Investor Class Shares will be “ZMNVX.”

The Fund’s Investor Class Shares will have the same fee structure as the Class A Shares, except that the Investor Class Shares will not be subject to a sales charge. As a result, as of the Effective Date, all references to sales charges are deleted with respect to Investor Class Shares. All other expenses are expected to remain the same. See the “Fees and Expenses of the Fund” table below for more details.

Important Notice Regarding Class C Shares

The Board of Trustees of the Trust has approved the Fund’s re-designation of its Class C Shares to Institutional Class Shares effective October 31, 2016 (the “Effective Date”). As of the Effective Date, all references to “Class C Shares” in the Prospectus, Summary Prospectus and Statement of Additional Information are replaced with “Institutional Class Shares”, and the ticker symbol for Institutional Class Shares will be “ZMNIX.”

The Fund’s Institutional Class Shares will have the same fee structure as the Class C Shares, except that the Institutional Class Shares will not be subject to a Rule 12b-1 distribution fee or a deferred sales charge. The Rule 12b-1 Plan that was in effect for the Class C Shares will be terminated. As a result, as of the Effective Date, all references to Rule 12b-1 distribution fees, the Rule 12b-1 Plan and deferred sales charges are deleted with respect to Institutional Class Shares.

In addition, as of the Effective Date, the Fund’s investment advisor, Zacks Investment Management, Inc., has agreed to reduce the annual operating expense limitation on the Fund’s Institutional Class Shares from 2.40% to 1.40% of the average daily net assets in Institutional Class Shares until March 31, 2019. See the “Fees and Expenses of the Fund” table below for more details.

As of the Effective Date, the “Fees and Expenses of the Fund” section in the Prospectus and Summary Prospectus is deleted and replaced with the following:

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

SHAREHOLDER FEES (fees paid directly from your investment)
	Investor Class Shares	Institutional Class Shares
Maximum sales charge (load) imposed on purchases	None	None
Maximum deferred sales charge (load)	None	None
Redemption fee if redeemed within 30 days of purchase (as a percentage of amount redeemed, if applicable)	2.00%	2.00%
Wire fee	$20	$20
Overnight check delivery fee	$25	$25
Retirement account fees (annual maintenance fee)	$15	$15

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
	Investor Class Shares	Institutional Class Shares
Management fees	1.10%	1.10%
Distribution and/or service (Rule 12b-1) fees	0.25%	None
Other expenses (including dividend and interest expenses on short sales of 3.00%)	5.44%	5.44%
Total annual fund operating expenses	6.79%	6.54%
Fees waived and/or expenses reimbursed¹	(2.14%)	(2.14%)
Total annual fund operating expenses after waiving fees and/or reimbursing expenses¹	4.65%	4.40%

The Fund’s advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (excluding any taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, acquired fund fees and expenses (as determined in accordance with Form N-1A), expenses incurred in connection with any merger or reorganization, and extraordinary expenses such as litigation expenses) do not exceed 1.65% and 1.40% of the average daily net assets for Investor Class Shares and Institutional Class Shares of the Fund, respectively. This agreement is in effect until March 31, 2019 and it may be terminated before that date only by the Trust’s Board of Trustees. The Fund’s advisor is permitted to seek reimbursement from the Fund, subject to certain limitations, of fees waived or payments made to the Fund for a period ending three full fiscal years after the date of the waiver or payment.

As of the Effective Date, the information under “Example” in the Prospectus and Summary Prospectus is deleted in its entirety and replaced with the following:

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

	One Year	Three Years	Five Years	Ten Years
Investor Class Shares	$466	$1,402	$2,750	$5,914
Institutional Class Shares	$441	$1,332	$2,643	$5,749

As of the Effective Date, the information in the “Performance” section in the Prospectus and Summary Prospectus is deleted in its entirety and replaced with the following:

The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year for Investor Class shares and by showing how the average annual total returns of each class of the Fund compare with the average annual total returns of a broad-based market index. Performance for classes other than those shown may vary from the performance shown to the extent the expenses for those classes differ. Updated performance information is available at the Fund’s website, www.zacksfunds.com, or by calling the Fund at 888-453-4003. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Prior to October 31, 2016, the Investor Class Shares of the Fund were designated as Class A Shares. Sales loads applicable to the Class A Shares are not reflected in the bar chart, and if those charges were included, returns would be less than those shown.

Annual Total Return (before taxes) For Investor Class Shares

For each calendar year at NAV

Investor Class Shares
Highest Calendar Quarter Return at NAV (non-annualized):	5.40%	Quarter Ended 6/30/2012
Lowest Calendar Quarter Return at NAV (non-annualized):	(4.65%)	Quarter Ended 6/30/2009

Average Annual Total Returns for the Periods Ended December 31, 2015

	1 year	5 years	Since Inception (07/24/08)
Return Before Taxes
Investor Class Shares	3.30%	1.50%	(1.09)%
Institutional Class Shares	2.52%	0.74%	(1.83)%
Return After Taxes on Distributions
Investor Class Shares	3.30%	1.50%	(1.11)%
Return After Taxes on Distributions and Sale of Fund Shares
Investor Class Shares	1.87%	1.15%	(0.83)%
Citigroup 3-Month T-Bill Index (Reflects no deductions for fees, expenses or taxes)	0.03%	0.05%	0.15%

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After–tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The after-tax returns are shown for Investor Class Shares only and after-tax returns for Institutional Class Shares will vary. Prior to October 31, 2016, Investor Class Shares were designated as Class A Shares, which were subject to a 5.75% sales charge that is not reflected in the total return figures. Prior to October 31, 2016, Institutional Class Shares were designated as Class C Shares, which were subject to a distribution fee pursuant to a Rule 12b-1 Plan and a Contingent Deferred Sales Charge (“CDSC”) of 1.00% on any shares sold within 12 months of the date of purchase. The CDSC is not reflected in the total return figures. The distribution fee is reflected in the Institutional Class Shares’ returns for periods prior to October 31, 2016.

As of the Effective Date, the table under “Purchase and Sale of Fund Shares” on page 5 of the Prospectus and page 4 of the Summary Prospectus is deleted in its entirety and replaced with the following:

Purchase and Sale of Fund Shares

To purchase shares of the Fund, you must invest at least the minimum amount.

Investor shares

Minimum Investments	To Open Your Account	To Add to Your Account
Direct Regular Accounts	$2,500	$100
Direct Retirement Accounts	$1,000	$50
Automatic Investment Plan	$500	$50
Gift Account For Minors	$1,000	$50

Institutional shares

Minimum Investments	To Open Your Account	To Add to Your Account
Direct Regular Accounts	$5,000	$1,000
Direct Retirement Accounts	$2,000	$500
Automatic Investment Plan	$5,000	$500
Gift Account For Minors	$2,000	$500

As of the Effective Date, the table under “PURCHASE OF SHARES” on page 35 of the Prospectus is deleted in its entirety and replaced with the following:

Minimum Investments	To Open Your Account	To Add to Your Account

Class C and Investor Class
Direct Regular Accounts	$2,500	$100
Direct Retirement Accounts	$1,000	$50
Automatic Investment Plan	$500	$50
Gift Account For Minors	$1,000	$50

Institutional Class
Direct Regular Accounts	$5,000	$1,000
Direct Retirement Accounts	$2,000	$500
Automatic Investment Plan	$5,000	$500
Gift Account For Minors	$2,000	$500

All additional references in the Fund’s Summary Prospectus, Prospectus and Statement of Additional Information to the Class A Shares and Class C Shares are revised as indicated above.

Please file this Supplement with your records.

Zacks All-Cap Core Fund

Class A Shares

(Ticker Symbol: CZOAX)

Class C Shares

(Ticker Symbol: CZOCX)

A series of Investment Managers Series Trust (the “Trust”)

Supplement dated October 3, 2016, to the

Prospectus and Statement of Additional Information dated April 1, 2016, and

Summary Prospectus dated April 4, 2016

Important Notice Regarding Class A Shares

The Fund’s Investor Class Shares will have the same fee structure as the Class A Shares, except that the Investor Class Shares will not be subject to a sales charge. As a result, as of the Effective Date, all references to sales charges are deleted with respect to Investor Class Shares. See the “Fees and Expenses of the Fund” table below for more details.

As of the Effective Date, the “Fees and Expenses of the Fund” section in the Prospectus and Summary Prospectus is deleted and replaced with the following:

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

SHAREHOLDER FEES

(fees paid directly from your investment)

	Investor Class Shares	Class C Shares
Maximum sales charge (load) imposed on purchases	None	None
Maximum deferred sales charge (load) (as a percentage of the lesser of the value redeemed or the amount invested)	None	1.00%¹
Redemption fee if redeemed within 30 days of purchase (as a percentage of amount redeemed, if applicable)	2.00%	2.00%
Wire fee	$20	$20
Overnight check delivery fee	$25	$25
Retirement account fees (annual maintenance fee)	$15	$15

ANNUAL FUND OPERATING EXPENSES

(expenses that you pay each year as a percentage of the value of your investment)

	Investor Class Shares	Class C Shares
Management fees	0.90%	0.90%
Distribution and/or service (Rule 12b-1) fees	0.25%	1.00%
Other expenses	0.53%	0.53%
Acquired Fund Fees and Expenses	0.08%	0.08%
Total annual fund operating expenses	1.76%	2.51%
Fees waived and/or expenses reimbursed²	(0.03%)	(0.03%)
Total annual fund operating expenses after waiving fees and/or reimbursing expenses²	1.73%	2.48%

¹	Class C Shares of the Fund are subject to a Contingent Deferred Sales Charge (“CDSC”) of 1.00% on any shares sold within 12 months of owning them and 0.50% during months 13-18.

The Fund’s advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (excluding any taxes, leverage interest, brokerage commissions, acquired fund fees and expenses (as determined in accordance with Form N-1A), expenses incurred in connection with any merger or reorganization, and extraordinary expenses such as litigation expenses) do not exceed 1.65% and 2.40% of the average daily net assets for Investor Class Shares and Class C Shares of the Fund, respectively. This agreement is in effect until March 31, 2019 and it may be terminated before that date only by the Trust’s Board of Trustees. The Fund’s advisor is permitted to seek reimbursement from the Fund, subject to certain limitations, of fees waived or payments made to the Fund for a period ending three full fiscal years after the date of the waiver or payment.

As of the Effective Date, the information under “Example” in the Prospectus and Summary Prospectus is deleted in its entirety and replaced with the following:

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year, and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

	One Year	Three Years	Five Years	Ten Years
Investor Class Shares	$176	$545	$945	$2,065
Class C Shares	$354	$773	$1,327	$2,839

You would pay the following expenses if you did not redeem your shares:

	One Year	Three Years	Five Years	Ten Years
Class C Shares	$251	$773	$1,327	$2,839

As of the Effective Date, the information in the “Performance” section in the Prospectus and Summary Prospectus is deleted in its entirety and replaced with the following:

Prior to October 31, 2016, the Investor Class Shares of the Fund were designated as Class A Shares. Sales loads applicable to the Class A Shares are not reflected in the bar chart, and if those charges were included, returns would be less than those shown.

Annual Total Return (before taxes) For Investor Class Shares

For each calendar year at NAV

Investor Class Shares
Highest Calendar Quarter Return at NAV (non-annualized):	12.90%	Quarter Ended 9/30/2009
Lowest Calendar Quarter Return at NAV (non-annualized):	(19.20%)	Quarter Ended 12/31/2008

Average Annual Total Returns for the Periods Ended December 31, 2015

	1 year	5 years	10 years
Return Before Taxes
Investor Class Shares	(0.54)%	10.45%	6.20%
Class C Shares	(2.24)%	9.61%	5.40%
Return After Taxes on Distributions
Investor Class Shares	(1.86)%	9.84%	5.77%
Return After Taxes on Distributions and Sale of Fund Shares
Investor Class Shares	0.78%	8.31%	4.99%
Russell 3000 Index (Reflects no deductions for fees, expenses or taxes)	0.48%	12.18%	7.35%

As of the Effective Date, the table under “PURCHASE OF SHARES” on page 35 of the Prospectus is deleted in its entirety and replaced with the following:

Minimum Investments	To Open Your Account	To Add to Your Account

Class C and Investor Class
Direct Regular Accounts	$2,500	$100
Direct Retirement Accounts	$1,000	$50
Automatic Investment Plan	$500	$50
Gift Account For Minors	$1,000	$50

Institutional Class
Direct Regular Accounts	$5,000	$1,000
Direct Retirement Accounts	$2,000	$500
Automatic Investment Plan	$5,000	$500
Gift Account For Minors	$2,000	$500

All additional references in the Fund’s Summary Prospectus, Prospectus and Statement of Additional Information to the Class A Shares are revised as indicated above.

Please file this Supplement with your records.

Zacks Small-Cap Core Fund

Investor Class Shares

(Ticker Symbol: ZSCCX)

Class C Shares

(Ticker Symbol: ZCCCX)

Class I Shares

(Ticker Symbol: ZSCIX)

A series of Investment Managers Series Trust (the “Trust”)

Supplement dated October 3, 2016, to the

Prospectus and Statement of Additional Information dated April 1, 2016, and

Summary Prospectus dated April 4, 2016

Important Notice Regarding Class C Shares

Upon the recommendation of the Fund’s advisor, Zacks Investment Management, Inc., the Board of Trustees of the Trust has approved the conversion of the Fund’s Class C Shares into Investor Class Shares and the subsequent termination of the Fund’s Class C Shares. Effective immediately, the Class C Shares are closed to all new investment. The Fund’s Class C Shares will be converted into Investor Class Shares and the Class C Shares will be terminated on or about October 31, 2016 (the “Effective Date”). Accordingly, as of the Effective Date, all references to the Fund’s Class C Shares in the Prospectus, Summary Prospectus and Statement of Additional Information are deleted in their entirety.

Important Notice Regarding Class I Shares

The Board of Trustees of the Trust has approved the re-naming of the Fund’s Class I Shares as Institutional Class Shares effective October 31, 2016 (the “Effective Date”). As of the Effective Date, all references to “Class I Shares” in the Prospectus, Summary Prospectus and Statement of Additional Information are replaced with “Institutional Class Shares”.

As of the Effective Date, the table under “PURCHASE OF SHARES” on page 35 of the Prospectus is deleted in its entirety and replaced with the following:

Minimum Investments	To Open Your Account	To Add to Your Account

Class C and Investor Class
Direct Regular Accounts	$2,500	$100
Direct Retirement Accounts	$1,000	$50
Automatic Investment Plan	$500	$50
Gift Account For Minors	$1,000	$50

Institutional Class
Direct Regular Accounts	$5,000	$1,000
Direct Retirement Accounts	$2,000	$500
Automatic Investment Plan	$5,000	$500
Gift Account For Minors	$2,000	$500

Please file this Supplement with your records.