Zacks All-Cap Core Fund

Zacks All-Cap Core Fund Investor Class Shares - CZOVX

Class C Shares - CZOCX

A series of Investment Managers Series Trust (the "Trust")

Supplement dated October 2, 2017, to the Prospectus and Statement of Additional Information dated April 1, 2017.

Effective October 1, 2017 (the "Effective Date"), Zacks Investment Management, Inc. (the "Advisor") has lowered its management fee from 0.90% to 0.80% of the Fund's average daily net assets. In addition, as of the Effective Date, the Advisor has agreed to reduce the limit on the total annual fund operating expenses, excluding certain expenses as described below, from 1.65% and 2.40% to 1.55% and 2.30% of the average daily net assets of the Fund's Investor Class and Class C shares, respectively. Accordingly, the Fund's Prospectus is supplemented by replacing the "Fees and Expenses" table with the following table:

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) Maximum sales charge (load) imposed on purchases

(as a percentage of offering price) Maximum deferred sales charge (load)

(as a percentage of the lesser of the value redeemed or the amount invested) Redemption fee if redeemed within 30 days of purchase (as a percentage of amount redeemed, if applicable) Wire fee Overnight check delivery fee Retirement account fees (annual maintenance fee)

Investor Class Shares

Class C Shares

None

None

2.00% $20 $25 $15

None

1.00%2

2.00% $20 $25 $15

ANNUAL FUND OPERATING EXPENSES1 (expenses that you pay each year as a percentage of the value of your investment) Management fees Distribution and/or service (Rule 12b-1) fees Other expenses Acquired Fund Fees and Expenses Total annual fund operating expenses Fees waived and/or expenses reimbursed3

Total annual fund operating expenses after waiving fees and/or reimbursing expenses3

0.80% 0.25% 0.55% 0.07% 1.67% (0.05%)

1.62%

0.80% 1.00% 0.55% 0.07% 2.42% (0.05%)

2.37%

1 The expense information in the table has been restated to reflect the current management fee and expense cap, effective October 1, 2017.

2 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.

3 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 N1A), expenses incurred in connection with any merger or reorganization, and extraordinary expenses such as litigation expenses) do not exceed 1.55% and 2.30% 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, 2020 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. This reimbursement may be requested from the Fund if the reimbursement will not cause the Fund's annual expense ratio to exceed the lesser of (a) the expense limitation amount in effect at the time such fees were waived or payments made, or (b) the expense limitation amount in effect at the time of the reimbursement.

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:

Investor Class Class C

One Year

$165 $343

Three Years

$522 $750

Five Years

$903 $1,286

Ten Years

$1,972 $2,753

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

Class C

One Year $240

Three Years $750

Five Years $1,286

Ten Years $2,753

The example does not reflect sales loads on reinvested dividends and capital gains. If these sales loads were included, your costs would be higher.

As of the Effective Date, the following is added immediately after the table under "Investment Advisor" on page 41 of the Prospectus:

Effective October 1, 2017, the Advisor lowered its management fee with respect to the Zacks All-Cap Core Fund from 0.90% to 0.80% of the Fund's average daily net assets.

As of the Effective Date, the table under "Fund Expenses" on page 42 of the Prospectus and the second paragraph under "Fund Expenses" on page B-45 of the SAI is deleted and replaced with the following:

Fund

Expense Cap

Zacks Market Neutral Fund Investor Class Shares

1.65%

Zacks Market Neutral Fund Institutional Class Shares

1.40%*

Zacks All-Cap Core Fund Investor Class Shares

1.55%**

Zacks All-Cap Core Fund Class C Shares

2.30%**

Zacks Small-Cap Core Fund Investor Class Shares

1.39%

Zacks Small-Cap Core Fund Institutional Class Shares

1.14%

Zacks Dividend Fund Investor Class Shares

1.30%

Zacks Dividend Fund Institutional Class Shares

1.05%

*

As of October 31, 2016, in conjunction with the re-designation of Class C Shares of the Zacks

Market Neutral Fund as Institutional Class Shares, the expense cap for such shares was reduced from

2.40% to 1.40% of the Fund's average daily net assets.

** With respect to the Zacks All-Cap Core Fund, effective October 1, 2017, the Advisor agreed to reduce the expense cap from 1.65% and 2.40% to 1.55% and 2.30% of the average daily net assets of the Fund's Investor Class and Class C shares, respectively.

Effective October 1, 2017, all other references in the Fund's Prospectus and SAI to the annual management fee and expense limitation arrangement are revised as indicated above.

Please retain this Supplement with your records.

ZACKS FUNDS Zacks Market Neutral Fund

Investor Class Shares ? ZMNVX Institutional Class Shares - ZMNIX Zacks All-Cap Core Fund Investor Class Shares ? CZOVX Class C Shares - CZOCX Zacks Small-Cap Core Fund Investor Class Shares ? ZSCCX Institutional Class Shares - ZSCIX Zacks Dividend Fund Investor Class Shares ? ZDIVX Institutional Class Shares - ZDIIX

PROSPECTUS April 1, 2017

The Securities and Exchange Commission (the "SEC") has not approved or disapproved these securities or passed upon the accuracy or adequacy of this Prospectus. Any representation to the contrary is a criminal offense.

Zacks Funds Each a series of Investment Managers Series Trust (the "Trust") Each of the funds described in this Prospectus will be referred to

as a "Fund" and collectively as the "Funds"

Table of Contents

SUMMARY SECTION ......................................................................................................................... 1 ZACKS MARKET NEUTRAL FUND ................................................................................................. 1 SUMMARY SECTION ......................................................................................................................... 7 ZACKS ALL-CAP CORE FUND .......................................................................................................... 7 SUMMARY SECTION ......................................................................................................................... 8 SUMMARY SECTION ........................................................................................................................13 ZACKS SMALL-CAP CORE FUND....................................................................................................13 SUMMARY SECTION ........................................................................................................................19 ZACKS DIVIDEND FUND.................................................................................................................19 MORE ABOUT THE FUNDS' INVESTMENT OBJECTIVES, PRINCIPAL INVESTMENT

STRATEGIES AND RISKS ............................................................................................................. 25 ZACKS MARKET NEUTRAL FUND ............................................................................................... 25 ZACKS ALL-CAP CORE FUND ........................................................................................................ 29 ZACKS SMALL-CAP CORE FUND................................................................................................... 32 ZACKS DIVIDEND FUND................................................................................................................ 35 MANAGEMENT OF THE FUNDS .................................................................................................. 39 PURCHASE OF SHARES .................................................................................................................. 40 DIVIDENDS AND DISTRIBUTIONS ............................................................................................. 52 FEDERAL INCOME TAX CONSEQUENCES ............................................................................... 52 APPENDIX A ? Waivers and Discounts Available from Intermediaries............................................ 62 FOR MORE INFORMATION........................................................................................................... 64

This Prospectus sets forth basic information about the Funds that you should know before investing. It should be read and retained for future reference.

The date of this Prospectus is April 1, 2017.

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