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361 Domestic Long / Short Equity Fund

Investor Category (ADMQX)

Class I (ADMZX)

Chic (ADMWX)

361 Long / Short Global Equity Fund

Investor Category (AGAQX)

Class I (AGAZX)

Chic (AGAWX)

Each of a series of Investment Managers Series Trust (the “Trust”)

Supplement dated 5 November 2021 to the Prospectus and

Supplementary Information Statement (“SAI”) dated March 1, 2021, as amended on April 1, 2021,

and summary prospectuses, each dated March 2, 2021, as amended.

Since the start of the activities of each Fund. On November 1, 2021, Wells Fargo Asset Management, the parent company of WellsCap, was acquired by GTCR LLC and Reverence Capital Partners, LP (the “Transaction”). In connection with the Transaction, the name of WellsCap changed to Allspring Global Investments, LLC (“Allspring”). Therefore, with immediate effect, all references in the prospectus, IAS and summary prospectuses to Wells Capital Management, Inc. as sub-advisor of the Funds are replaced by Allspring Global Investments, LLC.

The transaction resulted in the termination of the sub-advisor agreement then in effect between Hamilton Lane Advisors, LLC (“Hamilton Lane”), the investment adviser of the Funds, and WellsCap with respect to each Fund. At a meeting held on June 15 and 16, 2021, the Board of Trustees of the Trust (the “Board”) reviewed and approved a new Investment Sub-Advisor Agreement (the “New Sub-Advisor Agreement”) between Hamilton Lane and Allspring, effective upon closing of the transaction, pursuant to which Allspring (formerly WellsCap) would continue to act as investment sub-advisor to each Fund, under the supervision of Hamilton Lane.

The Transaction has not resulted in any change in the investment objective, primary investment strategy or investment policies of the Fund. In addition, the members of the portfolio management team who have managed each Fund since its inception continue to be members of the portfolio management team and continue to be responsible for the day-to-day management of the portfolio of each Fund. Under the new sub-advisory agreement, Allspring receives the same compensation that WellsCap received in respect of each Fund under the previous sub-advisory agreement. All sub-advisor fees are paid by Hamilton Lane and not by the Funds.

Please file this supplement with your records.