# EDGAR Filing Document

**Accession Number:** 0001318342
**File Stem:** 0001213900-25-051220
**Filing Date:** 2025-6
**Character Count:** 5200
**Document Hash:** 3934915e0599221571ee5b8d239f077d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-051220.hdr.sgml**: 20250604

**ACCESSION NUMBER**: 0001213900-25-051220

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20250604

**DATE AS OF CHANGE**: 20250604

**EFFECTIVENESS DATE**: 20250604

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Investment Managers Series Trust
- **CENTRAL INDEX KEY:** 0001318342

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-122901
- **FILM NUMBER:** 251023806

**BUSINESS ADDRESS:**
- **STREET 1:** 235 WEST GALENA STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53212
- **BUSINESS PHONE:** 626-914-4141

**MAIL ADDRESS:**
- **STREET 1:** 235 WEST GALENA STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53212

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Claymore Trust
- **DATE OF NAME CHANGE:** 20050603

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Claymore Equity Trust
- **DATE OF NAME CHANGE:** 20050218

## Series and Classes Contracts Data

### Palmer Square Income Plus Fund (Series ID: S000044040)

---

|  |  |  |
|:---|:---|:---|
| Class Name | Ticker Symbol | Class ID   |
| Class I    | PSYPX         | C000136684 |
| Class T    | PSTPX         | C000248662 |

---

### Palmer Square Ultra-Short Duration Investment Grade Fund (Series ID: S000050277)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                               | Ticker Symbol | Class ID   |
| Palmer Square Ultra-Short Duration Investment Grade Fund | PSDSX         | C000158749 |

---

## Series and Classes Contracts Data

### Palmer Square Income Plus Fund (Series ID: S000044040)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000136684 | Class I      | PSYPX           |
| C000248662 | Class T      | PSTPX           |

### Palmer Square Ultra-Short Duration Investment Grade Fund (Series ID: S000050277)

| Class ID   | Class Name                                               | Ticker Symbol   |
|:---|:---|:---|
| C000158749 | Palmer Square Ultra-Short Duration Investment Grade Fund | PSDSX           |

**Palmer Square Income Plus Fund** 

Class I (Ticker: PSYPX)

Class T (Ticker: PSTPX)

 

**Palmer Square Ultra-Short Duration Investment Grade Fund** 

(Ticker: PSDSX)

 

*Each a series of Investment Managers Series Trust (the "Trust")*

Supplement dated June 4, 2025 to the currently effective

Summary Prospectuses, Prospectus and Statement of Additional Information.

**\*\*\* Important Notice Regarding Proposed Fund ReorganizationS \*\*\***

The Board of Trustees of Investment Managers Series Trust has approved an Agreement and Plan of Reorganization (the "Plan") for each of the Palmer Square Income Plus Fund and Palmer Square Ultra-Short Duration Investment Grade Fund (each, a "Target Fund"), each a series of the Trust, providing for the reorganization of each Target Fund into a corresponding newly created series (each, an "Acquiring Fund") of Palmer Square Funds Trust (the "Acquiring Trust"). The reorganization of each Target Fund is subject to approval by its shareholders and other customary closing conditions.

Each Acquiring Fund will have identical investment objectives and substantially the same principal investment strategies as its corresponding Target Fund. Following the reorganization, each Target Fund's current investment advisor, Palmer Square Capital Management LLC ("Palmer Square Capital"), will continue to serve as investment advisor to each Acquiring Fund. In addition, each Acquiring Fund will have the same portfolio managers as the corresponding Target Fund. The Acquiring Trust is comprised exclusively of funds managed by Palmer Square Capital.

The Plan provides for each Target Fund to transfer all of its assets to the corresponding Acquiring Fund in return for shares of the Acquiring Fund and the Acquiring Fund's assumption of the Target Fund's liabilities. Shareholders of each Target Fund will become shareholders of the corresponding Acquiring Fund, receiving shares of the Acquiring Fund equal in value to the shares of the Target Fund held by the shareholders prior to the reorganization. The reorganizations are not expected to result in the recognition of gain or loss by a Target Fund or its shareholders for federal income tax purposes. Palmer Square Capital will bear the costs related to the reorganizations.

The Trust will call a shareholder meeting at which shareholders of each Target Fund will be asked to consider and vote on the Plan with respect to their Target Fund. If the required shareholder approval for the reorganization of a Target Fund is obtained, the reorganization of that Target Fund is currently expected to take effect on or around end of third quarter 2025..

Shareholders of each Target Fund will receive a proxy statement with additional information about the shareholder meeting and the proposed reorganizations. Please read the proxy materials carefully, as they will contain a more detailed description of the proposed reorganizations.

***Please file this Supplement with your records****.*