# EDGAR Filing Document

**Accession Number:** 0001318342
**File Stem:** 0001398344-26-008394
**Filing Date:** 2026-5
**Character Count:** 22910
**Document Hash:** 6fdc39107a06dbd9ca8070bbd9abb44c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-008394.hdr.sgml**: 20260505

**ACCESSION NUMBER**: 0001398344-26-008394

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260505

**DATE AS OF CHANGE**: 20260505

**EFFECTIVENESS DATE**: 20260505

**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:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-122901
- **FILM NUMBER:** 26943819

**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

### WCM Mid Cap Quality Value Fund (Series ID: S000077072)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000237215 | Institutional Class Shares | WCMAX           |
| C000237216 | Investor Class Shares      | WMIDX           |
| C000255791 | Class Y Shares             | WMVYX           |

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| | |
|:---|:---|
| ![](fp0098569-9_mqvf1.jpg) | **WCM Mid Cap Quality Value Fund** <br> **Investor Class: WMIDX<br> Institutional Class: WCMAX<br> Class Y: WMVYX** |
| Summary Prospectus | April 30, 2026 |

---

*Before you invest, you may want to review the Fund's prospectus, which contains more information about the Fund and its risks. You can find the Fund's Statutory Prospectus and Statement of Additional Information and other information about the Fund online at https://www.wcminvest.com/fund/WCMAX. You may also obtain this information at no cost by calling 1-888-988-9801 or by sending an e-mail request to fundliterature@wcminvest.com. The Fund's Statutory Prospectus and Statement of Additional Information, both dated April 30, 2026, as each may be amended or supplemented, are incorporated by reference into this Summary Prospectus.* 

**Investment Objective** 

The investment objective of the WCM Mid Cap Quality Value Fund (the "Fund") is long-term capital appreciation.

**Fees and Expenses of the Fund** 

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** 

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| | | | |
|:---|:---|:---|:---|
|  | **Investor<br> Class Shares** | **Institutional <br> Class Shares** | **Class Y <br> Shares** |
| &nbsp;&nbsp;**Shareholder Fees** *(fees paid directly from your investment)* |  |  |  |
| &nbsp;&nbsp;Maximum sales charge (load) imposed on purchases |  |  |  |
| &nbsp;&nbsp;Maximum deferred sales charge (load) |  |  |  |
| &nbsp;&nbsp;Wire fee | $20 | $20 | $20 |
| &nbsp;&nbsp;Overnight check delivery fee | $25 | $25 | $25 |
| &nbsp;&nbsp;Retirement account fees (annual maintenance fee) | $15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15 | $15 |

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Annual Fund Operating Expenses** *(expenses that you pay each year as a percentage of the value of your investment)*  | &nbsp;&nbsp;**Annual Fund Operating Expenses** *(expenses that you pay each year as a percentage of the value of your investment)*  | &nbsp;&nbsp;**Annual Fund Operating Expenses** *(expenses that you pay each year as a percentage of the value of your investment)*  | &nbsp;&nbsp;**Annual Fund Operating Expenses** *(expenses that you pay each year as a percentage of the value of your investment)*  |  |  |  |
| &nbsp;&nbsp;Management fees |  | 0.65% |  | 0.65% |  | 0.65% |
| &nbsp;&nbsp;Distribution (Rule 12b-1) fee |  | 0.25% |  |  |  |  |
| &nbsp;&nbsp;Other expenses |  | 7.12% |  | 7.12% |  | 7.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder service fee | 0.09% |  | 0.09% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expenses | 0.01% |  | 0.01% |  | 0.01% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other expenses | 7.02% |  | 7.02% |  | 7.02% |  |
| &nbsp;&nbsp;Total annual fund operating expenses |  | 8.02% |  | 7.77% |  | 7.68% |
| &nbsp;&nbsp;Fees waived and/or expenses reimbursed<sup>1</sup> |  | (7.02)% |  | (7.02)% |  | (7.02)% |
| &nbsp;&nbsp;Total annual fund operating expenses after waiving fees and/or reimbursing expenses<sup>1</sup> |  | **1.00%** |  | **0.75%** |  | **0.66%** |

---

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| | |
|:---|:---|
| 1  | 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 SEC Form N-1A), professional fees related to services for the collection of foreign tax reclaims, expenses incurred in connection with any merger or reorganization, and extraordinary expenses such as litigation expenses) do not exceed 1.05%, 0.80%, and 0.65% of the average daily net assets of the Fund's Investor Class shares, Institutional Class shares, and Class Y shares, respectively. This agreement is in effect through April 30, 2036, and 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 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 in effect at the time such fees were waived or payments made, or (b) the expense limitation in effect at the time of the reimbursement.

<u><u>***Example***</u></u>

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. The example reflects the Fund's contractual fee waiver and/or expense reimbursement for the term of the contractual fee waiver and/or expense reimbursement.

Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **One Year** | **Three Years** | **Five Years** | **Ten Years**  |
| &nbsp;&nbsp;Investor Class Shares | $102 | $318 | $552 | $1225 |
| &nbsp;&nbsp;Institutional Class Shares | $77 | $240 | $417 | $930 |
| &nbsp;&nbsp;Class Y Shares  | $67 | $211 | $368 | $822 |

---

**Portfolio Turnover** 

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 66% of the average value of its portfolio.

**Principal Investment Strategies** 

Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of mid-capitalization companies. The Fund primarily invests in common stocks of U.S. companies. The Fund may also invest in real estate investment trusts ("REITs"). The Fund's advisor considers mid-capitalization companies to be companies with market capitalizations within the range of those companies included in the Russell Midcap Index at the time of purchase. Because mid-capitalization companies are defined by reference to an index, the range of market capitalization of companies in which the Fund invests may vary with market conditions. As of March 31, 2026, the market capitalizations of companies included in the Russell Midcap Index were between $907.10 million and $116.66 billion. Investments in companies that move above or below the capitalization range of the companies comprising the Russell Midcap Index may continue to be held by the Fund in the Fund advisor's sole discretion. The Fund will be managed pursuant to a "focused" strategy whereby the Fund's investment advisor will typically invest the Fund's assets in the equity securities of a small number of issuers. Generally, the Fund expects to hold the equity securities of approximately 40 or less issuers.

Value investing involves buying stocks that are out of favor and/or undervalued in comparison to their peers or their prospects for growth. The Fund's advisor uses a bottom-up approach that seeks to identify companies trading at significant discounts to their intrinsic value. The Fund's advisor seeks to determine a company's intrinsic value through disciplined financial analysis. The Fund's advisor believes that equities purchased at prices substantially below their intrinsic value may afford capital protection from permanent loss and may result in substantial appreciation if the market recognizes the company's intrinsic value. The advisor's investment process seeks companies that are industry leaders with sustainable

competitive advantages; corporate cultures emphasizing strong, quality and experienced management; little or no debt; and attractive relative valuations. In selecting securities, the Fund's advisor also considers other factors including, among others, political risk, monetary policy risk, and regulatory risk.

**Principal Risks of Investing** 

Risk is inherent in all investing and you could lose money by investing in the Fund. A summary description of certain principal risks of investing in the Fund is set forth below. Before you decide whether to invest in the Fund, carefully consider these risk factors associated with investing in the Fund, which may cause investors to lose money. There can be no assurance that the Fund will achieve its investment objective.

**Market Risk.** The market price of a security or instrument may decline, sometimes rapidly or unpredictably, due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic, political, or geopolitical conditions throughout the world, changes in the general outlook for corporate earnings, changes in interest or currency rates, or adverse investor sentiment generally. The market value of a security or instrument also may decline because of factors that affect a particular industry or industries, such as tariffs, labor shortages or increased production costs and competitive conditions within an industry. In addition, local, regional or global events such as war, acts of terrorism, international conflicts, trade disputes, supply chain disruptions, cybersecurity events, technological advances (such as artificial intelligence and machine learning), the spread of infectious illness or other public health issues, natural disasters or climate events, or other events could have a significant impact on a security or instrument. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market.

**Equity Risk.** The value of the equity securities held by the Fund may fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities held by the Fund participate, or factors relating to specific companies in which the Fund invests.

**Mid-Cap Company Risk.** The securities of mid-capitalization companies may be subject to more abrupt or erratic market movements and may have lower trading volumes or more erratic trading than securities of larger, more established companies or market averages in general. In addition, such companies typically are more likely to be adversely affected than large-capitalization companies by changes in earning results, business prospects, investor expectations or poor economic or market conditions.

**Focused Investing Risk.** Because the Fund invests a greater proportion of its assets in the securities of a smaller number of issuers, the Fund will be more susceptible to negative events affecting those issuers, and the value of its shares may be more volatile than a fund that invests in a larger number of issuers.

**Value-Oriented Investment Strategies Risk.** Value stocks are those that are believed to be undervalued in comparison to their peers due to adverse business developments or other factors. Value investing is subject to the risk that the market will not recognize a security's inherent value for a long time or at all, or that a stock judged to be undervalued may actually be appropriately priced or overvalued. In addition, during some periods (which may be extensive) value stocks generally may be out of favor in the markets.

**Management and Strategy Risk.** The value of your investment depends on the judgment of the Fund's advisor about the quality, relative yield, value or market trends affecting a particular security, industry, sector or region, which may prove to be incorrect.

**Sector Focus Risk.** The Fund may invest a larger portion of its assets in one or more sectors than many other mutual funds, and thus will be more susceptible to negative events affecting those sectors.

**REIT Risk.** The Fund's investment in REITs will subject the Fund to risks similar to those associated with direct ownership of real estate, including losses from casualty or condemnation, and changes in local and general economic, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes and operating expenses.

**Recent Market Events.** Periods of market volatility may occur in response to market events, public health emergencies, natural disasters or climate events, and other economic, political, and global macro factors. U.S. and international markets have recently experienced, and may continue to experience, periods of significant volatility due to various factors, including uncertainty regarding inflation and central banks' interest rate changes, the possibility of a national or global recession, trade tensions and tariffs, and political and geopolitical events. In addition, wars or threats of war and aggression, such as Russia's invasion of Ukraine and conflicts among nations and militant groups in the Middle East, have led, and in the future may lead, to increased short-term market volatility and may have adverse long-term effects on the U.S. and world economies and markets generally, each of which may negatively impact the Fund's investments. Additionally, since the change in the U.S. presidential administration in 2025, the administration has pursued an aggressive foreign policy agenda, including through suggestions that the United States should control certain sovereign foreign territories, attempts to restructure federal government agencies with international influence, and the imposition of tariffs and trade barriers on certain foreign countries, including China and long-time U.S. allies. These and other similar events could be prolonged and could adversely affect the value and liquidity of the Fund's investments, impair the Fund's ability to satisfy redemption requests, and negatively impact the Fund's performance.

**Cybersecurity Risk.** Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, customer data (including private shareholder information), or proprietary information, or cause the Fund, the Fund's advisor, and/or other service providers (including custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality. In an extreme case, a shareholder's ability to exchange or redeem Fund shares may be affected. The use of artificial intelligence and machine learning could exacerbate these risks. Issuers of securities in which the Fund invests are also subject to cybersecurity risks, and the value of those securities could decline if the issuers experience cybersecurity incidents.

**Performance** 

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 Institutional 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 the Russell 3000 Index and the Russell Midcap Value Index. The Russell 3000 Index has been included as the Fund's primary broad-based securities market index in order to satisfy regulatory requirements. The Fund also compares its performance with the returns of Russell Midcap Value Index, which the Fund's advisor believes is a better performance benchmark for comparison to the Fund's performance in light of the Fund's investment strategies. 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.wcminvest.com/funds, or by calling the Fund at 1-888-988-9801. The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.

<u>**Annual Total Return (before taxes) for Institutional Class Shares**</u> 

For each calendar year at net asset value per share ("NAV")

The year-to-date return as of March 31, 2026, was (0.28)%.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Institutional Shares** | &nbsp;&nbsp;**Institutional Shares** | &nbsp;&nbsp;**Institutional Shares** |
| &nbsp;&nbsp;Highest Calendar Quarter Return at NAV | 13.14% | &nbsp;&nbsp;Quarter Ended 12/31/2023 |
| &nbsp;&nbsp;Lowest Calendar Quarter Return at NAV | (5.28)% | &nbsp;&nbsp;Quarter Ended 03/31/2025 |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average Annual Total Returns** <br> ***(for the periods ended December 31, 2025)*** | **One Year** | **Since <br> Inception** | **Inception Date** |
| &nbsp;&nbsp;**Institutional Class Shares** — Return Before Taxes | (7.23)% | 5.87% | July 28, 2022 |
| **Institutional Class Shares** — Return After Taxes on Distributions\* | (8.02)% | 4.98% | July 28, 2022 |
| **Institutional Class Shares** — Return After Taxes on Distributions and Sale of Fund Shares\* | (3.72)% | 4.51% | July 28, 2022 |
| &nbsp;&nbsp;**Investor Class Shares** — Return Before Taxes | (7.47)% | 5.60% | July 28, 2022 |
| **Class Y Shares** — Return Before Taxes\*\*  | (7.14)% | 6.15% | November 29, 2024 |
| &nbsp;&nbsp;Russell Midcap Value Index (reflects no deduction for fees, expenses or taxes) | 11.05% | 9.91% | July 28, 2022 |
| &nbsp;&nbsp;Russell 3000 Index (reflects no deduction for fees, expenses or taxes) | 17.15% | 17.41% | July 28, 2022 |

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\* 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. 

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| | |
|:---|:---|
| \*\*  | Class Y shares commenced operations on November 29, 2024. The performance figures for Class Y shares include the performance for the Institutional Class shares for the periods prior to the inception date of Class Y shares, adjusted for the difference in Institutional Class shares and Class Y shares expenses. Institutional Class shares impose higher expenses than Class Y shares.  |

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**Investment Advisor** 

WCM Investment Management, LLC (the "Advisor" or "WCM")

**Portfolio Managers** 

Jon Detter, Portfolio Manager, Pat McGee, Portfolio Manager, and Anthony Glickhouse, Portfolio Manager, have been jointly and primarily responsible for the day-to-day management of the Fund's portfolio since its inception on July 28, 2022.

**Purchase and Sale of Fund Shares** 

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Investor Class Shares** | **Investor Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Class Y Shares** | **Class Y Shares** |
| &nbsp;&nbsp;**Minimum Investments** | **To Open <br> Your Account** | **To Add to <br> Your Account** | **To Open <br> Your Account** | **To Add to <br> Your Account** | **To Open Your <br> Account** | **To Add to <br> Your Account** |
| &nbsp;&nbsp;Direct Regular Accounts | $1000 | $100 | $100000 | $5000 | $10000000 | $100000 |
| &nbsp;&nbsp;Direct Retirement Accounts | $1000 | $100 | $100000 | $5000 | $10000000 | $100000 |
| &nbsp;&nbsp;Automatic Investment Plan | $100 | $50 | $5000 | $2500 | $10000000 | $100000 |
| &nbsp;&nbsp;Gift Account For Minors | $1000 | $500 | $100000 | $5000 | $10000000 | $100000 |

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Fund shares are redeemable on any business day the New York Stock Exchange (the "NYSE") is open for business, by written request or by telephone.

**Tax Information** 

The Fund's distributions are generally taxable, and will ordinarily be taxed as ordinary income, qualified dividend income or capital gains, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an individual retirement account. Shareholders investing through such tax-advantaged arrangements may be taxed later upon withdrawal of monies from those arrangements.

**Payments to Broker-Dealers and Other Financial Intermediaries** 

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.