# EDGAR Filing Document

**Accession Number:** 0001318342
**File Stem:** 0001398344-26-008380
**Filing Date:** 2026-5
**Character Count:** 25225
**Document Hash:** 40a971b5b458477a15eec6e7f7ff1075
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-008380.hdr.sgml**: 20260505

**ACCESSION NUMBER**: 0001398344-26-008380

**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:** 26943300

**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 Focused International Growth Fund (Series ID: S000032897)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000101539 | Institutional Class | WCMIX           |
| C000104483 | Investor Class      | WCMRX           |

---

| | |
|:---|:---|
| ![](fp0098569-1_figf1.jpg) | **WCM Focused International Growth Fund** <br> **Investor Class: WCMRX<br> Institutional Class: WCMIX** |
| 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/WCMIX. 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 Focused International Growth 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.**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Investor<br> Class Shares** |  | **Institutional <br> Class Shares** |
| &nbsp;&nbsp;**Shareholder Fees** <br> *(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 |
| &nbsp;&nbsp;Overnight check delivery fee |  | $25 |  | $25 |
| &nbsp;&nbsp;Retirement account fees (annual maintenance fee) |  | $15 |  | $15 |
| &nbsp;&nbsp;**Annual Fund Operating Expenses** *<br> (expenses that you pay each year as a percentage of the value of your investment)*  | &nbsp;&nbsp;**Annual Fund Operating Expenses** *<br> (expenses that you pay each year as a percentage of the value of your investment)*  |  |  |  |
| &nbsp;&nbsp;Management fees |  | 0.85% |  | 0.85% |
| &nbsp;&nbsp;Distribution (Rule 12b-1) fee |  | 0.25% |  |  |
| &nbsp;&nbsp;Other expenses |  | 0.20% |  | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder service fee | 0.10% |  | 0.10% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other expenses | 0.10% |  | 0.10% |  |
| &nbsp;&nbsp;Total annual fund operating expenses  |  | **1.30%** |  | **1.05%** |

---

<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.

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** |
| &nbsp;&nbsp;Investor Class Shares | $132 | $412 | $713 | $1568 |
| &nbsp;&nbsp;Institutional Class Shares | $107 | $334 | $579 | $1283 |

---

**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 23% of the average value of its portfolio.

**Principal Investment Strategies** 

Under normal circumstances, the Fund invests at least 75% of its net assets in equity securities of non-U.S. domiciled companies or depositary receipts of non-U.S. domiciled companies located in developed countries and in emerging and frontier market countries. Emerging and frontier countries or markets are those countries or markets with low- to middle-income economies as classified by the World Bank or included in any of the Morgan Stanley Capital International ("MSCI") emerging markets or frontier markets indices. The Fund's advisor considers a company to be located in a country if the company has been organized under the laws of, has its principal offices in, or has its securities principally traded in, the country, or if the company derives at least 50% of its revenues or net profits from, or has at least 50% of its assets or production capacities in, the country.

The Fund's investments in equity securities may include common stocks and depositary receipts. The Fund's investments in depositary receipts may include American, European, Canadian and Global Depositary Receipts ("ADRs", "EDRs", "CDRs" and "GDRs", respectively). ADRs are receipts that represent interests in foreign securities held on deposit by U.S. banks. EDRs and GDRs have the same qualities as ADRs, except that they may be traded in several international trading markets.

The Fund's advisor uses a bottom-up approach that seeks to identify companies with attractive fundamentals, such as long-term growth in revenue and earnings, and that show a strong probability for superior future growth. The advisor's investment process focuses on seeking companies that are industry leaders with strengthening competitive advantages; corporate cultures emphasizing strong, quality and experienced management; low or no debt; and attractive relative valuations. The Fund's advisor also considers other factors including political risk, monetary policy risk, and regulatory risk in selecting securities.

Although the Fund may invest in any size companies, it generally invests in large capitalization established multinational companies. The Fund's advisor considers large capitalization companies to be those with market capitalization of $5 billion or greater at the time of investment. The Fund generally invests in securities of companies located in different regions and in at least three different countries. However, from time to time, the Fund may have a significant portion of its assets invested in the securities of companies in one or a few countries or regions. The Fund may make significant investments in certain sectors or group of sectors within a particular industry or industries from time to time.

**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.

**Foreign Investment Risk.** The prices of foreign securities may be more volatile than the prices of securities of U.S. issuers because of economic and social conditions abroad, political developments, and changes in the regulatory environments of foreign countries. Changes in exchange rates and interest rates, and the imposition of sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and/or other governments may adversely affect the values of the Fund's foreign investments. Foreign companies are generally subject to different legal and accounting standards than U.S. companies, and foreign financial intermediaries may be subject to less supervision and regulation than U.S. financial firms. Foreign securities include ADRs, EDRs, CDRs and GDRs. Unsponsored ADRs and GDRs are organized independently and without the cooperation of the foreign issuer of the underlying securities, and involve additional risks because U.S. reporting requirements do not apply. In addition, the issuing bank may deduct shareholder distribution, custody, foreign currency exchange, and other fees from the payment of dividends.

**Emerging Markets Risk.** Many of the risks with respect to foreign investments are more pronounced for investments in issuers in developing or emerging market countries. Emerging market countries tend to have more government exchange controls, more volatile interest and currency exchange rates, less market regulation, and less developed and less stable economic, political and legal systems than those of more developed countries. There may be less publicly available and reliable information about issuers in emerging markets than is available about issuers in more developed markets. In addition, emerging market countries may experience high levels of inflation and may have less liquid securities markets and less efficient trading and settlement systems.

**Frontier Markets Risk.** Frontier market countries generally have smaller economies and even less developed capital markets than traditional emerging markets, and as a result, the risks of investing in emerging market countries are magnified in frontier market countries.

**Risks Associated with Europe.** Europe includes both developed and emerging markets. Most Western European countries are members of the European Union (the "EU"), which imposes restrictions on inflation rates, deficits and debt levels. Both developed and emerging market countries in Europe will be significantly affected by the fiscal and monetary controls of the European Monetary Union. Changes in regulations on trade, decreasing imports or exports, changes in the exchange rate of the euro, recessions among European countries and acts of war in the region may have a significant adverse effect on the economies of other European countries, including those of Eastern Europe. In particular, the duration of Russia's large-scale invasion of Ukraine that began in February 2022, the long-term impact of the resulting sanctions on Russia, and the full extent of the impact on global markets and trade remains uncertain, but there have been significant adverse impacts on the European economy as well as on the prices and availability of certain commodities, including oil and natural gas. The markets in Eastern Europe remain relatively undeveloped and can be particularly sensitive to political and economic developments. The European financial markets have recently experienced volatility and adverse trends due to concerns about rising government debt levels of certain European countries, each of which may require external assistance to meet its obligations and run the risk of default on its debt, possible bail-out by the rest of the EU or debt restructuring. Assistance given to an EU member state may be dependent on a country's implementation of reforms in order to curb the risk of

default on its debt, and a failure to implement these reforms or increase revenues could result in a deep economic downturn. These events have adversely affected the exchange rate of the euro and therefore may adversely affect the Fund and its investments.

**Growth-Oriented Investment Strategies Risk.** Growth funds generally focus on stocks of companies believed to have above-average potential for growth in revenue and earnings. Growth securities typically are very sensitive to market movements because their market prices frequently reflect projections of future earnings or revenues, and when it appears that those expectations will not be met, the prices of growth securities typically fall.

**Currency Risk.** The values of investments in securities denominated in foreign currencies increase or decrease as the rates of exchange between those currencies and the U.S. dollar change. Currency conversion costs and currency fluctuations could erase investment gains or add to investment losses. Currency exchange rates can be volatile and are affected by factors such as general economic conditions, the actions of the United States and foreign governments or central banks, the imposition of currency controls, and speculation.

**Liquidity Risk.** The Fund may not be able to sell some or all of the investments that it holds due to a lack of demand in the marketplace or other factors such as market turmoil, or if the Fund is forced to sell an illiquid asset to meet redemption requests or other cash needs it may only be able to sell those investments at a loss. Illiquid assets may also be difficult to value.

**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.

**Market Capitalization Risk.** Larger, more established companies may be unable to attain the high growth rates of successful, smaller companies during periods of economic expansion. The securities of small-capitalization or 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.

**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.

**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. For example, as of December 31, 2025, 28.5% of the Fund's assets were invested in the industrials sector. Performance of companies in the industrials sector may be affected by, among other things, supply and demand for their specific product or service and for industrial sector products in general. Moreover, government regulation, world events, exchange rates and economic conditions, technological developments, fuel prices, labor agreements, insurance costs, and liabilities for environmental damage and general civil liabilities will likewise affect the performance of these companies.

**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 MSCI ACWI ex USA Index, the Fund's primary broad-based securities 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.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")

![](fp0098569-1_figf5.jpg)

The year-to-date return as of March 31, 2026, was (1.25)%.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Institutional Shares** | &nbsp;&nbsp;**Institutional Shares** | &nbsp;&nbsp;**Institutional Shares** |
| &nbsp;&nbsp;Highest Calendar Quarter Return at NAV | 25.68% | &nbsp;&nbsp;Quarter Ended 06/30/2020 |
| &nbsp;&nbsp;Lowest Calendar Quarter Return at NAV | (17.44)% | &nbsp;&nbsp;Quarter Ended 06/30/2022 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average Annual Total Returns** <br> ***(for the periods ended December 31, 2025)*** | **One Year** | **Five Years** | **Ten Years** |
| &nbsp;&nbsp;**Institutional Class Shares** — Return Before Taxes | 20.90% | 4.63% | 10.68% |
| **Institutional Class Shares** — Return After Taxes on Distributions\* | 19.38% | 3.58% | 9.94% |
| **Institutional Class Shares** — Return After Taxes on Distributions and Sale of Fund Shares\* | 13.53% | 3.54% | 8.78% |
| &nbsp;&nbsp;**Investor Class Shares** — Return Before Taxes | 20.56% | 4.37% | 10.40% |
| &nbsp;&nbsp;MSCI ACWI ex USA Index (reflects no deduction for fees, expenses or taxes) | 32.38% | 7.91% | 8.41% |

---

\* 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. After-tax returns are shown for Institutional Class shares only and after-tax returns for classes other than Institutional Class shares will vary from returns shown for Institutional Class shares. 

**Investment Advisor** 

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

**Portfolio Managers** 

The portfolio management team is comprised of Sanjay Ayer, CFA, Portfolio Manager, Paul R. Black, Co-CEO and Portfolio Manager, Michael B. Trigg, Co-CEO, President and Portfolio Manager, and Jon Tringale, Portfolio Manager. Messrs. Black and Trigg have served as portfolio managers of the Fund since its inception on May 31, 2011. Mr. Ayer has served as a portfolio manager of the Fund since June 30, 2020. Mr. Tringale has served as a portfolio manager of the Fund since March 31, 2022. The members of the portfolio management team are jointly and primarily responsible for the day-to-day management of the Fund's portfolio.

**Purchase and Sale of Fund Shares** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Investor Class Shares** | **Investor Class Shares** | **Institutional Class Shares** | **Institutional Class 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** |
| &nbsp;&nbsp;Direct Regular Accounts | $1000 | $100 | $100000 | $5000 |
| &nbsp;&nbsp;Direct Retirement Accounts | $1000 | $100 | $100000 | $5000 |
| &nbsp;&nbsp;Automatic Investment Plan | $100 | $50 | $5000 | $2500 |
| &nbsp;&nbsp;Gift Account For Minors | $1000 | $500 | $100000 | $5000 |

---

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.