https://www.sec.gov/Archives/edgar/data/1318342/000139834420000355/fp0049189_497.htmVaughan Nelson International Small Cap Fund
Advisor Class (Ticker Symbol: ADVIX)
Investor Class (Ticker Symbol: ADVJX)
Institutional Class (Ticker Symbol: ADVLX)
a series of the Investment Managers Series Trust (the “Trust”)
Supplement dated January 7, 2020, to the
Prospectus and Statement of Additional Information (“SAI”),
each dated December 2, 2019.
Important Notice Regarding Advisor Class Shares
Upon the recommendation of Vaughan Nelson Investment Management, L.P., the investment advisor of the Vaughan Nelson International Small Cap Fund (the “Fund”), the Board of Trustees of the Trust has approved the conversion of the Fund’s Advisor Class shares into Institutional Class shares and the subsequent termination of the Fund’s Advisor Class. Effective immediately, the Advisor Class is closed to all new investment. The Fund’s Advisor Class shares will be converted into Institutional Class shares and the Advisor Class will be terminated on February 10, 2020 (the “Effective Date”). Accordingly, as of the Effective Date, all references to the Fund’s Advisor Class shares in the Prospectus and SAI are deleted in their entirety. The Fund’s Institutional Class shares and Advisor Class shares have the same fee structure. The Institutional Class shares have a higher minimum investment amount than the Advisor Class shares; however, current shareholders of Advisor Class shares will not be subject to the higher minimum investment requirement.
In addition, as of the Effective Date, the “Performance” section in the Prospectus is deleted in its entirety and replaced with the following:...
