0001318342 2013-01-31 2013-01-31 0001318342 imstvictoria:S000023576Member 2013-01-31 2013-01-31 0001318342 imstvictoria:S000023576Member imstvictoria:C000069387Member 2013-01-31 2013-01-31 0001318342 imstvictoria:S000023576Member imstvictoria:C000069388Member rr:AfterTaxesOnDistributionsMember 2013-01-31 2013-01-31 0001318342 imstvictoria:S000023576Member imstvictoria:C000069388Member rr:AfterTaxesOnDistributionsAndSalesMember 2013-01-31 2013-01-31 0001318342 imstvictoria:S000023576Member imstvictoria:C000069388Member 2013-01-31 2013-01-31 0001318342 imstvictoria:S000023576Member imstvictoria:index1Member 2013-01-31 2013-01-31 0001318342 imstvictoria:S000023576Member imstvictoria:index2Member 2013-01-31 2013-01-31 0001318342 imstvictoria:S000023576Member imstvictoria:index3Member 2013-01-31 2013-01-31 iso4217:USD pure shares iso4217:USD shares 0001318342 Investment Managers Series Trust 485BPOS false SUMMARY SECTION<hr size="2" style="color: Black; width: 100%"/> Investment Objective Victoria 1522 Fund (the “Fund”) seeks long-term capital growth. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Calendar-Year Total Returns for Institutional Class <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column dei_LegalEntityAxis compact imstvictoria_S000023576Member ~ </div> 0 0 -0.02 20.00 15.00 15.00 0 0 -0.02 20.00 15.00 15.00 <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column dei_LegalEntityAxis compact imstvictoria_S000023576Member ~ </div> 0.009 0.0025 0.0194 0.0309 -0.0159 0.015 0.009 0 0.0194 0.0284 -0.0159 0.0125 Example 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: <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ExpenseExample column dei_LegalEntityAxis compact imstvictoria_S000023576Member ~ </div> 153 805 1482 3291 127 729 1358 3051 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 149% of the average value of its portfolio. Principal Investment Strategies Under normal market conditions, the Fund will invest at least 80% of its net assets in equity securities, including common and preferred stocks, of companies in “emerging market countries.” Emerging market countries are those countries that are considered to be developing by the World Bank or the International Finance Corporation, or are included in any of the Morgan Stanley Capital International (MSCI) emerging market indices. The Fund’s advisor considers a company to be in an emerging market country if the company has been organized under the laws of, has its principal offices in, or has its securities principally traded in, an emerging market country, or if the company derives at least 50% of revenues or net profits from, or has at least 50% of assets or production capacities in, an emerging market country. The Fund will invest in “mainstream” emerging market countries, which the Fund’s advisor defines as those countries that are included in the standard MSCI Emerging Markets Index. The Fund may also invest in “frontier” emerging market countries, which the advisor defines as those countries that are included in the MSCI Frontier Markets Index. In addition to its main investments, the Fund may invest up to 20% of its net assets in emerging market government and corporate bonds of any quality and any range of maturity. The Fund may also invest up to 20% of its net assets in companies domiciled in the United States, Canada, Japan, Australia and other developed economies, including those located in Western Europe. Up to 15% of the Fund’s net assets may be invested in illiquid securities. The Fund will invest in large, mid and small capitalization emerging market companies. The Fund intends to invest in at least three countries and 20 companies. The Fund’s advisor employs a rigorous fundamental approach in evaluating countries, industries, and companies. The factors considered by the advisor in country selection include the outlook for economic growth, inflation, interest rates, currency, and political stability. In assessing industries, the advisor considers global supply and demand conditions, the outlook for pricing and unit volume growth, market share, capacity utilization rate, and the capacity expansion plans of firms operating within the sector. Lastly, company research is based on original, fundamental research conducted by the advisor’s research team. The Fund will purchase a stock when the Fund’s advisor believes the stock is undervalued and the prospects of the industry and/or country in which the company operates are favorable. The Fund will sell a security when the security has reached the advisor’s price target, the outlook for the stock’s industry or country deteriorates, or when the advisor finds better investment opportunities. Principal Risks of Investing The Fund’s principal risks are mentioned below. Before you decide whether to invest in the Fund, carefully consider these risk factors and special considerations associated with investing in the Fund, which may cause you to lose part or all of your investment in the Fund. • Market Risk The Fund’s share price may be affected by sudden declines in the market value of an investment, or by an overall decline in the stock market. • Preferred Stock Risk  Preferred stock represents an equity interest in a company that generally entitles the holder to receive, in preference to the holders of other stocks such as common stocks, dividends and a fixed share of the proceeds resulting from a liquidation of the company. Preferred stock is subject to issuer-specific and market risks applicable generally to equity securities and is sensitive to changes in the issuer’s creditworthiness and to changes in interest rates, and may decline in value if interest rates rise. • Foreign Investment Risk  Prices of foreign non-U.S. securities may be more volatile than the securities of U.S. issuers because of economic and social conditions abroad, political developments, and changes in the regulatory environment of foreign countries. In addition, changes in exchange rates and interest rates in foreign countries may adversely affect the value 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. The Fund’s investments in depository receipts are also subject to these risks. Emerging markets tend to be more volatile than the markets of more mature economies, and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. • Currency Risk Foreign (non-U.S.) securities that trade in, and receive revenues in, foreign (non-U.S.) currencies are subject to the risk that those currencies will decline in value relative to the U.S. Dollar or, in the case of hedging positions, that the U.S. Dollar will decline in value relative to the currency being hedged. • Emerging Market Risk The Fund may be exposed to changes in economic and political factors in the emerging market countries in which it invests. Most emerging market economies are in the infancy stage of capital market development. As a result, their economic systems are still evolving and their political systems are typically less stable than those in developed economies. • Emerging Market Debt Risk Emerging market debt risk is affected by a country’s credit rating, political environment, and the yield spread of emerging market debt over U.S. Treasuries. Trade flows and foreign debt repayment schedules may affect a country’s exchange rate and the yield curve. If interest rates rise, the price of bonds will decline, making emerging market debt less appealing. Political instability may lead to higher interest rates, affecting country risk and credit rating. • Frontier Market 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. The Gulf countries of Bahrain, Kuwait, Oman, Qatar, and the UAE constitute a high percentage of the MSCI Frontier Markets Index. Thus, changes in the price of oil have a direct and significant effect on these economies, i.e., if the price of oil increases, these countries benefit; and if the price of oil declines, these countries would be adversely affected. • Non-Investment Grade Risk Investment in non-investment grade debt securities involves greater risk of default or price changes than higher rated debt securities due to changes in the issuer’s creditworthiness or the fact that the issuer may already be in default. The market prices of these securities may fluctuate more than higher quality securities and may decline significantly in periods of general economic difficulty. It may be more difficult to sell or to determine the value of lower rated debt securities. • Portfolio Turnover Risk The Fund’s turnover rate may exceed be high. A high turnover rate (100% or more) may lead to higher transaction costs and may result in a greater number of taxable transactions, and it may negatively affect the Fund’s performance. • Small or Mid-Cap Company Risk Investments in securities of small and mid-sized companies may involve greater risks than investing in large capitalization companies because small and mid-sized companies generally have a limited track record and their shares tend to trade infrequently or in limited volumes. In addition, such companies typically are subject to a greater degree of change in earnings and business prospects than are larger, more established companies. • Synthetic Foreign Equity Securities Risk Investments in these instruments involve the risk that the issuer of the instrument may default on its obligation to deliver the underlying security or its value. These instruments may also be subject to liquidity risk, non-U.S. equity securities risk and currency risk. Performance The following performance information indicates some of the risks of investing in the Fund. The bar chart below illustrates how the Fund’s total returns have varied from year to year. The table below illustrates how the Fund’s average annual total returns for the periods indicated compare with the MSCI Emerging Markets Index which the Fund’s advisor considers to be a standard performance benchmark for the Fund’s relative performance. Performance information for the MSCI Emerging Market + Frontier Index and the MSCI Emerging Markets Investable Market (IMI) Index is also provided since the Fund may invest in frontier economies and small capitalization stocks, which are outside of the range of companies included in the standard performance benchmark The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/BarChartData column dei_LegalEntityAxis compact imstvictoria_S000023576Member ~ </div> 0.8215 0.1851 -0.176 0.133 <table cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="width: 38%; border-bottom: black 1.5pt solid; padding: 3pt; font-weight: bold">Institutional Class</td> <td style="width: 13%; border-bottom: black 1.5pt solid; padding: 3pt"> </td> <td style="width: 21%; border-bottom: black 1.5pt solid; padding: 3pt"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: black 1.5pt solid; padding: 3pt">Highest Calendar Quarter Return at NAV</td> <td style="border-bottom: black 1.5pt solid; padding: 3pt; text-align: center">32.41%</td> <td style="border-bottom: black 1.5pt solid; padding: 3pt; text-align: center">Quarter Ended 6/30/2009</td></tr> <tr style="vertical-align: top"> <td style="border-bottom: black 1.5pt solid; padding: 3pt">Lowest Calendar Quarter Return at NAV</td> <td style="border-bottom: black 1.5pt solid; padding: 3pt; text-align: center">(22.81)%</td> <td style="border-bottom: black 1.5pt solid; padding: 3pt; text-align: center">Quarter Ended 9/30/2011 </td></tr> </table> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/PerformanceTableData row primary compact * column dei_LegalEntityAxis compact imstvictoria_S000023576Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * ~</div> 0.133 0.0343 0.1878 2008-10-01 0.1342 0.0188 0.1567 2008-10-01 0.0888 0.0235 0.1493 2008-10-01 0.1311 0.0321 0.1854 2008-10-01 0.1822 0.0466 0.0972 2008-10-01 0.1794 0.0462 0.0892 2008-10-01 0.1868 0.0464 0.103 2008-10-01 VMDAX VMDIX 2014-01-31 1.49 The following performance information indicates some of the risks of investing in the Fund. The bar chart below illustrates how the Fund’s total returns have varied from year to year. Performance information for the MSCI Emerging Market + Frontier Index and the MSCI Emerging Markets Investable Market (IMI) Index is also provided since the Fund may invest in frontier economies and small capitalization stocks, which are outside of the range of companies included in the standard performance benchmark The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Highest Calendar Quarter Return at NAV 2009-06-30 0.3241 Lowest Calendar Quarter Return at NAV 2011-09-30 -0.2281 2013-01-31 2013-01-28 2013-01-31 2012-09-30 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 taxes, leverage interest, brokerage commissions, acquired fund fees and expenses as determined in accordance with Form N-1A, expenses incurred in connection with any merger or reorganization, or extraordinary expenses such as litigation expenses) do not exceed 1.50% and 1.25% of the average daily net assets of Advisor Class and Institutional Class Shares of the Fund, respectively. This agreement is in effect until January 31, 2014, and it 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 limitations, for fees it waived and Fund expenses it reimbursed for three years from the date of any such waiver or reimbursement. 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. Furthermore, the 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 for Institutional Class and after-tax returns for other classes will vary