Palmer Square Income Plus Fund

 (Ticker Symbol: PSYPX)

A series of the Investment Managers Series Trust

Supplement dated March 30, 2017 to the

Prospectus dated June 1, 2016, as amended.

Effective April 3, 2017, the redemption fee for the Palmer Square Income Plus Fund will be removed.  As a result, effective April 3, 2017, all references to the redemption fee in the Prospectus are deleted in their entirety.

Please file this Supplement with your records.