X0101 EFFECT 33 LIVE 2016-02-23 10:30:00

N-14

0001318342 Investment Managers Series Trust 333-209021 0001318342 Investment Managers Series Trust S000053373 Berwyn Fund C000167892 Berwyn Fund 0000808452 BERWYN FUNDS S000001535 Berwyn Fund C000004181 Berwyn Fund 0001318342 Investment Managers Series Trust S000053374 Berwyn Income Fund C000167893 Berwyn Income Fund 0000808452 BERWYN FUNDS S000001533 Berwyn Income Fund C000004179 Berwyn Income Fund 0001318342 Investment Managers Series Trust S000053375 Berwyn Cornerstone Fund C000167894 Berwyn Cornerstone Fund 0000808452 BERWYN FUNDS S000001534 Berwyn Cornerstone Fund C000004180 Berwyn Cornerstone Fund