https://www.sec.gov/Archives/edgar/data/1318342/000139834417007124/fp0026108_497.htm
497 1 fp0026108_497.htm
Oakseed Opportunity Fund
Investor Class (SEEDX)
Institutional Class (SEDEX)
A series of Investment Managers Series Trust
Supplement dated May 31, 2017, to the
Prospectus, Summary Prospectus and Statement of Additional Information, each dated May 1, 2017.
Jackson Park Capital, LLC (the “Advisor”), the Fund’s advisor, has given notice of resignation as investment advisor of the Oakseed Opportunity Fund (the “Fund”), effective on or about June 30, 2017. The Board of Trustees of the Trust has therefore approved a Plan of Liquidation for the Fund which authorizes the termination, liquidation and dissolution of the Fund. In order to perform such liquidation, effective immediately the Fund is closed to all new investment.
The Fund will be liquidated on or about June 30, 2017 (the “Liquidation Date”), and shareholders may redeem their shares until the Liquidation Date. On or promptly after the Liquidation Date, the Fund will make a liquidating distribution to its remaining shareholders equal to each shareholder’s proportionate interest in the net assets of the Fund, in complete redemption and cancellation of the Fund’s shares held by the shareholder, and the Fund will be dissolved. Shareholders redeeming Fund shares worth over $250,000 on or before the Liquidation Date may request redemptions by “in-kind” distributions of portfolio securities (instead of cash) from the Fund. Any shareholder wishing to redeem its Fund shares in kind must contact the Advisor at least 15 days prior to the Liquidation Date or date of redemption, as applicable. If a shareholder receives an in-kind distribution, the shareholder could incur brokerage or other charges in converting the securities to cash.
In anticipation of the liquidation of the Fund, the Advisor may manage the Fund in a manner intended to facilitate its orderly liquidation, such as by raising cash or making investments in other highly liquid assets. As a result, during this time, all or a portion of the Fund may not be invested in a manner consistent with its stated investment strategies, which may prevent the Fund from achieving its investment objective.
Please contact the Fund at 1-888-446-4460 if you have any questions or need assistance.
Please file this Supplement with your records.

Welcome.
@bee,
No dumb to it, just that the phrase 'percentage growth format' is probably misleading.
Think of watching Verizon stock price up and down over the last 15y, or indeed owning it and having divs etc. distributed to you every quarter or whatever; vs investing in it and having all divs reinvested and not touching it. Big big difference in the result.
But you know all that, I am sure.
Different people here strongly advocate the two different ways of doing this; some take their distributions, and others of us reinvest.
Why M* does not do $10k growth as an option for any entity is beyond me,

@bee,
Unless I am missing your point, is it not that etf charts are nav or close, no reinvestment, while mfund $10k-growth charts show reinvestment of everything? Compares apple vs apple tree.
I always start w mfund chart (some SP500 fund, say), and then add whatever I want to analyze. That's the (only) way to see $10k growth of CAPE or AOA or DVY compared w OAKBX and TWEIX, for example.

I find it interesting that M* using two different performance charts depending on whether you are comparing ETFs to mutual funds or Mutual fund to ETFs.
M*'s ETF charts are based in (percentage performance over time) while their Mutual Fund charts are based in ($10,000 invested over time).
Below is a comparison of KWEB to MCDFX using the M*'s ETF chart and then I compare MCDFX to KWEB using the M*'s Mutual Fund chart.
Same data, different visual.
ETF Chart Format:

Mutual Fund Chart Format:

FYI: In early 2014 charts were circulating around the internet comparing the 2014 market to 1928-1929. One such chart is shown below. The below chart was taken from an article that highlighted the fallacy of these comparisons. In fact, this type of scare tactic infiltrated the main stream media where a MarketWatch.com article warned about the similarity of the '28/'29 market to that of 2014 and that “trouble lies directly ahead.” Since that 2014 article was written, the S&P 500 Index is up over 30%.
Regards,
Ted
http://disciplinedinvesting.blogspot.com/2017/05/the-unfortunate-rise-of-misleading.html
Mark Hulbert MarketWatch Article: 2/11/14:
http://www.marketwatch.com/story/scary-1929-market-chart-gains-traction-2014-02-11/print

Jokes aside, we simply can't be like deers caught in headlight. It is not too hard to get out. My 401 did NOT get decimated twice by 50% only because I got out. It is not about getting out at top and getting back in at the bottom.

@AndyJ
:) 15k calories/day and 15 cups of leaded only! It is all good, I love everyone!!!

Even la Cosa Nostra ("our thing") knows not to go after families!!!

Maybe decaf after 6p, MCPO?

@275LB_NY_MCPO
So, at this fine forum for investments and some side tracking of subjects to help one another; you choose to travel this path with these comments, eh?

I have 1990 Miata (first year) with over 200,000 miles and after 27 years it is still extremely reliable. Not even an oil leak! From time to time I look at the new ones, but I always conclude I have no compelling reason to buy one.

That's nice. A gal I worked with came to the employees' summer party one time in a Miata convert. Long time ago now. But I remember. Very sexy looking.
Now - I have a 2005 Silverado 1500 pickup. 44,000 miles. Leaks oil all the time. All the coolant blew out driving recently and was no warning on the dash. But there's an orange warning light that's always on signaling a loose gas cap. Nobody can figure how to turn it off. Bumper rusted off and was replaced years ago. Spare tire carrier rusted off. Mice built a nest under the hood in the fuse box and ate the wiring one time. Tail gate's falling off, etc, etc. Would I buy another GM truck?

@AndyJ
Congrats! I bought mine new in 1996 at Toyota by the Bay in San Diego, CA. 5 speed manual transmission, 4 cylinder... great on gas!!! A/C is still like a meat locker, and I have never added freon! :)

I enjoy driving my 1996 Toyota 4 Runner...

Still driving my '87 Toy pickup, but no longer as a long distance vehicle. If I could buy the same truck new today, I'd be set for life. (30th anniversary falls on Halloween.)

@PRESSmUP
While many people (including myself) cannot afford either fund, I thought it was strange that management dropped the minimums, in this case from $5MM to $250K and the other fund so much. You'll remember that David posted the AQR Funds closings despite those funds having at least a $1MM initial investment. Plus, this is M/F news which goes along with management fees increases/decreases, liquidations/openings, new registrations, and changes in management which all get posted..if they are found.

@msf
Not trying to talk you out of any purchase... One other thing to consider is cost to insure. Having previously worked for USAA, it would sometimes be EXTREMELY difficult for repair facilities to locate manufacturer replacement parts on European models, thus driving up repair times/costs...thus driving up insurance premiums! Food for thought.

You would think so, but I'd already gotten quotes on the three German cars. All in the same ballpark (within $30/six months), and only modestly more expensive than my current policy (thank you Warren B). Nothing more than one would expect for any new car (book value on current car is just $3K, per KBB.com).
Parts on popular European cars may not be hard to come by. That's the flip side of not getting big discounts because they're popular.
Since you mentioned insurance and Toyotas (definitely not European), I got a quote for the 86. (Yes, that's right, Toyota 86'd the FR-S). The quote was 30% higher than the other quotes! Perhaps German car owners drive more carefully? I don't have any other guesses to explain this oddity.

https://www.sec.gov/Archives/edgar/data/1608016/000139834417007090/fp0026063_497.htm
497 1 fp0026063_497.htm
Palmer Square Opportunistic Income Fund
Supplement dated May 30, 2017, to the
Prospectus dated December 1, 2016.
Effective June 1, 2017 (the “Effective Date”), the minimum initial investment for the Palmer Square Opportunistic Income Fund (the “Fund”) will be lowered from $5 million to $250,000. As a result, as of the Effective Date, all references to the minimum initial investment in the Prospectus are updated accordingly. The minimum investment for subsequent purchases of Fund shares will continue to be $2,500.
Please file this Supplement with your records.

Luxury cars coming off leases:
http://www.latimes.com/business/autos/la-fi-hy-used-cars-20170526-story.html

There are a variety of reasons why I don't look at used cars. As noted in the article, most cars with high discounts are not great cars to begin with. Take a look at a list of most highly discounted used cars; not one that's appealing. (The Fiat 500 is cute, but is still a lousy car by all reports.)
https://blog.iseecars.com/top-12-cars-to-buy-used-not-new/
Regarding the A3, Consumer Reports buying service suggests I can get already get about a 12-13% discount on a new car.
What I get for a few thousand dollars is an extra year's life out of the car, and in the case of the BMW, an extra year of free maintenance. Rather than having to take catch as catch can, I can have a car built to spec, including color and features. Thus I can effect additional cost savings by not paying for features that have little value to me.
It's a matter of preference. I'm aware of the economics. Amortized over 15 years, I'm willing to pay up to get exactly what I want.

@msf
https://www.yourmechanic.com/article/the-most-and-least-expensive-cars-to-maintain-by-maddy-martin
https://www.google.com/amp/www.popularmechanics.com/cars/amp21295/these-are-the-most-expensive-car-brands-to-maintain/#ampshare=http://www.popularmechanics.com/cars/a21295/these-are-the-most-expensive-car-brands-to-maintain/
Why oh why???

On a tangential note, I've started researching cars (after 15 years, and needing a clutch job, it's about time). It's time for a little indulgence, so I've focused on three cars, all German: A3 (base model), 230i xDrive, and VW GTI DSG SE (sunroof). Trump will not appreciate me.
Thoughts (and other suggestions) appreciated. My priorities are a good balance of handling (not raw power) and comfort, efficiency, value, practicality.
Most of BMW's cars can be picked up in Europe. I'd guess that the ones built in the US are the ones not available there: i3, X3, X4, X5 and X6.
https://www.bmwusa.com/european-delivery.html

FYI: U.S. stocks edged lower on Tuesday as weakness in the energy and financial sectors outweighed gains in technology shares.
Regards,
Ted
Bloomberg:
https://www.bloomberg.com/news/articles/2017-05-29/asia-stocks-face-mixed-start-euro-down-on-draghi-markets-wrap
Reuters:
http://www.reuters.com/article/us-usa-stocks-idUSKBN18Q14O
MarketWatch:
http://www.marketwatch.com/story/us-stock-futures-hold-steady-but-analysts-say-the-bull-market-is-back-2017-05-30/print
IBD:
http://www.investors.com/market-trend/stock-market-today/stocks-close-slightly-lower-microsoft-reaches-record-high/
CNBC:
http://www.cnbc.com/2017/05/30/us-markets.html
AP:
http://hosted.ap.org/dynamic/stories/F/FINANCIAL_MARKETS?SITE=AP
WSJ: Markets At A Glance:
http://markets.wsj.com/us
SPDR's Sector Tracker:
http://www.sectorspdr.com/sectorspdr/tools/sector-tracker
SPDR's Bloomberg Sector Performance Pie Chart:
https://www.bloomberg.com/markets/sectors
Current Futures: Mixed
http://finviz.com/futures.ashx