https://www.sec.gov/Archives/edgar/data/1318342/000139834418005381/fp0032520_497.htm497 1 fp0032520_497.htm
Zacks All-Cap Core Fund
Investor Class Shares
(Ticker Symbol: CZOVX)
Class C Shares
(Ticker Symbol: CZOCX)
A series of Investment Managers Series Trust (the “Trust”)
Supplement dated April 10, 2018, to the
Prospectus and Statement of Additional Information (“SAI”),
each dated April 1, 2018.
Important Notice Regarding Class C Shares
Upon the recommendation of the Zacks All-Cap Core Fund’s (the “Fund”) advisor, Zacks Investment Management, Inc. (the “Advisor”), the Board of Trustees of the Trust has approved the conversion of the Fund’s Class C Shares into Investor Class Shares and the subsequent termination of the Fund’s Class C Shares. Effective immediately, the Class C Shares are closed to all new investment. The Fund’s Class C Shares will be converted into Investor Class Shares and the Class C Shares will be terminated on or about April 16, 2018 (the “Effective Date”). Accordingly, as of the Effective Date, all references to the Fund’s Class C Shares in the Prospectus and SAI are deleted in their entirety. Shareholders of Class C Shares converted into Investor Class Shares will not be subject to a contingent deferred sales charge or short-term redemption fees.
In addition, the Board of Trustees of the Trust has approved the Fund’s re-designation of its Investor Class Shares to Institutional Class Shares. As of the Effective Date, all references to the Fund’s “Investor Class Shares” in the Prospectus and SAI are replaced with “Institutional Class Shares.” The ticker symbol for Institutional Class Shares will continue to be “CZOVX.”
The Fund’s Institutional Class Shares will have the same fee structure as the Investor Class Shares, except that the Institutional Class Shares will not be subject to a Rule 12b-1 distribution fee. The Rule 12b-1 Plan that was in effect for the Fund’s Investor Class and Class C Shares will be terminated. As a result, as of the Effective Date, all references to Rule 12b-1 distribution fees and the Rule 12b-1 Plan with respect to the Fund are deleted.
In addition, as of the Effective Date, the Advisor has agreed to reduce the expense limitation on the Fund’s Institutional Class Shares from 1.55% to 1.00% of the average daily net assets. See the fees and expenses table below for more details.
As of the Effective Date, the following changes are made to the Prospectus and SAI.
The “Fees and Expenses of the Fund” section on page 7 of the Prospectus is deleted and replaced with the following:
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...
