fp0006292_485bpos-xbrl.htm

0001398344-13-000720.txt : 20130213 0001398344-13-000720.hdr.sgml : 20130213 20130213154144 ACCESSION NUMBER: 0001398344-13-000720 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 6 FILED AS OF DATE: 20130213 DATE AS OF CHANGE: 20130213 EFFECTIVENESS DATE: 20130213 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Investment Managers Series Trust CENTRAL INDEX KEY: 0001318342 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-122901 FILM NUMBER: 13602792 BUSINESS ADDRESS: STREET 1: 803 W. MICHIGAN ST. CITY: MILWAUKEE STATE: WI ZIP: 53233 BUSINESS PHONE: 626-914-4141 MAIL ADDRESS: STREET 1: 803 W. MICHIGAN ST. CITY: MILWAUKEE STATE: WI ZIP: 53233 FORMER COMPANY: FORMER CONFORMED NAME: Claymore Trust DATE OF NAME CHANGE: 20050603 FORMER COMPANY: FORMER CONFORMED NAME: Claymore Equity Trust DATE OF NAME CHANGE: 20050218 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Investment Managers Series Trust CENTRAL INDEX KEY: 0001318342 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-21719 FILM NUMBER: 13602793 BUSINESS ADDRESS: STREET 1: 803 W. MICHIGAN ST. CITY: MILWAUKEE STATE: WI ZIP: 53233 BUSINESS PHONE: 626-914-4141 MAIL ADDRESS: STREET 1: 803 W. MICHIGAN ST. CITY: MILWAUKEE STATE: WI ZIP: 53233 FORMER COMPANY: FORMER CONFORMED NAME: Claymore Trust DATE OF NAME CHANGE: 20050603 FORMER COMPANY: FORMER CONFORMED NAME: Claymore Equity Trust DATE OF NAME CHANGE: 20050218

0001318342 S000030903 SGA Global Growth Fund

C000095881 SGA Global Growth Fund SGAGX

485BPOS 1 fp0006292_485bpos-xbrl.htm fp0006292_485bpos-xbrl.htm

AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON February 13, 2013

REGISTRATION NOS. 333 -122901

811 -21719

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933	[ ]
PRE-EFFECTIVE AMENDMENT NO.	[ ]
POST-EFFECTIVE AMENDMENT NO. 313	[ X ]
AND/OR

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940	[ ]
AMENDMENT NO. 322	[ X ]

INVESTMENT MANAGERS SERIES TRUST

(Exact Name of Registrant as Specified in Charter)

803 West Michigan Street

Milwaukee, WI 53233

(Address of Principal Executive Offices, including Zip Code)

Registrant's Telephone Number, Including Area Code: (414) 299-2295

Constance Dye Shannon

UMB Fund Services, Inc.

803 West Michigan Street

Milwaukee, WI 53233

(Name and Address of Agent for Service)

COPIES TO:

Michael Glazer

Bingham McCutchen LLP

355 South Grand Avenue, Suite 4400

Los Angeles, CA 90071-3106

It is proposed that this filing will become effective (check appropriate box):

[ X ]

immediately upon filing pursuant to paragraph (b) of Rule 485; or

[ ]

on ______________, pursuant to paragraph (b) of Rule 485; or

[ ]

60 days after filing pursuant to paragraph (a)(1) of Rule 485;

[ ]

on ______________ pursuant to paragraph (a)(1) of Rule 485; or

[ ]

75 days after filing pursuant to paragraph (a)(2) of Rule 485; or

[ ]

on ______________ pursuant to paragraph (a)(2) of Rule 485; or

[ ]

on ______________ pursuant to paragraph (a)(3) of Rule 485.

If appropriate, check the following box:

[ ]	This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this registration statement under rule 485(b) under the Securities Act of 1933 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of Milwaukee and State of Wisconsin, on the 13th day of February, 2013.

	INVESTMENT MANAGERS SERIES TRUST

	By:	/s/ John P. Zader
		John P. Zader, President

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed on the 13th day of February, 2013, by the following persons in the capacities set forth below.

Signature		Title
†
Ashley Toomey Rabun		Trustee
†
William H. Young		Trustee
†
Charles H. Miller		Trustee
/s/ John P. Zader
John P. Zader		Trustee and President
†
Eric M. Banhazl /s/ Rita Dam		Trustee and Vice President
Rita Dam		Treasurer and Principal Financial and Accounting Officer

† By

/s/Rita Dam

Attorney-in-fact, pursuant to power of attorney previously filed

with Post-Effective Amendment No. 31 on February 1, 2008.

EXHIBIT INDEX

Exhibit	Exhibit No.
XBRL Instance Document	EX-101.INS
XBRL Taxonomy Extension Schema Document	EX-101.SCH
XBRL Taxonomy Extension Definition Linkbase	EX-101.DEF
XBRL Taxonomy Extension Labels Linkbase	EX-101.LAB
XBRL Taxonomy Extension Presentation Linkbase	EX-101.PRE

EX-101.INS 2 imstsga-20130201.xml XBRL INSTANCE DOCUMENT 0001318342 2013-02-01 2013-02-01 0001318342 imstsga:S000030903Member 2013-02-01 2013-02-01 0001318342 imstsga:S000030903Member imstsga:C000095881Member 2013-02-01 2013-02-01 0001318342 imstsga:S000030903Member imstsga:C000095881Member rr:AfterTaxesOnDistributionsMember 2013-02-01 2013-02-01 0001318342 imstsga:S000030903Member imstsga:C000095881Member rr:AfterTaxesOnDistributionsAndSalesMember 2013-02-01 2013-02-01 0001318342 imstsga:S000030903Member imstsga:msciwgiMember 2013-02-01 2013-02-01 0001318342 imstsga:S000030903Member imstsga:msciwiMember 2013-02-01 2013-02-01 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 The SGA Global Growth Fund (the “Fund”) seeks long term capital appreciation. 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 <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column dei_LegalEntityAxis compact imstsga_S000030903Member ~ </div> 0 0 -0.02 20.00 15.00 <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column dei_LegalEntityAxis compact imstsga_S000030903Member ~ </div> 0.01 0.0025 0.1077 0.1202 -0.1027 0.0175 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 imstsga_S000030903Member ~ </div> 178 551 949 2062 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 41% of the average value of its portfolio. Principal Investment Strategies Under normal market conditions, the Fund will invest in equity securities of companies located throughout the world, including the United States, with at least 40% of its net assets in companies organized, headquartered or doing a substantial amount of business outside the United States. The Fund considers a company that has at least 50% of its assets or derives at least 50% of its revenue from business outside the United States as doing a substantial amount of business outside the United States. The Fund will invest primarily in equity securities of companies located in developed countries and may invest up to 40% of its net assets in the securities of companies located in emerging economies included in the MSCI Emerging Markets Index. The Fund’s investments in equity securities may include common stocks, preferred stocks and convertible securities. Although the Fund may invest in any size company, investments will generally be in large and medium-sized companies. The Fund’s advisor considers large and medium sized companies to be those with market capitalizations above $10 billion and from $2 billion to $10 billion, respectively, at the time of purchase. The Fund will allocate its assets among various regions and countries (but in no less than three non-U.S. countries ). From time to time, the Fund may have a significant portion of its assets invested in the securities of companies in only a few countries and one or a few regions. The Fund is non-diversified and therefore is allowed to focus its investments in fewer companies than a fund that is required to diversify its portfolio. The Fund also may invest in American, European, and global depository receipts (“ADRs”, “EDRs”, and “GDRs”, respectively). ADRs are receipts that represent interests in foreign securities held on deposit by U.S. banks. EDRs and GDRs have the same qualities as ADRs, except that they may be traded in several international trading markets. The Fund’s advisor uses an investment process to identify companies that exhibit characteristics that the advisor believes lead to a high degree of predictability, strong profitability and above average earnings and cash flow growth. The advisor selects investments that it believes to have superior long-term earnings prospects and attractive valuations. The advisor will sell a Fund holding when the security’s fundamentals deteriorate, its valuation is no longer attractive, or a better investment opportunity arises. Principal Risks of Investing 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.   • Investment Risks: An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest.   • Equity Risks: The value of the equity securities held by the Fund may fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities held by the Fund participate, or factors relating to specific companies in which the Fund invests.   • Foreign Investment Risks: The Fund's investments in non-U.S. issuers may involve unique risks compared to investing in securities of U.S. issuers. Foreign countries in which the Fund may invest may have markets that are less liquid, less regulated and more volatile than U.S. markets. Adverse political, economic or social developments could undermine the value of the Fund's investments or prevent the Fund from realizing the full value of its investments.   • Currency Risks: Foreign securities that trade in, and receive revenues in, foreign currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar.   • Emerging Markets Risks : The Fund’s investments in foreign issuers in developing or emerging market countries involve exposure to changes in economic and political factors. The economies of most emerging market countries 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 more developed economies. Emerging market countries often suffer from currency devaluation and higher rates of inflation.   • Management Risks: The Fund is an actively managed portfolio. The Fund’s advisor applies investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these will produce the desired results.   • Non-Diversification Risks: The Fund is non-diversified, which means the Fund may focus its investments in the securities of a comparatively small number of issuers. Investment in securities of a limited number of issuers exposes the Fund to greater market risk and potential losses than if its assets were diversified among the securities of a greater number of issuers.   • Medium-Sized Company Risks: The securities of mid-sized companies may be subject to more abrupt or erratic market movements and may have lower trading volumes or more erratic trading than securities of larger companies or the market averages in general.   • Growth Stocks Risks: The stocks of growth companies are generally more sensitive to the companies’ earnings and tend to be more volatile than non-growth stocks and fluctuate more dramatically than the overall market 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 vary from year to year. The table below illustrates how the Fund’s average annual total returns for the periods indicated compare with the MSCI World Growth Index and the MSCI World Index, which the Fund’s advisor considers to be standard performance benchmarks for the Fund’s relative performance. 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 imstsga_S000030903Member ~ </div> 0.03 0.1586 <table cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 38%; border-bottom: black 1.5pt solid">Highest Calendar Quarter Return at NAV</td> <td style="width: 13%; border-bottom: black 1.5pt solid; text-align: center">10.40%</td> <td style="width: 21%; border-bottom: black 1.5pt solid; text-align: center">Quarter Ended 6/30/11</td></tr> <tr style="vertical-align: top"> <td style="border-bottom: black 1.5pt solid">Lowest Calendar Quarter Return at NAV</td> <td style="border-bottom: black 1.5pt solid; text-align: center">(14.13%)</td> <td style="border-bottom: black 1.5pt solid; text-align: center">Quarter Ended 9/30/11</td></tr> </table> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/PerformanceTableData row primary compact * column dei_LegalEntityAxis compact imstsga_S000030903Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * ~</div> 0.1586 0.0924 2010-12-31 0.1555 0.0909 2010-12-31 0.1072 0.079 2010-12-31 0.1612 0.0476 2010-12-31 0.1583 0.046 2010-12-31 SGAGX 2023-01-31 0.41 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. Non-Diversification Risks: The Fund is non-diversified, which means the Fund may focus its investments in the securities of a comparatively small number of issuers. Investment in securities of a limited number of issuers exposes the Fund to greater market risk and potential losses than if its assets were diversified among the securities of a greater number of issuers. 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 vary from year to year. 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 2011-06-30 0.104 Lowest Calendar Quarter Return at NAV 2011-09-30 -0.1413 After-tax returns are calculated using the historical highest individual federal marginal income tax rate and do not reflect the impact of state and local taxes. 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. 2013-02-01 2013-01-28 2013-02-01 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, dividend expenses on short sales, 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 1.75% of the average daily net assets of the Fund. This agreement is in effect until January 31, 2023, 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 rate 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. EX-101.SCH 3 imstsga-20130201.xsd XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT EX-101.DEF 4 imstsga-20130201_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 5 imstsga-20130201_lab.xml XBRL TAXONOMY EXTENSION LABELS LINKBASE Share Class [Axis] Performance Measure [Axis] Prospectus [Table] All Classes Average Annual Return, Column Name Series [Axis] All Series All Prospectus Prospectus [Axis] Creation Date Effective Date Period End Date Trading Symbol Expense Example, 1 YEAR Expense Example, No Redemption, 1 YEAR Expense Example, 3 YEARS Expense Example, No Redemption, 3 YEARS Expense Example, 5 YEARS Expense Example, No Redemption, 5 YEARS Expense Example, 10 YEARS Expense Example, No Redemption, 10 YEARS 1 Year 1 Year 3 Years 3 Years 5 Years 5 Years 10 Years 10 Years CIK Registrant Name Document Type Amendment Am.Description Prospectus Date Wire fee Overnight check delivery fee S000030903Member SGA Global Growth Fund C000095881Member SGA Global Growth Fund Shares Risk/Return: Risk/Return Investment objective: Investment objective Secondary objectives Fees and expenses of the fund: Fees and expenses of the fund, narrative Shareholder fees, caption Shareholder fees, table Maximum sales charge (load) imposed on purchases (as a percentage of offering price) Maximum Cumulative Sales Charge / Other Maximum sales charge (load) imposed on purchases Maximum deferred sales charge (load) Maximum deferred sales charge (as a percentage of the amount redeemed) Maximum sales charge (load) imposed on reinvested dividends Redemption fee if redeemed within 60 days of purchase (as a percentage of amount redeemed) Redemption fee if redeemed within 60 days of purchase (as a percentage of amount redeemed) Redemption fee if redeemed within 60 days of purchase (as a percentage of amount redeemed) Redemption Fee Exchange Fee (as a percentage of net assets) Exchange Fee Maximum Account Fee (as a percentage of net assets) Maximum annual account fee Retirement account fees (annual 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Explanation of Nonrecurring Account Fee Other Expenses, New Fund, Based on Estimates Acquired Fund Fees and Expenses, Based on Estimates Expenses Other Expenses Had Extraordinary Expenses Been Included Expenses Restated to Reflect Current Expenses Not Correlated to Ratio Due to Acquired Fund Fees Example, heading Expense Example, with Redemption, heading Expense Example, Narrative Expense Example, with Redemption, Caption Expense Example, with Redemption, table Expense Example, Column Name Expense Example, No Redemption, Narrative Expense Example, No Redemption, Caption Expense Example, No Redemption, table Expense Example, No Redemption, Column Name Expense Example Footnotes Expense Example Closing Strategy, Heading Strategy, Narrative Portfolio Concentration Risk, Heading Risk, Narrative Risk Footnotes Risk Closing May Lose Money Date Of Termination Risk, Nondiversified Risk, Money Market Fund Not Insured Depository Institution Risk Caption Risk Column Name Risk Bar Chart and Performance Table, Heading Performance, Narrative Performance, Information Illustrates Variability of Returns Performance, One Year or Less Performance, Additional Market Index Performance, Availability by Phone Performance, Availability at Web Site Address Performance, Past Does Not Indicate Future Bar Chart, Heading Bar Chart, Narrative Bar Chart, Does Not Reflect Sales Loads Bar Chart Annual Return, Caption Annual Return, Inception Date 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Bar Chart, Footnotes Bar Chart, Closing Bar Chart, Reason Selected Class Different from Immediately Preceding Period Bar Chart, Returns for Class Not Offered in Prospectus Year to Date Return, Label Year to Date Return, Date Year to Date Return Highest Quarterly Return, Label Highest Quarterly Return Date Highest Quarterly Return Lowest Quarterly Return, Label Lowest Quarterly Return Date Lowest Quarterly Return Performance Table: Performance Table Narrative Average Annual Return Caption Performance Table 1 Year 5 Years 10 Years Since Inception Inception Date Before taxes - Return After Taxes on Distributions - Return After Taxes on Distributions and Sale of Fund Shares Market Index Performance 1Member MSCI World Growth Index (does not reflect deduction for fees, expenses or taxes) 2Member MSCI World Index (does not reflect deduction for fees, expenses or taxes) Performance Table Footnotes, Reason Performance Information for Class Different from Immediately Preceding Period Performance Table Footnotes Performance Table Closing Performance Table Does Reflect Sales Loads Performance Table Market Index Changed Index No Deduction for Fees, Expenses, Taxes Performance Table Uses Highest Federal Rate Performance Table Not Relevant to Tax Deferred One Class of After-Tax Shown Performance Table Explains why after Tax Higher Money Market, Seven Day Yield Caption Money Market, Seven Day Yield Column Name 7-Day 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Label Element Value

Risk/Return: rr_RiskReturnAbstract

Document Type dei_DocumentType 485BPOS

Period End Date dei_DocumentPeriodEndDate Sep. 30, 2012

Registrant Name dei_EntityRegistrantName Investment Managers Series Trust

CIK dei_EntityCentralIndexKey 0001318342

Amendment dei_AmendmentFlag false

Creation Date dei_DocumentCreationDate Jan. 28, 2013

Effective Date dei_DocumentEffectiveDate Feb. 01, 2013

Prospectus Date rr_ProspectusDate Feb. 01, 2013

SGA Global Growth Fund

Risk/Return: rr_RiskReturnAbstract

Risk/Return rr_RiskReturnHeading
SUMMARY SECTION

Investment objective: rr_ObjectiveHeading
Investment Objective

Investment objective rr_ObjectivePrimaryTextBlock
The SGA Global Growth Fund (the “Fund”) seeks long term capital appreciation.

Fees and expenses of the fund: rr_ExpenseHeading
Fees and Expenses of the Fund

Fees and expenses of the fund, narrative rr_ExpenseNarrativeTextBlock
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder fees, caption rr_ShareholderFeesCaption
Shareholder Fees (fees paid directly from your investment)

Annual fund operating expenses, heading rr_OperatingExpensesCaption
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Date Of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination 2023-01-31

Portfolio turnover, heading rr_PortfolioTurnoverHeading
Portfolio Turnover

Portfolio turnover, narrative rr_PortfolioTurnoverTextBlock
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 41% of the average value of its portfolio.

Portfolio Turnover Rate rr_PortfolioTurnoverRate 41.00%

Example, heading rr_ExpenseExampleHeading
Example

Expense Example, Narrative rr_ExpenseExampleNarrativeTextBlock
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:

Strategy, Heading rr_StrategyHeading
Principal Investment Strategies

Strategy, Narrative rr_StrategyNarrativeTextBlock
Under normal market conditions, the Fund will invest in equity securities of companies located throughout the world, including the United States, with at least 40% of its net assets in companies organized, headquartered or doing a substantial amount of business outside the United States. The Fund considers a company that has at least 50% of its assets or derives at least 50% of its revenue from business outside the United States as doing a substantial amount of business outside the United States. The Fund will invest primarily in equity securities of companies located in developed countries and may invest up to 40% of its net assets in the securities of companies located in emerging economies included in the MSCI Emerging Markets Index.

The Fund’s investments in equity securities may include common stocks, preferred stocks and convertible securities. Although the Fund may invest in any size company, investments will generally be in large and medium-sized companies. The Fund’s advisor considers large and medium sized companies to be those with market capitalizations above $10 billion and from $2 billion to $10 billion, respectively, at the time of purchase. The Fund will allocate its assets among various regions and countries (but in no less than three non-U.S. countries ). From time to time, the Fund may have a significant portion of its assets invested in the securities of companies in only a few countries and one or a few regions.

The Fund is non-diversified and therefore is allowed to focus its investments in fewer companies than a fund that is required to diversify its portfolio.

The Fund also may invest in American, European, and global depository receipts (“ADRs”, “EDRs”, and “GDRs”, respectively). ADRs are receipts that represent interests in foreign securities held on deposit by U.S. banks. EDRs and GDRs have the same qualities as ADRs, except that they may be traded in several international trading markets.

The Fund’s advisor uses an investment process to identify companies that exhibit characteristics that the advisor believes lead to a high degree of predictability, strong profitability and above average earnings and cash flow growth. The advisor selects investments that it believes to have superior long-term earnings prospects and attractive valuations. The advisor will sell a Fund holding when the security’s fundamentals deteriorate, its valuation is no longer attractive, or a better investment opportunity arises.

Risk, Heading rr_RiskHeading
Principal Risks of Investing

Risk, Narrative rr_RiskNarrativeTextBlock
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.

• Investment Risks: An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest.

• Equity Risks: The value of the equity securities held by the Fund may fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities held by the Fund participate, or factors relating to specific companies in which the Fund invests.

• Foreign Investment Risks: The Fund's investments in non-U.S. issuers may involve unique risks compared to investing in securities of U.S. issuers. Foreign countries in which the Fund may invest may have markets that are less liquid, less regulated and more volatile than U.S. markets. Adverse political, economic or social developments could undermine the value of the Fund's investments or prevent the Fund from realizing the full value of its investments.

• Currency Risks: Foreign securities that trade in, and receive revenues in, foreign currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar.

• Emerging Markets Risks : The Fund’s investments in foreign issuers in developing or emerging market countries involve exposure to changes in economic and political factors. The economies of most emerging market countries 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 more developed economies. Emerging market countries often suffer from currency devaluation and higher rates of inflation.

• Management Risks: The Fund is an actively managed portfolio. The Fund’s advisor applies investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these will produce the desired results.

• Non-Diversification Risks: The Fund is non-diversified, which means the Fund may focus its investments in the securities of a comparatively small number of issuers. Investment in securities of a limited number of issuers exposes the Fund to greater market risk and potential losses than if its assets were diversified among the securities of a greater number of issuers.

• Medium-Sized Company Risks: The securities of mid-sized companies may be subject to more abrupt or erratic market movements and may have lower trading volumes or more erratic trading than securities of larger companies or the market averages in general.

• Growth Stocks Risks: The stocks of growth companies are generally more sensitive to the companies’ earnings and tend to be more volatile than non-growth stocks and fluctuate more dramatically than the overall market

May Lose Money rr_RiskLoseMoney 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.

Risk, Nondiversified rr_RiskNondiversifiedStatus Non-Diversification Risks: The Fund is non-diversified, which means the Fund may focus its investments in the securities of a comparatively small number of issuers. Investment in securities of a limited number of issuers exposes the Fund to greater market risk and potential losses than if its assets were diversified among the securities of a greater number of issuers.

Bar Chart and Performance Table, Heading rr_BarChartAndPerformanceTableHeading
Performance

Performance, Narrative rr_PerformanceNarrativeTextBlock
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 vary from year to year. The table below illustrates how the Fund’s average annual total returns for the periods indicated compare with the MSCI World Growth Index and the MSCI World Index, which the Fund’s advisor considers to be standard performance benchmarks for the Fund’s relative performance. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.

Performance, Information Illustrates Variability of Returns rr_PerformanceInformationIllustratesVariabilityOfReturns 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 vary from year to year.

Performance, Past Does Not Indicate Future rr_PerformancePastDoesNotIndicateFuture The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.

Bar Chart, Heading rr_BarChartHeading
Calendar-Year Total Returns

Bar Chart, Closing rr_BarChartClosingTextBlock

Highest Calendar Quarter Return at NAV 10.40% Quarter Ended 6/30/11

Lowest Calendar Quarter Return at NAV (14.13%) Quarter Ended 9/30/11

Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Highest Calendar Quarter Return at NAV

Highest Quarterly Return Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2011

Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 10.40%

Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Lowest Calendar Quarter Return at NAV

Lowest Quarterly Return Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2011

Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (14.13%)

Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the historical highest individual federal marginal income tax rate and do not reflect the impact of state and local taxes.

Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred 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.

SGA Global Growth Fund | MSCI World Growth Index (does not reflect deduction for fees, expenses or taxes)

Risk/Return: rr_RiskReturnAbstract

1 Year rr_AverageAnnualReturnYear01 16.12%

Since Inception rr_AverageAnnualReturnSinceInception 4.76%

Inception Date rr_AverageAnnualReturnInceptionDate Dec. 31, 2010

SGA Global Growth Fund | MSCI World Index (does not reflect deduction for fees, expenses or taxes)

Risk/Return: rr_RiskReturnAbstract

1 Year rr_AverageAnnualReturnYear01 15.83%

Since Inception rr_AverageAnnualReturnSinceInception 4.60%

Inception Date rr_AverageAnnualReturnInceptionDate Dec. 31, 2010

SGA Global Growth Fund | SGA Global Growth Fund Shares

Risk/Return: rr_RiskReturnAbstract

Trading Symbol dei_TradingSymbol SGAGX

Maximum sales charge (load) imposed on purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none

Maximum deferred sales charge (load) rr_MaximumDeferredSalesChargeOverOfferingPrice none

Redemption fee if redeemed within 60 days of purchase (as a percentage of amount redeemed) rr_RedemptionFeeOverRedemption (2.00%)

Wire fee imstsga_WireFee 20.00

Retirement account fees (annual maintenance and full redemption requests) rr_ShareholderFeeOther 15.00

Management fees rr_ManagementFeesOverAssets 1.00%

Distribution (Rule 12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%

Other expenses rr_OtherExpensesOverAssets 10.77%

Total annual fund operating expenses rr_ExpensesOverAssets 12.02%

Fee waiver and/or expense reimbursements rr_FeeWaiverOrReimbursementOverAssets (10.27%) ^[1]

Total annual fund operating expenses after fee waiver and/or expense reimbursements rr_NetExpensesOverAssets 1.75% ^[1]

Expense Example, 1 YEAR rr_ExpenseExampleYear01 178

Expense Example, 3 YEARS rr_ExpenseExampleYear03 551

Expense Example, 5 YEARS rr_ExpenseExampleYear05 949

Expense Example, 10 YEARS rr_ExpenseExampleYear10 2,062

2011 rr_AnnualReturn2011 3.00%

2012 rr_AnnualReturn2012 15.86%

1 Year rr_AverageAnnualReturnYear01 15.86%

Since Inception rr_AverageAnnualReturnSinceInception 9.24%

Inception Date rr_AverageAnnualReturnInceptionDate Dec. 31, 2010

SGA Global Growth Fund | SGA Global Growth Fund Shares | - Return After Taxes on Distributions

Risk/Return: rr_RiskReturnAbstract

1 Year rr_AverageAnnualReturnYear01 15.55% ^[2]

Since Inception rr_AverageAnnualReturnSinceInception 9.09% ^[2]

Inception Date rr_AverageAnnualReturnInceptionDate Dec. 31, 2010 ^[2]

SGA Global Growth Fund | SGA Global Growth Fund Shares | - Return After Taxes on Distributions and Sale of Fund Shares

Risk/Return: rr_RiskReturnAbstract

1 Year rr_AverageAnnualReturnYear01 10.72% ^[2]

Since Inception rr_AverageAnnualReturnSinceInception 7.90% ^[2]

Inception Date rr_AverageAnnualReturnInceptionDate Dec. 31, 2010 ^[2]

[1] 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, dividend expenses on short sales, 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 1.75% of the average daily net assets of the Fund. This agreement is in effect until January 31, 2023, 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.

[2] After-tax returns are calculated using the historical highest individual federal marginal income tax rate 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.

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Distribution [and/or Service] (12b-1) Fees" include all distribution or other expenses incurred during the most recent fiscal year under a plan adopted pursuant to rule 12b-1 [17 CFR 270.12b-1]. Under an appropriate caption or a subcaption of "Other Expenses," disclose the amount of any distribution or similar expenses deducted from the Fund's assets other than pursuant to a rule 12b-1 plan.

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Risk/Return Summary Fee Table Includes the following information, in plain English under rule 421(d) under the Securities Act, after Item 2 Fees and expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shared of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $[_____] in [name of fund family] funds. Shareholder Fees (fees paid directly from your investment) 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 you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be You would pay the following expenses if you did not redeem your shares The Example does not reflect sales charges (loads) on reinvested dividends [and other distributions]. If these sales charges (loads) were included, your costs would be higher. 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. 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 __% of the average value of its whole portfolio. Instructions. A.3.instructions.6 New Funds. For purposes of this Item, a "New Fund" is a Fund that does not include in Form N-1A financial statements reporting operating results or that includes financial statements for the Fund's initial fiscal year reporting operating results for a period of 6 months or less. The following Instructions apply to New Funds.

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Other Expenses

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XML 12 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6

SGA Global Growth Fund

SUMMARY SECTION

Investment Objective

The SGA Global Growth Fund (the “Fund”) seeks long term capital appreciation.

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)

Shareholder Fees (USD $)

SGA Global Growth Fund

SGA Global Growth Fund Shares

Maximum sales charge (load) imposed on purchases none

Maximum deferred sales charge (load) none

Redemption fee if redeemed within 60 days of purchase (as a percentage of amount redeemed) 2.00%

Wire fee 20.00

Retirement account fees (annual maintenance and full redemption requests) 15.00

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses

SGA Global Growth Fund

SGA Global Growth Fund Shares

Management fees 1.00%

Distribution (Rule 12b-1) Fees 0.25%

Other expenses 10.77%

Total annual fund operating expenses 12.02%

Fee waiver and/or expense reimbursements ^[1] (10.27%)

Total annual fund operating expenses after fee waiver and/or expense reimbursements ^[1] 1.75%

[1] 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, dividend expenses on short sales, 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 1.75% of the average daily net assets of the Fund. This agreement is in effect until January 31, 2023, 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.

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:

Expense Example (USD $)

1 Year

3 Years

5 Years

10 Years

SGA Global Growth Fund SGA Global Growth Fund Shares
178 551 949 2,062

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 41% of the average value of its portfolio.

Principal Investment Strategies

Under normal market conditions, the Fund will invest in equity securities of companies located throughout the world, including the United States, with at least 40% of its net assets in companies organized, headquartered or doing a substantial amount of business outside the United States. The Fund considers a company that has at least 50% of its assets or derives at least 50% of its revenue from business outside the United States as doing a substantial amount of business outside the United States. The Fund will invest primarily in equity securities of companies located in developed countries and may invest up to 40% of its net assets in the securities of companies located in emerging economies included in the MSCI Emerging Markets Index.

The Fund’s investments in equity securities may include common stocks, preferred stocks and convertible securities. Although the Fund may invest in any size company, investments will generally be in large and medium-sized companies. The Fund’s advisor considers large and medium sized companies to be those with market capitalizations above $10 billion and from $2 billion to $10 billion, respectively, at the time of purchase. The Fund will allocate its assets among various regions and countries (but in no less than three non-U.S. countries ). From time to time, the Fund may have a significant portion of its assets invested in the securities of companies in only a few countries and one or a few regions.

The Fund is non-diversified and therefore is allowed to focus its investments in fewer companies than a fund that is required to diversify its portfolio.

The Fund also may invest in American, European, and global depository receipts (“ADRs”, “EDRs”, and “GDRs”, respectively). ADRs are receipts that represent interests in foreign securities held on deposit by U.S. banks. EDRs and GDRs have the same qualities as ADRs, except that they may be traded in several international trading markets.

The Fund’s advisor uses an investment process to identify companies that exhibit characteristics that the advisor believes lead to a high degree of predictability, strong profitability and above average earnings and cash flow growth. The advisor selects investments that it believes to have superior long-term earnings prospects and attractive valuations. The advisor will sell a Fund holding when the security’s fundamentals deteriorate, its valuation is no longer attractive, or a better investment opportunity arises.

Principal Risks of Investing

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.

• Investment Risks: An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest.

• Equity Risks: The value of the equity securities held by the Fund may fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities held by the Fund participate, or factors relating to specific companies in which the Fund invests.

• Foreign Investment Risks: The Fund's investments in non-U.S. issuers may involve unique risks compared to investing in securities of U.S. issuers. Foreign countries in which the Fund may invest may have markets that are less liquid, less regulated and more volatile than U.S. markets. Adverse political, economic or social developments could undermine the value of the Fund's investments or prevent the Fund from realizing the full value of its investments.

• Currency Risks: Foreign securities that trade in, and receive revenues in, foreign currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar.

• Emerging Markets Risks : The Fund’s investments in foreign issuers in developing or emerging market countries involve exposure to changes in economic and political factors. The economies of most emerging market countries 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 more developed economies. Emerging market countries often suffer from currency devaluation and higher rates of inflation.

• Management Risks: The Fund is an actively managed portfolio. The Fund’s advisor applies investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these will produce the desired results.

• Non-Diversification Risks: The Fund is non-diversified, which means the Fund may focus its investments in the securities of a comparatively small number of issuers. Investment in securities of a limited number of issuers exposes the Fund to greater market risk and potential losses than if its assets were diversified among the securities of a greater number of issuers.

• Medium-Sized Company Risks: The securities of mid-sized companies may be subject to more abrupt or erratic market movements and may have lower trading volumes or more erratic trading than securities of larger companies or the market averages in general.

• Growth Stocks Risks: The stocks of growth companies are generally more sensitive to the companies’ earnings and tend to be more volatile than non-growth stocks and fluctuate more dramatically than the overall market

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 vary from year to year. The table below illustrates how the Fund’s average annual total returns for the periods indicated compare with the MSCI World Growth Index and the MSCI World Index, which the Fund’s advisor considers to be standard performance benchmarks for the Fund’s relative performance. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.

Calendar-Year Total Returns

Highest Calendar Quarter Return at NAV 10.40% Quarter Ended 6/30/11

Lowest Calendar Quarter Return at NAV (14.13%) Quarter Ended 9/30/11

Average Annual Total Returns SGA Global Growth Fund

1 Year

Since Inception

Inception Date

SGA Global Growth Fund Shares
15.86% 9.24% Dec. 31, 2010

SGA Global Growth Fund Shares - Return After Taxes on Distributions
^[1] 15.55% 9.09% Dec. 31, 2010

SGA Global Growth Fund Shares - Return After Taxes on Distributions and Sale of Fund Shares
^[1] 10.72% 7.90% Dec. 31, 2010

MSCI World Growth Index (does not reflect deduction for fees, expenses or taxes)
16.12% 4.76% Dec. 31, 2010

MSCI World Index (does not reflect deduction for fees, expenses or taxes)
15.83% 4.60% Dec. 31, 2010

[1] After-tax returns are calculated using the historical highest individual federal marginal income tax rate 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.

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If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).

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If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).

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Distribution [and/or Service] (12b-1) Fees" include all distribution or other expenses incurred during the most recent fiscal year under a plan adopted pursuant to rule 12b-1 [17 CFR 270.12b-1]. Under an appropriate caption or a subcaption of "Other Expenses," disclose the amount of any distribution or similar expenses deducted from the Fund's assets other than pursuant to a rule 12b-1 plan.

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Risk/Return Summary Fee Table Includes the following information, in plain English under rule 421(d) under the Securities Act, after Item 2 Fees and expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shared of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $[_____] in [name of fund family] funds. Shareholder Fees (fees paid directly from your investment) 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 you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be You would pay the following expenses if you did not redeem your shares The Example does not reflect sales charges (loads) on reinvested dividends [and other distributions]. If these sales charges (loads) were included, your costs would be higher. 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. 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 __% of the average value of its whole portfolio. Instructions. A.3.instructions.6 New Funds. For purposes of this Item, a "New Fund" is a Fund that does not include in Form N-1A financial statements reporting operating results or that includes financial statements for the Fund's initial fiscal year reporting operating results for a period of 6 months or less. The following Instructions apply to New Funds.

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This table describes the fees and expenses that you may pay if you buy and hold shared of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $[_____] in [name of fund family] funds. Include the narrative explanations in the order indicated. A Fund may modify the narrative explanations if the explanation contains comparable information to that shown. The narrative explanation regarding sales charge discounts is only required by a Fund that offers such discounts and should specify the minimum level of investment required to qualify for a discount. Modify the narrative explanation to state that Fund shares are sold on a national securities exchange at the end of the time periods indicated, and that brokerage commissions for buying and selling Fund shares through a broker are not reflected.

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Total Annual Fund Operating Expenses. If the Fund is a Feeder Fund, reflect the aggregate expenses of the Feeder Fund and the Master Fund in a single fee table using the captions provided. In a footnote to the fee table, state that the table and Example reflect the expenses of both the Feeder and Master Funds. If the prospectus offers more than one Class of a Multiple Class Fund or more than one Feeder Fund that invests in the same Master Fund, provide a separate response for each Class or Feeder Fund. Base the percentages of "Annual Fund Operating Expenses" on amounts incurred during the Fund's most recent fiscal year, but include in expenses amounts that would have been incurred absent expense reimbursement or fee waiver arrangements. If the Fund has changed its fiscal year and, as a result, the most recent fiscal year is less than three months, use the fiscal year prior to the most recent fiscal year as the basis for determining "Annual Fund Operating Expenses."

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Total Annual Fund Operating Expenses. If there were expense reimbursement or fee waiver arrangements that reduced any Fund operating expenses and will continue to reduce them for no less than one year from the effective date of the Fund's registration statement, a Fund may add two captions to the table one caption showing the amount of the expense reimbursement or fee waiver, and a second caption showing the Fund's net expenses after subtracting the fee reimbursement or expense waiver from the total fund operating expenses. The Fund should place these additional captions directly below the "Total Annual Fund Operating Expenses" caption of the table and should use appropriate descriptive captions, such as "Fee Waiver [and/or Expense Reimbursement]" and "Total Annual Fund Operating Expenses After Fee Waiver [and/or Expense Reimbursement]," respectively. If the Fund provides this disclosure, also disclose the period for which the expense reimbursement or fee waiver arrangement is expected to continue, and briefly describe who can terminate the arrangement and under what circumstances.

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Management Fees include investment advisory fees (including any fees based on the Fund's performance), any other management fees payable to the investment adviser or its affiliates, and administrative fees payable to the investment adviser or its affiliates that are not included as "Other Expenses."

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Maximum Deferred Sales Charge (Load) (as a percentage of ____) A.3.instructions.2.a.i "Maximum Deferred Sales Charge (Load)" includes the maximum total deferred sales charge (load) payable upon redemption, in installments, or both, expressed as a percentage of the amount or amounts stated in response to Item 7(a), except that, for a sales charge (load) based on net asset value at the time of purchase, show the sales charge (load) as a percentage of the offering price at the time of purchase. A Fund may include in a footnote to the table, if applicable, a tabular presentation showing the amount of deferred sales charges (loads) over time or a narrative explanation of the sales charges (loads) (e.g., __% in the first year after purchase, declining to __% in the __ year and eliminated thereafter). A.3.instructions.2.a.ii If more than one type of sales charge (load) is imposed (e.g., a deferred sales charge (load) and a front-end sales charge (load)), the first caption in the table should read "Maximum Sales Charge (Load)" and show the maximum cumulative percentage. Show the percentage amounts and the terms of each sales charge (load) comprising that figure on separate lines below.

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Maximum Deferred Sales Charge (Load) (as a percentage of ____) A.3.instructions.2.a.i "Maximum Deferred Sales Charge (Load)" includes the maximum total deferred sales charge (load) payable upon redemption, in installments, or both, expressed as a percentage of the amount or amounts stated in response to Item 7(a), except that, for a sales charge (load) based on net asset value at the time of purchase, show the sales charge (load) as a percentage of the offering price at the time of purchase. A Fund may include in a footnote to the table, if applicable, a tabular presentation showing the amount of deferred sales charges (loads) over time or a narrative explanation of the sales charges (loads) (e.g., __% in the first year after purchase, declining to __% in the __ year and eliminated thereafter). A.3.instructions.2.a.ii If more than one type of sales charge (load) is imposed (e.g., a deferred sales charge (load) and a front-end sales charge (load)), the first caption in the table should read "Maximum Sales Charge (Load)" and show the maximum cumulative percentage. Show the percentage amounts and the terms of each sales charge (load) comprising that figure on separate lines below.

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Investment Objectives/Goals. Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).

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"Other Expenses" include all expenses not otherwise disclosed in the table that are deducted from the Fund's assets or charged to all shareholder accounts. The amount of expenses deducted from the Fund's assets are the amounts shown as expenses in the Fund's statement of operations (including increases resulting from complying with paragraph 2(g) of rule 6-07 of Regulation S-X [17 CFR 210.6-07]). "Other Expenses" do not include extraordinary expenses as determined under generally accepted accounting principles (see Accounting Principles Board Opinion No. 30). If extraordinary expenses were incurred that materially affected the Fund's "Other Expenses," disclose in a footnote to the table what "Other Expenses" would have been had the extraordinary expenses been included.

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"Redemption Fee" (as a percentage of amount redeemed, if applicable) If the Fund is an Exchange-Traded Fund and issues or redeems shares in creation units of not less than 25,000 shares each, exclude any fees charged for the purchase and redemption of the Fund's creation units. "Redemption Fee" includes a fee charged for any redemption of the Fund's shares, but does not include a deferred sales charge (load) imposed upon redemption.

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