0001398344-13-000242.txt : 20130123 0001398344-13-000242.hdr.sgml : 20130123 20130123122533 ACCESSION NUMBER: 0001398344-13-000242 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 6 FILED AS OF DATE: 20130123 DATE AS OF CHANGE: 20130123 EFFECTIVENESS DATE: 20130123 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: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 333-122901 FILM NUMBER: 13542168 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 S000039509 Advisory Research Strategic Income Fund C000121689 Advisory Research Strategic Income Fund ADVNX 497 1 fp0006123_497-xbrl.htm fp0006123_497-xbrl.htm
 
Investment Managers Series Trust
803 W. Michigan Street
Milwaukee, Wisconsin  53233

January 23, 2013

VIA EDGAR TRANSMISSION

U.S. Securities and Exchange Commission
Division of Investment Management
100 “F” Street, N.E.
Washington, DC  20549

Re:
Investment Managers Series Trust (the “Trust”)
File Nos. 333-122901 and 811-21719 on behalf
of Advisory Research Strategic Income Fund

Ladies and gentlemen:
 
On behalf of the Fund, we are filing today through EDGAR, pursuant to the requirements of Rule 497(e) under the Securities Act of 1933, as amended (the “Securities Act”), XBRL interactive data files relating to revised Investments and Risks summary (Item 4 to Form N1-A) in the Prospectus for the Fund, which were filed electronically with the Securities and Exchange Commission pursuant to Rule 497(e) under the Securities Act on January 14, 2013 (Accession No. 0001398344-13-000162). The purpose of this filing is to submit an XBRL interactive data file in the manner provided by Rule 405 of Regulation S-T and General Instruction C.3.(g) of Form N-1A.

If you have any questions or require further information, do not hesitate to contact the undersigned at (626) 914-2109.

Sincerely,
 
/s/ SARDJONO KADIMAN
Sardjono Kadiman
Investment Managers Series Trust
 
EX-101.INS 2 arsif-20121231.xml XBRL INSTANCE DOCUMENT 0001318342 2012-12-31 2012-12-31 0001318342 arsif:S000039509Member 2012-12-31 2012-12-31 0001318342 arsif:S000039509Member arsif:C000121689Member 2012-12-31 2012-12-31 0001318342 arsif:S000039509Member arsif:C000121689Member rr:AfterTaxesOnDistributionsMember 2012-12-31 2012-12-31 0001318342 arsif:S000039509Member arsif:C000121689Member rr:AfterTaxesOnDistributionsAndSalesMember 2012-12-31 2012-12-31 0001318342 arsif:S000039509Member arsif:mluspfriMember 2012-12-31 2012-12-31 iso4217:USD pure shares iso4217:USD shares 0001318342 Investment Managers Series Trust Other false <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><B>SUMMARY SECTION</b></p><hr size="2" style="color: Black; width: 100%"/> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Investment Objective</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">The Advisory Research Strategic Income Fund&rsquo;s (the &ldquo;Fund&rdquo;) primary objective is to seek high current income.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Fees and Expenses of the Fund</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Shareholder Fees</b><br><i>(fees paid directly from your investment)</i></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Annual Fund Operating Expenses</b><br><i>(expenses that you pay each year as a percentage of the value of your investment)</i></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Calendar-Year Total Returns</b></p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column dei_LegalEntityAxis compact arsif_S000039509Member ~ </div> 0 0 -0.02 20.00 15.00 15.00 <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column dei_LegalEntityAxis compact arsif_S000039509Member ~ </div> 0.007 0 0.0025 0.0004 0.0099 -0.0005 0.0094 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><u><i><b>Example</b></i></u></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">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&rsquo;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ExpenseExample column dei_LegalEntityAxis compact arsif_S000039509Member ~ </div> 96 310 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Portfolio Turnover</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &ldquo;turns over&rdquo; 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&rsquo;s performance. The Fund is newly-created and, as a result, does not yet have a portfolio turnover rate.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Principal Investment Strategies</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">The Fund pursues its investment objectives primarily by investing in preferred securities and other income producing securities, including convertible securities, debt securities, common stocks, and securities of other investment companies.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">Under normal market conditions, the Fund primarily invests (up to 80% of its total assets) in preferred securities, but the Fund&rsquo;s advisor retains broad discretion to allocate the Fund&rsquo;s investments across various asset classes. Preferred securities in which the Fund may invest include traditional straight and convertible preferreds, and hybrid preferreds (i.e. preferred securities issued by trusts or other special purpose entities established by operating companies). From time to time, the Fund may have a significant portion of its assets in one or more market sectors such as the finance sector.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">The Fund may invest in debt securities of any maturity. Debt securities in which the Fund may invest include U.S. Treasury and U.S. government agency securities, investment grade corporate debt instruments, and investment grade municipal bonds. Investment grade securities are those rated at the time of acquisition Baa3 or higher by Moody's Investors Service, Inc. ("Moody's"), or BBB- or higher by Standard &amp; Poor's, a division of McGraw Hill Companies Inc. (&ldquo;S&amp;P&rdquo;), or Fitch Ratings Ltd. (&ldquo;Fitch&rdquo;) or, if unrated by S&amp;P, Moody's or Fitch, determined by the Fund&rsquo;s advisor to be of comparable quality. The Fund may also invest, to a limited extent, in below investment grade securities. Below investment grade securities are also known as &ldquo;high yield&rdquo; or &ldquo;junk&rdquo; securities.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">The Fund may write (sell) covered call options on securities the Fund holds in its portfolio.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">The Fund may invest up to 20% of its assets in securities of non-U.S. issuers. The Fund&rsquo;s investments in foreign securities include non-U.S. dollar denominated securities traded outside of the United States, U.S. dollar denominated securities of foreign issuers traded in the United States and American Depository Receipts (&ldquo;ADRs&rdquo;). ADRs are receipts that represent interests in foreign securities held on deposit by U.S. banks.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">The Fund&rsquo;s advisor seeks to identify securities which it believes offer significantly higher yields than U.S. treasury securities of comparable maturity, while preserving good overall credit quality. The advisor selects preferred securities based upon a review of yield characteristics, call provisions, credit quality and ratings, and ability to continue paying dividends. In evaluating and selecting debt securities, the advisor balances various factors, including increased yield as compared to U.S. treasuries, maturity, call provisions and credit quality. The advisor selects common stocks based on the company&rsquo;s business and financial strength and dividend history and policy, as well as ability to potentially grow dividend distributions. The advisor selects closed-end funds based upon a review of yield, price relative to net asset value, composition of the underlying portfolio, and the nature of the distributions. The Fund will generally sell a security if its full valuation is realized, if better opportunities are identified, if news alters the advisor&rsquo;s investment thesis, or if the Fund requires cash to meet redemption requests.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Principal Risks of Investing</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">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.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&nbsp;&nbsp;&bull; <i><b>Investment Risk:</b></i> An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&nbsp;&nbsp;&bull; <i><b>Preferred Securities Risk</b></i>: Preferred securities represent equity interests in a company that generally entitle the holder to receive, in preference to the holders of other stocks such as common stocks, dividends and a fixed share of the proceeds resulting from a liquidation of the company. Preferred securities are generally subordinated to bonds and other debt instruments in a company&rsquo;s capital structure in terms of having priority to corporate income, claims to corporate assets and liquidation payments, and therefore will be subject to greater credit risk than more senior debt instruments. Preferred securities are subject to issuer-specific and market risks applicable generally to equity securities and are sensitive to changes in the issuer&rsquo;s credit worthiness and to changes in interest rates, and may decline in value if interest rise. In addition, preferred securities often have features that can adversely affect their returns, including the following:</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">-Preferred securities may include provisions that permit the issuer, at its discretion, to defer or omit distributions for a stated period without any adverse consequences to the issuer.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">-Preferred securities frequently have call features that allow the issuer to repurchase the security prior to its stated maturity.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">-An issuer may be able to exercise an option to redeem its preferred securities at par earlier than scheduled. Certain preferred securities, for example, have redemption features that are triggered by changes in U.S. federal income tax or securities laws.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&nbsp;&nbsp;&bull; <i><b>Convertible Securities Risk</b></i>: The value of a convertible security may be affected by changes in interest rates, with investment value declining as interest rates increase and increasing as interest rates decline. The credit standing of the issuer, the ability of the issuer to repay principal and to make interest payment and other factors also may have an effect on a convertible security&rsquo;s investment value.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&nbsp;&nbsp;&bull; <i><b>Debt Securities Risk</b></i>: Prices of debt securities tend to move inversely with changes in interest rates. Typically, a rise in rates will adversely affect debt security prices and, accordingly, the Fund&rsquo;s returns and share price (&ldquo;interest rate risk&rdquo;). In addition, debt securities may be subject to &ldquo;call&rdquo; or &ldquo;extension&rdquo; risk. Call risk is the risk that, during a period of falling interest rates, the issuer may redeem a security by repaying it early, which may reduce the Fund&rsquo;s income if the proceeds are reinvested at lower interest rates. Extension risk occurs during a rising interest rate environment because certain obligations will be paid off by an issuer more slowly than anticipated, causing the value of those securities held by the Fund to fall.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&nbsp;&nbsp;&bull; <i><b>Credit Risk: </b></i>An issuer of a debt security or a counterparty could suffer an adverse change in financial condition that results in a payment default, security downgrade, or inability to meet a financial obligation.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&nbsp;&nbsp;&bull; <i><b>Below Investment Grade Risk:</b></i> Debt securities rated below investment grade (often called &ldquo;junk bonds&rdquo;) involve greater risk of default; downgrade or price declines are more volatile than investment grade securities. Companies issuing high yield, fixed-income securities are less financially strong, are more likely to encounter financial difficulties and are more vulnerable to changes in the economy than those companies with higher credit ratings.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&nbsp;&nbsp;&bull; <i><b>Common Stock Risk:</b></i> The value of common stocks 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. Also, the price of common stock is sensitive to general movements in the stock market. A drop in the stock market may depress the price of common stock held by the Fund.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&nbsp;&nbsp;&bull; <i><b>Foreign Investment Risk: </b></i>The Fund's investments in non-U.S. issuers may involve unique risks compared to investing in securities of U.S. issuers. Adverse political, economic or social developments or changes in the regulatory environment of foreign countries could undermine the value of the Fund's investments or prevent the Fund from realizing the full value of its investments. In addition, foreign companies are generally subject to different legal and accounting standards than U.S. companies, and foreign financial intermediaries may be subject to less supervision and regulation than U.S. financial firms. The Fund&rsquo;s investments in ADRs are also subject to these risks.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&nbsp;&nbsp;&bull; <i><b>Currency Risk:</b></i> Investments in financial instruments related to or denominated in foreign currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&nbsp;&nbsp;&bull; <i><b>Covered Call Options Risk:</b> </i>The Fund may write (sell) covered call options on securities the Fund holds in its portfolio. This strategy is designed to generate additional gains from option premiums, but also results in certain risks. With respect to portfolio holdings on which the Fund has written a covered call option, the Fund will forgo the opportunity to benefit from potential increases in the value of that security, but will continue to bear the risk of declines in the value of the security.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&nbsp;&nbsp;&bull; <i><b>Finance Sector Risk</b></i>: From time to time, the Fund may invest a significant amount of its total assets in the finance sector, which may be subject to specific risks. These risks include governmental regulation of the sector and governmental monetary and fiscal policies which impact interest rates and currencies and affect corporate funding and international trade.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&nbsp;&nbsp;&bull; <i><b>Management Risk:</b></i> The Fund&rsquo;s portfolio is actively managed. The Fund&rsquo;s advisor applies investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these will result in an increase in the value of your investment or in overall performance equal to other investments.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&nbsp;&nbsp;&bull; <i><b>Value Stock Risk: </b></i>Value stocks involve the risk that the value of the security will not be recognized for an unexpectedly long period of time or that the security is not undervalued but is appropriately priced. The Fund&rsquo;s focus on value investing may cause the Fund to underperform when growth investing is in favor.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Performance</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The bar chart and the performance table below provide some indication of some of the risks of investing in the Fund.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The Fund commenced investment operations on December 31, 2012, after the conversion of a limited partnership account, Advisory Research Value Income Fund, L.P., which commenced operations on June 30, 2003, (the &quot;Predecessor Account&quot;), into shares of the Fund.&nbsp; Information in the bar chart and the performance table below prior to December 31, 2012 are for the Predecessor Account. The Fund&rsquo;s objectives, policies, guidelines and restrictions are, in all material respects, equivalent to those of the Predecessor Account.&nbsp; The returns for the Predecessor Account reflect its performance prior to conversion into the Fund and have been adjusted to reflect the estimated gross annual operating expenses of the Fund as set forth in the &quot;Annual Fund Operating Expenses&quot; table above.&nbsp;&nbsp;The Predecessor Account was not registered under the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;) and therefore was not subject to certain restrictions imposed by the 1940 Act on registered investment companies and by the Internal Revenue Code of 1986 on regulated investment companies. If the Predecessor Account had been registered under the 1940 Act, the Predecessor Account's performance may have been adversely affected. The performance results of the Fund's shares will be reported once the Fund has been in operation for at least one complete calendar year.&nbsp; Past performance before and after taxes, does not necessarily indicate how the Fund will perform in the future.&nbsp; Updated performance information is available on the Fund&rsquo;s website at <u>www.ARIFunds.com</u>.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">The table shows the Predecessor Account&rsquo;s average annual total returns for the periods ending December 31, 2012. The table also shows how the Predecessor Account&rsquo;s performance compares with the returns on an index comprised of companies similar to those held by the Predecessor Account and to be held by the Fund.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">This bar chart shows the performance of the Predecessor Account based on a calendar year.</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/BarChartData column dei_LegalEntityAxis compact arsif_S000039509Member ~ </div> 0.0876 0.0101 0.0946 -0.0830 -0.2581 0.2809 0.1266 0.0695 0.0834 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0">During the period of time shown in the bar chart, the highest return for a calendar quarter was 15.25% (quarter ended 6/30/2009) and the lowest return for a calendar quarter was &ndash;18.65% (quarter ended 9/30/2008).</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Average Annual Total Returns </b><i>as of December 31, 2012</i></p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/PerformanceTableData row primary compact * column dei_LegalEntityAxis compact arsif_S000039509Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * ~</div> 0.0834 0.0441 0.0424 2003-06-30 0.0834 0.0441 0.0424 2003-06-30 0.0542 0.0379 0.0369 2003-06-30 0.1359 0.0383 0.0244 2003-06-30 ADVNX <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">The Fund&rsquo;s secondary objective is long term capital appreciation.</p> "Other expenses" and "acquired fund fees and expenses" have been estimated for the current fiscal year. "Other expenses" and "acquired fund fees and expenses" have been estimated for the current fiscal year. 2014-02-28 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. The bar chart and the performance table below provide some indication of some of the risks of investing in the Fund. The performance results of the Fund's shares will be reported once the Fund has been in operation for at least one complete calendar year. www.ARIFunds.com Past performance before and after taxes, does not necessarily indicate how the Fund will perform in the future. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Furthermore, the after-tax returns are not relevant to those who hold their shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. highest return for a calendar quarter 2009-06-30 0.1525 lowest return for a calendar quarter 2008-09-30 -0.1865 2012-12-31 2013-01-14 2013-01-14 2013-01-14 "Other expenses" and "acquired fund fees and expenses" have been estimated for the current fiscal year. The Fund's advisor has contractually agreed to waive its fees and/or absorb 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 0.90% of the average daily net assets of the Fund. This agreement is in effect until February 28, 2014, and 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 paid for three years from the date of any such waiver or payment. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. Furthermore, the after-tax returns are not relevant to those who hold their shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. EX-101.SCH 3 arsif-20121231.xsd XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT EX-101.DEF 4 arsif-20121231_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 5 arsif-20121231_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 Advisory Research Strategic Income Fund Advisory Research Strategic Income 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 Maximum Cumulative Sales Charge / Other Maximum sale 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 90 days of purchase (as a percentage of amount redeemed) Redemption fee if redeemed within 90 days of purchase (as a percentage of amount redeemed) Redemption fee if redeemed within 90 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 maintenance and full redemption requests) Annual fund operating expenses, heading Annual fund operating expenses, table Management fees Distribution (Rule 12b-1) Fee Distribution or similar (non 12b-1) Fees (as a percentage of net assets) Other Expenses, Component 1 (as a percentage of net assets) Other Expenses, Component 2 (as a percentage of net assets) Other Expenses, Component 3 (as a percentage of net assets) Other expenses Acquired fund fees and expenses Total annual fund operating expenses Fee waiver and/or expense reimbursements Total annual fund operating expenses after fee waiver and/or expense reimbursements Portfolio turnover, heading Portfolio turnover, narrative Portfolio Turnover Rate Expense Footnotes Deferred Charges, Narrative Range of Exchange Fees, Narrative Expense Breakpoint Discounts Expense Breakpoint, Minimum Investment Required Expense Exchange Traded Fund Commissions Expenses Represent Both Master and Feeder Expenses 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 Merrill Lynch US Preferred Fixed Rate Index (reflects no 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 Yield Phone 7-Day Yield 7-Day Tax Equivalent Yield Thirty Day Yield Caption Thirty Day Yield Column Name 30-Day Yield Phone 30-Day Yield 30-Day Tax 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XML 10 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Document Type dei_DocumentType Other
Period End Date dei_DocumentPeriodEndDate Jan. 14, 2013
Registrant Name dei_EntityRegistrantName Investment Managers Series Trust
CIK dei_EntityCentralIndexKey 0001318342
Amendment dei_AmendmentFlag false
Creation Date dei_DocumentCreationDate Jan. 14, 2013
Effective Date dei_DocumentEffectiveDate Jan. 14, 2013
Prospectus Date rr_ProspectusDate Dec. 31, 2012
Advisory Research Strategic Income Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return rr_RiskReturnHeading

SUMMARY SECTION


Investment objective: rr_ObjectiveHeading

Investment Objective

Investment objective rr_ObjectivePrimaryTextBlock

The Advisory Research Strategic Income Fund’s (the “Fund”) primary objective is to seek high current income.

Secondary objectives rr_ObjectiveSecondaryTextBlock

The Fund’s secondary objective is 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 2014-02-28
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. The Fund is newly-created and, as a result, does not yet have a portfolio turnover rate.

Other Expenses, New Fund, Based on Estimates rr_OtherExpensesNewFundBasedOnEstimates "Other expenses" and "acquired fund fees and expenses" have been estimated for the current fiscal year.
Acquired Fund Fees and Expenses, Based on Estimates rr_AcquiredFundFeesAndExpensesBasedOnEstimates "Other expenses" and "acquired fund fees and expenses" have been estimated for the current fiscal year.
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

The Fund pursues its investment objectives primarily by investing in preferred securities and other income producing securities, including convertible securities, debt securities, common stocks, and securities of other investment companies.

 

Under normal market conditions, the Fund primarily invests (up to 80% of its total assets) in preferred securities, but the Fund’s advisor retains broad discretion to allocate the Fund’s investments across various asset classes. Preferred securities in which the Fund may invest include traditional straight and convertible preferreds, and hybrid preferreds (i.e. preferred securities issued by trusts or other special purpose entities established by operating companies). From time to time, the Fund may have a significant portion of its assets in one or more market sectors such as the finance sector.

 

The Fund may invest in debt securities of any maturity. Debt securities in which the Fund may invest include U.S. Treasury and U.S. government agency securities, investment grade corporate debt instruments, and investment grade municipal bonds. Investment grade securities are those rated at the time of acquisition Baa3 or higher by Moody's Investors Service, Inc. ("Moody's"), or BBB- or higher by Standard & Poor's, a division of McGraw Hill Companies Inc. (“S&P”), or Fitch Ratings Ltd. (“Fitch”) or, if unrated by S&P, Moody's or Fitch, determined by the Fund’s advisor to be of comparable quality. The Fund may also invest, to a limited extent, in below investment grade securities. Below investment grade securities are also known as “high yield” or “junk” securities.

 

The Fund may write (sell) covered call options on securities the Fund holds in its portfolio.

 

The Fund may invest up to 20% of its assets in securities of non-U.S. issuers. The Fund’s investments in foreign securities include non-U.S. dollar denominated securities traded outside of the United States, U.S. dollar denominated securities of foreign issuers traded in the United States and American Depository Receipts (“ADRs”). ADRs are receipts that represent interests in foreign securities held on deposit by U.S. banks.

 

The Fund’s advisor seeks to identify securities which it believes offer significantly higher yields than U.S. treasury securities of comparable maturity, while preserving good overall credit quality. The advisor selects preferred securities based upon a review of yield characteristics, call provisions, credit quality and ratings, and ability to continue paying dividends. In evaluating and selecting debt securities, the advisor balances various factors, including increased yield as compared to U.S. treasuries, maturity, call provisions and credit quality. The advisor selects common stocks based on the company’s business and financial strength and dividend history and policy, as well as ability to potentially grow dividend distributions. The advisor selects closed-end funds based upon a review of yield, price relative to net asset value, composition of the underlying portfolio, and the nature of the distributions. The Fund will generally sell a security if its full valuation is realized, if better opportunities are identified, if news alters the advisor’s investment thesis, or if the Fund requires cash to meet redemption requests.

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

 

  • Preferred Securities Risk: Preferred securities represent equity interests in a company that generally entitle the holder to receive, in preference to the holders of other stocks such as common stocks, dividends and a fixed share of the proceeds resulting from a liquidation of the company. Preferred securities are generally subordinated to bonds and other debt instruments in a company’s capital structure in terms of having priority to corporate income, claims to corporate assets and liquidation payments, and therefore will be subject to greater credit risk than more senior debt instruments. Preferred securities are subject to issuer-specific and market risks applicable generally to equity securities and are sensitive to changes in the issuer’s credit worthiness and to changes in interest rates, and may decline in value if interest rise. In addition, preferred securities often have features that can adversely affect their returns, including the following:

 

-Preferred securities may include provisions that permit the issuer, at its discretion, to defer or omit distributions for a stated period without any adverse consequences to the issuer.

 

-Preferred securities frequently have call features that allow the issuer to repurchase the security prior to its stated maturity.

 

-An issuer may be able to exercise an option to redeem its preferred securities at par earlier than scheduled. Certain preferred securities, for example, have redemption features that are triggered by changes in U.S. federal income tax or securities laws.

 

  • Convertible Securities Risk: The value of a convertible security may be affected by changes in interest rates, with investment value declining as interest rates increase and increasing as interest rates decline. The credit standing of the issuer, the ability of the issuer to repay principal and to make interest payment and other factors also may have an effect on a convertible security’s investment value.

 

  • Debt Securities Risk: Prices of debt securities tend to move inversely with changes in interest rates. Typically, a rise in rates will adversely affect debt security prices and, accordingly, the Fund’s returns and share price (“interest rate risk”). In addition, debt securities may be subject to “call” or “extension” risk. Call risk is the risk that, during a period of falling interest rates, the issuer may redeem a security by repaying it early, which may reduce the Fund’s income if the proceeds are reinvested at lower interest rates. Extension risk occurs during a rising interest rate environment because certain obligations will be paid off by an issuer more slowly than anticipated, causing the value of those securities held by the Fund to fall.

 

  • Credit Risk: An issuer of a debt security or a counterparty could suffer an adverse change in financial condition that results in a payment default, security downgrade, or inability to meet a financial obligation.

 

  • Below Investment Grade Risk: Debt securities rated below investment grade (often called “junk bonds”) involve greater risk of default; downgrade or price declines are more volatile than investment grade securities. Companies issuing high yield, fixed-income securities are less financially strong, are more likely to encounter financial difficulties and are more vulnerable to changes in the economy than those companies with higher credit ratings.

 

  • Common Stock Risk: The value of common stocks 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. Also, the price of common stock is sensitive to general movements in the stock market. A drop in the stock market may depress the price of common stock held by the Fund.

 

  • Foreign Investment Risk: The Fund's investments in non-U.S. issuers may involve unique risks compared to investing in securities of U.S. issuers. Adverse political, economic or social developments or changes in the regulatory environment of foreign countries could undermine the value of the Fund's investments or prevent the Fund from realizing the full value of its investments. In addition, foreign companies are generally subject to different legal and accounting standards than U.S. companies, and foreign financial intermediaries may be subject to less supervision and regulation than U.S. financial firms. The Fund’s investments in ADRs are also subject to these risks.

 

  • Currency Risk: Investments in financial instruments related to or denominated in foreign currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged.

 

  • Covered Call Options Risk: The Fund may write (sell) covered call options on securities the Fund holds in its portfolio. This strategy is designed to generate additional gains from option premiums, but also results in certain risks. With respect to portfolio holdings on which the Fund has written a covered call option, the Fund will forgo the opportunity to benefit from potential increases in the value of that security, but will continue to bear the risk of declines in the value of the security.

 

  • Finance Sector Risk: From time to time, the Fund may invest a significant amount of its total assets in the finance sector, which may be subject to specific risks. These risks include governmental regulation of the sector and governmental monetary and fiscal policies which impact interest rates and currencies and affect corporate funding and international trade.

 

  • Management Risk: The Fund’s portfolio is actively managed. 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 result in an increase in the value of your investment or in overall performance equal to other investments.

 

  • Value Stock Risk: Value stocks involve the risk that the value of the security will not be recognized for an unexpectedly long period of time or that the security is not undervalued but is appropriately priced. The Fund’s focus on value investing may cause the Fund to underperform when growth investing is in favor.

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.
Bar Chart and Performance Table, Heading rr_BarChartAndPerformanceTableHeading

Performance

Performance, Narrative rr_PerformanceNarrativeTextBlock

The bar chart and the performance table below provide some indication of some of the risks of investing in the Fund.

 

The Fund commenced investment operations on December 31, 2012, after the conversion of a limited partnership account, Advisory Research Value Income Fund, L.P., which commenced operations on June 30, 2003, (the "Predecessor Account"), into shares of the Fund.  Information in the bar chart and the performance table below prior to December 31, 2012 are for the Predecessor Account. The Fund’s objectives, policies, guidelines and restrictions are, in all material respects, equivalent to those of the Predecessor Account.  The returns for the Predecessor Account reflect its performance prior to conversion into the Fund and have been adjusted to reflect the estimated gross annual operating expenses of the Fund as set forth in the "Annual Fund Operating Expenses" table above.  The Predecessor Account was not registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and therefore was not subject to certain restrictions imposed by the 1940 Act on registered investment companies and by the Internal Revenue Code of 1986 on regulated investment companies. If the Predecessor Account had been registered under the 1940 Act, the Predecessor Account's performance may have been adversely affected. The performance results of the Fund's shares will be reported once the Fund has been in operation for at least one complete calendar year.  Past performance before and after taxes, does not necessarily indicate how the Fund will perform in the future.  Updated performance information is available on the Fund’s website at www.ARIFunds.com.

 

The table shows the Predecessor Account’s average annual total returns for the periods ending December 31, 2012. The table also shows how the Predecessor Account’s performance compares with the returns on an index comprised of companies similar to those held by the Predecessor Account and to be held by the Fund.

 

This bar chart shows the performance of the Predecessor Account based on a calendar year.

Performance, Information Illustrates Variability of Returns rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart and the performance table below provide some indication of some of the risks of investing in the Fund.
Performance, One Year or Less rr_PerformanceOneYearOrLess The performance results of the Fund's shares will be reported once the Fund has been in operation for at least one complete calendar year.
Performance, Availability at Web Site Address rr_PerformanceAvailabilityWebSiteAddress www.ARIFunds.com
Performance, Past Does Not Indicate Future rr_PerformancePastDoesNotIndicateFuture Past performance before and after taxes, does not necessarily indicate how the Fund will perform in the future.
Bar Chart, Heading rr_BarChartHeading

Calendar-Year Total Returns

Bar Chart, Closing rr_BarChartClosingTextBlock

During the period of time shown in the bar chart, the highest return for a calendar quarter was 15.25% (quarter ended 6/30/2009) and the lowest return for a calendar quarter was –18.65% (quarter ended 9/30/2008).

Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel highest return for a calendar quarter
Highest Quarterly Return Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 15.25%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel lowest return for a calendar quarter
Lowest Quarterly Return Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (18.65%)
Performance Table: rr_PerformanceTableHeading

Average Annual Total Returns as of December 31, 2012

Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the historical highest individual federal marginal income tax rates 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 are not relevant to those who hold their shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
Advisory Research Strategic Income Fund | Merrill Lynch US Preferred Fixed Rate Index (reflects no deduction for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 13.59%
5 Years rr_AverageAnnualReturnYear05 3.83%
Since Inception rr_AverageAnnualReturnSinceInception 2.44%
Inception Date rr_AverageAnnualReturnInceptionDate Jun. 30, 2003
Advisory Research Strategic Income Fund | Advisory Research Strategic Income Fund Shares
 
Risk/Return: rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol ADVNX
Maximum sales charge (load) imposed on purchases rr_MaximumCumulativeSalesChargeOverOfferingPrice none
Maximum deferred sales charge (load) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Redemption fee if redeemed within 90 days of purchase (as a percentage of amount redeemed) rr_RedemptionFeeOverRedemption (2.00%)
Wire Fee arsif_WireFee 20.00
Overnight check delivery fee arsif_CheckFee 15.00
Retirement account fees (annual maintenance and full redemption requests) rr_ShareholderFeeOther 15.00
Management fees rr_ManagementFeesOverAssets 0.70%
Distribution (Rule 12b-1) Fee rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 0.25% [1]
Acquired fund fees and expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.04% [1]
Total annual fund operating expenses rr_ExpensesOverAssets 0.99%
Fee waiver and/or expense reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.05%) [2]
Total annual fund operating expenses after fee waiver and/or expense reimbursements rr_NetExpensesOverAssets 0.94% [2]
Expense Example, 1 YEAR rr_ExpenseExampleYear01 96
Expense Example, 3 YEARS rr_ExpenseExampleYear03 310
2004 rr_AnnualReturn2004 8.76%
2005 rr_AnnualReturn2005 1.01%
2006 rr_AnnualReturn2006 9.46%
2007 rr_AnnualReturn2007 (8.30%)
2008 rr_AnnualReturn2008 (25.81%)
2009 rr_AnnualReturn2009 28.09%
2010 rr_AnnualReturn2010 12.66%
2011 rr_AnnualReturn2011 6.95%
2012 rr_AnnualReturn2012 8.34%
1 Year rr_AverageAnnualReturnYear01 8.34%
5 Years rr_AverageAnnualReturnYear05 4.41%
Since Inception rr_AverageAnnualReturnSinceInception 4.24%
Inception Date rr_AverageAnnualReturnInceptionDate Jun. 30, 2003
Advisory Research Strategic Income Fund | Advisory Research Strategic Income Fund Shares | - Return After Taxes on Distributions
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 8.34% [3]
5 Years rr_AverageAnnualReturnYear05 4.41% [3]
Since Inception rr_AverageAnnualReturnSinceInception 4.24% [3]
Inception Date rr_AverageAnnualReturnInceptionDate Jun. 30, 2003 [3]
Advisory Research Strategic Income Fund | Advisory Research Strategic Income Fund Shares | - Return After Taxes on Distributions and Sale of Fund Shares
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 5.42% [3]
5 Years rr_AverageAnnualReturnYear05 3.79% [3]
Since Inception rr_AverageAnnualReturnSinceInception 3.69% [3]
Inception Date rr_AverageAnnualReturnInceptionDate Jun. 30, 2003 [3]
[1] "Other expenses" and "acquired fund fees and expenses" have been estimated for the current fiscal year.
[2] The Fund's advisor has contractually agreed to waive its fees and/or absorb 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 0.90% of the average daily net assets of the Fund. This agreement is in effect until February 28, 2014, and 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 paid for three years from the date of any such waiver or payment.
[3] After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. Furthermore, the after-tax returns are not relevant to those who hold their shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
XML 11 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Advisory Research Strategic Income Fund

SUMMARY SECTION


Investment Objective

The Advisory Research Strategic Income Fund’s (the “Fund”) primary objective is to seek high current income.

The Fund’s secondary objective is 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 $)
Advisory Research Strategic Income Fund
Advisory Research Strategic Income Fund Shares
Maximum sales charge (load) imposed on purchases none
Maximum deferred sales charge (load) none
Redemption fee if redeemed within 90 days of purchase (as a percentage of amount redeemed) 2.00%
Wire Fee 20.00
Overnight check delivery fee 15.00
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
Advisory Research Strategic Income Fund
Advisory Research Strategic Income Fund Shares
Management fees 0.70%
Distribution (Rule 12b-1) Fee none
Other expenses [1] 0.25%
Acquired fund fees and expenses [1] 0.04%
Total annual fund operating expenses 0.99%
Fee waiver and/or expense reimbursements [2] (0.05%)
Total annual fund operating expenses after fee waiver and/or expense reimbursements [2] 0.94%
[1] "Other expenses" and "acquired fund fees and expenses" have been estimated for the current fiscal year.
[2] The Fund's advisor has contractually agreed to waive its fees and/or absorb 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 0.90% of the average daily net assets of the Fund. This agreement is in effect until February 28, 2014, and 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 paid for three years from the date of any such waiver or payment.

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
Advisory Research Strategic Income Fund Advisory Research Strategic Income Fund Shares
96 310

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. The Fund is newly-created and, as a result, does not yet have a portfolio turnover rate.

Principal Investment Strategies

The Fund pursues its investment objectives primarily by investing in preferred securities and other income producing securities, including convertible securities, debt securities, common stocks, and securities of other investment companies.

 

Under normal market conditions, the Fund primarily invests (up to 80% of its total assets) in preferred securities, but the Fund’s advisor retains broad discretion to allocate the Fund’s investments across various asset classes. Preferred securities in which the Fund may invest include traditional straight and convertible preferreds, and hybrid preferreds (i.e. preferred securities issued by trusts or other special purpose entities established by operating companies). From time to time, the Fund may have a significant portion of its assets in one or more market sectors such as the finance sector.

 

The Fund may invest in debt securities of any maturity. Debt securities in which the Fund may invest include U.S. Treasury and U.S. government agency securities, investment grade corporate debt instruments, and investment grade municipal bonds. Investment grade securities are those rated at the time of acquisition Baa3 or higher by Moody's Investors Service, Inc. ("Moody's"), or BBB- or higher by Standard & Poor's, a division of McGraw Hill Companies Inc. (“S&P”), or Fitch Ratings Ltd. (“Fitch”) or, if unrated by S&P, Moody's or Fitch, determined by the Fund’s advisor to be of comparable quality. The Fund may also invest, to a limited extent, in below investment grade securities. Below investment grade securities are also known as “high yield” or “junk” securities.

 

The Fund may write (sell) covered call options on securities the Fund holds in its portfolio.

 

The Fund may invest up to 20% of its assets in securities of non-U.S. issuers. The Fund’s investments in foreign securities include non-U.S. dollar denominated securities traded outside of the United States, U.S. dollar denominated securities of foreign issuers traded in the United States and American Depository Receipts (“ADRs”). ADRs are receipts that represent interests in foreign securities held on deposit by U.S. banks.

 

The Fund’s advisor seeks to identify securities which it believes offer significantly higher yields than U.S. treasury securities of comparable maturity, while preserving good overall credit quality. The advisor selects preferred securities based upon a review of yield characteristics, call provisions, credit quality and ratings, and ability to continue paying dividends. In evaluating and selecting debt securities, the advisor balances various factors, including increased yield as compared to U.S. treasuries, maturity, call provisions and credit quality. The advisor selects common stocks based on the company’s business and financial strength and dividend history and policy, as well as ability to potentially grow dividend distributions. The advisor selects closed-end funds based upon a review of yield, price relative to net asset value, composition of the underlying portfolio, and the nature of the distributions. The Fund will generally sell a security if its full valuation is realized, if better opportunities are identified, if news alters the advisor’s investment thesis, or if the Fund requires cash to meet redemption requests.

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

 

  • Preferred Securities Risk: Preferred securities represent equity interests in a company that generally entitle the holder to receive, in preference to the holders of other stocks such as common stocks, dividends and a fixed share of the proceeds resulting from a liquidation of the company. Preferred securities are generally subordinated to bonds and other debt instruments in a company’s capital structure in terms of having priority to corporate income, claims to corporate assets and liquidation payments, and therefore will be subject to greater credit risk than more senior debt instruments. Preferred securities are subject to issuer-specific and market risks applicable generally to equity securities and are sensitive to changes in the issuer’s credit worthiness and to changes in interest rates, and may decline in value if interest rise. In addition, preferred securities often have features that can adversely affect their returns, including the following:

 

-Preferred securities may include provisions that permit the issuer, at its discretion, to defer or omit distributions for a stated period without any adverse consequences to the issuer.

 

-Preferred securities frequently have call features that allow the issuer to repurchase the security prior to its stated maturity.

 

-An issuer may be able to exercise an option to redeem its preferred securities at par earlier than scheduled. Certain preferred securities, for example, have redemption features that are triggered by changes in U.S. federal income tax or securities laws.

 

  • Convertible Securities Risk: The value of a convertible security may be affected by changes in interest rates, with investment value declining as interest rates increase and increasing as interest rates decline. The credit standing of the issuer, the ability of the issuer to repay principal and to make interest payment and other factors also may have an effect on a convertible security’s investment value.

 

  • Debt Securities Risk: Prices of debt securities tend to move inversely with changes in interest rates. Typically, a rise in rates will adversely affect debt security prices and, accordingly, the Fund’s returns and share price (“interest rate risk”). In addition, debt securities may be subject to “call” or “extension” risk. Call risk is the risk that, during a period of falling interest rates, the issuer may redeem a security by repaying it early, which may reduce the Fund’s income if the proceeds are reinvested at lower interest rates. Extension risk occurs during a rising interest rate environment because certain obligations will be paid off by an issuer more slowly than anticipated, causing the value of those securities held by the Fund to fall.

 

  • Credit Risk: An issuer of a debt security or a counterparty could suffer an adverse change in financial condition that results in a payment default, security downgrade, or inability to meet a financial obligation.

 

  • Below Investment Grade Risk: Debt securities rated below investment grade (often called “junk bonds”) involve greater risk of default; downgrade or price declines are more volatile than investment grade securities. Companies issuing high yield, fixed-income securities are less financially strong, are more likely to encounter financial difficulties and are more vulnerable to changes in the economy than those companies with higher credit ratings.

 

  • Common Stock Risk: The value of common stocks 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. Also, the price of common stock is sensitive to general movements in the stock market. A drop in the stock market may depress the price of common stock held by the Fund.

 

  • Foreign Investment Risk: The Fund's investments in non-U.S. issuers may involve unique risks compared to investing in securities of U.S. issuers. Adverse political, economic or social developments or changes in the regulatory environment of foreign countries could undermine the value of the Fund's investments or prevent the Fund from realizing the full value of its investments. In addition, foreign companies are generally subject to different legal and accounting standards than U.S. companies, and foreign financial intermediaries may be subject to less supervision and regulation than U.S. financial firms. The Fund’s investments in ADRs are also subject to these risks.

 

  • Currency Risk: Investments in financial instruments related to or denominated in foreign currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged.

 

  • Covered Call Options Risk: The Fund may write (sell) covered call options on securities the Fund holds in its portfolio. This strategy is designed to generate additional gains from option premiums, but also results in certain risks. With respect to portfolio holdings on which the Fund has written a covered call option, the Fund will forgo the opportunity to benefit from potential increases in the value of that security, but will continue to bear the risk of declines in the value of the security.

 

  • Finance Sector Risk: From time to time, the Fund may invest a significant amount of its total assets in the finance sector, which may be subject to specific risks. These risks include governmental regulation of the sector and governmental monetary and fiscal policies which impact interest rates and currencies and affect corporate funding and international trade.

 

  • Management Risk: The Fund’s portfolio is actively managed. 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 result in an increase in the value of your investment or in overall performance equal to other investments.

 

  • Value Stock Risk: Value stocks involve the risk that the value of the security will not be recognized for an unexpectedly long period of time or that the security is not undervalued but is appropriately priced. The Fund’s focus on value investing may cause the Fund to underperform when growth investing is in favor.

Performance

The bar chart and the performance table below provide some indication of some of the risks of investing in the Fund.

 

The Fund commenced investment operations on December 31, 2012, after the conversion of a limited partnership account, Advisory Research Value Income Fund, L.P., which commenced operations on June 30, 2003, (the "Predecessor Account"), into shares of the Fund.  Information in the bar chart and the performance table below prior to December 31, 2012 are for the Predecessor Account. The Fund’s objectives, policies, guidelines and restrictions are, in all material respects, equivalent to those of the Predecessor Account.  The returns for the Predecessor Account reflect its performance prior to conversion into the Fund and have been adjusted to reflect the estimated gross annual operating expenses of the Fund as set forth in the "Annual Fund Operating Expenses" table above.  The Predecessor Account was not registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and therefore was not subject to certain restrictions imposed by the 1940 Act on registered investment companies and by the Internal Revenue Code of 1986 on regulated investment companies. If the Predecessor Account had been registered under the 1940 Act, the Predecessor Account's performance may have been adversely affected. The performance results of the Fund's shares will be reported once the Fund has been in operation for at least one complete calendar year.  Past performance before and after taxes, does not necessarily indicate how the Fund will perform in the future.  Updated performance information is available on the Fund’s website at www.ARIFunds.com.

 

The table shows the Predecessor Account’s average annual total returns for the periods ending December 31, 2012. The table also shows how the Predecessor Account’s performance compares with the returns on an index comprised of companies similar to those held by the Predecessor Account and to be held by the Fund.

 

This bar chart shows the performance of the Predecessor Account based on a calendar year.

Calendar-Year Total Returns

Bar Chart

During the period of time shown in the bar chart, the highest return for a calendar quarter was 15.25% (quarter ended 6/30/2009) and the lowest return for a calendar quarter was –18.65% (quarter ended 9/30/2008).

Average Annual Total Returns as of December 31, 2012

Average Annual Total Returns Advisory Research Strategic Income Fund
1 Year
5 Years
Since Inception
Inception Date
Advisory Research Strategic Income Fund Shares
8.34% 4.41% 4.24% Jun. 30, 2003
Advisory Research Strategic Income Fund Shares - Return After Taxes on Distributions
[1] 8.34% 4.41% 4.24% Jun. 30, 2003
Advisory Research Strategic Income Fund Shares - Return After Taxes on Distributions and Sale of Fund Shares
[1] 5.42% 3.79% 3.69% Jun. 30, 2003
Merrill Lynch US Preferred Fixed Rate Index (reflects no deduction for fees, expenses or taxes)
13.59% 3.83% 2.44% Jun. 30, 2003
[1] After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. Furthermore, the after-tax returns are not relevant to those who hold their shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
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