0001398344-13-000722.txt : 20130213 0001398344-13-000722.hdr.sgml : 20130213 20130213154652 ACCESSION NUMBER: 0001398344-13-000722 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: 13602856 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: 13602857 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 S000030132 Ironclad Managed Risk Fund C000092548 Ironclad Managed Risk Fund IRONX 485BPOS 1 fp0006293_485bpos-xbrl.htm fp0006293_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.  314
[ X ]
AND/OR
  
   
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
[    ]
AMENDMENT NO.  323
[ 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 imstironclad-20130201.xml XBRL INSTANCE DOCUMENT 0001318342 2013-02-01 2013-02-01 0001318342 imstironclad:S000030132Member 2013-02-01 2013-02-01 0001318342 imstironclad:S000030132Member imstironclad:C000092548Member 2013-02-01 2013-02-01 0001318342 imstironclad:S000030132Member imstironclad:C000092548Member rr:AfterTaxesOnDistributionsMember 2013-02-01 2013-02-01 0001318342 imstironclad:S000030132Member imstironclad:C000092548Member rr:AfterTaxesOnDistributionsAndSalesMember 2013-02-01 2013-02-01 0001318342 imstironclad:S000030132Member imstironclad:snp500Member 2013-02-01 2013-02-01 0001318342 imstironclad:S000030132Member imstironclad:cboeMember 2013-02-01 2013-02-01 iso4217:USD pure shares iso4217:USD shares 0001318342 Investment Managers Series Trust 485BPOS 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">Ironclad Managed Risk Fund (the &ldquo;Fund&rdquo;) seeks to achieve current income and gains.</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><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><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 imstironclad_S000030132Member ~ </div> 0 0 -0.02 <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column dei_LegalEntityAxis compact imstironclad_S000030132Member ~ </div> 0.0125 0 0 0.0125 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><i><b>Example</b></i></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.</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">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 imstironclad_S000030132Member ~ </div> 127 397 686 1511 <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. During the most recent fiscal year, the Fund&rsquo;s portfolio turnover rate was 0% of the average value of its portfolio.</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">Under normal circumstances, the Fund&rsquo;s primary strategy consists of selling put options on equity indexes and exchange traded funds (&ldquo;ETFs&rdquo;). The sale of put options generates income for the Fund, but exposes it to the risk of declines in the value of the underlying assets that are in excess of the income collected. The Fund retains the income collected during market advances. The Fund&rsquo;s investment advisor seeks to manage the risk of the equity exposure in the portfolio by generating income that reduces the impact of market declines.</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">When the Fund sells a put option on an index and the index decreases in value, the purchaser of the put option has the right to exercise the option, obligating the Fund to make a cash payment that is equal to the difference between the option&rsquo;s above-market exercise price and the prevailing index value. When the Fund sells a put option on an ETF and the ETF decreases in value, the purchaser of the put option has the right to exercise the option, obligating the Fund to purchase the ETF at an exercise price that is higher than the prevailing market price.</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">In either scenario, the Fund collects option premium income when the put option is sold. Potential declines in the value of the underlying asset are offset by the amount of income collected. If the index or ETF increases in value, the purchaser of the put option is unlikely to exercise the option since the prevailing market price is higher than the below-market exercise price. Accordingly, the Fund retains all premium income collected during market advances.</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 have exposure to domestic and foreign equities through the sale of put options on equity indexes and ETFs. The Fund&rsquo;s investment advisor determines the Fund&rsquo;s exposure to each put option by evaluating metrics associated with the valuation of options, including, but not limited to, volatility, time to expiration and the relationship of the exercise price to the prevailing market price of the index or ETF. By segregating on a daily basis cash or other liquid assets in an amount equal to the Fund&rsquo;s net obligations under each put option, the Fund ensures that it has sufficient assets to cover each put option sold.</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">All option positions held by the Fund are listed on recognized exchanges and collateralized with cash, cash equivalents (for example, Treasury Bills, money market fund shares, etc.), other listed options or investment-grade debt with a maturity of one year or less. For defensive purposes, the Fund may invest up to 100% of its assets in cash, cash equivalents or debt instruments issued by entities that carry an investment-grade rating by a national ratings agency. When the Fund takes a defensive position, the Fund may not achieve its investment objective.</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">The Fund&rsquo;s principal risks are mentioned below. 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 investors to lose money.</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"><b>Equity Markets Risk.</b> The value of an equity market index tends to fluctuate based on price movements in the broader securities markets.</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"><b>Foreign Securities Risk.</b> To the extent the Fund sells options on foreign (non-U.S.) equity indexes or ETFs, the Fund is subject to foreign securities risk. The prices of foreign securities may be more volatile than those of U.S. securities because of unfavorable economic conditions, political developments and changes in the regulatory environment of foreign countries. Many of the risks with respect to foreign investments are more pronounced for investments in developing or emerging market countries.</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"><b>Options Risk.</b> The value of the Fund&rsquo;s positions in index and ETF options will fluctuate in response to changes in the values of the assets they track and may be subject to greater fluctuations in value than investments in the underlying assets. The risk involved in selling a put option is that the market value of the underlying security could decrease and the option could be exercised, obligating the seller of the put option to buy the underlying security from the purchaser at an exercise price that is higher than its prevailing market price. The selling of options is a highly specialized activity that entails greater than ordinary investment 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"><b>Credit Risk.</b> The issuer of a fixed-income security held by the Fund may be unable or unwilling to make timely payments of interest or principal. The prices of fixed - income securities respond to economic developments, particularly interest rate changes and the creditworthiness of individual issuers.</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"><b>Interest Rate Risk.</b> Generally, fixed-income securities decrease in value if interest rates rise and increase in value if interest rates fall, and lower rated securities are more volatile than higher rated 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"><b>Ratings Risk. </b>A credit rating only reflects the view of the originating rating agency. Changes to or the withdrawal of a rating may result in the security becoming less liquid or losing 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"><b>Management Risk. </b>There can be no guarantee that the strategies used by the Fund&rsquo;s portfolio manager will produce the desired result.</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: 0pt 0pt 0pt 0pt; text-align:left">The following performance information indicates some of the risks of investing in the Fund. The bar chart below illustrates how the Fund&rsquo;s total returns have varied from year to year. The table below illustrates how the Fund&rsquo;s average annual total returns for the period indicated compare with the S&amp;P 500 Index and the CBOE S&amp;P 500 PutWrite Index. The Fund&rsquo;s advisor considers these indexes to be standard performance benchmarks for the Fund&rsquo;s relative performance. The Fund&rsquo;s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">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 an investor&rsquo;s tax situation and may differ from those shown. Furthermore, the after-tax returns shown are not relevant to those who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/BarChartData column dei_LegalEntityAxis compact imstironclad_S000030132Member ~ </div> 0.0733 0.0753 <table cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="width: 32%; text-align: center"><font style="font: 11pt Times New Roman, Times, Serif">Highest Calendar Quarter Return:</font></td> <td style="width: 30%; text-align: center"><font style="font: 11pt Times New Roman, Times, Serif">6.21%</font></td> <td style="width: 36%; text-align: center"><font style="font: 11pt Times New Roman, Times, Serif">Quarter Ended 12/31/11</font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"><font style="font: 11pt Times New Roman, Times, Serif">Lowest Calendar Quarter Return:</font></td> <td style="text-align: center"><font style="font: 11pt Times New Roman, Times, Serif">-3.57%</font></td> <td style="text-align: center"><font style="font: 11pt Times New Roman, Times, Serif">Quarter Ended 9/30/11</font></td></tr> </table> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/PerformanceTableData row primary compact * column dei_LegalEntityAxis compact imstironclad_S000030132Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * ~</div> 0.0753 0.0912 2010-10-14 0.0567 0.0769 2010-10-14 0.0599 0.0731 2010-10-14 0.16 0.1158 2010-10-14 0.0814 0.0876 2010-10-14 IRONX 0 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 investors to lose money. The following performance information indicates some of the risks of investing in the Fund. The bar chart below illustrates how the Fund&rsquo;s total returns have varied from year to year. The Fund&rsquo;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: 2011-12-31 0.0621 Lowest Calendar Quarter Return: 2011-09-30 -0.0357 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 shown are not relevant to those 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 investment advisor receives a single management fee of 1.25% of the Fund's average daily net assets and is obligated to pay all 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 and extraordinary expenses such as litigation expenses ). 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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 30 days of purchase (as a percentage of amount redeemed, if applicable) Redemption fee if redeemed within 30 days of purchase (as a percentage of amount redeemed, if applicable) Redemption fee if redeemed within 30 days of purchase (as a percentage of amount redeemed, if applicable) Redemption Fee Exchange Fee (as a percentage of net assets) Exchange Fee Maximum Account Fee (as a percentage of net 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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 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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 S&P 500 Index (does not reflect deduction for fees, expenses or taxes) 2Member CBOE S&P 500 PutWrite 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
Ironclad Managed Risk Fund
  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return rr_RiskReturnHeading

SUMMARY SECTION
Investment objective: rr_ObjectiveHeading

Investment Objective
Investment objective rr_ObjectivePrimaryTextBlock

Ironclad Managed Risk Fund (the “Fund”) seeks to achieve current income and gains.
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)
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 0% of the average value of its portfolio.
Portfolio Turnover Rate rr_PortfolioTurnoverRate 0.00%
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 circumstances, the Fund’s primary strategy consists of selling put options on equity indexes and exchange traded funds (“ETFs”). The sale of put options generates income for the Fund, but exposes it to the risk of declines in the value of the underlying assets that are in excess of the income collected. The Fund retains the income collected during market advances. The Fund’s investment advisor seeks to manage the risk of the equity exposure in the portfolio by generating income that reduces the impact of market declines.

 

When the Fund sells a put option on an index and the index decreases in value, the purchaser of the put option has the right to exercise the option, obligating the Fund to make a cash payment that is equal to the difference between the option’s above-market exercise price and the prevailing index value. When the Fund sells a put option on an ETF and the ETF decreases in value, the purchaser of the put option has the right to exercise the option, obligating the Fund to purchase the ETF at an exercise price that is higher than the prevailing market price.

 

In either scenario, the Fund collects option premium income when the put option is sold. Potential declines in the value of the underlying asset are offset by the amount of income collected. If the index or ETF increases in value, the purchaser of the put option is unlikely to exercise the option since the prevailing market price is higher than the below-market exercise price. Accordingly, the Fund retains all premium income collected during market advances.

 

The Fund may have exposure to domestic and foreign equities through the sale of put options on equity indexes and ETFs. The Fund’s investment advisor determines the Fund’s exposure to each put option by evaluating metrics associated with the valuation of options, including, but not limited to, volatility, time to expiration and the relationship of the exercise price to the prevailing market price of the index or ETF. By segregating on a daily basis cash or other liquid assets in an amount equal to the Fund’s net obligations under each put option, the Fund ensures that it has sufficient assets to cover each put option sold.

 

All option positions held by the Fund are listed on recognized exchanges and collateralized with cash, cash equivalents (for example, Treasury Bills, money market fund shares, etc.), other listed options or investment-grade debt with a maturity of one year or less. For defensive purposes, the Fund may invest up to 100% of its assets in cash, cash equivalents or debt instruments issued by entities that carry an investment-grade rating by a national ratings agency. When the Fund takes a defensive position, the Fund may not achieve its investment objective.
Risk, Heading rr_RiskHeading

Principal Risks of Investing
Risk, Narrative rr_RiskNarrativeTextBlock

The Fund’s principal risks are mentioned below. 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 investors to lose money.

 

Equity Markets Risk. The value of an equity market index tends to fluctuate based on price movements in the broader securities markets.

 

Foreign Securities Risk. To the extent the Fund sells options on foreign (non-U.S.) equity indexes or ETFs, the Fund is subject to foreign securities risk. The prices of foreign securities may be more volatile than those of U.S. securities because of unfavorable economic conditions, political developments and changes in the regulatory environment of foreign countries. Many of the risks with respect to foreign investments are more pronounced for investments in developing or emerging market countries.

 

Options Risk. The value of the Fund’s positions in index and ETF options will fluctuate in response to changes in the values of the assets they track and may be subject to greater fluctuations in value than investments in the underlying assets. The risk involved in selling a put option is that the market value of the underlying security could decrease and the option could be exercised, obligating the seller of the put option to buy the underlying security from the purchaser at an exercise price that is higher than its prevailing market price. The selling of options is a highly specialized activity that entails greater than ordinary investment risks.

 

Credit Risk. The issuer of a fixed-income security held by the Fund may be unable or unwilling to make timely payments of interest or principal. The prices of fixed - income securities respond to economic developments, particularly interest rate changes and the creditworthiness of individual issuers.

 

Interest Rate Risk. Generally, fixed-income securities decrease in value if interest rates rise and increase in value if interest rates fall, and lower rated securities are more volatile than higher rated securities.

 

Ratings Risk. A credit rating only reflects the view of the originating rating agency. Changes to or the withdrawal of a rating may result in the security becoming less liquid or losing value.

 

Management Risk. There can be no guarantee that the strategies used by the Fund’s portfolio manager will produce the desired result.
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 investors to lose money.
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 have varied from year to year. The table below illustrates how the Fund’s average annual total returns for the period indicated compare with the S&P 500 Index and the CBOE S&P 500 PutWrite Index. The Fund’s advisor considers these indexes 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 have varied 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: 6.21% Quarter Ended 12/31/11
Lowest Calendar Quarter Return: -3.57% Quarter Ended 9/30/11
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Highest Calendar Quarter Return:
Highest Quarterly Return Date rr_BarChartHighestQuarterlyReturnDate Dec. 31, 2011
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 6.21%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Lowest Calendar Quarter Return:
Lowest Quarterly Return Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2011
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (3.57%)
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 shown are not relevant to those who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
Performance Table Closing rr_PerformanceTableClosingTextBlock

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 an investor’s tax situation and may differ from those shown. Furthermore, the after-tax returns shown are not relevant to those who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
Ironclad Managed Risk Fund | S&P 500 Index (does not reflect deduction for fees, expenses or taxes)
  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 16.00%
Since Inception rr_AverageAnnualReturnSinceInception 11.58%
Inception Date rr_AverageAnnualReturnInceptionDate Oct. 14, 2010
Ironclad Managed Risk Fund | CBOE S&P 500 PutWrite Index (does not reflect deduction for fees, expenses or taxes)
  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 8.14%
Since Inception rr_AverageAnnualReturnSinceInception 8.76%
Inception Date rr_AverageAnnualReturnInceptionDate Oct. 14, 2010
Ironclad Managed Risk Fund | Ironclad Managed Risk Fund Shares
  
Risk/Return: rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol IRONX
Maximum sales charge (load) imposed on purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum deferred sales charge (load) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Redemption fee if redeemed within 30 days of purchase (as a percentage of amount redeemed, if applicable) rr_RedemptionFeeOverRedemption (2.00%)
Management fee rr_ManagementFeesOverAssets 1.25%
Distribution (Rule 12b-1) fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets none [1]
Total annual fund operating expenses rr_ExpensesOverAssets 1.25% [1]
Expense Example, 1 YEAR rr_ExpenseExampleYear01 127
Expense Example, 3 YEARS rr_ExpenseExampleYear03 397
Expense Example, 5 YEARS rr_ExpenseExampleYear05 686
Expense Example, 10 YEARS rr_ExpenseExampleYear10 1,511
2011 rr_AnnualReturn2011 7.33%
2012 rr_AnnualReturn2012 7.53%
1 Year rr_AverageAnnualReturnYear01 7.53%
Since Inception rr_AverageAnnualReturnSinceInception 9.12%
Inception Date rr_AverageAnnualReturnInceptionDate Oct. 14, 2010
Ironclad Managed Risk Fund | Ironclad Managed Risk Fund Shares | - Return After Taxes on Distributions
  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 5.67%
Since Inception rr_AverageAnnualReturnSinceInception 7.69%
Inception Date rr_AverageAnnualReturnInceptionDate Oct. 14, 2010
Ironclad Managed Risk Fund | Ironclad Managed Risk Fund Shares | - Return After Taxes on Distributions and Sale of Fund Shares
  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 5.99%
Since Inception rr_AverageAnnualReturnSinceInception 7.31%
Inception Date rr_AverageAnnualReturnInceptionDate Oct. 14, 2010
[1] The Fund's investment advisor receives a single management fee of 1.25% of the Fund's average daily net assets and is obligated to pay all 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 and extraordinary expenses such as litigation expenses ).
XML 12 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Ironclad Managed Risk Fund

SUMMARY SECTION

Investment Objective

Ironclad Managed Risk Fund (the “Fund”) seeks to achieve current income and gains.

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
Ironclad Managed Risk Fund
Ironclad Managed Risk Fund Shares
Maximum sales charge (load) imposed on purchases none
Maximum deferred sales charge (load) none
Redemption fee if redeemed within 30 days of purchase (as a percentage of amount redeemed, if applicable) 2.00%

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
Ironclad Managed Risk Fund
Ironclad Managed Risk Fund Shares
Management fee 1.25%
Distribution (Rule 12b-1) fees none
Other expenses [1] none
Total annual fund operating expenses [1] 1.25%
[1] The Fund's investment advisor receives a single management fee of 1.25% of the Fund's average daily net assets and is obligated to pay all 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 and extraordinary expenses such as litigation expenses ).

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
Ironclad Managed Risk Fund Ironclad Managed Risk Fund Shares
 127 397 686 1,511

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 0% of the average value of its portfolio.

Principal Investment Strategies

Under normal circumstances, the Fund’s primary strategy consists of selling put options on equity indexes and exchange traded funds (“ETFs”). The sale of put options generates income for the Fund, but exposes it to the risk of declines in the value of the underlying assets that are in excess of the income collected. The Fund retains the income collected during market advances. The Fund’s investment advisor seeks to manage the risk of the equity exposure in the portfolio by generating income that reduces the impact of market declines.

 

When the Fund sells a put option on an index and the index decreases in value, the purchaser of the put option has the right to exercise the option, obligating the Fund to make a cash payment that is equal to the difference between the option’s above-market exercise price and the prevailing index value. When the Fund sells a put option on an ETF and the ETF decreases in value, the purchaser of the put option has the right to exercise the option, obligating the Fund to purchase the ETF at an exercise price that is higher than the prevailing market price.

 

In either scenario, the Fund collects option premium income when the put option is sold. Potential declines in the value of the underlying asset are offset by the amount of income collected. If the index or ETF increases in value, the purchaser of the put option is unlikely to exercise the option since the prevailing market price is higher than the below-market exercise price. Accordingly, the Fund retains all premium income collected during market advances.

 

The Fund may have exposure to domestic and foreign equities through the sale of put options on equity indexes and ETFs. The Fund’s investment advisor determines the Fund’s exposure to each put option by evaluating metrics associated with the valuation of options, including, but not limited to, volatility, time to expiration and the relationship of the exercise price to the prevailing market price of the index or ETF. By segregating on a daily basis cash or other liquid assets in an amount equal to the Fund’s net obligations under each put option, the Fund ensures that it has sufficient assets to cover each put option sold.

 

All option positions held by the Fund are listed on recognized exchanges and collateralized with cash, cash equivalents (for example, Treasury Bills, money market fund shares, etc.), other listed options or investment-grade debt with a maturity of one year or less. For defensive purposes, the Fund may invest up to 100% of its assets in cash, cash equivalents or debt instruments issued by entities that carry an investment-grade rating by a national ratings agency. When the Fund takes a defensive position, the Fund may not achieve its investment objective.

Principal Risks of Investing

The Fund’s principal risks are mentioned below. 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 investors to lose money.

 

Equity Markets Risk. The value of an equity market index tends to fluctuate based on price movements in the broader securities markets.

 

Foreign Securities Risk. To the extent the Fund sells options on foreign (non-U.S.) equity indexes or ETFs, the Fund is subject to foreign securities risk. The prices of foreign securities may be more volatile than those of U.S. securities because of unfavorable economic conditions, political developments and changes in the regulatory environment of foreign countries. Many of the risks with respect to foreign investments are more pronounced for investments in developing or emerging market countries.

 

Options Risk. The value of the Fund’s positions in index and ETF options will fluctuate in response to changes in the values of the assets they track and may be subject to greater fluctuations in value than investments in the underlying assets. The risk involved in selling a put option is that the market value of the underlying security could decrease and the option could be exercised, obligating the seller of the put option to buy the underlying security from the purchaser at an exercise price that is higher than its prevailing market price. The selling of options is a highly specialized activity that entails greater than ordinary investment risks.

 

Credit Risk. The issuer of a fixed-income security held by the Fund may be unable or unwilling to make timely payments of interest or principal. The prices of fixed - income securities respond to economic developments, particularly interest rate changes and the creditworthiness of individual issuers.

 

Interest Rate Risk. Generally, fixed-income securities decrease in value if interest rates rise and increase in value if interest rates fall, and lower rated securities are more volatile than higher rated securities.

 

Ratings Risk. A credit rating only reflects the view of the originating rating agency. Changes to or the withdrawal of a rating may result in the security becoming less liquid or losing value.

 

Management Risk. There can be no guarantee that the strategies used by the Fund’s portfolio manager will produce the desired result.

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 have varied from year to year. The table below illustrates how the Fund’s average annual total returns for the period indicated compare with the S&P 500 Index and the CBOE S&P 500 PutWrite Index. The Fund’s advisor considers these indexes 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
Bar Chart
Highest Calendar Quarter Return: 6.21% Quarter Ended 12/31/11
Lowest Calendar Quarter Return: -3.57% Quarter Ended 9/30/11
Average Annual Total Returns Ironclad Managed Risk Fund
1 Year
Since Inception
Inception Date
Ironclad Managed Risk Fund Shares
 7.53% 9.12% Oct. 14, 2010
Ironclad Managed Risk Fund Shares - Return After Taxes on Distributions
 5.67% 7.69% Oct. 14, 2010
Ironclad Managed Risk Fund Shares - Return After Taxes on Distributions and Sale of Fund Shares
 5.99% 7.31% Oct. 14, 2010
S&P 500 Index (does not reflect deduction for fees, expenses or taxes)
 16.00% 11.58% Oct. 14, 2010
CBOE S&P 500 PutWrite Index (does not reflect deduction for fees, expenses or taxes)
 8.14% 8.76% Oct. 14, 2010

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 an investor’s tax situation and may differ from those shown. Furthermore, the after-tax returns shown are not relevant to those who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
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