0001398344-13-001961.txt : 20130417 0001398344-13-001961.hdr.sgml : 20130417 20130417160257 ACCESSION NUMBER: 0001398344-13-001961 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130417 DATE AS OF CHANGE: 20130417 EFFECTIVENESS DATE: 20130417 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: 13766962 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: 13766963 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 S000011379 Zacks All-Cap Core Fund C000031519 Class C CZOCX C000031520 Class A CZOAX 0001318342 S000022612 Zacks Market Neutral Fund C000065403 A Shares ZMNAX C000065404 C Shares ZMNCX 0001318342 S000032900 Zacks Small-Cap Core Fund C000101542 Zacks Small-Cap Core Fund ZSCCX 485BPOS 1 fp0006900_485bpos-xbrl.htm fp0006900_485bpos-xbrl.htm
 
AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON April 17, 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.  346
[ X ]
AND/OR
 
   
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
[    ]
AMENDMENT NO.  356
[ 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 17th day of April, 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 17th day of April, 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 Calculation Linkbase
EX-101.CAL
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 zacksfunds-20130401.xml XBRL INSTANCE DOCUMENT 0001318342 2013-04-01 2013-04-01 0001318342 zacksfunds:S000022612Member 2013-04-01 2013-04-01 0001318342 zacksfunds:S000022612Member zacksfunds:C000065403Member 2013-04-01 2013-04-01 0001318342 zacksfunds:S000022612Member zacksfunds:C000065403Member rr:AfterTaxesOnDistributionsMember 2013-04-01 2013-04-01 0001318342 zacksfunds:S000022612Member zacksfunds:C000065403Member rr:AfterTaxesOnDistributionsAndSalesMember 2013-04-01 2013-04-01 0001318342 zacksfunds:S000022612Member zacksfunds:C000065404Member 2013-04-01 2013-04-01 0001318342 zacksfunds:S000022612Member zacksfunds:index1Member 2013-04-01 2013-04-01 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: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><B>ZACKS MARKET NEUTRAL FUND</B></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><u><b>Investment Objective</b></u></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">The Zacks Market Neutral Fund seeks to generate positive returns in both rising and falling equity markets.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><u><b>Fees and Expenses of the Fund</b></u></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. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts is available from your financial professional and in the section titled &ldquo;Class A Shares&rdquo; on page 26 of this Prospectus.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><B>SHAREHOLDER FEES</B><br>(paid directly from your investment)</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>(expenses that you pay each year as a percentage of the value of your investment)</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"></u>For each calendar year at NAV</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column dei_LegalEntityAxis compact zacksfunds_S000022612Member ~ </div> 0.0575 0 -0.02 20.00 15.00 15.00 0 0.01 -0.02 20.00 15.00 15.00 <div style="display: none;"> ~ http://zacksfunds/role/OperatingExpensesMN column dei_LegalEntityAxis compact zacksfunds_S000022612Member ~ </div> 0.011 0.0025 0.0335 0.047 -0.0034 0.0436 0.011 0.01 0.0335 0.0545 -0.0034 0.0511 <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's operating expenses remain the same each year.</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> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">You would pay the following expenses if you did not redeem your shares:</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ExpenseExample column dei_LegalEntityAxis compact zacksfunds_S000022612Member ~ </div> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ExpenseExampleNoRedemption column dei_LegalEntityAxis compact zacksfunds_S000022612Member ~ </div> 987 1820 2725 5014 987 1820 2725 5014 611 1530 2612 5274 511 1530 2612 5274 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">The example does not reflect sales load on reinvested dividends and capital gains. If these sales loads were included, your costs would be higher.</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"><u><b>Portfolio Turnover</b></u></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&rsquo;s portfolio turnover rate for the fiscal year ended November 30, 2012 was 80% 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"><u><b>Principal Investment Strategies</b></u></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">The goal of market neutral investing is to generate returns that are independent of the direction of the stock market. The Fund seeks a total return greater than the return on three-month U.S. Treasury Bills. The Fund attempts to maintain minimal exposure to general market risk by always having both long and short positions in stocks. The Fund has a long position in a security when it owns the security and has &ldquo;sold short&rdquo; a position when it sells a security it does not own. When the Fund has &ldquo;sold short,&rdquo; it must borrow the security in order to settle the sale and buy the security at a later date to pay back the lender. The Fund will not make a short sale if the market value of all short positions would exceed 100% of the value of the Fund&rsquo;s net assets giving effect to such sale. The Fund will maintain long positions in stocks that Zacks Investment Management, Inc. (the &ldquo;Advisor&rdquo;) believes will outperform the market and short positions in stocks that the Advisor believes will underperform the market. The Fund may invest in equity securities of companies of any size capitalization, including mid-cap and small-cap companies. Under normal circumstances, the Fund seeks to maintain a balance between investments that are expected to benefit from a general rise in stock prices and investments that are expected to benefit from a general stock market decline.</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 pursues its investment objective by applying a hybrid research process, which uses both quantitative and qualitative criteria. One proprietary model the Advisor uses to quantitatively assess the attractiveness of a large universe of stocks is based primarily on an analysis of changing patterns of earnings estimates for a company (the "Zacks Rank"). Under normal circumstances, the Advisor expects to invest primarily in equity securities with an emphasis on equity securities of U.S. issuers. The Fund also may invest in equity securities of Canadian issuers 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: 0pt 0pt 0pt 0pt; text-align:left"><u><b>Principal Investment Risks</b></u></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:justify"><i><b>Market Risk.</b></i> The market value of a security or instrument may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of a security or instrument also may decline because of factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry.</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"><i><b>Equity Risk</b></i>. The value of the securities held by the Fund may fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities held by the Fund participate, or factors relating to specific companies in which the Fund invests.</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:justify"><i><b>Short Sales Risk. </b></i>In order to establish a short position in a security, the Fund must first borrow the security from a broker or other institution to complete the sale. The Fund may not always be able to borrow a security, or to close out a short position at a particular time or at an acceptable price. If the price of the borrowed security increases between the date of the short sale and the date on which the Fund replaces the security, the Fund may experience a loss.</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"><i><b>Management Risk</b></i>. The Fund is an actively managed portfolio. In acting as the Fund&rsquo;s advisor, the Advisor applies investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these will produce the desired results.</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"><i><b>Risks of Mid-Cap and Small-Cap Companies</b></i>. The Fund may invest in equity securities of companies of any size capitalization, including mid-cap and small-cap companies. The securities of mid-cap or small-cap companies may be subject to more abrupt or erratic market movements and may have lower trading volumes or more erratic trading than securities of larger-sized companies or the market averages in general. In addition, such companies typically are subject to a greater degree of change in earnings and business prospects than are larger, more established 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"><i><b>Income and Distribution Risk</b></i>. The income that shareholders receive from the Fund through annual distributions is based primarily on the dividends and interest the Fund earns from its investments. Dividend payments the Fund receives in respect of its portfolio securities can vary widely over the short and long term.</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"><i><b>Foreign Investment Risk</b></i>. Although the Fund will limit its investment in securities of foreign issuers to ADRs and Canadian issuers, 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 and changes in the regulatory environment of foreign countries could adversely affect the value of the Fund's investments or prevent the Fund from realizing the full value of its investments. In addition, changes in exchange rates and interest rates may adversely affect the value of the Fund&rsquo;s foreign investments.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><u><b>Performance</b></u></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 by showing changes in the Fund&rsquo;s performance from year to year for Class A Shares and by comparing the performance of the Fund with the performance of a broad-based market index. Performance for classes other than those shown may vary from the performance shown to the extent the expenses for those classes differ. The Fund&rsquo;s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Sales loads are not reflected in the bar chart. If these amounts were reflected, returns would be less than those shown. Updated performance information is available on the Fund&rsquo;s website at www.zacksfunds.com.</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"><u><b>Annual Total Return (before taxes) For Class A Shares</b></u></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:justify">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&ndash;tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The after-tax returns are shown for the Class A shares and after-tax returns for Class C shares will vary.</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/BarChartData column dei_LegalEntityAxis compact zacksfunds_S000022612Member ~ </div> -0.1065 -0.0169 0.0548 -0.0089 <table cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td colspan="3" style="border-top: black 1.5pt solid; border-bottom: black 1.5pt solid; padding: 1.5pt"><font style="font: 11pt Times New Roman, Times, Serif"><b>Class A Shares </b></font></td></tr> <tr style="vertical-align: bottom; background-color: gainsboro"> <td style="width: 55%; border-bottom: black 1.5pt solid; padding: 1.5pt"><font style="font: 11pt Times New Roman, Times, Serif">Highest Calendar Quarter Return at NAV (non-annualized):</font><font style="font-size: 11pt">&nbsp;</font></td> <td style="width: 15%; border-bottom: black 1.5pt solid; padding: 1.5pt; text-align: center"><font style="font: 11pt Times New Roman, Times, Serif">5.40</font><font style="font-size: 11pt">%</font></td> <td style="width: 30%; border-bottom: black 1.5pt solid; padding: 1.5pt; text-align: center"><font style="font: 11pt Times New Roman, Times, Serif">Quarter Ended 6/30/2012</font><font style="font-size: 11pt">&nbsp; </font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-bottom: black 1.5pt solid; padding: 1.5pt"><font style="font: 11pt Times New Roman, Times, Serif">Lowest Calendar Quarter Return at NAV (non-annualized):</font><font style="font-size: 11pt">&nbsp;</font></td> <td style="border-bottom: black 1.5pt solid; padding: 1.5pt; text-align: center"><font style="font: 11pt Times New Roman, Times, Serif">(4.65)</font><font style="font-size: 11pt">%</font></td> <td style="border-bottom: black 1.5pt solid; padding: 1.5pt; text-align: center"><font style="font: 11pt Times New Roman, Times, Serif">Quarter Ended 6/30/2009</font><font style="font-size: 11pt">&nbsp;&nbsp;</font></td></tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Average Annual Total Returns for the Periods Ended December 31, 2012</b><b> </b></p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/PerformanceTableData row primary compact * column dei_LegalEntityAxis compact zacksfunds_S000022612Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * ~</div> -0.0658 -0.0105 -0.0378 2008-07-24 -0.0658 -0.0105 -0.0382 2008-07-24 -0.0428 -0.0089 -0.032 2008-07-24 -0.0266 0.0013 -0.0322 2008-07-24 0.0007 0.0009 0.0022 2008-07-24 ZMNAX ZMNCX You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. 50000 2016-03-31 0.8 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 by showing changes in the Fund&rsquo;s performance from year to year for Class A Shares and by comparing the performance of the Fund with the performance of a broad-based market index. www.zacksfunds.com The Fund&rsquo;s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Sales loads are not reflected in the bar chart. If these amounts were reflected, returns would be less than those shown. Highest Calendar Quarter Return at NAV (non-annualized): 2012-06-30 0.054 Lowest Calendar Quarter Return at NAV (non-annualized): 2009-06-30 -0.0465 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&ndash;tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The after-tax returns are shown for the Class A shares and after-tax returns for Class C shares will vary. 2013-04-01 2013-03-28 2013-04-01 2011-11-30 Class C Shares of the Fund are subject to a Contingent Deferred Sales Charge ("CDSC") of 1.00% on any shares sold within 12 months of the date of purchase and 0.50% during months 13-18. The Fund's advisor has contractually agreed to waive its fee s and /or pay operating expenses of the Fund to ensure that total annual fund operating expenses (excluding , as applicable, taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, acquired fund fees and expenses as determined in accordance with Form N-1A, expenses incurred in connection with any merger or reorganization, or extraordinary expenses such as litigation expenses ) do not exceed 1.65% and 2.40% of the average daily net assets for Class A Shares and Class C Shares of the Fund respectively. This agreement will remain in effect until March 31, 2016 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 reimbursed for three years from the date of any such waiver or reimbursement. 0001318342 zacksfunds:S000011379Member 2013-04-01 2013-04-01 0001318342 zacksfunds:S000011379Member zacksfunds:C000031520Member 2013-04-01 2013-04-01 0001318342 zacksfunds:S000011379Member zacksfunds:C000031520Member rr:AfterTaxesOnDistributionsMember 2013-04-01 2013-04-01 0001318342 zacksfunds:S000011379Member zacksfunds:C000031520Member rr:AfterTaxesOnDistributionsAndSalesMember 2013-04-01 2013-04-01 0001318342 zacksfunds:S000011379Member zacksfunds:C000031519Member 2013-04-01 2013-04-01 0001318342 zacksfunds:S000011379Member zacksfunds:index2Member 2013-04-01 2013-04-01 <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: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><B>ZACKS ALL-CAP CORE FUND</B></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><u><b>Investment Objectives</b></u></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">The Zacks All-Cap Core Fund primarily seeks capital appreciation</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><u><b>Fees and Expenses of the Fund</b></u></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. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts is available from your financial professional and in the section titled &ldquo;Class A Shares&rdquo; on page 26 of this Prospectus.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><B>SHAREHOLDER FEES</B><br>(paid directly from your investment)</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>(expenses that you pay each year as a percentage of the value of your investment)</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><u><b>Annual Total Return (before taxes) For Class A Shares</b></u></p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">For each calendar year at NAV</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column dei_LegalEntityAxis compact zacksfunds_S000011379Member ~ </div> 0.0575 0 -0.02 20.00 15.00 15.00 0 0.01 -0.02 20.00 15.00 15.00 <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column dei_LegalEntityAxis compact zacksfunds_S000011379Member ~ </div> 0.009 0.0025 0.0089 0.0204 -0.0039 0.0165 0.009 0.01 0.0089 0.0279 -0.0039 0.024 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"></i><i></b><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's operating expenses remain the same each year. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">You would pay the following expenses if you did not redeem your shares:</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ExpenseExample column dei_LegalEntityAxis compact zacksfunds_S000011379Member ~ </div> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ExpenseExampleNoRedemption column dei_LegalEntityAxis compact zacksfunds_S000011379Member ~ </div> 733 1065 1503 2714 733 1065 1503 2714 343 748 1365 3028 243 748 1365 3028 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">The example does not reflect sales loads on reinvested dividends and capital gains. If these sales loads were included, your costs would be higher.</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"><u><b>Portfolio Turnover</b></u></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&rsquo;s portfolio turnover rate for the fiscal year ended November 30, 2012 was 50% 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"><u><b>Principal Investment Strategies</b></u></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">The Fund pursues its investment objectives by applying a hybrid research process, which uses both quantitative and qualitative criteria. Zacks Investment Management, Inc. (the &ldquo;Advisor&rdquo;) uses the Zacks Rank, a proprietary model, to quantitatively assess the attractiveness of a large universe of stocks based primarily on an analysis of changing patterns of earnings estimates for a company. The primary aim of the Zacks Rank model is to identify those companies most likely to experience positive earnings estimate revisions. From a smaller universe of stocks that are highly ranked by the quantitative model (approximately 300 securities), the portfolio managers select stocks with strong earnings potential using traditional "bottom-up" valuation metrics. Portfolio construction is driven by modern portfolio theory incorporating strict risk controls. Under normal circumstances, the Advisor expects to invest primarily in equity securities with an emphasis on equity securities of U.S. issuers. The Fund seeks to diversify its assets by investing in securities from a pool of more than one dozen industry sectors and over 200 industry groups. The Advisor allocates assets opportunistically based on market information and is not constrained by market capitalization or style parameters. Sector, capitalization and style allocations generally result from market trends regarding earnings information.</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 circumstances, the Fund invests primarily in equity securities of U.S. issuers. The Fund also may invest in equity securities of Canadian issuers 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: 0pt 0pt 0pt 0pt; text-align:left"><u><b>Principal Investment Risks</b></u></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:justify"><i><b>Market Risk.</b></i> The market value of a security or instrument may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of a security or instrument also may decline because of factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry.</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"><i><b>Equity Risk</b></i>. The value of the securities held by the Fund may fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities held by the Fund participate, or factors relating to specific companies in which the Fund invests.</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"><i><b>Management Risk</b></i>. The Fund is an actively managed portfolio. In acting as the Fund&rsquo;s advisor, the Advisor applies investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these will produce the desired results.</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"><i><b>Risks of Mid-Cap and Small-Cap Companies</b></i>. The Fund may invest in equity securities of companies of any size capitalization, including mid-cap and small-cap companies. The securities of mid-cap or small-cap companies may be subject to more abrupt or erratic market movements and may have lower trading volumes or more erratic trading than securities of larger-sized companies or the market averages in general. In addition, such companies typically are subject to a greater degree of change in earnings and business prospects than are larger, more established 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"><i><b>Income and Distribution Risk</b></i>. The income that shareholders receive from the Fund through annual distributions is based primarily on the dividends and interest the Fund earns from its investments. Dividend payments the Fund receives in respect of its portfolio securities can vary widely over the short and long term.</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"><i><b>Foreign Investment Risk</b></i>. Although the Fund will limit its investment in securities of foreign issuers to ADRs and Canadian issuers, 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 and changes in the regulatory environment of foreign countries could adversely affect the value of the Fund's investments or prevent the Fund from realizing the full value of its investments. In addition, changes in exchange rates and interest rates may adversely affect the value of the Fund&rsquo;s foreign investments.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><u><b>Performance</b></u></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 by showing changes in the Fund&rsquo;s performance from year to year for Class A Shares and by comparing the performance of the Fund with the performance of a broad-based market index. Performance for classes other than those shown may vary from the performance shown to the extent the expenses for those classes differ. The Fund&rsquo;s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Sales loads are not reflected in the bar chart. If these amounts were reflected, returns would be less than those shown. Updated performance information is available on the Fund&rsquo;s website at www.zacksfunds.com.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:justify">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&ndash;tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The after-tax returns are shown for the Class A shares and after-tax returns for Class C shares will vary.</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/BarChartData column dei_LegalEntityAxis compact zacksfunds_S000011379Member ~ </div> 0.1355 0.1196 -0.3427 0.1554 0.1504 0.021 0.1281 <table cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td colspan="3" style="border-top: black 1.5pt solid; border-bottom: black 1.5pt solid; padding: 1.5pt"><font style="font: 11pt Times New Roman, Times, Serif"><b>Class A Shares </b></font></td></tr> <tr style="vertical-align: bottom; background-color: gainsboro"> <td style="width: 55%; border-bottom: black 1.5pt solid; padding: 1.5pt"><font style="font: 11pt Times New Roman, Times, Serif">Highest Calendar Quarter Return at NAV (non-annualized):</font><font style="font-size: 11pt">&nbsp;</font></td> <td style="width: 15%; border-bottom: black 1.5pt solid; padding: 1.5pt; text-align: center"><font style="font: 11pt Times New Roman, Times, Serif">12.90</font><font style="font-size: 11pt">&nbsp;%</font></td> <td style="width: 30%; border-bottom: black 1.5pt solid; padding: 1.5pt; text-align: center"><font style="font: 11pt Times New Roman, Times, Serif">Quarter Ended 9/30/2009</font><font style="font-size: 11pt">&nbsp;</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-bottom: black 1.5pt solid; padding: 1.5pt"><font style="font: 11pt Times New Roman, Times, Serif">Lowest Calendar Quarter Return at NAV (non-annualized):</font><font style="font-size: 11pt">&nbsp;</font></td> <td style="border-bottom: black 1.5pt solid; padding: 1.5pt; text-align: center"><font style="font: 11pt Times New Roman, Times, Serif">(19.20)</font><font style="font-size: 11pt">&nbsp;%</font></td> <td style="border-bottom: black 1.5pt solid; padding: 1.5pt; text-align: center"><font style="font: 11pt Times New Roman, Times, Serif">Quarter Ended 12/31/2008</font><font style="font-size: 11pt">&nbsp;&nbsp;</font></td></tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Average Annual Total Returns for the Periods Ended December 31, 2012</b></p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/PerformanceTableData row primary compact * column dei_LegalEntityAxis compact zacksfunds_S000011379Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * ~</div> 0.0633 -0.0105 0.0245 2005-12-05 0.0631 -0.0107 0.0225 2005-12-05 0.0414 -0.0089 0.0206 2005-12-05 0.1096 -0.0061 0.0254 2005-12-05 0.1642 0.0204 0.0415 2005-12-05 CZOAX CZOCX <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">and secondarily seeks to provide shareholders with income through dividends.</p> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. 50000 2016-03-31 0.5 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 by showing changes in the Fund&rsquo;s performance from year to year for Class A Shares and by comparing the performance of the Fund with the performance of a broad-based market index. www.zacksfunds.com The Fund&rsquo;s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Sales loads are not reflected in the bar chart. If these amounts were reflected, returns would be less than those shown. Highest Calendar Quarter Return at NAV (non-annualized): 2009-09-30 0.129 Lowest Calendar Quarter Return at NAV (non-annualized): 2008-12-31 -0.192 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&ndash;tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The after-tax returns are shown for the Class A shares and after-tax returns for Class C shares will vary. Class C Shares of the Fund are subject to a Contingent Deferred Sales Charge ("CDSC") of 1.00% on any shares sold within 12 months of owning them and 0.50% during months 13-18. The Fund's advisor has contractually agreed to waive its fee s and /or pay operating expenses of the Fund to ensure that total annual fund operating expenses (excluding , as applicable, taxes, leverage interest, brokerage commissions, acquired fund fees and expenses as determined in accordance with Form N-1A, expenses incurred in connection with any merger or reorganization, or extraordinary expenses such as litigation expenses) do not exceed 1.65% and 2.40% of the average daily net assets for Class A Shares and Class C Shares of the Fund , respectively. This agreement is in effect until March 31, 2016 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 Funds', subject to limitations, for fees it waived and Fund expenses it reimbursed for three years from the date of any such waiver or reimbursement. 0001318342 zacksfunds:S000032900Member 2013-04-01 2013-04-01 0001318342 zacksfunds:S000032900Member zacksfunds:C000101542Member 2013-04-01 2013-04-01 0001318342 zacksfunds:S000032900Member zacksfunds:C000101542Member rr:AfterTaxesOnDistributionsMember 2013-04-01 2013-04-01 0001318342 zacksfunds:S000032900Member zacksfunds:C000101542Member rr:AfterTaxesOnDistributionsAndSalesMember 2013-04-01 2013-04-01 0001318342 zacksfunds:S000032900Member zacksfunds:index3Member 2013-04-01 2013-04-01 <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: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><B>ZACKS SMALL-CAP CORE FUND</B></p> <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 Zacks Small-Cap Core Fund seeks capital appreciation.</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 Zacks<i> </i>Small-Cap Core<i><b> </b></i>Fund.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><B>SHAREHOLDER FEES</B><br>(paid directly from your investment)</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>(expenses that you pay each year as a percentage of the value of your investment</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><u><b>Annual Total Return (before taxes)</u></p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">For the calendar year at NAV</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column dei_LegalEntityAxis compact zacksfunds_S000032900Member ~ </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 zacksfunds_S000032900Member ~ </div> 0.009 0.0025 0.2789 0.2904 -0.2765 0.0139 <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's operating expenses remain the same each year. 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 zacksfunds_S000032900Member ~ </div> 142 440 5440 10536 <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><u><b>Portfolio Turnover</b></u></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&rsquo;s portfolio turnover rate for the fiscal year ended November 30, 201 2 was 173 % 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"><u><b>Principal Investment Strategies</b></u></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">The Fund pursues its investment objective by applying a hybrid research process which uses both quantitative and qualitative criteria. Zacks Investment Management, Inc. (the &ldquo;Advisor&rdquo;) uses a proprietary model to quantitatively assess the attractiveness of a large universe of stocks based on potential capital appreciation. The primary aim of the quantitative model is to identify those companies most likely to generate positive alpha, or excess return over the market, when adjusted for stock beta, or movement with the market. From a smaller universe of stocks that are highly ranked by the quantitative model, the portfolio managers select small-cap stocks with attractive risk/return characteristics based on qualitative criteria. Portfolio construction incorporates risk controls.</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 circumstances, the Fund will invest at least 80% of its net assets (including amounts borrowed for investment purposes) in a diversified portfolio of equity securities of small capitalization companies, with an emphasis on equity securities of U.S. issuers. The Fund&rsquo;s investments in equity securities may include common stock, preferred stocks and convertible securities. The Fund considers small capitalization companies to be companies within the range of those companies included in the Russell 2000 Index at the time of purchase. Because small capitalization companies are defined by reference to an index, the range of market capitalization companies in which the Fund invests may vary with market conditions. As of February 2 8 , 201 3 , the market capitalizations of companies included in the Russell 2000 Index were between $ 2.2 million and $ 6.2 billion. The Fund is designed to be a &ldquo;core&rdquo; fund that seeks to combine both value and growth characteristics within the small-cap universe. The Fund seeks to diversify its assets by investing in securities from a pool of more than one dozen industry sectors. The Advisor allocates assets opportunistically based on market information and is not constrained by investment style parameters. Sector and style allocations generally result from a hybrid research process. Although not a primary investment strategy, the Fund may engage in short-sale transactions up to 25% of its net assets.</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 circumstances, the Fund invests primarily in equity securities of U.S. issuers. The Fund also may invest in equity securities of Canadian issuers and American Depository Receipts (&ldquo;ADRs&rdquo;). ADRs are receipts that represent interests in foreign securities held on deposit by U.S. banks. In addition, the Fund may invest in exchange traded funds (&ldquo;ETFs&rdquo;), which are investment funds traded on stock exchanges, that seek to track the returns of various equity indices.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><u><b>Principal Investment Risks</b></u></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:justify"><i><b>Market Risk.</b></i> The market value of a security or instrument may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of a security or instrument also may decline because of factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry.</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"><i><b>Equity Risk</b></i>. The value of the securities held by the Fund may fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities held by the Fund participate, or factors relating to specific companies in which the Fund invests.</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"><i><b>Management Risk</b></i>. The Fund is an actively managed portfolio. In acting as the Fund&rsquo;s advisor, the Advisor applies investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these will produce the desired results.</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"><i><b>Small-Cap Companies Risk</b></i>. The securities of small-cap companies may be subject to more abrupt or erratic market movements and may have lower trading volumes or more erratic trading than securities of larger-sized companies or the market averages in general.</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"><i><b>Income and Distribution Risk</b></i>. The income that shareholders receive from the Fund through annual distributions is based primarily on the dividends and interest the Fund earns from its investments. Dividend payments the Fund receives in respect of its portfolio securities can vary widely over the short and long term.</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"><i><b>Foreign Investment Risk</b></i>. Although the Fund will limit its investment in securities of foreign issuers to ADRs and Canadian issuers, 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 and changes in the regulatory environment of foreign countries could adversely affect the value of the Fund's investments or prevent the Fund from realizing the full value of its investments. In addition, changes in exchange rates and interest rates may adversely affect the value of the Fund&rsquo;s foreign 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"><i><b>Short Sales Risk. </b></i>In order to establish a short position in a security, the Fund must first borrow the security from a broker or other institution to complete the sale. The Fund may not always be able to borrow a security, or to close out a short position at a particular time or at an acceptable price. If the price of the borrowed security increases between the date of the short sale and the date on which the Fund replaces the security, the Fund may experience a loss.</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"><i><b>ETF Risk. </b></i>Investing in one or more ETFs will generally expose the Fund to the risks associated with owning the underlying securities the ETF is designed to track and to management and other risks associated with the ETF itself. The potential lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio of securities. In addition, as an investor in an ETF, the Fund will bear a proportionate share of the ETF&rsquo;s fees and expenses, which may adversely affect the Fund&rsquo;s performance.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><u><b>Performance</b></u></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 by showing changes in the Fund&rsquo;s performance from year to year by comparing the performance of the Fund with the performance of a broad-based market index. The Fund&rsquo;s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund&rsquo;s website at www.zacksfunds.com.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:justify">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&ndash;tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/BarChartData column dei_LegalEntityAxis compact zacksfunds_S000032900Member ~ </div> 0.1948 <table cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom; background-color: gainsboro"> <td style="width: 55%; border-bottom: black 1.5pt solid; padding: 1.5pt"><font style="font: 11pt Times New Roman, Times, Serif">Highest Calendar Quarter Return at NAV (non-annualized):</font></td> <td style="width: 15%; border-bottom: black 1.5pt solid; padding: 1.5pt; text-align: center"><font style="font: 11pt Times New Roman, Times, Serif">10.21%</font></td> <td style="width: 30%; border-bottom: black 1.5pt solid; padding: 1.5pt; text-align: center"><font style="font: 11pt Times New Roman, Times, Serif">Quarter Ended 3/31/12 </font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="border-bottom: black 1.5pt solid; padding: 1.5pt"><font style="font: 11pt Times New Roman, Times, Serif">Lowest Calendar Quarter Return at NAV (non-annualized):</font></td> <td style="border-bottom: black 1.5pt solid; padding: 1.5pt; text-align: center"><font style="font: 11pt Times New Roman, Times, Serif">(1.21)%</font></td> <td style="border-bottom: black 1.5pt solid; padding: 1.5pt; text-align: center"><font style="font: 11pt Times New Roman, Times, Serif">Quarter Ended 6/30/12 </font><font style="font-size: 11pt">&nbsp;</font></td></tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Average Annual Total Returns for the Periods Ended December 31, 2012</b></p> <div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/PerformanceTableData row primary compact * column dei_LegalEntityAxis compact zacksfunds_S000032900Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * ~</div> 0.1948 0.0912 2011-06-30 0.1918 0.0893 2011-06-30 0.1306 0.0777 2011-06-30 0.1635 0.0328 2011-06-30 ZSCCX 2016-03-31 1.73 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 by showing changes in the Fund&rsquo;s performance from year to year by comparing the performance of the Fund with the performance of a broad-based market index. www.zacksfunds.com 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 at NAV (non-annualized): 2012-03-31 0.1021 Lowest Calendar Quarter Return at NAV (non-annualized): 2012-06-30 -0.0121 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&ndash;tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The Fund's advisor has contractually agreed to waive its fees and /or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (excluding , as applicable, taxes, leverage interest, brokerage commissions, dividend expenses on short sales, acquired fund fees and expenses as determined in accordance with Form N-1A, expenses incurred in connection with any merger or reorganization, or extraordinary expenses such as litigation expenses ) do not exceed 1.39% of the average daily net assets of the Fund. This agreement will remain in effect until March 31, 2016 and it may be terminated before that date only by the Trust's Board of Trustees. The Fund's advisor is permitted to seek reimbursement from the Fund, subject to limitations, for fees it waived and Fund expenses it reimbursed for three years from the date of any such waiver or reimbursement. 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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 index1Member Citigroup 3-Month 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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Document Type dei_DocumentType 485BPOS
Period End Date dei_DocumentPeriodEndDate Nov. 30, 2011
Registrant Name dei_EntityRegistrantName Investment Managers Series Trust
CIK dei_EntityCentralIndexKey 0001318342
Amendment dei_AmendmentFlag false
Creation Date dei_DocumentCreationDate Mar. 28, 2013
Effective Date dei_DocumentEffectiveDate Apr. 01, 2013
Prospectus Date rr_ProspectusDate Apr. 01, 2013
Zacks Market Neutral Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return rr_RiskReturnHeading

SUMMARY SECTION


 

ZACKS MARKET NEUTRAL FUND

Investment objective: rr_ObjectiveHeading

Investment Objective

Investment objective rr_ObjectivePrimaryTextBlock

The Zacks Market Neutral Fund seeks to generate positive returns in both rising and falling equity markets.

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. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts is available from your financial professional and in the section titled “Class A Shares” on page 26 of this Prospectus.

Shareholder fees, caption rr_ShareholderFeesCaption

SHAREHOLDER 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 2016-03-31
Portfolio turnover, heading rr_PortfolioTurnoverHeading

The example does not reflect sales load on reinvested dividends and capital gains. If these sales loads were included, your costs would be higher.

 

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’s portfolio turnover rate for the fiscal year ended November 30, 2012 was 80% of the average value of its portfolio.

Portfolio Turnover Rate rr_PortfolioTurnoverRate 80.00%
Expense Breakpoint Discounts rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund.
Expense Breakpoint, Minimum Investment Required rr_ExpenseBreakpointMinimumInvestmentRequiredAmount 50,000
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 each year.

 

Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example, No Redemption, Narrative rr_ExpenseExampleNoRedemptionNarrativeTextBlock

You would pay the following expenses if you did not redeem your shares:

Strategy, Heading rr_StrategyHeading

Principal Investment Strategies

Strategy, Narrative rr_StrategyNarrativeTextBlock

The goal of market neutral investing is to generate returns that are independent of the direction of the stock market. The Fund seeks a total return greater than the return on three-month U.S. Treasury Bills. The Fund attempts to maintain minimal exposure to general market risk by always having both long and short positions in stocks. The Fund has a long position in a security when it owns the security and has “sold short” a position when it sells a security it does not own. When the Fund has “sold short,” it must borrow the security in order to settle the sale and buy the security at a later date to pay back the lender. The Fund will not make a short sale if the market value of all short positions would exceed 100% of the value of the Fund’s net assets giving effect to such sale. The Fund will maintain long positions in stocks that Zacks Investment Management, Inc. (the “Advisor”) believes will outperform the market and short positions in stocks that the Advisor believes will underperform the market. The Fund may invest in equity securities of companies of any size capitalization, including mid-cap and small-cap companies. Under normal circumstances, the Fund seeks to maintain a balance between investments that are expected to benefit from a general rise in stock prices and investments that are expected to benefit from a general stock market decline.

 

The Fund pursues its investment objective by applying a hybrid research process, which uses both quantitative and qualitative criteria. One proprietary model the Advisor uses to quantitatively assess the attractiveness of a large universe of stocks is based primarily on an analysis of changing patterns of earnings estimates for a company (the "Zacks Rank"). Under normal circumstances, the Advisor expects to invest primarily in equity securities with an emphasis on equity securities of U.S. issuers. The Fund also may invest in equity securities of Canadian issuers and American Depository Receipts (“ ADRs ”). ADRs are receipts that represent interests in foreign securities held on deposit by U.S. banks.

Risk, Heading rr_RiskHeading

Principal Investment Risks

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.

 

Market Risk. The market value of a security or instrument may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of a security or instrument also may decline because of factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry.

 

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

 

Short Sales Risk. In order to establish a short position in a security, the Fund must first borrow the security from a broker or other institution to complete the sale. The Fund may not always be able to borrow a security, or to close out a short position at a particular time or at an acceptable price. If the price of the borrowed security increases between the date of the short sale and the date on which the Fund replaces the security, the Fund may experience a loss.

 

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

 

Risks of Mid-Cap and Small-Cap Companies. The Fund may invest in equity securities of companies of any size capitalization, including mid-cap and small-cap companies. The securities of mid-cap or small-cap companies may be subject to more abrupt or erratic market movements and may have lower trading volumes or more erratic trading than securities of larger-sized companies or the market averages in general. In addition, such companies typically are subject to a greater degree of change in earnings and business prospects than are larger, more established companies.

 

Income and Distribution Risk. The income that shareholders receive from the Fund through annual distributions is based primarily on the dividends and interest the Fund earns from its investments. Dividend payments the Fund receives in respect of its portfolio securities can vary widely over the short and long term.

 

Foreign Investment Risk. Although the Fund will limit its investment in securities of foreign issuers to ADRs and Canadian issuers, 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 and changes in the regulatory environment of foreign countries could adversely affect the value of the Fund's investments or prevent the Fund from realizing the full value of its investments. In addition, changes in exchange rates and interest rates may adversely affect the value of the Fund’s foreign investments.

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 by showing changes in the Fund’s performance from year to year for Class A Shares and by comparing the performance of the Fund with the performance of a broad-based market index. Performance for classes other than those shown may vary from the performance shown to the extent the expenses for those classes differ. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Sales loads are not reflected in the bar chart. If these amounts were reflected, returns would be less than those shown. Updated performance information is available on the Fund’s website at www.zacksfunds.com.

 

Annual Total Return (before taxes) For Class A Shares

Performance, Information Illustrates Variability of Returns rr_PerformanceInformationIllustratesVariabilityOfReturns The following performance information indicates some of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year for Class A Shares and by comparing the performance of the Fund with the performance of a broad-based market index.
Performance, Availability at Web Site Address rr_PerformanceAvailabilityWebSiteAddress www.zacksfunds.com
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

For each calendar year at NAV

Bar Chart, Does Not Reflect Sales Loads rr_BarChartDoesNotReflectSalesLoads Sales loads are not reflected in the bar chart. If these amounts were reflected, returns would be less than those shown.
Bar Chart, Closing rr_BarChartClosingTextBlock
Class A Shares
Highest Calendar Quarter Return at NAV (non-annualized):  5.40% Quarter Ended 6/30/2012 
Lowest Calendar Quarter Return at NAV (non-annualized):  (4.65)% Quarter Ended 6/30/2009  
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Highest Calendar Quarter Return at NAV (non-annualized):
Highest Quarterly Return Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2012
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 5.40%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Lowest Calendar Quarter Return at NAV (non-annualized):
Lowest Quarterly Return Date rr_BarChartLowestQuarterlyReturnDate Jun. 30, 2009
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (4.65%)
Performance Table: rr_PerformanceTableHeading

Average Annual Total Returns for the Periods Ended 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 shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
One Class of After-Tax Shown rr_PerformanceTableOneClassOfAfterTaxShown The after-tax returns are shown for the Class A shares and after-tax returns for Class C shares will vary.
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 investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The after-tax returns are shown for the Class A shares and after-tax returns for Class C shares will vary.

Zacks Market Neutral Fund | Citigroup 3-Month T-Bill Index (Reflects no deductions for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 0.07%
3 Years zacksfunds_AverageAnnualReturnYear03 0.09%
Since Inception rr_AverageAnnualReturnSinceInception 0.22%
Inception Date rr_AverageAnnualReturnInceptionDate Jul. 24, 2008
Zacks Market Neutral Fund | Class A Shares
 
Risk/Return: rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol ZMNAX
Maximum sales charge (load) imposed on purchases (as percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.75%
Maximum deferred sales charge (load) (as a percentage of the lesser of original purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Redemption fee if redeemed within 30 days of purchase (as a percentage of amount redeemed, if applicable) rr_RedemptionFeeOverRedemption (2.00%)
Wire Fee zacksfunds_WireFee 20.00
Overnight check delivery fee zacksfunds_CheckFee 15.00
Retirement account fees (annual maintenance and full redemption requests) rr_ShareholderFeeOther 15.00
Management fees rr_ManagementFeesOverAssets 1.10%
Distribution and/or service ( Rule 12b-1) fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other expenses rr_OtherExpensesOverAssets 3.35%
Total annual fund operating expenses rr_ExpensesOverAssets 4.70%
Expense waiver and reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.34%) [1]
Total annual fund operating expenses after fee waiver and/or expense reimbursements rr_NetExpensesOverAssets 4.36% [1]
Expense Example, 1 YEAR rr_ExpenseExampleYear01 987
Expense Example, 3 YEARS rr_ExpenseExampleYear03 1,820
Expense Example, 5 YEARS rr_ExpenseExampleYear05 2,725
Expense Example, 10 YEARS rr_ExpenseExampleYear10 5,014
Expense Example, No Redemption, 1 YEAR rr_ExpenseExampleNoRedemptionYear01 987
Expense Example, No Redemption, 3 YEARS rr_ExpenseExampleNoRedemptionYear03 1,820
Expense Example, No Redemption, 5 YEARS rr_ExpenseExampleNoRedemptionYear05 2,725
Expense Example, No Redemption, 10 YEARS rr_ExpenseExampleNoRedemptionYear10 5,014
2009 rr_AnnualReturn2009 (10.65%)
2010 rr_AnnualReturn2010 (1.69%)
2011 rr_AnnualReturn2011 5.48%
2012 rr_AnnualReturn2012 (0.89%)
1 Year rr_AverageAnnualReturnYear01 (6.58%)
3 Years zacksfunds_AverageAnnualReturnYear03 (1.05%)
Since Inception rr_AverageAnnualReturnSinceInception (3.78%)
Inception Date rr_AverageAnnualReturnInceptionDate Jul. 24, 2008
Zacks Market Neutral Fund | Class A Shares | - Return After Taxes on Distributions
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (6.58%)
3 Years zacksfunds_AverageAnnualReturnYear03 (1.05%)
Since Inception rr_AverageAnnualReturnSinceInception (3.82%)
Inception Date rr_AverageAnnualReturnInceptionDate Jul. 24, 2008
Zacks Market Neutral Fund | Class A Shares | - Return After Taxes on Distributions and Sale of Fund Shares
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (4.28%)
3 Years zacksfunds_AverageAnnualReturnYear03 (0.89%)
Since Inception rr_AverageAnnualReturnSinceInception (3.20%)
Inception Date rr_AverageAnnualReturnInceptionDate Jul. 24, 2008
Zacks Market Neutral Fund | Class C Shares
 
Risk/Return: rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol ZMNCX
Maximum sales charge (load) imposed on purchases (as percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum deferred sales charge (load) (as a percentage of the lesser of original purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOfferingPrice 1.00% [2]
Redemption fee if redeemed within 30 days of purchase (as a percentage of amount redeemed, if applicable) rr_RedemptionFeeOverRedemption (2.00%)
Wire Fee zacksfunds_WireFee 20.00
Overnight check delivery fee zacksfunds_CheckFee 15.00
Retirement account fees (annual maintenance and full redemption requests) rr_ShareholderFeeOther 15.00
Management fees rr_ManagementFeesOverAssets 1.10%
Distribution and/or service ( Rule 12b-1) fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other expenses rr_OtherExpensesOverAssets 3.35%
Total annual fund operating expenses rr_ExpensesOverAssets 5.45%
Expense waiver and reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.34%) [1]
Total annual fund operating expenses after fee waiver and/or expense reimbursements rr_NetExpensesOverAssets 5.11% [1]
Expense Example, 1 YEAR rr_ExpenseExampleYear01 611
Expense Example, 3 YEARS rr_ExpenseExampleYear03 1,530
Expense Example, 5 YEARS rr_ExpenseExampleYear05 2,612
Expense Example, 10 YEARS rr_ExpenseExampleYear10 5,274
Expense Example, No Redemption, 1 YEAR rr_ExpenseExampleNoRedemptionYear01 511
Expense Example, No Redemption, 3 YEARS rr_ExpenseExampleNoRedemptionYear03 1,530
Expense Example, No Redemption, 5 YEARS rr_ExpenseExampleNoRedemptionYear05 2,612
Expense Example, No Redemption, 10 YEARS rr_ExpenseExampleNoRedemptionYear10 5,274
1 Year rr_AverageAnnualReturnYear01 (2.66%)
3 Years zacksfunds_AverageAnnualReturnYear03 0.13%
Since Inception rr_AverageAnnualReturnSinceInception (3.22%)
Inception Date rr_AverageAnnualReturnInceptionDate Jul. 24, 2008
Zacks All-Cap Core Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return rr_RiskReturnHeading

SUMMARY SECTION


 

ZACKS ALL-CAP CORE FUND

Investment objective: rr_ObjectiveHeading

Investment Objectives

Investment objective rr_ObjectivePrimaryTextBlock

The Zacks All-Cap Core Fund primarily seeks capital appreciation

Secondary objectives rr_ObjectiveSecondaryTextBlock

and secondarily seeks to provide shareholders with income through dividends.

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. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts is available from your financial professional and in the section titled “Class A Shares” on page 26 of this Prospectus.

Shareholder fees, caption rr_ShareholderFeesCaption

SHAREHOLDER 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 2016-03-31
Portfolio turnover, heading rr_PortfolioTurnoverHeading

The example does not reflect sales loads on reinvested dividends and capital gains. If these sales loads were included, your costs would be higher.

 

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’s portfolio turnover rate for the fiscal year ended November 30, 2012 was 50% of the average value of its portfolio.

Portfolio Turnover Rate rr_PortfolioTurnoverRate 50.00%
Expense Breakpoint Discounts rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund.
Expense Breakpoint, Minimum Investment Required rr_ExpenseBreakpointMinimumInvestmentRequiredAmount 50,000
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 each year. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example, No Redemption, Narrative rr_ExpenseExampleNoRedemptionNarrativeTextBlock

You would pay the following expenses if you did not redeem your shares:

Strategy, Heading rr_StrategyHeading

Principal Investment Strategies

Strategy, Narrative rr_StrategyNarrativeTextBlock

The Fund pursues its investment objectives by applying a hybrid research process, which uses both quantitative and qualitative criteria. Zacks Investment Management, Inc. (the “Advisor”) uses the Zacks Rank, a proprietary model, to quantitatively assess the attractiveness of a large universe of stocks based primarily on an analysis of changing patterns of earnings estimates for a company. The primary aim of the Zacks Rank model is to identify those companies most likely to experience positive earnings estimate revisions. From a smaller universe of stocks that are highly ranked by the quantitative model (approximately 300 securities), the portfolio managers select stocks with strong earnings potential using traditional "bottom-up" valuation metrics. Portfolio construction is driven by modern portfolio theory incorporating strict risk controls. Under normal circumstances, the Advisor expects to invest primarily in equity securities with an emphasis on equity securities of U.S. issuers. The Fund seeks to diversify its assets by investing in securities from a pool of more than one dozen industry sectors and over 200 industry groups. The Advisor allocates assets opportunistically based on market information and is not constrained by market capitalization or style parameters. Sector, capitalization and style allocations generally result from market trends regarding earnings information.

 

Under normal circumstances, the Fund invests primarily in equity securities of U.S. issuers. The Fund also may invest in equity securities of Canadian issuers and American Depository Receipts (“ADRs”). ADRs are receipts that represent interests in foreign securities held on deposit by U.S. banks.

Risk, Heading rr_RiskHeading

Principal Investment Risks

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.

 

Market Risk. The market value of a security or instrument may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of a security or instrument also may decline because of factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry.

 

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

 

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

 

Risks of Mid-Cap and Small-Cap Companies. The Fund may invest in equity securities of companies of any size capitalization, including mid-cap and small-cap companies. The securities of mid-cap or small-cap companies may be subject to more abrupt or erratic market movements and may have lower trading volumes or more erratic trading than securities of larger-sized companies or the market averages in general. In addition, such companies typically are subject to a greater degree of change in earnings and business prospects than are larger, more established companies.

 

Income and Distribution Risk. The income that shareholders receive from the Fund through annual distributions is based primarily on the dividends and interest the Fund earns from its investments. Dividend payments the Fund receives in respect of its portfolio securities can vary widely over the short and long term.

 

Foreign Investment Risk. Although the Fund will limit its investment in securities of foreign issuers to ADRs and Canadian issuers, 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 and changes in the regulatory environment of foreign countries could adversely affect the value of the Fund's investments or prevent the Fund from realizing the full value of its investments. In addition, changes in exchange rates and interest rates may adversely affect the value of the Fund’s foreign investments.

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 by showing changes in the Fund’s performance from year to year for Class A Shares and by comparing the performance of the Fund with the performance of a broad-based market index. Performance for classes other than those shown may vary from the performance shown to the extent the expenses for those classes differ. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Sales loads are not reflected in the bar chart. If these amounts were reflected, returns would be less than those shown. Updated performance information is available on the Fund’s website at www.zacksfunds.com.

Performance, Information Illustrates Variability of Returns rr_PerformanceInformationIllustratesVariabilityOfReturns The following performance information indicates some of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year for Class A Shares and by comparing the performance of the Fund with the performance of a broad-based market index.
Performance, Availability at Web Site Address rr_PerformanceAvailabilityWebSiteAddress www.zacksfunds.com
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

Annual Total Return (before taxes) For Class A Shares

For each calendar year at NAV

Bar Chart, Does Not Reflect Sales Loads rr_BarChartDoesNotReflectSalesLoads Sales loads are not reflected in the bar chart. If these amounts were reflected, returns would be less than those shown.
Bar Chart, Closing rr_BarChartClosingTextBlock
Class A Shares
Highest Calendar Quarter Return at NAV (non-annualized):  12.90 % Quarter Ended 9/30/2009 
Lowest Calendar Quarter Return at NAV (non-annualized):  (19.20) % Quarter Ended 12/31/2008  
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Highest Calendar Quarter Return at NAV (non-annualized):
Highest Quarterly Return Date rr_BarChartHighestQuarterlyReturnDate Sep. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 12.90%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Lowest Calendar Quarter Return at NAV (non-annualized):
Lowest Quarterly Return Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (19.20%)
Performance Table: rr_PerformanceTableHeading

Average Annual Total Returns for the Periods Ended 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 shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.
One Class of After-Tax Shown rr_PerformanceTableOneClassOfAfterTaxShown The after-tax returns are shown for the Class A shares and after-tax returns for Class C shares will vary.
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 investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The after-tax returns are shown for the Class A shares and after-tax returns for Class C shares will vary.

Zacks All-Cap Core Fund | Russell 3000 Index (Reflects no deductions for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 16.42%
5 Years rr_AverageAnnualReturnYear05 2.04%
Since Inception rr_AverageAnnualReturnSinceInception 4.15%
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 05, 2005
Zacks All-Cap Core Fund | Class A Shares
 
Risk/Return: rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol CZOAX
Maximum sales charge (load) imposed on purchases (as percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.75%
Maximum deferred sales charge (load) (as a percentage of the lesser of original purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Redemption fee if redeemed within 30 days of purchase (as a percentage of amount redeemed, if applicable) rr_RedemptionFeeOverRedemption (2.00%)
Wire Fee zacksfunds_WireFee 20.00
Overnight check delivery fee zacksfunds_CheckFee 15.00
Retirement account fees (annual maintenance and full redemption requests) rr_ShareholderFeeOther 15.00
Management fees rr_ManagementFeesOverAssets 0.90%
Distribution and/or service ( Rule 12b-1) fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other expenses rr_OtherExpensesOverAssets 0.89%
Total annual fund operating expenses rr_ExpensesOverAssets 2.04%
Expense waiver and reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.39%) [3]
Total annual fund operating expenses after fee waiver and/or expense reimbursements rr_NetExpensesOverAssets 1.65% [3]
Expense Example, 1 YEAR rr_ExpenseExampleYear01 733
Expense Example, 3 YEARS rr_ExpenseExampleYear03 1,065
Expense Example, 5 YEARS rr_ExpenseExampleYear05 1,503
Expense Example, 10 YEARS rr_ExpenseExampleYear10 2,714
Expense Example, No Redemption, 1 YEAR rr_ExpenseExampleNoRedemptionYear01 733
Expense Example, No Redemption, 3 YEARS rr_ExpenseExampleNoRedemptionYear03 1,065
Expense Example, No Redemption, 5 YEARS rr_ExpenseExampleNoRedemptionYear05 1,503
Expense Example, No Redemption, 10 YEARS rr_ExpenseExampleNoRedemptionYear10 2,714
2006 rr_AnnualReturn2006 13.55%
2007 rr_AnnualReturn2007 11.96%
2008 rr_AnnualReturn2008 (34.27%)
2009 rr_AnnualReturn2009 15.54%
2010 rr_AnnualReturn2010 15.04%
2011 rr_AnnualReturn2011 2.10%
2012 rr_AnnualReturn2012 12.81%
1 Year rr_AverageAnnualReturnYear01 6.33%
5 Years rr_AverageAnnualReturnYear05 (1.05%)
Since Inception rr_AverageAnnualReturnSinceInception 2.45%
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 05, 2005
Zacks All-Cap Core Fund | Class A Shares | - Return After Taxes on Distributions
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 6.31%
5 Years rr_AverageAnnualReturnYear05 (1.07%)
Since Inception rr_AverageAnnualReturnSinceInception 2.25%
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 05, 2005
Zacks All-Cap Core Fund | Class A Shares | - Return After Taxes on Distributions and Sale of Fund Shares
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 4.14%
5 Years rr_AverageAnnualReturnYear05 (0.89%)
Since Inception rr_AverageAnnualReturnSinceInception 2.06%
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 05, 2005
Zacks All-Cap Core Fund | Class C Shares
 
Risk/Return: rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol CZOCX
Maximum sales charge (load) imposed on purchases (as percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum deferred sales charge (load) (as a percentage of the lesser of original purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOfferingPrice 1.00% [4]
Redemption fee if redeemed within 30 days of purchase (as a percentage of amount redeemed, if applicable) rr_RedemptionFeeOverRedemption (2.00%)
Wire Fee zacksfunds_WireFee 20.00
Overnight check delivery fee zacksfunds_CheckFee 15.00
Retirement account fees (annual maintenance and full redemption requests) rr_ShareholderFeeOther 15.00
Management fees rr_ManagementFeesOverAssets 0.90%
Distribution and/or service ( Rule 12b-1) fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other expenses rr_OtherExpensesOverAssets 0.89%
Total annual fund operating expenses rr_ExpensesOverAssets 2.79%
Expense waiver and reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.39%) [3]
Total annual fund operating expenses after fee waiver and/or expense reimbursements rr_NetExpensesOverAssets 2.40% [3]
Expense Example, 1 YEAR rr_ExpenseExampleYear01 343
Expense Example, 3 YEARS rr_ExpenseExampleYear03 748
Expense Example, 5 YEARS rr_ExpenseExampleYear05 1,365
Expense Example, 10 YEARS rr_ExpenseExampleYear10 3,028
Expense Example, No Redemption, 1 YEAR rr_ExpenseExampleNoRedemptionYear01 243
Expense Example, No Redemption, 3 YEARS rr_ExpenseExampleNoRedemptionYear03 748
Expense Example, No Redemption, 5 YEARS rr_ExpenseExampleNoRedemptionYear05 1,365
Expense Example, No Redemption, 10 YEARS rr_ExpenseExampleNoRedemptionYear10 3,028
1 Year rr_AverageAnnualReturnYear01 10.96%
5 Years rr_AverageAnnualReturnYear05 (0.61%)
Since Inception rr_AverageAnnualReturnSinceInception 2.54%
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 05, 2005
Zacks Small-Cap Core Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return rr_RiskReturnHeading

SUMMARY SECTION


 

ZACKS SMALL-CAP CORE FUND

Investment objective: rr_ObjectiveHeading

Investment Objective

Investment objective rr_ObjectivePrimaryTextBlock

The Zacks Small-Cap Core Fund seeks 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 Zacks Small-Cap Core Fund.

Shareholder fees, caption rr_ShareholderFeesCaption

SHAREHOLDER 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 2016-03-31
Portfolio turnover, heading rr_PortfolioTurnoverHeading

Portfolio Turnover

Portfolio turnover, narrative rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. The Fund’s portfolio turnover rate for the fiscal year ended November 30, 201 2 was 173 % of the average value of its portfolio.

Portfolio Turnover Rate rr_PortfolioTurnoverRate 173.00%
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 each year. 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 objective by applying a hybrid research process which uses both quantitative and qualitative criteria. Zacks Investment Management, Inc. (the “Advisor”) uses a proprietary model to quantitatively assess the attractiveness of a large universe of stocks based on potential capital appreciation. The primary aim of the quantitative model is to identify those companies most likely to generate positive alpha, or excess return over the market, when adjusted for stock beta, or movement with the market. From a smaller universe of stocks that are highly ranked by the quantitative model, the portfolio managers select small-cap stocks with attractive risk/return characteristics based on qualitative criteria. Portfolio construction incorporates risk controls.

 

Under normal circumstances, the Fund will invest at least 80% of its net assets (including amounts borrowed for investment purposes) in a diversified portfolio of equity securities of small capitalization companies, with an emphasis on equity securities of U.S. issuers. The Fund’s investments in equity securities may include common stock, preferred stocks and convertible securities. The Fund considers small capitalization companies to be companies within the range of those companies included in the Russell 2000 Index at the time of purchase. Because small capitalization companies are defined by reference to an index, the range of market capitalization companies in which the Fund invests may vary with market conditions. As of February 2 8 , 201 3 , the market capitalizations of companies included in the Russell 2000 Index were between $ 2.2 million and $ 6.2 billion. The Fund is designed to be a “core” fund that seeks to combine both value and growth characteristics within the small-cap universe. The Fund seeks to diversify its assets by investing in securities from a pool of more than one dozen industry sectors. The Advisor allocates assets opportunistically based on market information and is not constrained by investment style parameters. Sector and style allocations generally result from a hybrid research process. Although not a primary investment strategy, the Fund may engage in short-sale transactions up to 25% of its net assets.

 

Under normal circumstances, the Fund invests primarily in equity securities of U.S. issuers. The Fund also may invest in equity securities of Canadian issuers and American Depository Receipts (“ADRs”). ADRs are receipts that represent interests in foreign securities held on deposit by U.S. banks. In addition, the Fund may invest in exchange traded funds (“ETFs”), which are investment funds traded on stock exchanges, that seek to track the returns of various equity indices.

Risk, Heading rr_RiskHeading

Principal Investment Risks

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.

 

Market Risk. The market value of a security or instrument may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of a security or instrument also may decline because of factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry.

 

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

 

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

 

Small-Cap Companies Risk. The securities of small-cap companies may be subject to more abrupt or erratic market movements and may have lower trading volumes or more erratic trading than securities of larger-sized companies or the market averages in general.

 

Income and Distribution Risk. The income that shareholders receive from the Fund through annual distributions is based primarily on the dividends and interest the Fund earns from its investments. Dividend payments the Fund receives in respect of its portfolio securities can vary widely over the short and long term.

 

Foreign Investment Risk. Although the Fund will limit its investment in securities of foreign issuers to ADRs and Canadian issuers, 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 and changes in the regulatory environment of foreign countries could adversely affect the value of the Fund's investments or prevent the Fund from realizing the full value of its investments. In addition, changes in exchange rates and interest rates may adversely affect the value of the Fund’s foreign investments.

 

Short Sales Risk. In order to establish a short position in a security, the Fund must first borrow the security from a broker or other institution to complete the sale. The Fund may not always be able to borrow a security, or to close out a short position at a particular time or at an acceptable price. If the price of the borrowed security increases between the date of the short sale and the date on which the Fund replaces the security, the Fund may experience a loss.

 

ETF Risk. Investing in one or more ETFs will generally expose the Fund to the risks associated with owning the underlying securities the ETF is designed to track and to management and other risks associated with the ETF itself. The potential lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio of securities. In addition, as an investor in an ETF, the Fund will bear a proportionate share of the ETF’s fees and expenses, which may adversely affect the Fund’s performance.

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 by showing changes in the Fund’s performance from year to year by comparing the performance of the Fund with the performance of a broad-based market index. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund’s website at www.zacksfunds.com.

Performance, Information Illustrates Variability of Returns rr_PerformanceInformationIllustratesVariabilityOfReturns The following performance information indicates some of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year by comparing the performance of the Fund with the performance of a broad-based market index.
Performance, Availability at Web Site Address rr_PerformanceAvailabilityWebSiteAddress www.zacksfunds.com
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

Annual Total Return (before taxes)

For the calendar year at NAV

Bar Chart, Closing rr_BarChartClosingTextBlock
Highest Calendar Quarter Return at NAV (non-annualized): 10.21% Quarter Ended 3/31/12
Lowest Calendar Quarter Return at NAV (non-annualized): (1.21)% Quarter Ended 6/30/12  
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Highest Calendar Quarter Return at NAV (non-annualized):
Highest Quarterly Return Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2012
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 10.21%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Lowest Calendar Quarter Return at NAV (non-annualized):
Lowest Quarterly Return Date rr_BarChartLowestQuarterlyReturnDate Jun. 30, 2012
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (1.21%)
Performance Table: rr_PerformanceTableHeading

Average Annual Total Returns for the Periods Ended 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 shown are not relevant to investors 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 investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

Zacks Small-Cap Core Fund | Russell 2000 Index (Reflects no deductions for fees, expenses or taxes )
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 16.35%
Since Inception rr_AverageAnnualReturnSinceInception 3.28%
Inception Date rr_AverageAnnualReturnInceptionDate Jun. 30, 2011
Zacks Small-Cap Core Fund | Zacks Small-Cap Core Fund Shares
 
Risk/Return: rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol ZSCCX
Maximum sales charge (load) imposed on purchases (as percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum deferred sales charge (load) (as a percentage of the lesser of original purchase price or redemption proceeds) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Redemption fee if redeemed within 30 days of purchase (as a percentage of amount redeemed, if applicable) rr_RedemptionFeeOverRedemption (2.00%)
Wire Fee zacksfunds_WireFee 20.00
Overnight check delivery fee zacksfunds_CheckFee 15.00
Retirement account fees (annual maintenance and full redemption requests) rr_ShareholderFeeOther 15.00
Management fees rr_ManagementFeesOverAssets 0.90%
Distribution and/or service ( Rule 12b-1) fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other expenses rr_OtherExpensesOverAssets 27.89%
Total annual fund operating expenses rr_ExpensesOverAssets 29.04%
Expense waiver and reimbursements rr_FeeWaiverOrReimbursementOverAssets (27.65%) [5]
Total annual fund operating expenses after fee waiver and/or expense reimbursements rr_NetExpensesOverAssets 1.39% [5]
Expense Example, 1 YEAR rr_ExpenseExampleYear01 142
Expense Example, 3 YEARS rr_ExpenseExampleYear03 440
Expense Example, 5 YEARS rr_ExpenseExampleYear05 5,440
Expense Example, 10 YEARS rr_ExpenseExampleYear10 10,536
2012 rr_AnnualReturn2012 19.48%
1 Year rr_AverageAnnualReturnYear01 19.48%
Since Inception rr_AverageAnnualReturnSinceInception 9.12%
Inception Date rr_AverageAnnualReturnInceptionDate Jun. 30, 2011
Zacks Small-Cap Core Fund | Zacks Small-Cap Core Fund Shares | - Return After Taxes on Distributions
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 19.18%
Since Inception rr_AverageAnnualReturnSinceInception 8.93%
Inception Date rr_AverageAnnualReturnInceptionDate Jun. 30, 2011
Zacks Small-Cap Core Fund | Zacks Small-Cap Core Fund Shares | - Return After Taxes on Distributions and Sale of Fund Shares
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 13.06%
Since Inception rr_AverageAnnualReturnSinceInception 7.77%
Inception Date rr_AverageAnnualReturnInceptionDate Jun. 30, 2011
[1] The Fund's advisor has contractually agreed to waive its fee s and /or pay operating expenses of the Fund to ensure that total annual fund operating expenses (excluding , as applicable, taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, acquired fund fees and expenses as determined in accordance with Form N-1A, expenses incurred in connection with any merger or reorganization, or extraordinary expenses such as litigation expenses ) do not exceed 1.65% and 2.40% of the average daily net assets for Class A Shares and Class C Shares of the Fund respectively. This agreement will remain in effect until March 31, 2016 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 reimbursed for three years from the date of any such waiver or reimbursement.
[2] Class C Shares of the Fund are subject to a Contingent Deferred Sales Charge ("CDSC") of 1.00% on any shares sold within 12 months of the date of purchase and 0.50% during months 13-18.
[3] The Fund's advisor has contractually agreed to waive its fee s and /or pay operating expenses of the Fund to ensure that total annual fund operating expenses (excluding , as applicable, taxes, leverage interest, brokerage commissions, acquired fund fees and expenses as determined in accordance with Form N-1A, expenses incurred in connection with any merger or reorganization, or extraordinary expenses such as litigation expenses) do not exceed 1.65% and 2.40% of the average daily net assets for Class A Shares and Class C Shares of the Fund , respectively. This agreement is in effect until March 31, 2016 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 Funds', subject to limitations, for fees it waived and Fund expenses it reimbursed for three years from the date of any such waiver or reimbursement.
[4] Class C Shares of the Fund are subject to a Contingent Deferred Sales Charge ("CDSC") of 1.00% on any shares sold within 12 months of owning them and 0.50% during months 13-18.
[5] The Fund's advisor has contractually agreed to waive its fees and /or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (excluding , as applicable, taxes, leverage interest, brokerage commissions, dividend expenses on short sales, acquired fund fees and expenses as determined in accordance with Form N-1A, expenses incurred in connection with any merger or reorganization, or extraordinary expenses such as litigation expenses ) do not exceed 1.39% of the average daily net assets of the Fund. This agreement will remain in effect until March 31, 2016 and it may be terminated before that date only by the Trust's Board of Trustees. The Fund's advisor is permitted to seek reimbursement from the Fund, subject to limitations, for fees it waived and Fund expenses it reimbursed for three years from the date of any such waiver or reimbursement.
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