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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Document Type dei_DocumentType 485BPOS
Period End Date dei_DocumentPeriodEndDate Nov. 30, 2015
Registrant Name dei_EntityRegistrantName Investment Managers Series Trust
CIK dei_EntityCentralIndexKey 0001318342
Amendment dei_AmendmentFlag false
Creation Date dei_DocumentCreationDate Mar. 29, 2016
Effective Date dei_DocumentEffectiveDate Apr. 01, 2016
Prospectus Date rr_ProspectusDate Apr. 01, 2016
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 investment objective of the Zacks All-Cap Core Fund primarily is capital appreciation and
Secondary objectives rr_ObjectiveSecondaryTextBlock

secondarily is 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 Class A Shares of 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 37 of this Prospectus.
Shareholder fees, caption rr_ShareholderFeesCaption

SHAREHOLDER FEES (fees paid directly from your investment)
Annual fund operating expenses, heading rr_OperatingExpensesCaption

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Date Of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination Mar. 31, 2019
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, 2015 was 37% of the average value of its portfolio.
Portfolio Turnover Rate rr_PortfolioTurnoverRate 37.00%
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 Class A Shares of 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. 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.

 

The Fund is designed to be a “core” fund that seeks to combine both value and growth characteristics. 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 Risks of Investing
Risk, Narrative rr_RiskNarrativeTextBlock

Risk is inherent in all investing. A summary description of certain principal risks of investing in the Fund is set forth below. Before you decide whether to invest in the Fund, carefully consider these risk factors associated with investing in the Fund, which may cause investors to lose money. There can be no assurance that the Fund will achieve its investment objectives.

 

Market Risk. The market price of a security or instrument may decline, sometimes rapidly or unpredictably, due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic or political conditions throughout the world, 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 equity securities held by the Fund may fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities held by the Fund participate, or factors relating to specific companies in which the Fund invests.

 

Management and Strategy Risk. The value of your investment is dependent upon the judgment of the Advisor about the quality, relative yield, value or market trends affecting a particular security, industry, sector or region, which may prove to be incorrect. Investment strategies employed by the Advisor in selecting investments for the Fund may not result in an increase in the value of your investment or in overall performance equal to other investments.

 

Small-Cap and Mid-Cap Company Risk. The securities of small-capitalization and mid-capitalization 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, more established companies or market averages in general. In addition, such companies typically are more likely to be adversely affected than large capitalization companies by changes in earning results, business prospects, investor expectations or poor economic or market conditions.

 

Large-Cap Company Risk. Larger, more established companies may be unable to attain the high growth rates of successful, smaller companies during periods of economic expansion.

 

Value-Oriented Investment Strategies Risk. Value stocks are those that are believed to be undervalued in comparison to their peers due to adverse business developments or other factors. Value investing is subject to the risk that the market will not recognize a security’s inherent value for a long time or at all, or that a stock judged to be undervalued may actually be appropriately priced or overvalued. In addition, during some periods (which may be extensive) value stocks generally may be out of favor in the markets. Therefore the Fund is most suitable for long-term investors who are willing to hold their shares for extended periods of time through market fluctuations and the accompanying changes in share prices.

 

Growth-Oriented Investment Strategies Risk. Growth funds generally focus on stocks of companies believed to have above-average potential for growth in revenue and earnings. Growth securities typically are very sensitive to market movements because their market prices frequently reflect projections of future earnings or revenues, and when it appears that those expectations will not be met the prices of growth securities typically fall. Prices of these companies’ securities may be more volatile than those of other securities, particularly over the short term.

 

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. The prices of foreign securities may be more volatile than the prices of securities of U.S. issuers because of economic and social conditions abroad, political developments, and changes in the regulatory environments of foreign countries. In addition, changes in exchange rates and interest rates may adversely affect the values of the Fund’s foreign investments. Foreign companies are generally subject to different legal and accounting standards than U.S. companies, and foreign financial intermediaries may be subject to less supervision and regulation than U.S. financial firms. Foreign securities include American Depositary Receipts (“ADRs”). Unsponsored ADRs involve additional risks because U.S. reporting requirements do not apply and the issuing bank will recover shareholder distribution costs from changes in share prices and payment of dividends.

 

Sector Focus Risk. The Fund may invest a larger portion of its assets in one or more sectors than many other mutual funds and thus will be more susceptible to negative events affecting those sectors. For example, as of November 30, 2015, a significant portion of the Fund’s assets were invested in the Consumer sector. Companies in the Consumer sector may be adversely affected by fluctuations in supply and demand, changes in the global economy, consumer spending, competition, demographics and consumer preferences, and production spending. Companies in the Consumer sector are also affected by changes in government regulation, global economic, environmental and political events, economic conditions and the depletion of resources.
May Lose Money rr_RiskLoseMoney Before you decide whether to invest in the Fund, carefully consider these risk factors 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 bar chart and table below provide some indication 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 showing how the average annual total returns of each class of the Fund compare with the average annual total returns 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. Updated performance information is available at the Fund’s website, www.zacksfunds.com, or by calling the Fund at 888-453-4003. 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, and if those charges were included, returns would be less than those shown.
Performance, Information Illustrates Variability of Returns rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart and table below provide some indication 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 showing how the average annual total returns of each class of the Fund compare with the average annual total returns of a broad-based market index.
Performance, Availability by Phone rr_PerformanceAvailabilityPhone 888-453-4003
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

Calendar-Year 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, and if those charges were included, 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, 2015

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 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 Class A shares only 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. 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 Class A shares only and after-tax returns for Class C shares will vary.
Zacks All-Cap Core Fund | Class A  
Risk/Return: rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol CZOAX
Maximum sales charge (load) imposed on purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.75%
Maximum deferred sales charge (load) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Redemption fee if redeemed within 30 days of purchase (as a percentage of amount redeemed) rr_RedemptionFeeOverRedemption (2.00%)
Wire fee imstzacks_WireFee $ 20.00
Overnight check delivery fee imstzacks_CheckFee 25.00
Retirement account fees (annual maintenance fee) rr_ShareholderFeeOther $ 15.00
Management fees rr_ManagementFeesOverAssets 0.90%
Distribution and Service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other expenses rr_OtherExpensesOverAssets 0.53%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.08%
Total annual fund operating expenses rr_ExpensesOverAssets 1.76%
Fees waived and/or expenses reimbursed rr_FeeWaiverOrReimbursementOverAssets (0.03%) [1]
Total annual fund operating expenses after waiving fees and/or reimbursing expenses rr_NetExpensesOverAssets 1.73% [1]
Expense Example, 1 YEAR rr_ExpenseExampleYear01 $ 733
Expense Example, 3 YEARS rr_ExpenseExampleYear03 1,065
Expense Example, 5 YEARS rr_ExpenseExampleYear05 1,427
Expense Example, 10 YEARS rr_ExpenseExampleYear10 $ 2,440
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%
2013 rr_AnnualReturn2013 27.81%
2014 rr_AnnualReturn2014 12.25%
2015 rr_AnnualReturn2015 (0.54%)
1 Year rr_AverageAnnualReturnYear01 (6.26%)
5 Years rr_AverageAnnualReturnYear05 9.15%
10 Years rr_AverageAnnualReturnYear10 5.58%
Zacks All-Cap Core Fund | Class C  
Risk/Return: rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol CZOCX
Maximum sales charge (load) imposed on purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum deferred sales charge (load) rr_MaximumDeferredSalesChargeOverOfferingPrice 1.00% [2]
Redemption fee if redeemed within 30 days of purchase (as a percentage of amount redeemed) rr_RedemptionFeeOverRedemption (2.00%)
Wire fee imstzacks_WireFee $ 20.00
Overnight check delivery fee imstzacks_CheckFee 25.00
Retirement account fees (annual maintenance fee) rr_ShareholderFeeOther $ 15.00
Management fees rr_ManagementFeesOverAssets 0.90%
Distribution and Service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other expenses rr_OtherExpensesOverAssets 0.53%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.08%
Total annual fund operating expenses rr_ExpensesOverAssets 2.51%
Fees waived and/or expenses reimbursed rr_FeeWaiverOrReimbursementOverAssets (0.03%) [1]
Total annual fund operating expenses after waiving fees and/or reimbursing expenses rr_NetExpensesOverAssets 2.48% [1]
Expense Example, 1 YEAR rr_ExpenseExampleYear01 $ 346
Expense Example, 3 YEARS rr_ExpenseExampleYear03 748
Expense Example, 5 YEARS rr_ExpenseExampleYear05 1,287
Expense Example, 10 YEARS rr_ExpenseExampleYear10 2,759
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 1,287
Expense Example, No Redemption, 10 YEARS rr_ExpenseExampleNoRedemptionYear10 $ 2,759
1 Year rr_AverageAnnualReturnYear01 (2.24%)
5 Years rr_AverageAnnualReturnYear05 9.61%
10 Years rr_AverageAnnualReturnYear10 5.40%
Zacks All-Cap Core Fund | Return After Taxes on Distributions | Class A  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (7.50%)
5 Years rr_AverageAnnualReturnYear05 8.55%
10 Years rr_AverageAnnualReturnYear10 4.94%
Zacks All-Cap Core Fund | Return After Taxes on Distributions and Sale of Fund Shares | Class A  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (2.52%)
5 Years rr_AverageAnnualReturnYear05 7.24%
10 Years rr_AverageAnnualReturnYear10 4.29%
Zacks All-Cap Core Fund | Russell 3000 Index (Reflects no deductions for fees, expenses or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 0.48%
5 Years rr_AverageAnnualReturnYear05 12.18%
10 Years rr_AverageAnnualReturnYear10 7.35%
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 investment objective of the Zacks Market Neutral Fund is 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 Class A Shares of 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 37 of this Prospectus.
Shareholder fees, caption rr_ShareholderFeesCaption

SHAREHOLDER FEES (fees paid directly from your investment)
Annual fund operating expenses, heading rr_OperatingExpensesCaption

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Date Of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination Mar. 31, 2019
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, 2015 was 180% of the average value of its portfolio.
Portfolio Turnover Rate rr_PortfolioTurnoverRate 180.00%
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 Class A Shares of 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. 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, options and other instruments. 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. The Fund may also invest in real estate investment trusts. 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 Risks of Investing
Risk, Narrative rr_RiskNarrativeTextBlock

Risk is inherent in all investing. A summary description of certain principal risks of investing in the Fund is set forth below. Before you decide whether to invest in the Fund, carefully consider these risk factors associated with investing in the Fund, which may cause investors to lose money. There can be no assurance that the Fund will achieve its investment objective.

 

Market Risk. The market price of a security or instrument may decline, sometimes rapidly or unpredictably, due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic or political conditions throughout the world, 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 equity securities held by the Fund may fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities held by the Fund participate, or factors relating to specific companies in which the Fund invests.

 

Short Sales Risk. In connection with a short sale of a security or other instrument, the Fund is subject to the risk that instead of declining, the price of the security or other instrument sold short will rise. If the price of the security or other instrument sold short increases between the date of the short sale and the date on which the Fund replaces the security or other instrument borrowed to make the short sale, the Fund will experience a loss, which is theoretically unlimited since there is a theoretically unlimited potential for the market price of a security or other instrument sold short to increase. Shorting options or futures may have an imperfect correlation to the assets held by the Fund and may not adequately protect against losses in or may result in greater losses for the Fund’s portfolio.

 

Management and Strategy Risk. The value of your investment is dependent upon the judgment of the Advisor about the quality, relative yield, value or market trends affecting a particular security, industry, sector or region, which may prove to be incorrect. Investment strategies employed by the Advisor in selecting investments for the Fund may not result in an increase in the value of your investment or in overall performance equal to other investments.

 

Small-Cap and Mid-Cap Company Risk. The securities of small-capitalization and mid-capitalization 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, more established companies or market averages in general. In addition, such companies typically are more likely to be adversely affected than large capitalization companies by changes in earning results, business prospects, investor expectations or poor economic or market conditions.

 

Large-Cap Company Risk. Larger, more established companies may be unable to attain the high growth rates of successful, smaller companies during periods of economic expansion.

 

Real Estate Investment Trust (REIT) Risk. The Fund’s investment in REITs will subject the Fund to risks similar to those associated with direct ownership of real estate, including losses from casualty or condemnation, and changes in local and general economic, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes and operating expenses.

 

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. The prices of foreign securities may be more volatile than the prices of securities of U.S. issuers because of economic and social conditions abroad, political developments, and changes in the regulatory environments of foreign countries. In addition, changes in exchange rates and interest rates may adversely affect the values of the Fund’s foreign investments. Foreign companies are generally subject to different legal and accounting standards than U.S. companies, and foreign financial intermediaries may be subject to less supervision and regulation than U.S. financial firms. Foreign securities include American Depositary Receipts (“ADRs”). Unsponsored ADRs involve additional risks because U.S. reporting requirements do not apply and the issuing bank will recover shareholder distribution costs from changes in share prices and payment of dividends.

 

Sector Focus Risk. The Fund may invest a larger portion of its assets in one or more sectors than many other mutual funds and thus will be more susceptible to negative events affecting those sectors. For example, as of November 30, 2015, a significant portion of the Fund’s assets were invested in the Consumer sector. Companies in the Consumer sector may be adversely affected by fluctuations in supply and demand, changes in the global economy, consumer spending, competition, demographics and consumer preferences, and production spending. Companies in the Consumer sector are also affected by changes in government regulation, global economic, environmental and political events, economic conditions and the depletion of resources. The impact of more stringent capital requirements or future regulation on any individual financial company or on the sector as a whole cannot be predicted.

 

Portfolio Turnover Risk. Active and frequent trading of the Fund’s portfolio securities may lead to higher transaction costs and may result in a greater number of taxable transactions than would otherwise be the case, which could negatively affect the Fund’s performance. A high rate of portfolio turnover is 100% or more.
May Lose Money rr_RiskLoseMoney Before you decide whether to invest in the Fund, carefully consider these risk factors 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 bar chart and table below provide some indication 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 showing how the average annual total returns of each class of the Fund compare with the average annual total returns 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. Updated performance information is available at the Fund’s website, www.zacksfunds.com, or by calling the Fund at 888-453-4003. 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, and if those charges were included, returns would be less than those shown.
Performance, Information Illustrates Variability of Returns rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart and table below provide some indication 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 showing how the average annual total returns of each class of the Fund compare with the average annual total returns of a broad-based market index.
Performance, Availability by Phone rr_PerformanceAvailabilityPhone 888-453-4003
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, and if those charges were included, 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, 2015

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 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 Class A shares only 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. 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 Class A shares only and after-tax returns for Class C shares will vary.
Zacks Market Neutral Fund | Class A  
Risk/Return: rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol ZMNAX
Maximum sales charge (load) imposed on purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.75%
Maximum deferred sales charge (load) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Redemption fee if redeemed within 30 days of purchase (as a percentage of amount redeemed) rr_RedemptionFeeOverRedemption (2.00%)
Wire fee imstzacks_WireFee $ 20.00
Overnight check delivery fee imstzacks_CheckFee 25.00
Retirement account fees (annual maintenance fee) rr_ShareholderFeeOther $ 15.00
Management fees rr_ManagementFeesOverAssets 1.10%
Distribution and Service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other expenses (including dividend and interest expenses on short sales of 3.00%) rr_Component1OtherExpensesOverAssets 5.44%
Total annual fund operating expenses rr_ExpensesOverAssets 6.79%
Fees waived and/or expenses reimbursed rr_FeeWaiverOrReimbursementOverAssets (2.14%) [3]
Total annual fund operating expenses after waiving fees and/or reimbursing expenses rr_NetExpensesOverAssets 4.65% [3]
Expense Example, 1 YEAR rr_ExpenseExampleYear01 $ 1,014
Expense Example, 3 YEARS rr_ExpenseExampleYear03 1,897
Expense Example, 5 YEARS rr_ExpenseExampleYear05 3,167
Expense Example, 10 YEARS rr_ExpenseExampleYear10 $ 6,149
2009 rr_AnnualReturn2009 (10.65%)
2010 rr_AnnualReturn2010 (1.69%)
2011 rr_AnnualReturn2011 5.48%
2012 rr_AnnualReturn2012 (0.89%)
2013 rr_AnnualReturn2013 (4.34%)
2014 rr_AnnualReturn2014 4.31%
2015 rr_AnnualReturn2015 3.30%
1 Year rr_AverageAnnualReturnYear01 (2.62%)
5 Years rr_AverageAnnualReturnYear05 0.31%
Since Inception rr_AverageAnnualReturnSinceInception (1.88%)
Inception Date rr_AverageAnnualReturnInceptionDate Jul. 24, 2008
Zacks Market Neutral Fund | Class C  
Risk/Return: rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol ZMNCX
Maximum sales charge (load) imposed on purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum deferred sales charge (load) rr_MaximumDeferredSalesChargeOverOfferingPrice 1.00% [4]
Redemption fee if redeemed within 30 days of purchase (as a percentage of amount redeemed) rr_RedemptionFeeOverRedemption (2.00%)
Wire fee imstzacks_WireFee $ 20.00
Overnight check delivery fee imstzacks_CheckFee 25.00
Retirement account fees (annual maintenance fee) rr_ShareholderFeeOther $ 15.00
Management fees rr_ManagementFeesOverAssets 1.10%
Distribution and Service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other expenses (including dividend and interest expenses on short sales of 3.00%) rr_Component1OtherExpensesOverAssets 5.44%
Total annual fund operating expenses rr_ExpensesOverAssets 7.54%
Fees waived and/or expenses reimbursed rr_FeeWaiverOrReimbursementOverAssets (2.14%) [3]
Total annual fund operating expenses after waiving fees and/or reimbursing expenses rr_NetExpensesOverAssets 5.40% [3]
Expense Example, 1 YEAR rr_ExpenseExampleYear01 $ 639
Expense Example, 3 YEARS rr_ExpenseExampleYear03 1,610
Expense Example, 5 YEARS rr_ExpenseExampleYear05 3,063
Expense Example, 10 YEARS rr_ExpenseExampleYear10 6,383
Expense Example, No Redemption, 1 YEAR rr_ExpenseExampleNoRedemptionYear01 539
Expense Example, No Redemption, 3 YEARS rr_ExpenseExampleNoRedemptionYear03 1,610
Expense Example, No Redemption, 5 YEARS rr_ExpenseExampleNoRedemptionYear05 3,063
Expense Example, No Redemption, 10 YEARS rr_ExpenseExampleNoRedemptionYear10 $ 6,383
1 Year rr_AverageAnnualReturnYear01 1.52%
5 Years rr_AverageAnnualReturnYear05 0.74%
Since Inception rr_AverageAnnualReturnSinceInception (1.83%)
Inception Date rr_AverageAnnualReturnInceptionDate Jul. 24, 2008
Zacks Market Neutral Fund | Return After Taxes on Distributions | Class A  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (2.62%)
5 Years rr_AverageAnnualReturnYear05 0.31%
Since Inception rr_AverageAnnualReturnSinceInception (1.90%)
Inception Date rr_AverageAnnualReturnInceptionDate Jul. 24, 2008
Zacks Market Neutral Fund | Return After Taxes on Distributions and Sale of Fund Shares | Class A  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (1.48%)
5 Years rr_AverageAnnualReturnYear05 0.24%
Since Inception rr_AverageAnnualReturnSinceInception (1.42%)
Inception Date rr_AverageAnnualReturnInceptionDate Jul. 24, 2008
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 0.03%
5 Years rr_AverageAnnualReturnYear05 0.05%
Since Inception rr_AverageAnnualReturnSinceInception 0.15%
Inception Date rr_AverageAnnualReturnInceptionDate Jul. 24, 2008
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 investment objective of the Zacks Small-Cap Core Fund is 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 (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 Mar. 31, 2019
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, 2015 was 162% of the average value of its portfolio.
Portfolio Turnover Rate rr_PortfolioTurnoverRate 162.00%
Example, heading rr_ExpenseExampleHeading

Example
Expense Example, Narrative rr_ExpenseExampleNarrativeTextBlock

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year, and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
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 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 stock 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 May 31, 2015, the market capitalizations of companies included in the Russell 2000 Index were between $14.1 million and $5.78 billion. The Russell 2000 Index is reconstituted annually, typically on May 31 of each year, to seek to ensure that larger stocks do not distort the performance and characteristics of the Index and that the represented companies continue to reflect small capitalization characteristics.

 

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. The Fund may engage in short-sale transactions up to 25% of its net assets. The Fund’s investment strategy involves active and frequent trading.

 

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 Risks of Investing
Risk, Narrative rr_RiskNarrativeTextBlock

Risk is inherent in all investing. A summary description of certain principal risks of investing in the Fund is set forth below. Before you decide whether to invest in the Fund, carefully consider these risk factors associated with investing in the Fund, which may cause investors to lose money. There can be no assurance that the Fund will achieve its investment objective.

 

Market Risk. The market price of a security or instrument may decline, sometimes rapidly or unpredictably, due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic or political conditions throughout the world, 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 equity securities held by the Fund may fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities held by the Fund participate, or factors relating to specific companies in which the Fund invests.

 

Management and Strategy Risk. The value of your investment is dependent upon the judgment of the Advisor about the quality, relative yield, value or market trends affecting a particular security, industry, sector or region, which may prove to be incorrect. Investment strategies employed by the Advisor in selecting investments for the Fund may not result in an increase in the value of your investment or in overall performance equal to other investments.

 

Small-Cap Companies Risk. The securities of small-capitalization 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, more established companies or market averages in general. In addition, such companies typically are more likely to be adversely affected than large capitalization companies by changes in earning results, business prospects, investor expectations or poor economic or market conditions.

 

Value-Oriented Investment Strategies Risk. Value stocks are those that are believed to be undervalued in comparison to their peers due to adverse business developments or other factors. Value investing is subject to the risk that the market will not recognize a security’s inherent value for a long time or at all, or that a stock judged to be undervalued may actually be appropriately priced or overvalued. In addition, during some periods (which may be extensive) value stocks generally may be out of favor in the markets. Therefore the Fund is most suitable for long-term investors who are willing to hold their shares for extended periods of time through market fluctuations and the accompanying changes in share prices.

 

Growth-Oriented Investment Strategies Risk. Growth funds generally focus on stocks of companies believed to have above-average potential for growth in revenue and earnings. Growth securities typically are very sensitive to market movements because their market prices frequently reflect projections of future earnings or revenues, and when it appears that those expectations will not be met the prices of growth securities typically fall. Prices of these companies’ securities may be more volatile than those of other securities, particularly over the short term.

 

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. The prices of foreign securities may be more volatile than the prices of securities of U.S. issuers because of economic and social conditions abroad, political developments, and changes in the regulatory environments of foreign countries. In addition, changes in exchange rates and interest rates may adversely affect the values of the Fund’s foreign investments. Foreign companies are generally subject to different legal and accounting standards than U.S. companies, and foreign financial intermediaries may be subject to less supervision and regulation than U.S. financial firms. Foreign securities include American Depositary Receipts (“ADRs”). Unsponsored ADRs involve additional risks because U.S. reporting requirements do not apply and the issuing bank will recover shareholder distribution costs from changes in share prices and payment of dividends.

 

Short Sales Risk. In connection with a short sale of a security or other instrument, the Fund is subject to the risk that instead of declining, the price of the security or other instrument sold short will rise. If the price of the security or other instrument sold short increases between the date of the short sale and the date on which the Fund replaces the security or other instrument borrowed to make the short sale, the Fund will experience a loss, which is theoretically unlimited since there is a theoretically unlimited potential for the market price of a security or other instrument sold short to increase.

 

Sector Focus Risk. The Fund may invest a larger portion of its assets in one or more sectors than many other mutual funds and thus will be more susceptible to negative events affecting those sectors. For example, as of November 30, 2015, a significant portion of the Fund’s assets were invested in the Financial sector. Companies in the Financial sector may be adversely affected by many factors, including among others, fluctuations in interest rates, government regulation, economic conditions, credit rating downgrades, and decreased liquidity in the credit markets. The impact of more stringent capital requirements or future regulation on any individual financial company or on the sector as a whole cannot be predicted.

 

Portfolio Turnover Risk. Active and frequent trading of the Fund’s portfolio securities may lead to higher transaction costs and may result in a greater number of taxable transactions than would otherwise be the case, which could negatively affect the Fund’s performance. A high rate of portfolio turnover is 100% or more.
May Lose Money rr_RiskLoseMoney Before you decide whether to invest in the Fund, carefully consider these risk factors 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 bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year for Investor Class shares and by showing how the average annual total return of the Fund compare with the average annual total returns 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. Updated performance information is available at the Fund’s website, www.zacksfunds.com, or by calling the Fund at 888-453-4003. 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, and if those charges were included, returns would be less than those shown.
Performance, Information Illustrates Variability of Returns rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year for Investor Class shares and by showing how the average annual total return of the Fund compare with the average annual total returns of a broad-based market index.
Performance, Availability by Phone rr_PerformanceAvailabilityPhone 888-453-4003
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

Calendar-Year Total Return (before taxes) for Investor Class

For each calendar year at NAV
Bar Chart, Does Not Reflect Sales Loads rr_BarChartDoesNotReflectSalesLoads Sales loads are not reflected in the bar chart, and if those charges were included, returns would be less than those shown.
Bar Chart, Closing rr_BarChartClosingTextBlock
Highest Calendar Quarter Return at NAV (non-annualized):   15.30%  Quarter Ended 3/31/13  
Lowest Calendar Quarter Return at NAV (non-annualized):   (8.84%)  Quarter Ended 9/30/15   
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Highest Calendar Quarter Return at NAV (non-annualized):
Highest Quarterly Return Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2013
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 15.30%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Lowest Calendar Quarter Return at NAV (non-annualized):
Lowest Quarterly Return Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2015
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (8.84%)
Performance Table: rr_PerformanceTableHeading

Average Annual Total Returns for the Periods Ended December 31, 2015
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 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 | Investor Class  
Risk/Return: rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol ZSCCX
Maximum sales charge (load) imposed on purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum deferred sales charge (load) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Redemption fee if redeemed within 30 days of purchase (as a percentage of amount redeemed) rr_RedemptionFeeOverRedemption (2.00%)
Wire fee imstzacks_WireFee $ 20.00
Overnight check delivery fee imstzacks_CheckFee 25.00
Retirement account fees (annual maintenance fee) rr_ShareholderFeeOther $ 15.00
Management fees rr_ManagementFeesOverAssets 0.90%
Distribution and Service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other expenses rr_OtherExpensesOverAssets 0.51%
Total annual fund operating expenses rr_ExpensesOverAssets 1.66%
Fees waived and/or expenses reimbursed rr_FeeWaiverOrReimbursementOverAssets (0.27%) [5]
Total annual fund operating expenses after waiving fees and/or reimbursing expenses 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 822
Expense Example, 10 YEARS rr_ExpenseExampleYear10 $ 1,893
2012 rr_AnnualReturn2012 19.48%
2013 rr_AnnualReturn2013 43.66%
2014 rr_AnnualReturn2014 3.24%
2015 rr_AnnualReturn2015 (1.63%)
1 Year rr_AverageAnnualReturnYear01 (1.63%)
Since Inception rr_AverageAnnualReturnSinceInception 11.96% [6]
Inception Date rr_AverageAnnualReturnInceptionDate Jun. 30, 2011
Zacks Small-Cap Core Fund | Class C  
Risk/Return: rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol ZCCCX
Maximum sales charge (load) imposed on purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum deferred sales charge (load) rr_MaximumDeferredSalesChargeOverOfferingPrice 1.00% [7]
Redemption fee if redeemed within 30 days of purchase (as a percentage of amount redeemed) rr_RedemptionFeeOverRedemption (2.00%)
Wire fee imstzacks_WireFee $ 20.00
Overnight check delivery fee imstzacks_CheckFee 25.00
Retirement account fees (annual maintenance fee) rr_ShareholderFeeOther $ 15.00
Management fees rr_ManagementFeesOverAssets 0.90%
Distribution and Service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other expenses rr_OtherExpensesOverAssets 0.51%
Total annual fund operating expenses rr_ExpensesOverAssets 2.41%
Fees waived and/or expenses reimbursed rr_FeeWaiverOrReimbursementOverAssets (0.27%) [5]
Total annual fund operating expenses after waiving fees and/or reimbursing expenses rr_NetExpensesOverAssets 2.14% [5]
Expense Example, 1 YEAR rr_ExpenseExampleYear01 $ 320
Expense Example, 3 YEARS rr_ExpenseExampleYear03 670
Expense Example, 5 YEARS rr_ExpenseExampleYear05 1,208
Expense Example, 10 YEARS rr_ExpenseExampleYear10 2,681
Expense Example, No Redemption, 1 YEAR rr_ExpenseExampleNoRedemptionYear01 217
Expense Example, No Redemption, 3 YEARS rr_ExpenseExampleNoRedemptionYear03 670
Expense Example, No Redemption, 5 YEARS rr_ExpenseExampleNoRedemptionYear05 1,208
Expense Example, No Redemption, 10 YEARS rr_ExpenseExampleNoRedemptionYear10 $ 2,681
1 Year rr_AverageAnnualReturnYear01 (3.36%)
Since Inception rr_AverageAnnualReturnSinceInception 11.15% [6]
Inception Date rr_AverageAnnualReturnInceptionDate Dec. 31, 2013
Zacks Small-Cap Core Fund | Class I  
Risk/Return: rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol ZSCIX
Maximum sales charge (load) imposed on purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum deferred sales charge (load) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Redemption fee if redeemed within 30 days of purchase (as a percentage of amount redeemed) rr_RedemptionFeeOverRedemption (2.00%)
Wire fee imstzacks_WireFee $ 20.00
Overnight check delivery fee imstzacks_CheckFee 25.00
Retirement account fees (annual maintenance fee) rr_ShareholderFeeOther $ 15.00
Management fees rr_ManagementFeesOverAssets 0.90%
Distribution and Service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 0.51%
Total annual fund operating expenses rr_ExpensesOverAssets 1.41%
Fees waived and/or expenses reimbursed rr_FeeWaiverOrReimbursementOverAssets (0.27%) [5]
Total annual fund operating expenses after waiving fees and/or reimbursing expenses rr_NetExpensesOverAssets 1.14% [5]
Expense Example, 1 YEAR rr_ExpenseExampleYear01 $ 116
Expense Example, 3 YEARS rr_ExpenseExampleYear03 362
Expense Example, 5 YEARS rr_ExpenseExampleYear05 690
Expense Example, 10 YEARS rr_ExpenseExampleYear10 $ 1,617
1 Year rr_AverageAnnualReturnYear01 (1.37%)
Since Inception rr_AverageAnnualReturnSinceInception 12.24% [6]
Inception Date rr_AverageAnnualReturnInceptionDate Feb. 28, 2014
Zacks Small-Cap Core Fund | Return After Taxes on Distributions | Investor Class  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (1.63%) [8]
Since Inception rr_AverageAnnualReturnSinceInception 11.42% [6],[8]
Inception Date rr_AverageAnnualReturnInceptionDate Jun. 30, 2011 [8]
Zacks Small-Cap Core Fund | Return After Taxes on Distributions and Sale of Fund Shares | Investor Class  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (0.92%) [8]
Since Inception rr_AverageAnnualReturnSinceInception 9.43% [6],[8]
Inception Date rr_AverageAnnualReturnInceptionDate Jun. 30, 2011 [8]
Zacks Small-Cap Core Fund | Russell 2000 Index (Reflects no deductions for fees, expenses or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (4.41%)
Since Inception rr_AverageAnnualReturnSinceInception 8.78% [6]
Inception Date rr_AverageAnnualReturnInceptionDate Jun. 30, 2011
Zacks Dividend Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return rr_RiskReturnHeading

SUMMARY SECTION

 

ZACKS DIVIDEND FUND
Investment objective: rr_ObjectiveHeading

Investment Objectives
Investment objective rr_ObjectivePrimaryTextBlock

The investment objective of the Zacks Dividend Fund (the “Fund”) is capital appreciation and dividend income.
Fees and expenses of the fund: rr_ExpenseHeading

Fees and Expenses of the Fund
Fees and expenses of the fund, narrative rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.
Shareholder fees, caption rr_ShareholderFeesCaption

Shareholder Fees (fees paid directly from your investment)

Annual fund operating expenses, heading rr_OperatingExpensesCaption

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Date Of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination Mar. 31, 2019
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. For the fiscal year ended November 30, 2015, the Fund had a portfolio turnover rate of 29% of the average value of its portfolio.
Portfolio Turnover Rate rr_PortfolioTurnoverRate 29.00%
Example, heading rr_ExpenseExampleHeading

Example
Expense Example, Narrative rr_ExpenseExampleNarrativeTextBlock

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy, Heading rr_StrategyHeading

Principal Investment Strategies
Strategy, Narrative rr_StrategyNarrativeTextBlock

Under normal market conditions, the Fund will invest at least 80% of its assets plus borrowings for investment purposes in equity securities of dividend paying companies organized or headquartered in the United States. The Fund’s equity investments include common stock, preferred stock, rights and warrants. Zacks Investment Management, Inc. (the “Advisor”) intends to invest the Fund’s assets in the equity securities of companies that the Advisor believes are undervalued based on their earnings, dividends, assets, or other financial measures. While the Fund may invest in companies of any market capitalization, it will generally focus on companies with large capitalizations ($10 billion or higher at the time of purchase). The Fund may also invest in exchange-traded funds ("ETFs"), which are investment companies that invest in portfolios of securities designed to track particular market segments or indices, the shares of which are bought and sold on securities exchanges. In addition, the Fund may also invest in American Depository Receipts (“ADRs”), which are receipts that represent interests in foreign securities held on deposit by U.S. banks.

 

The Advisor employs a bottom-up investment approach to buying and selling investments for the Fund. The Advisor selects investments primarily based on quantitative analysis of an individual issuer and its potential for capital appreciation and dividend income. The Advisor uses a quantitative model that analyzes an issuer’s dividend yield, earnings, cash flows, competitive position, and management ability. The primary aim of this quantitative model is to systematically evaluate an issuer’s valuation, price and earnings momentum and earnings quality. In addition to considering a company’s financial condition the Advisor also considers other factors such as general market, economic, political, and regulatory conditions.
Risk, Heading rr_RiskHeading

Principal Risks of Investing
Risk, Narrative rr_RiskNarrativeTextBlock

Risk is inherent in all investing. A summary description of certain principal risks of investing in the Fund is set forth below. Before you decide whether to invest in the Fund, carefully consider these risk factors associated with investing in the Fund, which may cause investors to lose money. There can be no assurance that the Fund will achieve its investment objective.

 

Market Risk. The market price of a security or instrument may decline, sometimes rapidly or unpredictably, due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic or political conditions throughout the world, 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 equity securities held by the Fund may fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities held by the Fund participate, or factors relating to specific companies in which the Fund invests.

 

Management and Strategy Risk. The value of your investment is dependent upon the judgment of the Advisor about the quality, relative yield, value or market trends affecting a particular security, industry, sector or region, which may prove to be incorrect. Investment strategies employed by the Advisor in selecting investments for the Fund may not result in an increase in the value of your investment or in overall performance equal to other investments.

 

Small-Cap and Mid-Cap Company Risk. The securities of small-capitalization and mid-capitalization 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, more established companies or market averages in general. In addition, such companies typically are more likely to be adversely affected than large capitalization companies by changes in earning results, business prospects, investor expectations or poor economic or market conditions.

 

Large-Cap Company Risk. Larger, more established companies may be unable to attain the high growth rates of successful, smaller companies during periods of economic expansion.

 

Preferred Stock Risk. Preferred stock represents an equity interest in a company that generally entitles the holder to receive, in preference to the holders of other stocks such as common stock, dividends and a fixed share of the proceeds resulting from a liquidation of the company. The market value of preferred stock is subject to company-specific and market risks applicable generally to equity securities and is also sensitive to changes in the company’s creditworthiness, the ability of the company to make payments on the preferred stock, and changes in interest rates, typically declining in value if interest rates rise.

 

Value-Oriented Investment Strategies Risk. Value stocks are those that are believed to be undervalued in comparison to their peers due to adverse business developments or other factors. Value investing is subject to the risk that the market will not recognize a security’s inherent value for a long time or at all, or that a stock judged to be undervalued may actually be appropriately priced or overvalued. In addition, during some periods (which may be extensive) value stocks generally may be out of favor in the markets. Therefore the Fund is most suitable for long-term investors who are willing to hold their shares for extended periods of time through market fluctuations and the accompanying changes in share prices.

 

Warrants and Rights Risk. Warrants and rights may lack a liquid secondary market for resale. The prices of warrants may fluctuate as a result of speculation or other factors. Warrants can provide a greater potential for profit or loss than an equivalent investment in the underlying security. Prices of warrants do not necessarily move in tandem with the prices of their underlying securities and therefore, are highly volatile and speculative investments. Failing to exercise rights to purchase common stock could dilute the Fund's interest in the issuing company. The market for such rights is not well developed, and the Fund may not always realize full value on the sale of rights.

 

Exchange Traded Funds (“ETF”) Risk. Investing in an ETF will provide the Fund with exposure to the securities comprising the index on which the ETF is based and will expose the Fund to risks similar to those of investing directly in those securities. Shares of ETFs typically trade on securities exchanges and may at times trade at a premium or discount to their net asset values. In addition, an ETF may not replicate exactly the performance of the benchmark index it seeks to track for a number of reasons, including transaction costs incurred by the ETF, the temporary unavailability of certain index securities in the secondary market or discrepancies between the ETF and the index with respect to the weighting of securities or the number of securities held. Investing in ETFs, which are investment companies, may involve duplication of advisory fees and certain other expenses. The Fund will pay brokerage commissions in connection with the purchase and sale of shares of ETFs.

 

Foreign Investment Risk. The prices of foreign securities may be more volatile than the prices of securities of U.S. issuers because of economic and social conditions abroad, political developments, and changes in the regulatory environments of foreign countries. In addition, changes in exchange rates and interest rates may adversely affect the values of the Fund’s foreign investments. Foreign companies are generally subject to different legal and accounting standards than U.S. companies, and foreign financial intermediaries may be subject to less supervision and regulation than U.S. financial firms. Foreign securities include ADRs. Unsponsored ADRs involve additional risks because U.S. reporting requirements do not apply and the issuing bank will recover shareholder distribution costs from changes in share prices and payment of dividends.

 

Sector Focus Risk. The Fund may invest a larger portion of its assets in one or more sectors than many other mutual funds and thus will be more susceptible to negative events affecting those sectors. For example, as of November 30, 2015, a significant portion of the Fund’s assets were invested in the Financial and Consumer sectors. Companies in the Financial sector may be adversely affected by many factors, including among others, fluctuations in interest rates, government regulation, economic conditions, credit rating downgrades, and decreased liquidity in the credit markets. The impact of more stringent capital requirements or future regulation on any individual financial company or on the sector as a whole cannot be predicted. Companies in the Consumer sector may be adversely affected by fluctuations in supply and demand, changes in the global economy, consumer spending, competition, demographics and consumer preferences, and production spending. Companies in the Consumer sector are also affected by changes in government regulation, global economic, environmental and political events, economic conditions and the depletion of resources.
May Lose Money rr_RiskLoseMoney Before you decide whether to invest in the Fund, carefully consider these risk factors 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 bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year for Investor Class shares and by showing how the average annual total return of the Fund compare with the average annual total returns of a broad-based market index. Updated performance information is available at the Fund’s website, www.zacksfunds.com, or by calling the Fund at 888-453-4003. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.
Performance, Information Illustrates Variability of Returns rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year for Investor Class shares and by showing how the average annual total return of the Fund compare with the average annual total returns of a broad-based market index.
Performance, Availability by Phone rr_PerformanceAvailabilityPhone 888-453-4003
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

Calendar-Year Total Return (before taxes) for Investor Class

For each calendar year at NAV
Bar Chart, Closing rr_BarChartClosingTextBlock
Highest Calendar Quarter Return at NAV (non-annualized): 7.37% Quarter Ended 12/31/15
Lowest Calendar Quarter Return at NAV (non-annualized): (7.01%) Quarter Ended 9/30/15  
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Highest Calendar Quarter Return at NAV (non-annualized):
Highest Quarterly Return Date rr_BarChartHighestQuarterlyReturnDate Dec. 31, 2015
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 7.37%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Lowest Calendar Quarter Return at NAV (non-annualized):
Lowest Quarterly Return Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2015
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (7.01%)
Performance Table: rr_PerformanceTableHeading

Average Annual Total Returns for the Periods Ended December 31, 2015
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 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 Dividend Fund | Investor Class  
Risk/Return: rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol ZDIVX
Maximum sales charge (load) imposed on purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum deferred sales charge (load) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Redemption fee if redeemed within 30 days of purchase (as a percentage of amount redeemed) rr_RedemptionFeeOverRedemption (2.00%)
Wire fee imstzacks_WireFee $ 20.00
Overnight check delivery fee imstzacks_CheckFee 25.00
Retirement account fees (annual maintenance fee) rr_ShareholderFeeOther $ 15.00
Management fees rr_ManagementFeesOverAssets 0.80%
Distribution and Service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other expenses rr_OtherExpensesOverAssets 1.73%
Total annual fund operating expenses rr_ExpensesOverAssets 2.78%
Fees waived and/or expenses reimbursed rr_FeeWaiverOrReimbursementOverAssets (1.48%) [9]
Total annual fund operating expenses after waiving fees and/or reimbursing expenses rr_NetExpensesOverAssets 1.30%
Expense Example, 1 YEAR rr_ExpenseExampleYear01 $ 132
Expense Example, 3 YEARS rr_ExpenseExampleYear03 412
Expense Example, 5 YEARS rr_ExpenseExampleYear05 1,046
Expense Example, 10 YEARS rr_ExpenseExampleYear10 $ 2,758
2015 rr_AnnualReturn2015 (2.11%)
1 Year rr_AverageAnnualReturnYear01 (2.11%)
Since Inception rr_AverageAnnualReturnSinceInception 6.42%
Inception Date rr_AverageAnnualReturnInceptionDate Jan. 31, 2014
Zacks Dividend Fund | Return After Taxes on Distributions | Investor Class  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (2.77%) [10]
Since Inception rr_AverageAnnualReturnSinceInception 5.90% [10]
Inception Date rr_AverageAnnualReturnInceptionDate Jan. 31, 2014 [10]
Zacks Dividend Fund | Return After Taxes on Distributions and Sale of Fund Shares | Investor Class  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (0.67%) [10]
Since Inception rr_AverageAnnualReturnSinceInception 4.92% [10]
Inception Date rr_AverageAnnualReturnInceptionDate Jan. 31, 2014 [10]
Zacks Dividend Fund | Russell 1000 Index (Reflects no deductions for fees, expenses or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (3.83%)
Since Inception rr_AverageAnnualReturnSinceInception 6.65%
Inception Date rr_AverageAnnualReturnInceptionDate Jan. 31, 2014
[1] The Fund's advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (excluding any 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, and 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, 2019 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 certain limitations, of fees waived or payments made to the Fund for a period ending three full fiscal years after the date of the waiver or payment.
[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 owning them and 0.50% during months 13-18.
[3] 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 any 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, and 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, 2019 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 certain limitations, of fees waived or payments made to the Fund for a period ending three full fiscal years after the date of the waiver or payment.
[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 the date of purchase 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 any 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, and extraordinary expenses such as litigation expenses) do not exceed 1.39%, 2.14% and 1.14% of the average daily net assets of the Investor Class, Class C and Class I shares of the Fund, respectively. This agreement is in effect until March 31, 2019 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 certain limitations, of fees waived or payments made to the Fund for a period ending three full fiscal years from the date of the waiver or payment.
[6] The Investor Class commenced operations on June 30, 2011. Class C commenced operations on December 31, 2013 and Class I commenced operations on February 28, 2014. The performance figures for Class C and Class I include the performance for the Investor Class for the period prior to December 31, 2013 and February 28, 2014. For such periods Class C and Class I would have had substantially similar performance as Investor Class because the shares are invested in the same portfolio of securities and the average annual total returns would have differed only to the extent that (i) the expenses of Class C were higher than the expenses of Investor Class and, therefore, returns for Class C would have been lower than those of Investor Class and (ii) the expenses of Class I were lower than the expenses of Investor Class and, therefore, returns for Class I would have been higher than those of Investor Class.
[7] 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% on any shares sold during months 13-18 after the date of purchase.
[8] 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. 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.
[9] 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 any 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, and extraordinary expenses such as litigation expenses) do not exceed 1.30% of the average daily net assets of the Fund. This agreement is in effect until March 31, 2019, 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 certain limitations, of fees waived or payments made to the Fund for a period ending three full fiscal years from the date of the waiver or payment.
[10] 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. 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.