Investment Managers Series Trust - Bernzott U.S. Small Cap Value Fund BSCVX

Under normal circumstances, the fund will invest at least 80% of its net assets (including amounts borrowed for investment purposes) in common stock of small capitalization companies that are organized in the United States and the securities of which are principally traded on a major U.S. exchange. It will generally hold between 25 and 35 positions. In addition, the fund may invest in exchange-traded funds ("ETFs"), which are pooled investment vehicles that generally seek to track the performance of specific indices and are traded on exchanges.