Ramius trading strategies managed futures fund prospectus

Ramius Trading Strategies Managed Futures Fund. A series of Investment Managers Series Trust. Supplement dated September 15, ,. To the Summary Prospectus dated May 6, ,. Effective September 15, , SSgA Funds Management Inc. SSgA FM replaced Horizon Cash Management LLC in that capacity. William Marr and Alexander Rudin, the portfolio managers of the Fund since its September 13, inception, have become employees of SSgA FM where they continue as portfolio managers of the Fund.

SSgA Funds Management Inc. William Marr and Alexander Rudin have been portfolio managers for the Fund since its inception in September SSgA FM is registered with the SEC as an investment adviser under the Investment Advisers Act of and is a wholly-owned subsidiary of State Street Corporation, a publicly held bank holding company.

Portfolio Managers of the Sub-Advisor.

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Marr is Senior Managing Director, Head of Liquid Alternative Investments of State Street Global Advisors, and Mr. Rudin is Managing Director, Liquid Alternative Investments of State Street Global Advisors.

Connelly is a Vice President of State Street Global Advisors. Before joining State Street Global Advisors, he co-founded Ramius Trading Strategies LLC, where he helped develop and launch the Fund. Prior to Ramius, Mr. Marr was a Managing Director and Head of Hedge Fund Research and Portfolio Construction at Merrill Lynch.

He joined Merrill Lynch in as Head of Directional Trading hedge fund strategies responsible for the FuturesAccess platform.

Marr spearheaded the launch of Systematic Momentum FuturesAccess which became Merrill Lynch's flagship multi-manager managed futures fund.

Before joining Merrill Lynch, Mr. Marr was a Managing Director and Global Head of Alternative Investments for Julius Baer Investment Management, LLC, which he joined in July after serving as Senior Vice President and Head of FX Trading and Sales at Bank Julius Baer.

Prior to joining Bank Julius Baer in , Mr.

Marr was Vice President of FX Hedge Fund Development at AIG International. From to , Mr. Marr actively traded and managed FX cash, futures, forwards and derivatives for international trading firms including Bankers Trust and UBS. He received a Bachelor of Arts from Bowdoin College. Rudin was a key participant in making investment decisions for Systematic Momentum FuturesAccess and other Merrill Lynch-sponsored multi-manager hedge fund and managed futures products, alongside Mr. Before joining Merrill Lynch in May , Mr.

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Rudin was First Vice President and Director of Quantitative Hedge Fund Research for Julius Baer Investment Management, LLC, which he joined in From to Mr. Rudin held several positions in quantitative finance in the fields of risk management, derivatives modeling, and systematic trading, with the preceding 6 years spent in academia focusing on theoretical physics research. He is an author or co-author of more than 40 articles in academic journals in the areas of theoretical physics and finance.

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Rudin holds a Ph. Petersburg, Russia, and M. Petersburg State Technical University, Russia. Connelly has been a portfolio manager with respect to the Fixed Income Portfolio of the Fund since September Connelly is a Vice President of State Street Global Advisors and a Senior Portfolio Manager in its Cash Group.

He is responsible for total rate of return Short Duration strategies such as Ultra Short Term Fixed Income and year multi-sector funds. Prior to his current role, Mr. Connelly was a Senior Portfolio Manager for the US Cash Management Group where he managed a variety of cash portfolios and securities lending cash collateral pools.

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Prior to joining SSgA in , Mr. Connelly was a Portfolio Manager at Standish Mellon Asset Management, where he was responsible for a variety of short- and intermediate-term fixed income mandates. T he Fund compensates the Sub-Advisor for its services with respect to the Fixed Income Portfolio. The Advisor compensates the Sub-Advisor for its services with respect to the Investment Program. The Sub-Advisor makes investment decisions for the assets it has been allocated to manage, subject to the overall supervision of the Advisor.

Each Sub-Advisory Agreement will remain in effect for an initial two-year period. After the initial two-year period, each Sub-Advisory Agreement will continue in effect from year to year only as long as such continuance is specifically approved at least annually by i the Board of Trustees of the Trust or by the vote of a majority of the outstanding voting shares of the Fund, and ii by the vote of a majority of the Trustees of the Trust who are not parties to the Sub-Advisory Agreement or interested persons of the Advisor, the Sub-Advisor or the Trust.

Additionally, each Sub-Advisory Agreement automatically terminates in the event of its assignment or upon termination of the Advisory Agreement. Each Sub-Advisory Agreement provides that the Sub-Advisor shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Advisor or by the Fund or the Trust in connection with the matters to which the Sub-Advisory Agreement relates, except for a loss resulting from willful misfeasance, bad faith or gross negligence in the performance of its duties, or from reckless disregard by the Sub-Advisor of its duties and obligations under the Sub-Advisory Agreement.

As of September 15, , information on other accounts managed by William Marr and Alexander Rudin is as follows. With Advisory Fee based on performance. As of July 31, , information on other accounts managed by Thomas Connelly is as follows. Material Conflicts of Interest. A portfolio manager that has responsibility for managing more than one account may be subject to potential conflicts of interest because he or she is responsible for other accounts in addition to the Fund.

Those conflicts could include preferential treatment of one account over others in terms of: Portfolio managers may manage numerous accounts for multiple clients. These accounts may include registered investment companies, other types of pooled accounts e.

Portfolio managers make investment decisions for each account based on the investment objectives and policies and other relevant investment considerations applicable to that portfolio. Similar conflicts may arise when multiple accounts seek to dispose of the same investment. The portfolio managers may also manage accounts whose objectives and policies differ from that of the Fund. These differences may be such that under certain circumstances, trading activity appropriate for one account managed by the portfolio manager may have adverse consequences for another account managed by the portfolio manager.

For example, an account may sell a significant position in a security, which could cause the market price of that security to decrease, while the Fund maintained its position in that security.

A potential conflict may arise when the portfolio managers are responsible for accounts that have different advisory fees - the difference in fees could create an incentive for the portfolio manager to favor one account over another, for example, in terms of access to investment opportunities. Another potential conflict may arise when the portfolio manager has an investment in one or more accounts that participate in transactions with other accounts.

His or her investment s may create an incentive for the portfolio manager to favor one account over another. SSgA FM has adopted policies and procedures reasonably designed to address these potential material conflicts.

For instance, portfolio managers are normally responsible for all accounts within a certain investment discipline, and do not, absent special circumstances, differentiate among the various accounts when allocating resources.

Additionally, SSgA FM and its advisory affiliates have processes and procedures for allocating investment opportunities among portfolios that are designed to provide a fair and equitable allocation.

The compensation of SSgA FM's investment professionals is based on a number of factors, including external benchmarking data and market trends, State Street performance, SSgA performance, and individual performance. Each year SSgA's Global Human Resources department participates in compensation surveys in order to provide SSgA with critical, market-based compensation information that helps support individual pay decisions. Additionally, subject to State Street and SSgA business results, State Street allocates an incentive pool to SSgA to reward its employees.

Because the size of the incentive pool is based on the firm's overall profitability, each staff member is motivated to contribute both as an individual and as a team member. The incentive pool is allocated to the various functions within SSgA. The discretionary determination of the allocation amounts to business units is influenced by market-based compensation data, as well as the overall performance of the group.

Individual compensation decisions are made by the employee's manager, in conjunction with the senior management of the employee's business unit. These decisions are based on the performance of the employee and, as mentioned above, on the performance of the firm and business unit.

Ownership of the Fund by the Portfolio Managers. As of September 15, , the portfolio managers owned the following securities in the Fund: Name of Portfolio Manager. Dollar Range of Securities in the Fund.