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The Fund’s advisor has contractually agreed to waive its management fee and, if necessary, to reimburse other operating expenses in order to limit total annual fund operating expenses (excluding taxes, leverage interest, brokerage commissions, dividend expenses on short sales, acquired fund fees and expenses (as determined in accordance with Form N-1A), expenses incurred in connection with any merger or reorganization, or extraordinary expenses such as litigation) to1.39% for the investor share class and 1.14% for the institutional share class. This agreement will remain in effect until March 31, 2020 but may be terminated by the Trust’s Board of Trustees. The Fund’s advisor is permitted to seek reimbursement from the Fund, subject to limitations, for fees it waived and Fund
expenses it paid for three years from the date of any such waiver or payment.
The value of the securities held by the Fund may fall due to general market and economic conditions. The securities of small-cap companies may be subject to more abrupt or erratic market movements and may have lower trading volumes than securities of larger-sized companies. Although the Fund will limit its investment in securities of foreign issuers to ADRs and Canadian issuers, the Fund’s investments in non-U.S. issuers may involve unique risks compared to investing in securities of U.S. issuers. Adverse political, economic or
social developments could undermine the value of the Fund’s investments or prevent the Fund from realizing the full value of its investments. Dividend payments the Fund receives in respect of its portfolio securities can vary widely over the short and long term.
For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1
star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. The Zacks Small Cap Core Fund was rated against the 554 U.S.-domiciled Small Cap Blend funds over the 5-year period and 653 for the 3- year period. The fund was rated 5 stars for the 3-year and 5 stars for the 5-year periods ending September 30, 2017. Past performance is no guarantee of future results. Morningstar Ratings shown are for Institutional share class only; other classes may have different performance characteristics.
© 2017 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
You should consider the Fund’s investment objectives, risks, charges and expenses carefully before investing. For a Summary Prospectus and/or Statutory Prospectus which contains this and other information about the Fund, please visit www.zacksfunds.com or call 1-888-453-4003. Please read the Summary Prospectus and/or Statutory Prospectus carefully before investing.
The Zacks Funds are distributed by IMST Distributors, LLC
Zacks Investment Management
227 West Monroe
Suite 4350
Chicago, Illinois 60606
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