Riverbridge Growth Fund Investor Class (RIVRX) Institutional Class (RIVBX)

Transcription

1 Riverbridge Growth Fund Investor Class (RIVRX) Institutional Class (RIVBX) Riverbridge Eco Leaders Fund Investor Class (Ticker Symbol: ECOLX) Institutional Class (Ticker Symbol: RIVEX) Each a series of Investment Managers Series Trust (the Trust ) Supplement dated November 30, 2018, to the Prospectus and Statement of Additional Information each dated April 1, 2018, as amended; and the Summary Prospectuses dated April 3, Contractual Fee Waivers Riverbridge Growth Fund Effective December 1, 2018 (the Effective Date ), Riverbridge Partners, LLC (the Advisor ) has agreed to reduce the limits on the total annual fund operating expenses, excluding certain expenses as described below, of the Riverbridge Growth Fund (the Growth Fund ) from 1.00% to 0.96% and from 1.25% to 1.21% of the average daily net assets of the Growth Fund s Institutional Class and Investor Class shares, respectively. This agreement is in effect until March 31, Accordingly, as of the Effective Date, the Fees and Expenses table and the Example with respect to the Growth Fund in the Prospectus and Summary Prospectus are replaced with the following: Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shares of the Growth Fund. DB2/

2 Investor Class Shares Institutional Class Shares Shareholder Fees (fees paid directly from your investment) Maximum sales charge (load) imposed on purchases None None Maximum deferred sales charge (load) None None Redemption fee if redeemed within 90 days of purchase (as a percentage of amount redeemed) 1.00% 1.00% Wire fee $20 $20 Overnight check delivery fee $25 $25 Retirement account fees (annual maintenance fee) $15 $15 Annual Fund Operating Expenses 1 (expenses that you pay each year as a percentage of the value of your investment) Management fees 0.75% 0.75% Distribution and service (Rule 12b-1) fees 0.25% None Other expenses 0.48% 0.48% Shareholder service fees 0.03% 0.03% All other expenses 0.45% 0.45% Acquired fund fees and expenses 0.01% 0.01% Total annual fund operating expenses % 1.24% Fees waived and/or expenses reimbursed 3 (0.27)% (0.27)% Total annual fund operating expenses after waiving fees and/or reimbursing expenses 2,3 1.22% 0.97% 1 The expense information in the table has been restated to reflect the current expense cap, effective December 1, Total annual fund operating expenses and Total annual fund operating expenses after waiving fees and/or reimbursing expenses do not correlate to the ratio of expenses to average net assets appearing in the financial highlights table, which reflects only the operating expenses of the Growth Fund and does not include acquired fund fees and expenses. 3 The Growth 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 SEC Form N-1A), expenses incurred in connection with any merger or reorganization and extraordinary expenses such as litigation expenses) do not exceed 1.21% and 0.96% of the average daily net assets of the Growth Fund s Investor Class and Institutional Class shares, respectively. This agreement is in effect until March 31, 2020, and it may be terminated before that date only by the Trust s Board of Trustees. The Growth Fund s advisor is permitted to seek reimbursement from the Growth Fund, subject to certain limitations, of fees waived or payments made to the Growth Fund for a period ending three full fiscal years after the date of the waiver or payment. This reimbursement may be requested from the Growth Fund if the reimbursement will not cause the Growth Fund s annual expense ratio to exceed the lesser of (a) the expense limitation in effect at the time such fees were waived or payments made, or (b) the expense limitation in effect at the time of the reimbursement. DB2/

3 Example This example is intended to help you compare the cost of investing in the Growth Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Growth 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 Growth Fund s operating expenses remain the same. The example reflects the Growth Fund s contractual fee waiver only in the periods for which the contractual fee waiver is expected to continue. Although your actual costs may be higher or lower, based on these assumptions your costs would be: One Year Three Years Five Years Ten Years Investor Class shares $124 $445 $788 $1,756 Institutional Class shares $99 $367 $655 $1,476 ***** Contractual Fee Waivers Riverbridge Eco Leaders Fund As of the Effective Date, the Advisor has agreed to reduce the limits on the total annual fund operating expenses, excluding certain expenses as described below, of the Riverbridge Eco Leaders Fund (the Eco Leaders Fund ) from 1.15% to 0.96% and from 1.40% to 1.21% of the average daily net assets of the Eco Leaders Fund s Institutional Class and Investor Class shares, respectively. This agreement is in effect until March 31, Accordingly, as of the Effective Date, the Fees and Expenses table and the Example with respect to the Eco Leaders Fund in the Prospectus and Summary Prospectus are replaced with the following: Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shares of the Eco Leaders Fund. DB2/

4 Investor Class Shares Institutional Class Shares Shareholder Fees (fees paid directly from your investment) Maximum sales charge (load) imposed on purchases None None Maximum deferred sales charge (load) None None Redemption fee if redeemed within 90 days of purchase (as a percentage of amount redeemed) 1.00% 1.00% Wire fee $20 $20 Overnight check delivery fee $25 $25 Retirement account fees (annual maintenance fee) $15 $15 Annual Fund Operating Expenses 1 (expenses that you pay each year as a percentage of the value of your investment) Management fees 0.90% 0.90% Distribution and service (Rule 12b-1) fees 0.25% None Other expenses 10.09% 10.09% Shareholder service fees 0.03% 0.03% All other expenses 10.06% 10.06% Acquired fund fees and expenses 0.01% 0.01% Total annual fund operating expenses % 11.00% Fees waived and/or expenses reimbursed 3 (10.03)% (10.03)% Total annual fund operating expenses after waiving fees and/or reimbursing expenses 2,3 1.22% 0.97% 1 The expense information in the table has been restated to reflect the current expense cap, effective December 1, The Total annual fund operating expenses and Total annual fund operating expenses after waiving fees and/or reimbursing expenses do not correlate to the ratio of expenses to average net assets appearing in the financial highlights table, which reflects only the operating expenses of the Eco Leaders Fund and does not include acquired fund fees and expenses. 3 The Eco Leaders 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 SEC Form N-1A), expenses incurred in connection with any merger or reorganization, and extraordinary expenses such as litigation expenses) do not exceed 1.21% and 0.96% of the average daily net assets of the Eco Leaders Fund s Investor Class and Institutional Class shares, respectively. This agreement is in effect until March 31, 2028, and it may be terminated before that date only by the Trust s Board of Trustees. The Eco Leaders Fund s advisor is permitted to seek reimbursement from the Eco Leaders Fund, subject to certain limitations, of fees waived or payments made to the Eco Leaders Fund for a period ending three full fiscal years after the date of the waiver or payment. This reimbursement may be requested from the Eco Leaders Fund if the reimbursement will not cause the Eco Leaders Fund s annual expense ratio to exceed the lesser of (a) the expense limitation in effect at the time such fees were waived or payments made, or (b) the expense limitation in effect at the time of the reimbursement. Example This example is intended to help you compare the cost of investing in the Eco Leaders Fund with the cost of investing in other mutual funds. DB2/

5 The example assumes that you invest $10,000 in the Eco Leaders 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 Eco Leaders Fund s operating expenses remain the same. The example reflects the Eco Leaders Fund s contractual fee waiver only in the periods for which the contractual fee waiver is expected to continue. Although your actual costs may be higher or lower, based on these assumptions your costs would be: One Year Three Years Five Years Ten Years Investor Class shares $124 $387 $670 $1,477 Institutional Class shares $99 $309 $536 $1,190 ***** As of the Effective Date, the second paragraph under MANAGEMENT OF THE FUNDS - Fund Expenses in the Prospectus and Statement of Additional Information is deleted in its entirety and replaced with the following: The Advisor has contractually agreed to waive its fees and/or pay for operating expenses of each Fund to ensure that the 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 1.21% and 0.96% of the average daily net assets of each Fund s Investor Class shares and Institutional Class shares, respectively. This agreement is in effect until March 31, 2020, with respect to Growth Fund and until March 31, 2028, with respect to Eco Leaders Fund. The agreement may be terminated before the applicable date for each Fund only by the Board of Trustees. Prior to December 1, 2018, the expense caps were 1.25% and 1.00% of the average daily net assets of the Growth Fund s Investor Class shares and Institutional Class shares, respectively, and 1.40% and 1.15% of the average daily net assets of the Eco Leaders Fund s Investor Class shares and Institutional Class shares, respectively. As of the Effective Date, all other references in the Prospectus and Statement of Additional Information to the expense limitation arrangements for the Funds are revised as indicated above. Voluntary Fee Waiver Riverbridge Eco Leaders Fund In connection with the reduction of the contractual expense limit, the Advisor has determined, as of the Effective Date, to discontinue its current voluntary agreement to limit the Eco Leaders Fund s total annual fund operating expenses (subject to certain exclusions) to 1.20% and 0.95% of the average daily net assets of the Investor Class shares and Institutional Class shares, respectively. As a result, as of the Effective Date, the fourth paragraph under MANAGEMENT OF THE FUNDS - Fund Expenses in the Prospectus and Statement of Additional Information is deleted in its entirety. Investment Minimum for Institutional Class Shares Both Funds As of the Effective Date, the investment minimum for Institutional Class shares for each Fund is lowered from $1 million to $2,500. As a result, as of the Effective Date, all references to the investment minimum for Institutional Class shares in the Prospectus and Statement of Additional Information are updated accordingly. Please retain this Supplement with your records. DB2/

6 RIVERBRIDGE GROWTH FUND Investor Class (Ticker Symbol: RIVRX) Institutional Class (Ticker Symbol: RIVBX) RIVERBRIDGE ECO LEADERS FUND Investor Class (Ticker Symbol: ECOLX) Institutional Class (Ticker Symbol: RIVEX) PROSPECTUS April 1, 2018, as amended on October 9, 2018 The Securities and Exchange Commission (the SEC ) has not approved or disapproved these securities or passed upon the accuracy or adequacy of this Prospectus. Any representation to the contrary is a criminal offense.

7 Riverbridge Growth Fund Riverbridge Eco Leaders Fund Each a series of Investment Managers Series Trust (the Trust ) Each of the funds described in this Prospectus will be referred to as a Fund and together as the Funds. Table of Contents SUMMARY SECTION - RIVERBRIDGE GROWTH FUND... 1 SUMMARY SECTION - RIVERBRIDGE ECO LEADERS FUND... 6 MORE ABOUT THE FUNDS INVESTMENT OBJECTIVES, PRINCIPAL INVESTMENT STRATEGIES AND RISKS MANAGEMENT OF THE FUNDS DISTRIBUTION AND SHAREHOLDER SERVICE PLAN YOUR ACCOUNT WITH THE FUNDS PURCHASE OF SHARES DIVIDENDS AND DISTRIBUTIONS FEDERAL INCOME TAX CONSEQUENCES FINANCIAL HIGHLIGHTS This Prospectus sets forth basic information about the Funds that you should know before investing. It should be read and retained for future reference. The date of this Prospectus is April 1, 2018, as amended on October 9, 2018.

8 SUMMARY SECTION - RIVERBRIDGE GROWTH FUND Investment Objective The investment objective of the Riverbridge Growth Fund (the Growth Fund ) is to seek long term capital appreciation. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shares of the Growth Fund. Investor Class Shares Institutional Class Shares Shareholder Fees (fees paid directly from your investment) Maximum sales charge (load) imposed on purchases None None Maximum deferred sales charge (load) None None Redemption fee if redeemed within 90 days of purchase (as a percentage of amount redeemed) 1.00% 1.00% Wire fee $20 $20 Overnight check delivery fee $25 $25 Retirement account fees (annual maintenance fee) $15 $15 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Management fees 0.75% 0.75% Distribution and service (Rule 12b-1) fees 0.25% None Other expenses 0.48% 0.48% Shareholder service fees 0.03% 0.03% All other expenses 0.45% 0.45% Acquired fund fees and expenses 0.01% 0.01% Total annual fund operating expenses % 1.24% Fees waived and/or expenses reimbursed 2 (0.23)% (0.23)% Total annual fund operating expenses after waiving fees and/or reimbursing expenses 1,2 1.26% 1.01% 1 The Total annual fund operating expenses and Total annual fund operating expenses after waiving fees and/or reimbursing expenses do not correlate to the ratio of expenses to average net assets appearing in the financial highlights table, which reflects only the operating expenses of the Growth Fund and does not include acquired fund fees and expenses. 2 The Growth 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 SEC Form N-1A), expenses incurred in connection with any merger or reorganization and extraordinary expenses such as litigation expenses) do not exceed 1.25% and 1.00% of the average daily net assets of the Growth Fund s Investor Class and Institutional Class shares, 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 Growth Fund s advisor is permitted to seek reimbursement from the Growth Fund, subject to certain limitations, of fees waived or payments made to the Growth Fund for a period ending three full fiscal years after the date of the waiver or payment. This reimbursement may be requested from the Growth Fund if the reimbursement will not cause the Growth Fund s annual expense ratio to exceed the lesser of (a) the expense limitation in effect at the time such fees were waived or payments made, or (b) the expense limitation in effect at the time of the reimbursement. 1

9 Example This example is intended to help you compare the cost of investing in the Growth Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Growth 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 Growth Fund s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: One Year Three Years Five Years Ten Years Investor Class shares $128 $448 $791 $1,760 Institutional Class shares $103 $371 $659 $1,480 Portfolio Turnover The Growth 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 Growth Fund s performance. During the most recent fiscal year, the Growth Fund s portfolio turnover rate was 13% of the average value of its portfolio. Principal Investment Strategies Under normal circumstances, the Growth Fund invests in equity securities of companies of any size, including smalland mid-capitalization companies. The Growth Fund s investments in equity securities may include common stock, preferred stock and convertible securities. While the Growth Fund invests primarily in equity securities of U.S. issuers, it may invest in securities of non-u.s. issuers. The Growth Fund s investments in foreign securities are primarily comprised of U.S. dollar-denominated securities of foreign issuers traded in the United States and American Depositary Receipts ( ADRs ). ADRs are receipts that represent interests in foreign securities held on deposit by U.S. banks. The Growth Fund will invest in a portfolio of securities typically spread across many economic sectors, although from time to time, the Fund may have a significant portion of its assets in one or more market sectors such as the information technology sector. In seeking to diversify the Growth Fund s portfolio, the Fund s advisor focuses on the portfolio s earnings catalysts rather than formal limitation of exposure to market sectors. The advisor seeks to limit the portfolio exposure of the Growth Fund to a common earnings catalyst (e.g., consumer spending) to no more than 20% of the Fund s net assets. The Growth Fund s advisor, Riverbridge Partners, LLC (the Advisor ), believes that earnings power determines the value of a franchise. The Advisor focuses on companies that it views as building their earnings power and building their intrinsic, or actual, values over long periods of time. The Advisor uses a bottom-up approach that seeks to identify high quality growth companies that demonstrate the ability to sustain strong secular earnings growth, regardless of overall economic conditions. Principal Risks of Investing Risk is inherent in all investing and you could lose money by investing in the Fund. A summary description of certain principal risks of investing in the Growth Fund is set forth below. Before you decide whether to invest in the Growth Fund, carefully consider these risk factors associated with investing in the Growth Fund, which may cause investors to lose money. There can be no assurance that the Growth Fund will achieve its investment objective. Convertible securities risk. Convertible securities are subject to market and interest rate risk and credit risk. When the market price of the equity security underlying a convertible security decreases the convertible security tends to trade on the basis of its yield and other fixed income characteristics, and is more susceptible to credit 2

10 and interest rate risks. When the market price of such equity security rises, the convertible security tends to trade on the basis of its equity conversion features and be more exposed to market risk. Convertible securities are typically issued by smaller capitalized companies with stock prices that may be more volatile than those of other companies. Equity risk. The value of the equity securities held by the Growth Fund may fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities held by the Growth Fund participate, or factors relating to specific companies in which the Growth Fund invests. 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 Growth 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 Depository Receipts ( ADRs ). Unsponsored ADRs are organized independently and without the cooperation of the foreign issuer of the underlying securities, and involve additional risks because U.S. reporting requirements do not apply. In addition, the issuing bank may deduct shareholder distribution, custody, foreign currency exchange, and other fees from the payment of dividends. 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. Management and strategy risk. The value of your investment depends on 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. 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. 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. Sector focus risk. The Growth 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, 2017, the Growth Fund invested significant amounts of its total assets in the Industrials and Information Technology sectors. Companies in the Industrials sector can be significantly affected by general economic trends, changes in consumer sentiment and spending, commodity prices, legislation, government regulation and spending, import controls, and worldwide competition. Companies in the Information Technology sector can be significantly affected by intense competition, consumer preferences, problems with product compatibility and government regulation. 3

11 Performance 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. The bar chart and table below provide some indication of the risks of investing in the Growth Fund by showing changes in the Growth Fund s performance from year to year for Institutional Class Shares and by showing how the average annual total returns of each class of the Growth 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 Growth Fund s website, or by calling the Growth Fund at The Growth Fund s past performance, before and after taxes, is not necessarily an indication of how the Growth Fund will perform in the future. Calendar Year Total Return (before taxes) for Institutional Class Shares For each calendar year at NAV 45.00% 40.00% 35.00% 37.57% 30.00% 25.00% 25.42% 20.00% 15.00% 10.00% 5.00% 3.12% 4.37% 5.66% 0.00% Institutional Class Shares Highest Calendar Quarter Return at NAV 11.80% Quarter Ended 3/31/2013 Lowest Calendar Quarter Return at NAV (5.22)% Quarter Ended 9/30/2015 Average Annual Total Returns (for periods ended December 31, 2017) One Year Five Years Since Inception (December 31, 2012) Institutional Class Shares - Return Before Taxes 25.42% 14.43% 14.43% Institutional Class Shares - Return After Taxes on Distributions* 25.39% 13.99% 13.99% Institutional Class Shares - Return After Taxes on Distributions and Sale of Fund Shares* 14.41% 11.54% 11.54% Investor Class Shares - Return Before Taxes 25.11% 14.17% 14.17% Russell 3000 Growth Index (Reflects No Deductions for Fees, Expenses or Taxes) 29.59% 17.16% 17.16% S&P 500 Index (Reflects No Deductions for Fees, Expenses or Taxes) 21.83% 15.79% 15.79% 4

12 * 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. After-tax returns are shown for Institutional Class Shares only and after-tax returns for classes other than Institutional Class will vary from returns shown for Institutional Class. Investment Advisor Riverbridge Partners, LLC Portfolio Managers The portfolio management team is comprised of Mark A. Thompson, Rick D. Moulton, CFA, and Dana L. Feick, CFA, all of whom have been jointly and primarily responsible for the day-to-day management of the Growth Fund s portfolio since its inception. Purchase and Sale of Fund Shares To purchase shares of the Growth Fund, you must invest at least the minimum amount. To Open Your Account To Add to Your Account Minimum Investments Investor Class Shares Direct Regular Accounts $2,500 $100 Direct Retirement Accounts $2,500 $100 Gift Account For Minors $2,500 $100 Institutional Class Shares All Accounts $1 million None Fund shares are redeemable on any business day the New York Stock Exchange (the NYSE ) is open for business, by written request or by telephone. Tax Information The Growth Fund s distributions are generally taxable, and will ordinarily be taxed as ordinary income, qualified dividend income or capital gains, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an individual retirement account. Shareholders investing through such tax-advantaged arrangements may be taxed later upon withdrawal of monies from those arrangements. Payments to Broker-Dealers and Other Financial Intermediaries If you purchase shares of the Growth Fund through a broker-dealer or other financial intermediary (such as a bank), the Growth Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Growth Fund over another investment. Ask your salesperson or visit your financial intermediary s website for more information. 5

13 SUMMARY SECTION - RIVERBRIDGE ECO LEADERS FUND Investment Objective The investment objective of the Riverbridge Eco Leaders Fund (the Eco Leaders Fund ) is to seek long term capital appreciation. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shares of the Eco Leaders Fund. Investor Class Shares Institutional Class Shares Shareholder Fees (fees paid directly from your investment) Maximum sales charge (load) imposed on purchases None None Maximum deferred sales charge (load) None None Redemption fee if redeemed within 90 days of purchase (as a percentage of amount redeemed) 1.00% 1.00% Wire fee $20 $20 Overnight check delivery fee $25 $25 Retirement account fees (annual maintenance fee) $15 $15 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Management fees 0.90% 0.90% Distribution and service (Rule 12b-1) fees 0.25% None Other expenses 10.09% 10.09% Shareholder service fees 0.03% 0.03% All other expenses 10.06% 10.06% Acquired fund fees and expenses 0.01% 0.01% Total annual fund operating expenses % 11.00% Fees waived and/or expenses reimbursed 2 (9.84)% (9.84)% Total annual fund operating expenses after waiving fees and/or reimbursing expenses 1,2 1.41% 1.16% 1 The Total annual fund operating expenses and Total annual fund operating expenses after waiving fees and/or reimbursing expenses do not correlate to the ratio of expenses to average net assets appearing in the financial highlights table, which reflects only the operating expenses of the Eco Leaders Fund and does not include acquired fund fees and expenses. 2 The Eco Leaders 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 SEC Form N-1A), expenses incurred in connection with any merger or reorganization, and extraordinary expenses such as litigation expenses) do not exceed 1.40% and 1.15% of the average daily net assets of the Eco Leaders Fund s Investor Class and Institutional Class shares, respectively. This agreement is in effect until March 31, 2028, and it may be terminated before that date only by the Trust s Board of Trustees. The Eco Leaders Fund s advisor is permitted to seek reimbursement from the Eco Leaders Fund, subject to certain limitations, of fees waived or payments made to the Eco Leaders Fund for a period ending three full fiscal years after the date of the waiver or payment. This reimbursement may be requested from the Eco Leaders Fund if the reimbursement will not cause the Eco Leaders Fund s annual expense ratio to exceed the lesser of (a) the expense limitation in effect at the time such fees were waived or payments made, or (b) the expense limitation in effect at the time of the reimbursement. 6

14 Example This example is intended to help you compare the cost of investing in the Eco Leaders Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Eco Leaders 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 Eco Leaders Fund s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: One Year Three Years Five Years Ten Years Investor Class shares $144 $446 $771 $1,691 Institutional Class shares $118 $368 $638 $1,409 Portfolio Turnover The Eco Leaders 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 Eco Leaders Fund s performance. During the most recent fiscal year, the Fund s portfolio turnover rate was 13% of the average value of its portfolio. Principal Investment Strategies Under normal market conditions, the Eco Leaders Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of Eco Leader companies, which are companies that Riverbridge Partners, LLC (the Advisor ), the Eco Leaders Fund s advisor, believes are transformational and ethical (i.e., companies that position themselves for sustainable market leadership, long-term growth, and capital appreciation), while demonstrating environmental stewardship, social responsibility and corporate governance best practices. The Eco Leaders Fund s investments in equity securities may include common stock, preferred stock and convertible securities. While the Eco Leaders Fund invests primarily in equity securities of U.S. issuers, it may invest in securities of foreign (i.e., non-u.s.) issuers. The Eco Leaders Fund s investments in foreign securities are primarily comprised of U.S. dollar-denominated securities of foreign issuers traded in the United States and American Depositary Receipts ( ADRs ). ADRs are receipts that represent interests in foreign securities held on deposit by U.S. banks. The Eco Leaders Fund may invest in companies of any size, including small- and mid-capitalization companies. The Eco Leaders Fund intends to invest in a portfolio of securities typically spread across many economic sectors, although from time to time, the Fund may have significant portion of its assets in one or more market sectors such as the information technology. In seeking to diversify the Eco Leaders Fund s portfolio, the Fund s advisor focuses on the portfolio s earnings catalysts rather than formal limitation of exposure to market sectors. The advisor seeks to limit the portfolio exposure of the Eco Leaders Fund to a common earnings catalyst (e.g., consumer spending) to no more than 20% of the Fund s net assets. The Eco Leaders Fund may invest in investment grade convertible securities of any maturity. Investment grade securities are those rated at the time of acquisition Baa3 or higher by Moody s Investors Service, Inc. ( Moody s ), or BBB- or higher by Standard & Poor s ( S&P ), or Fitch Ratings Ltd. ( Fitch ) or, if unrated by S&P, Moody s or Fitch, determined by the Advisor to be of comparable quality. The Advisor believes that earnings power determines the value of a franchise. The Advisor focuses on companies that it views as building their earnings power and intrinsic, or actual, values over long periods of time. The Advisor uses a bottom-up approach that seeks to identify high quality, well-managed growth companies that demonstrate the ability to sustain strong secular earnings growth regardless of overall economic conditions. This fundamental approach includes a rigorous research and due diligence process including a thorough assessment of a company s culture and sustainable market leadership through direct interactions with a company s management team. In addition, the Advisor performs an assessment of the company through interactions with the company s management team, as well as a peer-review 7

15 process that includes interactions with the company s competitors, suppliers, partners and/or customers. The Advisor believes these interactions allow for the opportunity to evaluate key aspects of the company s environmental, social and governance profiles. In selecting the Eco Leaders Fund s investments the Advisor selects companies based on the Advisor s investment process and criteria, which includes environmental, social and governance standards. Principal Risks of Investing Risk is inherent in all investing and you could lose money by investing in the Fund. A summary description of certain principal risks of investing in the Eco Leaders Fund is set forth below. Before you decide whether to invest in the Eco Leaders Fund, carefully consider these risk factors associated with investing in the Eco Leaders Fund, which may cause investors to lose money. There can be no assurance that the Eco Leaders Fund will achieve its investment objective. Convertible securities risk. Convertible securities are subject to market and interest rate risk and credit risk. When the market price of the equity security underlying a convertible security decreases the convertible security tends to trade on the basis of its yield and other fixed income characteristics, and is more susceptible to credit and interest rate risks. When the market price of such equity security rises, the convertible security tends to trade on the basis of its equity conversion features and be more exposed to market risk. Convertible securities are typically issued by smaller capitalized companies with stock prices that may be more volatile than those of other companies. Environmental, social and governance policy risk. The Eco Leaders Fund s investment focus on environmental factors and social and governance practices could cause it to make or avoid investments that could result in the Eco Leaders Fund underperforming relative to funds that do not have such focus. Equity risk. The value of the equity securities held by the Eco Leaders Fund may fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities held by the Eco Leaders Fund participate, or factors relating to specific companies in which the Fund invests. 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 Eco Leaders 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 Depository Receipts ( ADRs ). Unsponsored ADRs are organized independently and without the cooperation of the foreign issuer of the underlying securities, and involve additional risks because U.S. reporting requirements do not apply. In addition, the issuing bank may deduct shareholder distribution, custody, foreign currency exchange, and other fees from the payment of dividends. 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. Management and strategy risk. The value of your investment depends on 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. 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 8

16 Performance 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. 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. Sector focus risk. The Eco Leaders 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, 2017, the Eco Leaders Fund invested significant amounts of its total assets in the Industrials and Information Technology sectors. Companies in the Industrials sector can be significantly affected by general economic trends, changes in consumer sentiment and spending, commodity prices, legislation, government regulation and spending, import controls, and worldwide competition. Companies in the Information Technology sector can be significantly affected by intense competition, consumer preferences, problems with product compatibility and government regulation. 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. The bar chart and table below provide some indication of the risks of investing in the Eco Leaders Fund by showing changes in the Eco Leaders Fund s performance from year to year for Institutional Class Shares and by showing how the average annual total returns of each class of the Eco Leaders 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 Eco Leaders Fund s website, or by calling the Eco Leaders Fund at The Eco Leaders Fund s past performance, before and after taxes, is not necessarily an indication of how the Eco Leaders Fund will perform in the future. Calendar Year Total Return (before taxes) for Institutional Class Shares For each calendar year at NAV 30.00% 25.00% 23.98% 20.00% 15.00% 10.00% 5.00% 0.00% 2.48% 6.39%

17 Institutional Class Shares Highest Calendar Quarter Return at NAV 7.71% Quarter Ended 12/31/2017 Lowest Calendar Quarter Return at NAV (5.34)% Quarter Ended 9/30/2015 Average Annual Total Returns (for periods ended December 31, 2017) One Year Since Inception (December 31, 2014) Institutional Class Shares - Return Before Taxes 23.98% 10.57% Institutional Class Shares - Return After Taxes on Distributions* 23.98% 10.23% Institutional Class Shares - Return After Taxes on Distributions and Sale of Fund Shares* 13.58% 8.11% Investor Class Shares - Return Before Taxes 23.72% 10.32% Russell 3000 Growth (Reflects No Deductions for Fees, Expenses or Taxes) 29.59% 13.51% S&P 500 Index (Reflects No Deductions for Fees, Expenses or Taxes) 21.83% 11.41% * 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. After-tax returns are shown for Institutional Class Shares only and after-tax returns for classes other than Institutional Class will vary from returns shown for Institutional Class. Investment Advisor Riverbridge Partners, LLC Portfolio Managers The portfolio management team is comprised of Mark A. Thompson, Rick D. Moulton, CFA and Dana L. Feick, CFA, all of whom have been jointly and primarily responsible for the day-to-day management of the Eco Leaders Fund s portfolio since its inception. Purchase and Sale of Fund Shares To purchase shares of the Eco Leaders Fund, you must invest at least the minimum amount. The following shows the Eco Leaders Fund s minimum investment requirements for various types of accounts: To Open Your Account To Add to Your Account Minimum Investments Investor Class Shares Direct Regular Accounts $2,500 $100 Direct Retirement Accounts $2,500 $100 Gift Account For Minors $2,500 $100 Institutional Class Shares All Accounts $1 million None Fund shares of the Eco Leaders Fund are redeemable on any business day the New York Stock Exchange (the NYSE ) is open for business by written request or by telephone. 10

18 Tax Information The Eco Leaders Fund s distributions are generally taxable, and will ordinarily be taxed as ordinary income, qualified dividend income or capital gains, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an individual retirement account. Shareholders investing through such tax-advantaged arrangements may be taxed later upon withdrawal of monies from those arrangements. Payments to Broker-Dealers and Other Financial Intermediaries If you purchase shares of the Eco Leaders Fund through a broker-dealer or other financial intermediary (such as a bank), the Eco Leaders Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Eco Leaders Fund over another investment. Ask your salesperson or visit your financial intermediary s website for more information. 11

19 MORE ABOUT THE FUNDS INVESTMENT OBJECTIVES, PRINCIPAL INVESTMENT STRATEGIES AND RISKS Growth Fund Investment Objective The Growth Fund s investment objective is to seek long term capital appreciation. There is no assurance that the Growth Fund will achieve its investment objective. The Growth Fund s investment objective is not fundamental and may be changed by the Board of Trustees without shareholder approval upon at least 60 days prior written notice to shareholders. The Growth Fund s investment strategies and policies may be changed from time to time without shareholder approval or prior written notice, unless specifically stated otherwise in this Prospectus or the SAI. Principal Investment Strategies The Growth Fund pursues its investment objective primarily by investing in equity securities of U.S. companies of any size. While the Growth Fund invests primarily in equity securities of U.S. issuers, it may invest in securities of non-u.s. issuers traded in the United States and ADRs. In pursuing the Growth Fund s investment strategy, the Advisor seeks to identify high quality, well-managed companies that have the ability to grow their earnings even in difficult economic conditions. The Advisor may sell all or a portion of a position held by the Growth Fund for various reasons, including when one or more of the following occurs: (1) a security s price has appreciated and the position size has exceeded the Advisor s position threshold; (2) the company s fundamentals have deteriorated since it was purchased; (3) the Advisor finds better investment opportunities for the Growth Fund; or (4) the Growth Fund requires cash to meet redemption requests. When the Advisor believes that current market, economic, political or other conditions are unsuitable and would impair the pursuit of the Growth Fund s investment objective, the Growth Fund may invest up to 100% of its assets in cash, cash equivalents or debt instruments that carry an investment-grade rating by a national rating agency. When the Growth Fund takes a temporary defensive position, the Growth Fund may not achieve its investment objective. Please refer to the Statement of Additional Information (the SAI ) for more information about the Growth Fund s investment policies and restrictions. Eco Leaders Fund Investment Objective The Eco Leaders Fund s investment objective is to seek long term capital appreciation. There is no assurance that the Eco Leaders Fund will achieve its investment objective. The Eco Leaders Fund s investment objective is not fundamental and may be changed by the Board of Trustees without shareholder approval, upon at least 60 days prior written notice to shareholders. The Fund s investment strategies and policies may be changed from time to time without shareholder approval or prior written notice, unless specifically stated otherwise in this Prospectus or the SAI. Principal Investment Strategies Under normal market conditions, the Eco Leaders Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of Eco Leader companies, which are companies that the Advisor believes are transformational and ethical (i.e., companies that position themselves for sustainable market leadership, long-term 12