UMB, MFAC to Co-Sponsor Investment Managers Series Trust
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Monday, December 03, 2007

UMB, MFAC to Co-Sponsor Investment Managers Series Trust

UMB Fund Services is co-sponsoring the Investment Managers Series Trust (IMST) with Mutual Fund Administration Corporation (MFAC). The trust was previously sponsored by Claymore Advisors. Shareholders approved the change at a special meeting held on November 16.

UMB Fund Services, Inc. (UMBFS), a subsidiary of UMB Financial Corporation (NASDAQ: UMBF), will co-sponsor the Investment Managers Series Trust (IMST) with Mutual Fund Administration Corporation (MFAC). The trust was previously sponsored by Claymore Advisors, LLC. During a special shareholder meeting held on November 16, 2007, the shareholders of the only fund currently in the trust, the Zacks Multi-Cap Opportunities Fund, approved a new Board of Trustees which effectively changed the sponsorship from Claymore to UMBFS and MFAC.

The Investment Managers Series Trust offers smaller funds, such as the Zacks Multi-Cap Opportunities Fund, a simple, cost-efficient means of operating a mutual fund. This structure provides investment advisors like Zacks Investment Management, Inc. (ZIM) with a shorter fund start-up time and lower administrative overhead as certain costs are shared by all portfolios in the trust. In addition, each fund in the IMST will have the benefit of sharing the expense associated with a Chief Compliance Officer and economies of scale regarding audit and legal expenses.

As co-sponsors or the Trust, UMBFS and MFAC will capitalize on their respective strengths-UMBFS will provide core fund services including fund accounting, transfer agency and distribution; whereas MFAC will provide the services specific to multiple series trusts.

UMB has been aggressive in expanding its service offerings to address the evolving requirements of the mutual fund industry and the IMST product fills an important need. In fact, UMB and MFAC have already received tremendous interest from existing and start-up funds interested in participating in the trust.

“For smaller mutual funds, a multiple series trust is an attractive alternative not only because of the potential cost savings, but it also allows fund firms to focus on the key elements of their business; portfolio management, client service and marketing,” said John Zader, chief executive officer of UMB Fund Services, Inc. and President of the Investment Managers Series Trust. “Smaller firms sometimes spend an inordinate amount of time on operational details. The goal of the IMST is to provide investment advisers with the opportunity to focus their time and efforts on managing their funds not their service providers.”

About UMB Fund Services, Inc.

UMB Fund Services, Inc. offers a complete line of products and services to the mutual fund operations industry including administration and fund accounting, alternative investment services, investor services and transfer agency, marketing and distribution. UMB Financial Corporation (NASDAQ: UMBF), the parent company of UMBFS, is an $8 billion financial services holding company headquartered in Kansas City, Mo.

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