Income Opportunities in Today's Closed End Fund Markets

*** At minute 6:40 Jim Robinson made a misstatement. He states that the Robinson Tax Advantaged Income Fund provided a 3.25% tax exempt yield vs. a lower yield in the muni market. The Robinson Tax Advantaged Income Fund provided a 3.14% tax exempt yield as of September 30, 2019.

The overall muni market is represented by the Bloomberg Barclays Municipal Bond Index. As of December 31st, 2019 The Bloomberg Barclays Municipal Bond Index provided a 1.60% tax exempt yield.

Robinson Tax Advantaged Income Fund Performance 12/31/19  
  Q4 2019 YTD 1 Year 3 Year 5 Year Ann ITD*
ROBAX 1.54% 14.93% 14.93% 4.01% 3.45% 3.56%
ROBAX w/ load -2.25% 10.58% 10.58% 2.71% 2.23% 2.40%
ROBCX 1.35% 14.08% 14.08% 3.23% 2.67% 2.78%
ROBNX 1.60% 15.11% 15.11% 4.27% 3.68% 3.80%
Bloomberg Barclays Short-Intermediate 1-10 Years Municipal Bond Index 0.88% 5.23% 5.23% 3.31% 2.39% 2.35%

  Performance data quoted represents past performance and is no guarantee of future results. Total return figures include the reinvestment of dividends and capital gains. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. For the most recent month end performance, please call (800) 207-7108. Returns showing less than one year are cumulative. The gross operating expense ratio for the Class A, C, and Institutional Shares are 2.99%, 3.74%, and 2.74%, respectively. The total net annual fund operating expenses after fee waiver and/or paying for operating expenses are 2.92%, 3.67%, and 2.67% for the Class A, C, and Institutional Shares, respectively. The contractual agreement between the Fund and the Advisor is in effect until April 30, 2021. Without the contractual agreement, performance would have been lower. Performance results with load reflect the deduction for Class A Shares of the 3.75% maximum front end sales charge. Class C Shares are subject to a contingent deferred sales charge of 1.00% when redeemed within 12 months of purchase. Performance presented without the load would be lower if this charge was reflected. Because of ongoing market volatility, Fund performance may be subject to substantial short term changes. *ITD represents inception-to-date; Inception 9/30/2014.  

Robinson Tax Advantaged Income Fund Standardized 30-Day SEC Yield as of 12/31/2019
  SEC Yield Unsubsidized Yield Tax-Equivalent Yield Unsubsidized Tax-Equivalent Yield
ROBAX 2.67% 2.66% 4.78% 4.77%
ROBCX 2.04% 2.03% 3.56% 3.56%
ROBNX 3.03% 3.02% 5.23% 5.23%

  Subsidized 30-Day SEC Yield is based on a 30-day period ending on the last day of the previous month and is computed by dividing the net investment income per share earned during the period by the maximum offering price per share on the last day of the period. This subsidized yield is based on the net expenses of the Fund of which the yield would be lower without the waivers in effect. Negative 30-Day SEC Yield results when accrued expenses of the past 30 days exceed the income collected during the past 30 days. Unsubsidized 30 Day SEC Yield as well as Unsubsidized Tax-Equivalent Yield are based on total expenses of the Fund. Tax-equivalent yield is for illustrative purposes only and assumes a 43.40% Federal marginal tax rate, and does not take into account any other taxes. Each individual’s actual tax burden will vary. Before investing you should carefully consider the Robinson Tax Advantaged Income Fund’s investment objectives, risks, charges and expenses. This and other information is in the prospectus and summary prospectus, a copy of which may be obtained by calling 800-207-7108 or by visiting the Fund’s website at www.libertystreetfunds.com. Please read the prospectus or summary prospectus carefully before investing. Robinson Tax Advantaged Risk Disclosures Effective October 25, 2019, changes were made to the Fund’s principal strategy. The Sub-advisor may, but is not required to, purchase shares of open-end registered investment companies (“Mutual Funds”) or Exchange-Traded Funds (“ETFs”) that invest primarily in municipal bonds. Closed-end fund (CEF), exchange-traded fund (ETF) and open-end fund (Mutual Fund) Risk: The Fund’s investments in CEFs, ETFs and Mutual Funds (“underlying funds”) are subject to various risks, including reliance on management’s ability to manage the underlying fund’s portfolio, risks associated with the underlying securities held by the underlying fund, fluctuation in the market value of the underlying fund’s shares, and the Fund bearing a pro rata share of the fees and expenses of each underlying fund in which the Fund invests. Municipal Bond risk: The underlying funds in which the Fund invests will invest primarily in municipal bonds. Litigation, legislation or other political events, local business or economic conditions or the bankruptcy of the issuer could have a significant effect on the ability of an issuer of municipal bonds to make payments of principal and/or interest. Changes related to taxation, legislation or the rights of municipal security holders can significantly affect municipal bonds and may cause them to decline in value. Fixed income/interest rate risk: A rise in interest rates could negatively impact the value of the Fund’s shares. Generally, fixed income securities decrease in value if interest rates rise, and increase in value if interest rates fall, with longer-term securities being more sensitive than shorter-term securities. Leveraging risk: The underlying funds in which the Fund will invest may be leveraged as a result of borrowing or other investment techniques. As a result, the Fund may be exposed indirectly to leverage, and may expose the Fund to higher volatility and possible diminishment of long-term returns. In addition, future regulations may hinder or restrict an underlying fund’s ability to maintain leverage; which in turn may reduce the total return and tax exempt income generated by the underlying funds and may cause a reduction in the value of the Fund’s shares. Tax Risk: There is no guarantee that the Fund’s income will be exempt from regular federal income taxes. Events occurring after the date of issuance of a municipal bond or after an underlying fund’s acquisition of a municipal bond may result in a determination that interest on that bond is subject to federal income tax. The Fund’s opportunistic trading strategies may also result in a portion of the Fund’s distributions to shareholders being characterized as capital gains. U.S. Treasury Futures Contracts Hedge Risk: To the extent the Fund holds short positions in U.S. Treasury futures contracts, should market conditions cause U.S. Treasury prices to rise, the Fund’s portfolio could experience a loss; and should U.S. Treasury prices rise at the same time municipal bond prices fall, these losses may be greater than if the hedging strategy not been in place. High Yield (“Junk”) Bond risk: The ETFs and Mutual Funds in which the Fund invests may invest in high yield (“junk”) bonds which involve greater risks of default, downgrade, or price declines and are more volatile and tend to be less liquid than investment-grade securities. Liquidity Risk: There can be no guarantee that an active market in shares of CEFs and ETFs held by the Fund will exist. The Fund may not be able to sell some or all of the investments it holds due to a lack of demand in the marketplace or other factors such as market turmoil, or if the Fund is forced to sell an asset to meet redemption requests, it may only be able to sell those investments at a loss. Derivatives Risk: The Fund and the underlying funds may use futures contracts, options, swap agreements, and/or sell securities short. Futures contracts may cause the value of the Fund’s shares to be more volatile and expose the Fund to leverage and tracking risks; the Fund may not fully benefit from or may lose money on option or shorting strategies; swaps may be leveraged, are subject to counterparty risk and may be difficult to value or liquidate. Portfolio Turnover Risk: The Fund’s turnover rate may be high. A high turnover rate may lead to higher transaction costs, a greater number of taxable transactions, and negatively affect the Fund’s performance. Diversification does not assure a profit or protect against a loss. The Fund may not be suitable for all investors. We encourage you to consult with appropriate tax and financial professionals before considering an investment in the Fund. The Bloomberg Barclays Short-Intermediate 1-10 Years Municipal Bond Index is an unmanaged index that measures the performance of municipal bonds with time to maturity of between one and ten years One cannot invest directly in an index.

Robinson Opportunistic Income Fund Performance 12/31/19
  Q4 2019 YTD 1 Year 3 Year Ann ITD*
RBNAX 2.54% 15.83% 15.83% 4.96% 8.13%
RBNAX w/ load -1.77% 10.91% 10.91% 2.91% 6.54%
RBNCX 2.37% 15.01% 15.01% 4.20% 7.31%
RBNNX 2.62% 16.13% 16.13% 5.23% 8.40%
Barclays Global Aggregate Credit Index 1.60% 10.74% 10.74% 5.31% 4.90%

  Performance data quoted represents past performance and is no guarantee of future results. Total return figures include the reinvestment of dividends and capital gains. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. For the most recent month end performance, please call (800) 207-7108. Returns showing less than one year are cumulative. The gross operating expense ratio for the Class A, C, and Institutional Shares are 3.74%, 4.49%, and 3.49%, respectively. The total net annual fund operating expenses after fee waiver and/ or paying operating expenses are 3.43%, 4.18%, and 3.18% for the A, C, and Institutional Shares. The contractual agreement between the Fund and the Advisor is in effect until April 30, 2021. Without the contractual agreement, performance would have been lower. Performance results with load reflect the deduction for Class A Shares of the 4.25% maximum front end sales charge. Class C Shares are subject to a contingent deferred sales charge of 1.00% when redeemed within 12 months of purchase. Performance presented without the load would be lower if this charge was reflected. Because of ongoing market volatility, Fund performance may be subject to substantial short term changes. *ITD represents inception-to-date; Inception 12/31/2015.  

Robinson Opportunistic Income Fund Standardized 30-Day SEC Yield as of 12/31/2019
  SEC Yield Unsubsidized Yield
RBNAX 5.47% 5.02%
RBNCX 4.96% 4.50%
RBNNX 5.97% 5.50%

Subsidized 30-Day SEC Yield is based on a 30-day period ending on the last day of the previous month and is computed by dividing the net investment income per share earned during the period by the maximum offering price per share on the last day of the period. This subsidized yield is based on the net expenses of the Fund of which the yield would be lower without the waivers in effect. Negative 30-Day SEC Yield results when accrued expenses of the past 30 days exceed the income collected during the past 30 days. Unsubsidized 30 Day SEC Yield as well as Unsubsidized Tax-Equivalent Yield are based on total expenses of the Fund. Each individual’s actual tax burden will vary. Before investing you should carefully consider the Robinson Opportunistic Income Fund’s investment objectives, risks, charges and expenses. This and other information is in the prospectus and summary prospectus, a copy of which may be obtained by calling 800-207-7108 or by visiting the Fund’s website at www.libertystreetfunds.com. Please read the prospectus or summary prospectus carefully before investing. Robinson Opportunistic Risk Disclosures Effective November 5, 2019, changes were made to the Fund’s principal investment strategy. In addition to investing in CEFs, the Fund may invest in open-end registered investment companies (“Mutual Funds”), Exchange-Traded Funds (“ETFs”) or Exchange-Traded Notes (“ETNs”) as part of the principal investment strategy. An investment in the Fund is subject to risk, including the possible loss of principal amount invested and including, but not limited to, the following risks, which are more fully described in the prospectus: Closed-end fund (CEF), exchange-traded fund (ETF) and open-end fund (Mutual Fund) risk: The Fund’s investments in CEFs, ETFs and Mutual Funds (“underlying funds”) are subject to various risks, including reliance on management’s ability to manage the underlying fund’s portfolio, risks associated with the underlying securities held by the underlying fund, fluctuation in the market value of the underlying fund’s shares, and the Fund bearing a pro rata share of the fees and expenses of each underlying fund in which the Fund invests. Management and strategy risk: the value of your investment depends on the judgment of the Sub-Advisor about the quality, relative yield, value or market trends, which may prove to be incorrect. Market risk: the market price of a security may decline due to general market conditions or factors affecting a particular industry. Futures risk: Use of future contacts by the Fund or underlying funds may cause the value of the Fund’s share to be more volatile and exposes the Fund to leverage, tracking, and under certain market conditions, liquidity risk. Fixed income / interest rate risk: The prices of fixed income securities respond to economic developments, particularly interest rate changes, as well as to changes in an issuer’s credit rating or market perceptions about the creditworthiness of an issuer. Generally fixed income securities decrease in value if interest rates rise and increase in value if interest rates fall, and longer-term and lower rated securities are more volatile than shorter-term and higher rated securities. Leveraging risk: The underlying funds in which the Fund will invest may be leveraged as a result of borrowing or other investment techniques. As a result, the Fund may be exposed indirectly to leverage, and may expose the Fund to higher volatility and possible diminishment of long-term returns. In addition, future regulations may hinder or restrict an underlying fund’s ability to maintain leverage; which in turn may reduce the total return and tax exempt income generated by the underlying funds and may cause a reduction in the value of the Fund’s shares. High yield (“junk bond”) risk: High yield (“junk”) bonds are speculative, involve greater risks of default, downgrade, or price declines and are more volatile and tend to be less liquid than investment-grade securities. ETN risk: Investing in ETNs exposes the Fund to the credit risks of the issuer. Shares of ETNs may be less liquid despite being typically traded on securities exchanges and may have large bid and ask spreads. Shares of ETNs may at time trade at a premium or discount to their intrinsic value. Tax risk: There is no guarantee that the Fund’s distributions will be characterized as income for U.S. federal income tax purposes. For example, the Fund’s opportunistic trading strategies may result in a portion of the Fund’s distributions to shareholders being characterized as capital gains. Liquidity risk: There can be no guarantee that an active market in ETNs or shares of CEFs and ETFs held by the Fund will exist. The Fund may not be able to sell some or all of the investments it holds due to a lack of demand in the marketplace or other factors such as market turmoil, or if the Fund is forced to sell an asset to meet redemption requests, it may only be able to sell those investments at a loss. Derivatives risk: The Fund and the underlying funds may use futures contracts, options, swap agreements, and/or sell securities short. Futures contracts may cause the value of the Fund’s shares to be more volatile and expose the Fund to leverage and tracking risks; the Fund may not fully benefit from or may lose money on option or shorting strategies; swaps may be leveraged, are subject to counterparty risk and may be difficult to value or liquidate. Bank loan risk: The underlying funds may invest in loan participations of any quality, including “distressed” companies with respect to which there is a substantial risk of losing the entire amount invested. Bank loans may not be considered securities under U.S. federal securities law and, as a result, investments in them by the underlying funds may not have the protection of federal securities laws. LIBOR Transition risk: The underlying funds may invest in securities, such as senior bank loans, that utilize the London Interbank Offered Rate (“LIBOR”), the most common benchmark interest rate index used to make adjustments to variable-rate loans, which is expected to expire by the end of 2021. Any effects of the transition away from LIBOR could result in losses to the underlying funds in which the Fund invests and to the Fund. These effects could occur prior to the end of 2021. Convertible securities risk. The underlying funds may invest in convertible securities, which are subject to market risk, interest rate risk, and credit risk. Convertible securities are typically issued by smaller capitalized companies with stock prices that may be more volatile than those of other companies. Preferred stock risk. The underlying funds may invest in preferred stock, which is subject to company-specific and market risks applicable 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.   The Fund may not be suitable for all investors. We encourage you to consult with appropriate financial professionals before considering an investment in the Fund.   Distributed by Foreside Fund Services, LLC. www.foreside.com Liberty Street Advisors, Inc. is the Advisor to the Fund. The Fund is part of the Liberty Street family of funds within Investment Managers Series Trust.  

Visibility: 
Display in sidebar on fund's page