Matt Werner is managing director of Chilton Capital Management, and portfolio manager of the West Loop Realty Fund sub-advised by Liberty Street Advisors. He shared his insight on two REIT stocks that have historically insulated investment portfolio against economic slowdowns.

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RISKS AND OTHER DISCLOSURES

The views expressed in this material reflect those of the Fund’s Investment Advisor as of the date this is written and may not reflect its views on the date this material is first published or anytime thereafter. These views are intended to assist in understanding the Fund’s investment methodology and do not constitute investment advice. This material may contain discussions about investments that may or may not be held by the Fund. All current and future holdings are subject to risk and to change.

An investment in the West Loop Realty Fund is subject to risk, including the possible loss of principal amount invested and including, but not limited to, the following risks:

Market Turbulence Resulting from COVID-19. the outbreak of COVID-19 has negatively affected the U.S. and worldwide economy. The future impact of COVID-19 is currently unknown, and it may exacerbate other risks that apply to the Fund. REITs: REITs are dependent upon management skills, generally may not be diversified, and are subject to heavy cash flow dependency, defaults by borrowers, self-liquidation, and tax risks. Real Estate Market: subject to certain risks such as property revaluations, interest rate fluctuations, rental rate fluctuations and operating expenses, increasing vacancies, rising construction costs and potential modifications to government regulations. Sector Concentration: Focus on the real estate sector may present more risks than if broadly diversified. Management and Strategy. The evaluation and selection of the Fund’s investments depend on the judgment of the Fund’s Sub-Advisor, which may prove to be incorrect. Equity: The value of equity securities may fall due to general market and economic conditions, perceptions regarding the real estate industry, or factors relating to specific companies. Market Capitalization: Small- to medium-sized real estate company shares can be more volatile than large company stocks and may be subject to more abrupt or erratic market movements. Growth-Oriented Investment Strategy: Growth securities typically are very sensitive to market movements. When revenues do not meet expectations, the prices of growth securities typically fall. Non-Diversification: Focus in the securities of fewer issuers exposes the Fund to greater market risk than if its assets were diversified among a greater number of issuers. Interest Rate: Rising interest rates may impact the prices of REITS and could increase operating costs and reduce the ability of REITs and other real estate companies to carry out acquisitions or expansions in a cost-effective manner. Tax: investing in a relatively small number of securities may cause the Fund to inadvertently fail to satisfy the tax diversification requirements applicable to regulated investment companies. If the Fund were to fail those requirements, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. Liquidity: The Fund may not be able to sell some or all of the investments that it holds due to a lack of demand in the marketplace or other factors such as market turmoil, or it may only be able to sell those investments at a loss. Liquid investments may become illiquid or less liquid after purchase by the Fund, particularly during periods of market turmoil. Foreign investment: These risks include currency fluctuations, economic or financial instability, lack of timely or reliable financial information or unfavorable political or legal developments. Foreign companies are generally subject to different legal and accounting standards than U.S. companies.

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.

Dividend Yield – expressed as a percentage, is a financial ratio (dividend/price) that shows how much a company pays out in dividends each year relative to its stock price.

Top Ten Holdings as of 3/31/21 % of Net Assets Excluding Cash are Western Asset Managed Municipals Fund Inc 6.98%, BlackRock MuniYield Fund Inc 6.26%, iShares National Muni Bond ETF 6.22%, VanEck Vectors High Yield Muni ETF 5.90%, Invesco National AMT-Free Municipal Bond ETF 5.11%, Nuveen New Jersey Quality Municipal Income Fund 4.67%, MFS Municipal Income Trust 4.31%, BlackRock MuniHoldings Fund Inc 4.14%, BNY Mellon Strategic Municipal Bond Fund Inc 4.14%,  and BlackRock MuniVest Fund Inc 3.86%.

Fund holdings and sector allocations are subject to change and should not be considered a recommendation to buy or sell any security.

Liberty Street Advisors, Inc. is the advisor to the Fund. The Fund is part of the Liberty Street family of funds within the series of Investment Managers Series Trust.

The Fund is distributed by Foreside Fund Services, LLC.