# EDGAR Filing Document

**Accession Number:** 0001318342
**File Stem:** 0001213900-26-052059
**Filing Date:** 2026-5
**Character Count:** 43105
**Document Hash:** 4a7485831a311eaa7179531d3c42bac0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-052059.hdr.sgml**: 20260505

**ACCESSION NUMBER**: 0001213900-26-052059

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260505

**DATE AS OF CHANGE**: 20260505

**EFFECTIVENESS DATE**: 20260505

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Investment Managers Series Trust
- **CENTRAL INDEX KEY:** 0001318342

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-122901
- **FILM NUMBER:** 26941938

**BUSINESS ADDRESS:**
- **STREET 1:** 235 WEST GALENA STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53212
- **BUSINESS PHONE:** 626-914-4141

**MAIL ADDRESS:**
- **STREET 1:** 235 WEST GALENA STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53212

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Claymore Trust
- **DATE OF NAME CHANGE:** 20050603

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Claymore Equity Trust
- **DATE OF NAME CHANGE:** 20050218

## Series and Classes Contracts Data

### Bramshill Multi-Strategy Income Fund (Series ID: S000052270)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000164379 | Class A Shares             | BDKAX           |
| C000164380 | Class C Shares             | BDKCX           |
| C000164381 | Institutional Class Shares | BDKNX           |

---

| | |
|:---|:---|
| &nbsp;&nbsp; ![](tliberty_logo.jpg) | **Bramshill Multi-Strategy Income Fund**<br> **Class A Shares (BRLAX)**<br> **Class C Shares (BRLCX)**<br> **Institutional Class Shares (BRLMX)** |
|  **Summary Prospectus** | **April 30, 2026** |

---

*Before you invest, you may want to review the Fund's prospectus, which contains more information about the Fund and its risks. You can find the Fund's Prospectus and Statement of Additional Information ("SAI") and other information about the Fund online at https://libertystreetfunds.com/bramshill-multi-strategy-income-fund/. You may also obtain this information at no cost by calling (800) 207-7108 or by sending an e-mail request to libertystreetfunds@umb.com. The Fund's Prospectus and Statement of Additional Information, both dated April 30, 2026, as each may be amended or supplemented, are incorporated by reference into this Summary Prospectus.*

#### Investment Objective
The investment objective of the Bramshill Multi-Strategy Income Fund (the "Fund") is to seek total return with an emphasis on providing current income.

#### Fees and Expenses of the Fund
This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A Shares of the Fund in a single transaction. More information about these fees and other discounts is available from your financial professional and in the section titled "Choosing a Share Class" on page 40 of the Prospectus and in "APPENDIX A — Waivers and Discounts Available from Intermediaries and Conversion Policies" of the Prospectus.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Class A <br>Shares** |  | **Class C <br>Shares** |  | **Institutional<br>Class<br>Shares** |
|  **Shareholder Fees**<br> *(fees paid directly from your investment)* | **Shareholder Fees**<br> *(fees paid directly from your investment)* | **Shareholder Fees**<br> *(fees paid directly from your investment)* | **Shareholder Fees**<br> *(fees paid directly from your investment)* | **Shareholder Fees**<br> *(fees paid directly from your investment)* | **Shareholder Fees**<br> *(fees paid directly from your investment)* | **Shareholder Fees**<br> *(fees paid directly from your investment)* |
|  Maximum sales charge (load) imposed on purchases (as a percentage of offering price) |  | 4.25%<sup>(1)</sup> |  |  |  |  |
|  Maximum deferred sales charge (load) (as a percentage of the lesser of the value redeemed or the amount invested) |  | 1.00%<sup>(2)</sup> |  | 1.00%<sup>(2)</sup> |  |  |
|  Wire fee |  | $20 |  | $20 |  | $20 |
|  Overnight check delivery fee |  | $25 |  | $25 |  | $25 |
|  Retirement account fees (annual maintenance fee) |  | $15 |  | $15 |  | $15 |
|  **Annual Fund Operating Expenses**<sup>(3)</sup>****<br> *(expenses that you pay each year as a percentage of the value of your investment)* | **Annual Fund Operating Expenses**<sup>(3)</sup>****<br> *(expenses that you pay each year as a percentage of the value of your investment)* | **Annual Fund Operating Expenses**<sup>(3)</sup>****<br> *(expenses that you pay each year as a percentage of the value of your investment)* | **Annual Fund Operating Expenses**<sup>(3)</sup>****<br> *(expenses that you pay each year as a percentage of the value of your investment)* | **Annual Fund Operating Expenses**<sup>(3)</sup>****<br> *(expenses that you pay each year as a percentage of the value of your investment)* | **Annual Fund Operating Expenses**<sup>(3)</sup>****<br> *(expenses that you pay each year as a percentage of the value of your investment)* | **Annual Fund Operating Expenses**<sup>(3)</sup>****<br> *(expenses that you pay each year as a percentage of the value of your investment)* |
|  Management fees |  | 0.95% |  | 0.95% |  | 0.95% |
|  Distribution and service (Rule 12b-1) fees |  | 0.25% |  | 1.00% |  |  |
|  Other expenses |  | 0.35% |  | 0.35% |  | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder service fee | 0.06% |  | 0.06% |  | 0.06% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest expense on short sales | 0.02% |  | 0.02% |  | 0.02% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; All other expenses | 0.27% |  | 0.27% |  | 0.27% |  |
|  Acquired fund fees and expenses |  | 0.01% |  | 0.01% |  | 0.01% |
|  **Total annual fund operating expenses**<sup>(4)</sup> |  | **1.56%** |  | **2.31%** |  | **1.31%** |
|  Fees waived and/or expenses reimbursed<sup>(5)</sup> |  | (0.10)% |  | (0.10)% |  | (0.10)% |
|  **Total annual fund operating expenses after waiving fees and/or reimbursing expenses**<sup>(4),(5)</sup> |  | **1.46%** |  | **2.21%** |  | **1.21%** |

---

1 No initial sales charge is applied to purchases of $1 million or more.

2 A contingent deferred sales charge ("CDSC") of 1.00% will be charged on certain Class A Share purchases of $1 million or more that are redeemed in whole or in part within 12 months of the date of purchase. A CDSC of 1.00% will be charged on Class C Share purchases that are redeemed in whole or in part within 12 months of the date of purchase.

3 The expense information in the table has been restated to reflect the current management fee and expenses caps.

4 The total annual fund operating expenses do not correlate to the ratio of expense to average net assets appearing in the financial highlights, which reflect only the operating expenses of the Fund and do not include acquired fund fees and expenses.

5 The 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, as applicable, 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 1.43%, 2.18% and 1.18% of the average daily net assets of the Class A Shares, Class C Shares, and Institutional Class Shares, respectively. This agreement is in effect through April 30, 2027, and may be terminated before that date only by the Trust's Board of Trustees. The Fund's advisor is permitted to seek reimbursement from the Fund for a period ending three full fiscal years after the date of the waiver or payment. This reimbursement may be requested from the Fund if the reimbursement will not cause the 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 costs of investing in the Fund with the cost of investing in other mutual funds.

The example assumes that you invest $10,000 in the 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 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** |
|  Class A Shares | $567 | $887 | $1230 | $2194 |
|  Class C Shares | $324 | $712 | $1226 | $2638 |
|  Institutional Class Shares | $123 | $405 | $709 | $1570 |

---

You would pay the following expenses if you did not redeem your shares:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **One Year** | **Three Years** | **Five Years** | **Ten Years** |
|  Class C Shares | $224 | $712 | $1226 | $2638 |

---

#### Portfolio Turnover
The 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 Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 51% of the average value of its portfolio.

#### Principal Investment Strategies
Under normal market conditions, the Fund will pursue its investment strategy by investing primarily in securitized products, which represent interests in "pools" of assets, including securities backed by residential real estate ("Residential Mortgage-Backed Securities" or "RMBS"), commercial real estate ("Commercial Mortgage-Backed Securities" or "CMBS"), corporate debt and loans ("Collateralized Loan Obligations" or "CLOs"), and consumer and commercial assets ("Asset-Backed Securities" or "ABS"). The Fund's allocation of its investments among various asset classes within the securitized product market will depend on the views of Bramshill Investments, LLC ("Bramshill" or the "Sub-Advisor"), the Fund's sub-advisor, as to the best value currently available in the marketplace. In selecting investments, the Sub-Advisor will consider, among other things, maturity, yield and ratings information and opportunities for price appreciation and interest income.

Mortgage-related securities are backed by or provide exposure to mortgages, including private (i.e., non-agency) and government mortgage-backed (i.e., agency) securities. Agency loans have balances that fall within the limits set by the Federal Housing Finance Agency ("FHFA"), are underwritten to standards set by the Government National Mortgage Association ("Ginnie Mae"), the Federal National Mortgage Association ("Fannie Mae") or the Federal Home Loan Mortgage Corporation ("Freddie Mac"), and qualify as collateral for securities that are issued by Ginnie Mae, Fannie Mae and Freddie Mac. Non-agency loans have balances that may or may not fall within the limits set by FHFA and do not qualify as collateral for securities that are issued by Ginnie Mae, Fannie Mae or Freddie Mac. CMBS are generally multi-class or pass-through securities backed by a mortgage loan or a pool of mortgage loans secured by commercial property, such as industrial and warehouse properties, office buildings, retail space and shopping malls, multifamily properties and cooperative apartments. Asset-backed securities are securities backed by non-mortgage assets, such as company receivables, truck and auto loans, leases, home equity loans, credit card receivables and student loans. A CLO is a type of asset-backed debt security typically collateralized predominantly by pools of domestic and foreign senior secured corporate loans, including loans that may be rated below investment grade. RMBS, CMBS, ABS, and CLOs are issued using a variety of structures, including multi-class structures featuring senior and subordinated classes, which vary in risk and yield.

In selecting securities for investment, the Sub-Advisor favors investments that it believes are undervalued and will produce consistent returns in most interest rate environments. The Sub-Advisor selects those securities for investment that it believes offer the best risk/return opportunity based on its analyses of a variety of factors including collateral quality, duration, structure, excess interest, credit support, potential for greater upside and less downside capture, liquidity, and market conditions. While there are no restrictions on the maturity of individual securities, the securities in the Fund's portfolio are expected to have an average effective duration of less than five years. The Fund does not limit its investments to a particular credit quality, and at times may be primarily invested in securities rated non-investment grade (also referred to as "junk bonds") by a nationally recognized statistical rating organization ("NRSRO"), or not rated. An NRSRO is a credit rating agency that rates the creditworthiness of a company or a financial product, such as a debt security or money market instrument.

From time to time, the Sub-Advisor may tactically utilize the following securities or instruments as an alternative investment to securitized products, for hedging purposes, to attempt to enhance the portfolio's return, or to mitigate against certain risks, principally credit and interest rate risk: U.S. Treasury securities; corporate bonds; municipal bonds; leveraged loans; equity securities, including preferred securities; shares of investment companies, including exchange-traded funds ("ETFs") that invest in fixed income or equity securities; interest rate, total return, credit default, and synthetic swaps; interest rate and bond futures; and credit spread and interest rate options.

In addition, the Fund may enter into repurchase agreements and reverse repurchase agreements, which are considered to be borrowings, to seek to enhance returns. The Fund may borrow to the maximum extent permitted by applicable law, which generally means that the Fund may borrow up to one-third of its total assets.

The Sub-Advisor generally sells a Fund investment if the Sub-Advisor determines that the characteristics that resulted in the original purchase decision have changed materially, the investment is no longer earning a return commensurate with its risk, the Sub-Advisor identifies other investments with more attractive valuations and return characteristics, or the Fund requires cash to meet redemption requests.

The Fund is classified as "non-diversified" under the Investment Company Act of 1940, as amended (the "1940 Act"), which means that it may invest more of its assets in fewer issuers than "diversified" funds.

#### 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 Fund is set forth below. Before you decide whether to invest in the Fund, carefully consider these risk factors associated with investing in the Fund, which may cause investors to lose money. There can be no assurance that the Fund will achieve its investment objective.

&nbsp;&nbsp;&nbsp;&nbsp;***• 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 issuer, company, or asset class, such as real or perceived adverse economic, political, or geopolitical conditions throughout the world, changes in the general outlook for individual consumers and borrowers, credit markets and 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 tariffs, labor shortages or increased production costs and

competitive conditions within an industry. In addition, local, regional or global events such as war, acts of terrorism, international conflicts, trade disputes, supply chain disruptions, cybersecurity events, technological advances (such as artificial intelligence and machine learning), the spread of infectious illness or other public health issues, natural disasters or climate events, or other events could have a significant impact on a security or instrument. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market.

&nbsp;&nbsp;&nbsp;&nbsp;***• Recent Market Events:*** Periods of market volatility may occur in response to market events, public health emergencies, natural disasters or climate events, and other economic, political, and global macro factors. U.S. and international markets have recently experienced, and may continue to experience, periods of significant volatility due to various factors, including uncertainty regarding inflation and central banks' interest rate changes, the possibility of a national or global recession, trade tensions and tariffs, and political and geopolitical events. In addition, wars or threats of war and aggression, such as Russia's invasion of Ukraine and conflicts among nations and militant groups in the Middle East, have led, and in the future may lead, to increased short-term market volatility and may have adverse long-term effects on the U.S. and world economies and markets generally, each of which may negatively impact the Fund's investments. Damage to energy infrastructure from conflicts in the Middle East, reduced shipping through the Strait of Hormuz and other energy supply constraints could also have long-term adverse impacts on the U.S. and world economies. Additionally, since the change in the U.S. presidential administration in 2025, the administration has pursued an aggressive foreign policy agenda, including through suggestions that the United States should control certain sovereign foreign territories, attempts to restructure federal government agencies with international influence, and the imposition of tariffs and trade barriers on certain foreign countries, including China and long-time U.S. allies. These and other similar events could be prolonged and could adversely affect the value and liquidity of the Fund's investments, impair the Fund's ability to satisfy redemption requests, and negatively impact the Fund's performance.

&nbsp;&nbsp;&nbsp;&nbsp;***• Fixed Income Securities 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.

&nbsp;&nbsp;&nbsp;&nbsp;***• High Yield ("Junk") Bond Risk:*** High yield bonds are debt securities rated below investment grade (often called "junk bonds"). 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. Companies issuing high yield bonds are less financially strong, are more likely to encounter financial difficulties, and are more vulnerable to adverse market events and negative sentiments than companies with higher credit ratings.

&nbsp;&nbsp;&nbsp;&nbsp;***• Securitized Products Risk:*** Securitized products, such as mortgage-backed and asset-backed securities, are generally subject to "prepayment risk" (the risk that borrowers will repay a loan more quickly in periods of falling interest rates) and "extension risk" (the risk that borrowers will repay a loan more slowly in periods of rising interest rates). If the Fund invests in securitized products that are subordinated to other interests in the same pool of assets, the Fund may only receive payments after the pool's obligations to other investors have been satisfied. An unexpectedly high rate of defaults on the assets held by a pool may limit substantially the pool's ability to make payments of principal or interest to the Fund, reducing the values of those securities or in some cases rendering them worthless. The Fund's investments may have additional risks associated with the nature of the assets and the servicing of those assets.

&nbsp;&nbsp;&nbsp;&nbsp;***• Interest Rate Risk:*** 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. For example, the price of a security with a three-year duration would be expected to drop by approximately 3% in response to a 1% increase in interest rates. Generally, the longer the maturity and duration of a bond or fixed rate loan, the more sensitive it is to this risk. Falling interest rates also create the potential for a decline in the Fund's income. Changes in governmental policy, rising inflation rates, and general economic developments, among other factors, could cause interest rates to increase and could have a substantial and immediate effect on the values of the Fund's investments. In addition, a potential rise in interest rates may result in periods of volatility and increased redemptions that might require the Fund to liquidate portfolio securities at disadvantageous prices and times.

&nbsp;&nbsp;&nbsp;&nbsp;***• Liquidity Risk:*** 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 if the Fund is forced to sell an illiquid investment to meet redemption requests or other cash needs under these circumstances, it may only be able to sell that investment at a loss. Liquid investments may become illiquid or less liquid after purchase by the Fund, particularly during periods of market turmoil. In addition, the reduction in dealer market-making capacity in the fixed income markets has the potential to decrease the liquidity of the Fund's investments. Illiquid and relatively less liquid investments may be harder to value, especially in changing markets.

&nbsp;&nbsp;&nbsp;&nbsp;***• Valuation Risk:*** From time to time, the Fund will need to fair-value portfolio securities at prices that differ from third party pricing inputs in order to more accurately reflect the sales price the Fund could receive in a reasonable period of time for any particular portfolio investment or groups of investments. Investors who purchase or redeem Fund shares on days when the Fund is pricing or holding fair-valued securities may pay a higher or lower price for the shares, or may receive more or less redemption proceeds than they would have received if certain of the Fund's securities had not been fair-valued, or if a different valuation methodology had been used. Such pricing differences can be significant and can occur quickly during times of market volatility, particularly for securities that trade in thin or illiquid markets.

&nbsp;&nbsp;&nbsp;&nbsp;***• Credit Risk:*** If an issuer or guarantor of a debt security held by the Fund or a counterparty to a financial contract with the Fund defaults or is downgraded or is perceived to be less creditworthy, or if the value of the assets underlying a security declines, the value of the Fund's portfolio will typically decline. The Fund's securities are generally not guaranteed by any governmental agency.

&nbsp;&nbsp;&nbsp;&nbsp;***• Real Estate Market Risk:*** The Fund's investment in mortgage-related securities, including RMBS and CMBS, will subject the Fund to risks similar to those associated with direct ownership of real estate, including reduction in the value of the real estate serving as loan collateral, losses from casualty or condemnation, and changes in local and general economic, supply and demand factors, interest rates, environmental liability, zoning laws, regulatory limitations on rents, property taxes, and operating expenses.

&nbsp;&nbsp;&nbsp;&nbsp;***• Management and Strategy Risk:*** The evaluation and selection of the Fund's investments depend on the judgment of the Sub-Advisor about the quality, relative yield, value or market trends affecting a particular security, issuer, sector or region, which may prove to be incorrect.

&nbsp;&nbsp;&nbsp;&nbsp;***• Sector Risk:*** Sector risk results from maintaining exposure to the performance of the securitized products for a particular sector in which the Fund may invest. The emphasis of the Fund's portfolio on a specific sector may present more risks than if the portfolio were broadly diversified over numerous sectors. At times the performance of the Fund's investments may lag the performance of other sectors or the broader market as a whole. Such underperformance may continue for extended periods of time.

&nbsp;&nbsp;&nbsp;&nbsp;***• Non***-Diversification ***Risk:*** The Fund is classified as "non-diversified", which means the Fund may invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. Investment in securities of a limited number of issuers exposes the Fund to greater market risk and potential losses than if its assets were diversified among the securities of a greater number of issuers.

&nbsp;&nbsp;&nbsp;&nbsp;***• Government Securities Risk:*** The Fund invests in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as securities issued by Ginnie Mae, Fannie Mae, or Freddie Mac). U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This would result in losses to the Fund. Securities issued or guaranteed by U.S. government-related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. government and no assurance can be given that the U.S. government will provide financial support. Therefore, U.S. government-related organizations may not have the funds to meet their payment obligations in the future.

&nbsp;&nbsp;&nbsp;&nbsp;***• Collateralized Loan Obligations Risk:*** The risks of an investment in a CLO largely depend on the type of underlying collateral securities and the tranche in which the Fund invests. While CLOs are subject to the typical risks associated with debt instruments (i.e., interest rate risk and credit risk), the Fund is also subject to asset manager, legal and regulatory, limited recourse, liquidity, redemption, and reinvestment risks as a result of the structure of CLOs in which the Fund may invest. A CLO's performance is linked to the expertise of the CLO manager and its ability to manage the CLO portfolio. Changes in the regulation of CLOs may adversely affect the value of the CLO investments held by the Fund and the ability of the Fund to execute its investment strategy. CLO debt is payable solely from the proceeds of the CLO's underlying assets and, therefore, if the income from the underlying loans is insufficient to make payments on the CLO debt, no other assets will be available for payment. The CLO manager may not find suitable assets in which to invest and the CLO manager's opportunities to invest may be limited. CLO debt securities may be subject to redemption and the timing of redemptions may adversely affect the returns on CLO debt. The redemption periods and terms will depend upon the CLO. Optional redemptions, if decided upon, may be directed by a majority of the holders of the subordinated notes. A redemption may also occur at the written direction of the CLO manager to the issuer and the trustee of the CLO. For example, certain tranches of CLO debt may be redeemed if the CLO manager is unable to identify assets suitable for investment during the period when it has the ability to reinvest the principal proceeds from the sale of assets, scheduled redemptions and prepayment in additional assets. Additionally, holders of subordinated CLO debt may cause the redemption of senior CLO debt.

&nbsp;&nbsp;&nbsp;&nbsp;***• Leveraged Loan Risk:*** Leveraged loans (e.g., bank loans) are subject to the risks typically associated with debt securities. In addition, leveraged loans, which typically hold a senior position in the capital structure of a borrower, are subject to the risk that a court could subordinate such loans to presently existing or future indebtedness or take other action detrimental to the holders of leveraged loans. Leveraged loans are also subject to the risk that the value of the collateral, if any, securing a loan may decline, be insufficient to meet the obligations of the borrower, or be difficult to liquidate. Below investment-grade leveraged loans are typically more credit sensitive. Leveraged loans may not be considered "securities" for purposes of the federal securities laws and, as a result, as a purchaser of these instruments, the Fund may not be entitled to the anti-fraud protections of the federal securities laws. The settlement period for some leveraged loans may be more than seven days.

&nbsp;&nbsp;&nbsp;&nbsp;***• ETF Risk:*** Investing in an ETF will provide the Fund with exposure to the securities comprising the index on which the ETF is based and will expose the Fund to risks similar to those of investing directly in those securities. Shares of ETFs typically trade on securities exchanges and may at times trade at a premium or discount to their net asset values. In addition, an ETF may not replicate exactly the performance of the benchmark index it seeks to track for a number of reasons, including transaction costs incurred by the ETF, the temporary unavailability of certain index securities in the secondary market or discrepancies between the ETF and the index with respect to the weighting of securities or the number of securities held. Investing in ETFs, which are investment companies, involves duplication of advisory fees and certain other expenses. The Fund will pay brokerage commissions in connection with the purchase and sale of shares of ETFs.

&nbsp;&nbsp;&nbsp;&nbsp;***• Repurchase Agreements Risk:*** Repurchase agreements may be viewed as loans made by the Fund which are collateralized by the securities subject to repurchase. The Fund's investment in repurchase agreements may be subject to market and credit risk with respect to the collateral securing the repurchase agreements. If the Fund's counterparty should default on its obligations and the Fund is delayed or prevented from recovering the collateral, or if the value of the collateral is insufficient, the Fund may realize a loss.

&nbsp;&nbsp;&nbsp;&nbsp;***• Reverse Repurchase Agreements Risk:*** A reverse repurchase agreement is the sale by the Fund of a debt obligation to a party for a specified price, with the simultaneous agreement by the Fund to repurchase that debt obligation from that party on a future date at an agreed upon price. Similar to borrowing, reverse repurchase agreements provide the Fund with cash for investment purposes, which creates leverage and subjects the Fund to the risks of leverage. Reverse repurchase agreements also involve the risk that the other party may fail to return the securities in a timely manner or at all. The Fund could lose money if it is unable to recover the securities and the value of collateral held by the Fund, including the value of the investments made with cash collateral, is less than the value of securities.

&nbsp;&nbsp;&nbsp;&nbsp;***• Leveraging Risk:*** Certain Fund transactions, such as entering into futures contracts, options, short sales or reverse repurchase agreements, may give rise to a form of leverage. The use of leverage may magnify the Fund's gains and losses and make the Fund more volatile. Leverage creates a risk of loss of value on a larger pool of assets than the Fund would otherwise have had, potentially resulting in the loss of all assets. The Fund may also have to sell assets at inopportune times to satisfy its obligations in connection with such transactions.

&nbsp;&nbsp;&nbsp;&nbsp;***• Derivatives Risk:*** The Fund may use derivative instruments, which derive their value from the value of an underlying security, currency, or index. Major types of derivatives include futures, options, swaps and forward contracts. Derivative instruments involve risks different from direct investments in the underlying assets, including: imperfect correlation between the value of the derivative instrument and the underlying assets; risks of default by the other party to the derivative instrument; risks that the transactions may result in losses of all or in excess of any gain in the portfolio positions; risks that the transactions may result in income that is not exempt from federal income tax; and risks that the transactions may not be liquid.

&nbsp;&nbsp;&nbsp;&nbsp;***• Municipal Bonds Risk:*** The Fund may invest in municipal bonds. U.S. state and local governments issuing municipal bonds rely on taxes and revenues from projects financed by municipal securities to pay interest and principal on municipal debt. The payment of principal and interest on these obligations may be adversely affected by a variety of factors at the state or local level, including poor statewide or local economic results, bankruptcy, changing political sentiments, legislation, litigation or court rulings, policy changes or voter-based initiatives, erosion of the tax base or revenues of the state or one or more local governments, natural disasters, or other economic or credit problems.

&nbsp;&nbsp;&nbsp;&nbsp;***• Equity Risk:*** The value of the equity securities held by the Fund may fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities held by the Fund participate, or factors relating to specific companies in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;***• 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.

&nbsp;&nbsp;&nbsp;&nbsp;***• Options Risk:*** Purchasing and writing options are highly specialized activities and entail greater than ordinary investment risks. The Fund may not fully benefit from or may lose money on an option if changes in its value do not correspond as anticipated to changes in the value of the underlying securities. If the Fund is not able to sell an option held in its portfolio, it would have to exercise the option to realize any profit and would incur transaction costs upon the purchase or sale of the underlying securities. Ownership of options involves the payment of premiums, which may adversely affect the Fund's performance. To the extent that the Fund invests in over-the-counter options, the Fund may be exposed to counterparty risk.

&nbsp;&nbsp;&nbsp;&nbsp;***• Swaps Risk:*** The Fund may enter into interest rate, total return, credit default, and synthetic swap agreements, or "swaps." Swaps can involve greater risks than direct investment in securities because swaps may be leveraged, are subject to the risk that the counterparty may default on the obligation, and may be difficult to value. Swaps may also be considered illiquid.

&nbsp;&nbsp;&nbsp;&nbsp;***• Futures Risk:*** Use of futures contracts by the Fund may cause the value of the Fund's shares to be more volatile. The Fund's use of futures contracts (and related options) expose the Fund to leverage and tracking risks because a small investment in futures contracts may produce large losses and futures contracts may not be perfect substitutes for securities.

#### Performance
The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. The bar chart shows changes in the performance of the Fund's Institutional Class Shares from calendar year to calendar year. The table shows the average annual total returns for each class of the Fund over time and compares these returns to the returns of the Bloomberg Aggregate Bond Index, a broad-based securities market index, and the ICE BofA US Cash Pay High Yield Index, a broad-based measure of market performance that has characteristics relevant to the Fund's investment strategies. Updated performance information is available at the Fund's website, www.libertystreetfunds.com, or by calling the Fund at 1-800-207-7108. The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. From the Fund's inception on December 31, 2015, through November 30, 2022, the Fund's portfolio was managed by the Fund's prior sub-advisor, Braddock Financial LLC.

#### Calendar-Year Total Return (before taxes) — Institutional Class Shares
For each calendar year at net asset value per share ("NAV")

![](tbarchart_001.jpg)

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| | | |
|:---|:---|:---|
|  **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** |
|  Highest Calendar Quarter Return at NAV | 33.84% | Quarter Ended 06/30/2020 |
|  Lowest Calendar Quarter Return at NAV | (50.49)% | Quarter Ended 03/31/2020 |

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The year-to-date return for the Fund as of March 31, 2026, was 1.10%.

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| | | | |
|:---|:---|:---|:---|
|  **Average Annual Total Returns<br>(*for the Periods Ended December 31, 2025)*** | **1 Year** | **5 Years** | **10 Years** |
|  **Institutional Class** – Return Before Taxes | 8.63% | 4.37% | 1.17% |
|  **Institutional Class** – Return After Taxes on Distributions\* | 5.03% | 1.84% | (0.97)% |
|  **Institutional Class** – Return After Taxes on Distributions and Sale of Fund Shares\* | 5.03% | 2.21% | 0.00% |
|  **Class A Shares** – Return Before Taxes | 3.92% | 3.19% | 0.32% |
|  **Class C Shares** – Return Before Taxes | 6.74% | 3.33% | 0.16% |
|  Bloomberg Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) | 7.30% | (0.36)% | 2.01% |
|  ICE BofA US Cash Pay High Yield Index (reflects no deduction for fees, <br>expenses or taxes) | 8.63% | 4.53% | 6.45% |

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\* 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 and after-tax returns for classes other than Institutional Class shares will vary from returns shown for Institutional Class shares.

#### Investment Advisor and the Sub-Advisor
Liberty Street Advisors, Inc. is the Fund's investment advisor (the "Advisor"). Bramshill Investments, LLC is the Fund's sub-advisor.

#### Portfolio Managers
Paul van Lingen, Senior Managing Director and Portfolio Manager at the Sub-Advisor, Ara Balabanian, Managing Director and Portfolio Manager at the Sub-Advisor, and Art DeGaetano, Chief Investment Officer at the Sub-Advisor, are the portfolio managers of the Fund, and have been jointly and primarily responsible for the day-to-day management of the Fund's portfolio since December 1, 2022.

#### Purchase and Sale of Fund Shares
To purchase shares of the Fund, you must invest at least the minimum amount.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Minimum Investments** | **To Open<br>Your Account** | **To Add to<br>Your Account** |
|  **Class A Shares and Class C Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Accounts | $2500 | $100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Traditional and Roth IRA Accounts | $2500 | $100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounts with Systematic Investment Plans | $2500 | $100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qualified Retirement Plans | $2500 | $100 |
|  **Institutional Class Shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; All Accounts | $1000000 | $100000 |

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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 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-deferred arrangement, such as a 401(k) plan or an individual retirement account. Shareholders investing through such tax-deferred 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 Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies (including the Advisor) 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 to recommend the Fund over another investment. Ask your financial adviser or visit your financial intermediary's website for more information.