Center Coast Capital Highlights 2017 Outlook in Energy Masterclass

Before investing you should carefully consider the Center Coast MLP Focus Fund’s investment objectives, risks, charges and expenses. This and other information about the Fund is in the prospectus and summary prospectus, a copy of which may be obtained by calling 877‐766‐0066 or by visiting the Fund’s website at www.libertystreetfunds.com.  Please read the prospectus and summary prospectus carefully before investing. The Fund may not be suitable for all investors.

 RISK AND OTHER DISCLOSURES:

An investment in the Center Coast MLP Focus 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:

•The Fund concentrates its investments in master limited partnerships (MLPs), which involve additional risks compared to those from investments in common stock, including, but not limited to, cash flow risk, tax risk, and risks associated with limited voting rights.

•Unlike most other open‐end mutual funds, the Fund will be taxable as a regular corporation, or “C” corporation. Consequently, the Fund will accrue and pay federal, state and local income taxes on its taxable income, if any, at the Fund level, which will ultimately reduce the returns that the shareholder would have otherwise received. Additionally, on a daily basis the Fund’s net asset value per share (“NAV”) will include a deferred tax expense (which reduces the Fund’s NAV) or asset (which increases the Fund’s NAV, unless offset by a valuation allowance). To the extent the Fund has a deferred tax asset, consideration is given as to whether or not a valuation allowance is required. The Fund’s deferred tax expense or asset is based on estimates that could vary dramatically from the Fund’s actual tax liability/benefit and, therefore, could have a material impact on the Fund’s NAV.

•The Fund, unlike the MLPs in which it invests which are treated as partnerships for U.S. federal income tax purposes, is not a pass‐through entity. Consequently, the tax characterization of the distributions paid by the Fund, such as dividend income or return of capital, may differ greatly from those of its MLP investments. An investment in the Fund does not provide the same tax benefits as a direct investment in an MLP.

•The Fund currently anticipates paying monthly cash distributions to shareholders at a rate that over time is similar to the distribution rate the Fund receives from the MLPs in which it invests, without offset for the expenses of the Fund. The Fund may maintain cash reserves, borrow or sell certain investments at less desirable prices in order to pay the expenses of the Fund. Because the Fund’s distribution policy takes into consideration estimated future cash flows from its underlying holdings, and to permit the Fund to maintain a stable distribution rate, the Fund’s distributions may not represent yield or investment return on the Fund’s portfolio. To the extent that the distributions paid exceed the distributions the Fund has received, the distributions will reduce the Fund’s net assets.

•The Fund is not required to make distributions and in the future could decide not to make such distributions or not to make distributions at a rate that over time is similar to the distribution rate it receives from the MLPs in which it invests.

•It is expected that a portion of the distributions will be considered tax deferred return of capital (ROC). ROC is tax deferred and reduces the shareholder’s cost basis (until the cost basis reaches zero); and when the Fund shares are sold, if the result is a gain, it would then be taxable to the shareholder at the capital gains rate. Any portion of distributions that are not considered ROC are expected to be characterized as qualified dividends for tax purposes. Qualified dividends are taxable in the year received and do not serve to reduce the shareholder’s cost basis. The portion of the Fund’s distributions that may be classified as ROC is uncertain and can be materially impacted by events that are not subject to the control of the Fund’s advisor or sub-advisor (e.g. mergers, acquisitions, reorganizations and other capital transactions occurring at the individual MLP level, changes in the tax characterization of distributions received from the MLP investments held by the Fund, or change in tax laws). The ROC portion may also be impacted by the Fund’s strategy, which may recognize gains on its holdings. Because of these factors, the portion of the Fund’s distributions that are considered ROC may vary materially from year to year. Accordingly, there is no guarantee that future distributions will maintain the same classification for tax purposes as past distributions.

•The MLPs owned by the Fund are subject to regulatory and tax risks, including but not limited to changes in current tax law which could result in MLPs being treated as corporations for U.S. federal income tax purposes or the elimination or reduction of MLPs tax deductions, which could result in a material decrease in the Fund’s NAV and/or lower after-tax distributions to Fund shareholders.

•As a non‐diversified fund, the Fund may focus its assets in the securities of fewer issuers, which exposes the Fund to greater market risk than if its assets were diversified among a greater number of issuers.

•Equity securities issued by MLPs may trade less frequently than larger companies due to their smaller capitalizations, which may result in erratic price movement or difficulty in buying or selling.

•A substantial portion of the MLPs within the Fund are primarily engaged in the energy sector. As a result, any negative development affecting that sector, such as regulatory, environmental, commodity pricing or extreme weather risk, will have a greater impact on the Fund than a fund that is not over‐weighted in that sector.

 As of December 31st, 2016, the Fund’s top five holdings were as follows: Enterprise Product Partners LP (EPD) 8.60%, Tesoro Logistics Partners LP 8.24%, MPLX LP (MPLX) 8.07%, NuStar Energy LP (NS) 7.08%, Targa Resources Corp (TRGP) 6.47%.

 Distributed by Foreside Fund Services, LLC. www.foreside.com

 The Fund may not be suitable for all investors. We encourage you to read the Fund’s prospectus carefully and consult with appropriate tax and financial professionals before considering an investment in the Fund. Master Limited Partnership (“MLP”) is a limited partnership that is publicly traded on an exchange qualifying under Section 7704 of the Internal Revenue Code. Real Estate Investment Trust (“REIT”) is a company that owns or finances income-producing real estate.  The Alerian MLP Index is a market-cap weighted, float-adjusted index which tracks the performance of the 50 most prominent energy Master Limited Partnerships (MLPs). Unlike the Fund, the Alerian MLP Index is not structured as a C-corp. The Fund accrues deferred income tax liabilities/assets which is reflected daily in the Fund’s NAV.  Index returns do not reflect deferred income tax liabilities/assets.  One cannot invest directly in an index. Incentive distribution rights (“IDRs”), which are typically owned by the General Partner (“GP”), entitle the GP to receive increasing percentages of the incremental cash flow as the MLP raises distributions to limited partners. Contango refers to a situation where the future commodity spot price is below the current commodity price, and people are willing to pay more for a commodity at some point in the future than the actual expected price of the commodity today.

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.

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