361 Global Managed Futures Strategy Fund

The 361 Global Managed Futures Strategy Fund Class I shares was rated 4 stars for the 3-year period and 5 stars for the 5-year period among 100 and 82 funds, respectively, in the Managed Futures funds category. Ratings reflect fee waivers in effect; in their absence, ratings may have been lower.

The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weight is 100% for a three-year rating for 36-59 months of total returns and 60% five-year rating/40% three-year rating for 60-119 months of total returns. © 2020 Morningstar. All rights reserved. 

The 361 Global Managed Futures Strategy Fund, Class I shares, received a Refinitiv 2019 Lipper Fund Award for the three-year time period among 84 funds in the Alternative Managed Futures Funds category. Lipper Awards are granted annually to the funds in each Lipper classification that achieve the highest score for Consistent Return, a measure of funds’ historical risk-adjusted returns, measured in local currency, relative to peers. Winners are selected using the Lipper Leader rating for Consistent Return for funds with at least 36 months of performance history as of 12/31/18. Awards are presented for the highest Lipper Leader for Consistent Return within each eligible classification over 3, 5 or 10 years. Other share classes may have different performance and expense characteristics. Although Lipper makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Lipper. Lipper awards are not intended to predict future results. From Lipper Fund Awards from Refinitiv, March 7, 2019 © 2019 Refinitiv. All rights reserved. Used by permission and protected by the Copyright Laws of the United States. The printing, copying, redistribution, or retransmission of this Content without express written permission is prohibited.

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Investing involves risk, including possible loss of principal. Futures prices can be very volatile. The small margin required for futures contracts magnifies the effect of market volatility and allows the loss from a contract potentially to exceed the Fund’s initial investment. With short contracts, the loss is theoretically unlimited since the appreciation of the underlying asset also is theoretically unlimited. Foreign investment entails additional risk from adverse changes in currency exchange rates, tax regulation, and potential market instability. Frequent trading by the Fund may reduce returns and increase the number of taxable transactions. Concentration of its portfolio in relatively few issuers may make the Fund more volatile than a diversified fund.

You should consider the Fund’s investment objectives, risks, charges and expenses carefully before investing. For a prospectus, or summary prospectus, that contains this and other information about the Funds, call 1-888-736-1227. Please read the prospectus or summary prospectus carefully before investing.

The 361 Funds are distributed by IMST Distributors, LLC.

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^† The Adviser has contractually agreed to waive certain fees and/or pay expenses to limit expenses to 1.74% for Class I and 1.99% for the Investor Class shares as a percent of the average daily net assets until 02/28/21. The Adviser is permitted to seek reimbursement from the fund which is reflected in the Net Expense Ratio. See Prospectus for additional details.