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Seeking Alpha While Managing Risk

361 Global Long/Short Equity Fund
This chart shows the Fund’s compelling statistical performance for the 5-year period ending September 30, 2020.

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Source Morningstar. Data from 01/01/15 to 12/31/20, representing the Fund’s first full month of operation. This does not include data from the Analytic Global Long/Short Equity, L.P. (“Predecessor Account”), a limited partnership that commenced operations on 01/06/14 and was reorganized into the Fund on 12/12/14.. Peer Group (all funds): Open End Funds Morningstar Long/Short Equity Category. The calculation benchmark for all statistics is the S&P 500 which is the Morningstar assigned benchmark for the Long/Short Equity category. Past performance is not indicative of future results. Portfolio characteristics do not represent or predict the performance of the fund.

361 Global Long/Short Equity Fund

^{Performance [%]}

Annual Expense Ratios: Gross 2.42%; Net 2.39%, and Net Excluding Dividend & Interest on Short Sales 1.47% for Class I. The Gross Expense Ratio includes dividend and interest expense on short sales of 0.92%. The Net Expense Ratio reflects the fee waiver by the Adviser of 0.03%.†

Past returns shown do not guarantee future results. Current performance may be lower or higher. Call 888-736-1227 for the latest month-end returns. Return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than original cost. Other share class performance may vary.

Market Turbulence Resulting from COVID-19. The outbreak of COVID-19 has negatively affected the worldwide economy, individual countries, individual companies and the market in general. The future impact of COVID-19 is currently unknown, and it may exacerbate other risks that apply to the 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 or click here. Please read the prospectus or summary prospectus carefully before investing.

Investing involves risk, including possible loss of principal. The potential loss from a short sale 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, lax 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.

†Reflects contractual agreement to waive and/or pay for certain fees and expenses until 02/28/22.

The Analytic Global Long/Short Equity Fund, L.P. (“Predecessor Account”) was a limited partnership that commenced operations on 01/06/14 and reorganized into the Fund on 12/12/14. The Fund’s objectives, policies, guidelines and restrictions are, in all material respects, equivalent to those of the Predecessor Account. Performance shown prior to 12/12/14 is that of the Predecessor Account and has not been adjusted to reflect the expenses of the Fund’s Class I shares, which are lower than the expenses of the Predecessor Account. If the Class I expenses were reflected, the Predecessor Account returns would be higher than those shown. However, the Predecessor Account was not registered under the Investment Company Act of 1940 and therefore was not subject to certain restrictions on regulated investment companies. If the Predecessor Account had been registered its performance may have been lower.

The MSCI World Index is a free float adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The index includes reinvestment of dividends, net of foreign withholding taxes. Morningstar Long/Short Equity Category is defined as long-short portfolios that hold sizable stakes in both long and short positions in equities and related derivatives. At least 75% of the assets are in equity securities or derivatives. It is not possible to invest directly in an index.

Alpha measures the difference between a fund’s actual and expected returns, based on beta, and is generally used as a measure of a manager’s added value over a passive strategy. Downside Capture measures how well or poorly an investment manager performed relative to the benchmark during periods when the benchmark has dropped. Sharpe Ratio is a ratio developed to measure risk-adjusted performance. Sortino Ratio is a ratio developed to measure downside risk-adjusted performance.

Morningstar rankings are based on total return relative to the funds in the same category and includes the reinvestment of dividends and capital gains. Rankings shown are for Class I shares and may be lower for Investor shares due to higher fees and expenses. The rankings may have been lower without fee waivers in effect The highest for most favorable! percentile rank is 1 and the lowest for least favorable) percentile rank is 100. The Fund was ranked 67% for the 1-year period, 50% for the 3-year period and 30% since inception among 241, 198, 198 funds, respectively. Past performance is no guarantee of future results.

Portfolio characteristics do not represent or predict the performance of the fund.

The 361 Funds are distributed by IMST Distributors, LLC.