Form N-CSR Investment Managers Seri For: Oct 31

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UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM
N-CSR

CERTIFIED
SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment
Company Act file number 811-21719

INVESTMENT
MANAGERS SERIES TRUST
(Exact name of registrant as specified in charter)

235
W. Galena Street

Milwaukee,
WI 53212
(Address of principal executive offices) (Zip code)

Diane
J. Drake

Mutual
Fund Administration, LLC

2220
E. Route 66, Suite 226

Glendora,
CA 91740

(Name
and address of agent for service)

(626)
385-5777

Registrant’s
telephone number, including area code

Date
of fiscal year end: October 31,

Date
of reporting period: October 31, 2022

Item
1. Report to Stockholders.

The
registrant’s annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940,
as amended (the “Investment Company Act”), is as follows:

361
DOMESTIC LONG/SHORT EQUITY FUND

(INVESTOR
CLASS: ADMQX)

(CLASS
I: ADMZX)

361
GLOBAL LONG/SHORT EQUITY FUND

(INVESTOR
CLASS: AGAQX)

(CLASS
I: AGAZX)

(CLASS
Y: AGAWX)

ANNUAL
REPORT

October
31, 2022

361
Funds

Each
a series of Investment Managers Series Trust

Table
of Contents

Fund Commentary	1
Fund Performance	3
Schedules of Investments	6
Statements of Assets and Liabilities	24
Statements of Operations	26
Statements of Changes in Net Assets	27
Statement of Cash Flows	31
Financial Highlights	33
Notes to Financial Statements	38
Report of Independent Registered Public Accounting	50
Supplemental Information	51
Expense Examples	54

Investing
involves risk, including possible loss of principal. Futures prices may 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. The potential loss from a short sale is theoretically unlimited since the appreciation of the underlying asset also
is theoretically unlimited. Small- and mid-sized company securities tend to be less liquid and more volatile than those of large
companies. Bond prices generally fall when interest rates rise. High-yield bonds have higher default rates. Prices of commodities
and related contracts may be very volatile for a variety of reasons and may be difficult to liquidate in volatile markets.

This
report and the financial statements contained herein are provided for the general information of the shareholders of the 361 Funds.
This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective
prospectus.

www.allspringglobal.com

361
Domestic Long/Short Equity Fund

U.S.
equities were negative in the trailing year as the MSCI USA Index returned -16.86%.

It
was a challenging year for investors. After an incredible post-COVID recovery in the financial markets that were greatly assisted
by central bank interventions, global growth met its match as supply chain challenges and Russia’s war in Ukraine sent inflation
soaring. As the U.S. Federal Reserve and other central banks aggressively tightened their interest rates to try and cool price
increases, most all publicly traded asset prices fell leading to one of the worst fixed income and equity markets on record. Due
to the lagged impact of rate hikes on their respective economies, central bankers are beginning to attempt to reduce their monetary
pressures enough to slow inflationary pressures while not also causing a significant recession. As it stands today, most prices
indexes are in retreat which is good news, but the strength in the U.S. economy and labor market continues which makes it difficult
for the Fed to put a lid on inflationary pressures.

While
the markets were negative, it proved to be a strong relative market environment for long/short equity strategies, as the Morningstar
Long/Short Equity category average return was down 7.11% for the one-year period ending October 31, 2022. The relatively favorable
market conditions for long/short strategies extended to the performance of the 361 Domestic Long/Short Equity Fund. Buoyed by
its short position to high-risk stocks the fund outperformed the category and returned a positive 4.23% (Class I) for the fiscal
year ended on October 31, 2022.

Relative
to the MSCI USA Index, a top contributor for the Fund was its net exposure of about 70% due to its long/short equity strategy.
When equity markets perform strongly, this relatively static positioning will likely hinder performance, and over the trailing
12 months added about 5.74% relative to the MSCI USA Benchmark. Beta tilts also were additive adding approximately 8.87% with
the large boost in performance coming from being short high beta. Our Alpha model (factor positioning) also added over the period
by about 1.99% and strong stock selections within the bucket outperformed being helped most by our shorts tying back to an overall
theme of a risk off environment. Finally, from a sector perspective the net positioning was also positive with the top contributors
being our underweight in consumer discretionary and utilities.

As
of 10/31/2022, the 361 Domestic Long/Short Equity Fund, Class I, returned 4.23% for the one-year period, 6.62% for the three-year
period, 5.42% for the five-year period and 5.69% since the Fund’s inception on 3/31/2016.

The
performance data quoted here represents past performance and past performance is not a guarantee of future results. Investment
return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original
cost. Current performance may be lower or higher than the performance data quoted. For performance current to the most recent
month, please call (888) 877-9275.

Current
and future portfolio holdings are subject to change and risk.

Returns
over one year are annualized. Returns include the reinvestment of dividends and income.

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. Beta measures
a fund’s sensitivity to market movements. By definition, the beta of a market is 1.00. The views in this commentary
were as of October 31, 2022 and may not necessarily reflect the same views on the date this commentary is first published or any
time thereafter. These views are intended to help shareholders in understanding the Fund’s investment methodology and do not constitute
investment advice.

Notice
to Shareholders:
Following the recently completed adoption by the Allspring Funds, the 361 Global Long/Short Equity Fund and the 361 Domestic Long/Short
Equity Fund are now available at Allspring Global Investments. The Funds will continue to be sub-advised by Allspring Global Investments,
LLC and managed by Allspring’s Systematic Edge Equity team. For information about the Funds, including prospectuses and
other regulatory documents, please visit allspringglobal.com or call 1-888-877-9275.

Seven
Tower Bridge, 110 Washington Street, Suite 1300, Conshohocken, PA 19428 +1 610 934 2222
www.hamiltonlane.com

361
Global Long/Short Equity Fund

Global
equities continued to make positive gains in the trailing year as the MSCI World Index returned -18.48%.

While
the markets were negative, it proved to be a strong relative market environment for long/short equity strategies, as the Morningstar
Long/Short Equity category average return was down 7.11% for the one-year period ending October 31, 2022. The relatively favorable
market conditions for long/short strategies extended to the performance of the 361 Global Long/Short Equity Fund. Buoyed by its
short position to high-risk stocks the fund outperformed the category only being down -6.00% (Class I) for the fiscal year ended
on October 31, 2022.

Relative
to the MSCI World Index, a top contributor for the Fund was its net exposure of about 70% due to its long/short equity strategy.
When equity markets perform strongly, this relatively static positioning will likely hinder performance, and over the trailing
12 months added about 6.11% relative to the MSCI World Benchmark. Beta tilts also were additive adding approximately 3.89% with
the large boost in performance coming from being short high beta. Our Alpha model (factor positioning) also added over the period
by about 7.19% and strong stock selections within the bucket outperformed being helped most by our shorts tying back to an overall
theme of a risk off environment. Finally, from a sector perspective the net positioning was neutrals to the portfolio.

As
of 10/31/2022, the 361 Global Long/Short Equity Fund, Class I, returned -6.00% for the one-year period, 1.28% for the three-year
period, 0.80% for the five-year period and 4.12% since the Fund’s inception on 01/06/14.

Current
and future portfolio holdings are subject to change and risk.

Returns
over one year are annualized. Returns include the reinvestment of dividends and income.

It
is not possible to invest directly in an index.

Notice
to Shareholders:
Following the recently completed adoption by the Allspring Funds, the 361 Global Long/Short Equity Fund and the 361 Domestic
Long/Short Equity Fund are now available at Allspring Global Investments. The Funds will continue to be sub-advised by Allspring
Global Investments, LLC and managed by Allspring’s Systematic Edge Equity team. For information about the Funds, including
prospectuses and other regulatory documents, please visit allspringglobal.com or call 1-888-877-9275.

Seven
Tower Bridge, 110 Washington Street, Suite 1300, Conshohocken, PA 19428 +1 610 934 2222 www.hamiltonlane.com

361
Domestic Long/Short Equity Fund

FUND PERFORMANCE at October 31, 2022 (Unaudited)

This
graph compares a hypothetical $10,000 investment in the Fund’s Class I shares, made at its inception, with a similar investment
in the MSCI USA Index. The performance graph above is shown for the Fund’s Class I shares; Investor Class shares performance
may vary. Results include the reinvestment of all dividends and capital gains.

The
MSCI USA Index is designed to measure the performance of the large and mid-cap segments of the US market. With 624 constituents,
the index covers approximately 85% of the free float-adjusted market capitalization in the US. This index does not reflect expenses,
fees or sales charge, which would lower performance. The index is unmanaged, and it is not available for investment.

Average Annual Total Returns as of October 31, 2022	1 Year	5 Years	Since Inception	Inception Date
Investor Class	3.95%	5.12%	5.40%	03/31/16
Class I	4.23%	5.42%	5.69%	03/31/16
MSCI USA Index	-16.86%	9.80%	11.48%	03/31/16

Gross
and net expense ratios for the Investor Class shares were 4.80% and 2.97%, respectively, and for Class I shares were 4.49% and
2.66%, respectively, which were the amounts stated in the current prospectus dated March 1, 2022. For the Fund’s current
one-year expense ratios, please refer to the Financial Highlights section of this report. The Fund’s Advisor has contractually
agreed to waive its fees and/or pay for operating expenses to ensure that total annual fund operating expenses do not exceed 1.39%
of the average daily net assets of the Fund. This agreement is in effect until March 31, 2023, and it may be terminated before
that date only by the Trust’s Board of Trustees. In the absence of such waivers, the Fund’s returns would be lower.

Returns
reflect the reinvestment of distributions made by the Fund, if any. The graph and performance table above do not reflect the deduction
of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

361
Global Long/Short Equity Fund

FUND PERFORMANCE at October 31, 2022 (Unaudited)

The
Analytic Global Long/Short Equity Fund, L.P. (the “Predecessor Account”) was a limited partnership that commenced
operations on January 6, 2014 and reorganized into the Fund on December 12, 2014. The Fund’s objectives, policies, guidelines
and restrictions are, in all material respects, equivalent to those of the Predecessor Account. Performance shown prior to December
12, 2014 is that of the Predecessor Account and has not been adjusted to reflect the expenses of the Fund’s applicable Share Class,
which are lower than the expenses of the Predecessor Account. If the applicable Share Class 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.

This
graph compares a hypothetical $10,000 investment in the Fund’s Class I shares on January 6, 2014, Predecessor Account’s
inception date, with a similar investment in the MSCI World Index. The performance graph above is shown for the Fund’s Class
I shares; Investor Class shares and Class Y shares performance may vary. Results include the reinvestment of all dividends and
capital gains.

The
MSCI World Index represents large and mid-cap equity performance across 23 developed markets countries, covering approximately
85% of the free float-adjusted market capitalization in each. This index does not reflect expenses, fees or sales charge,
which would lower performance. The index is unmanaged, and it is not available for investment.

Average Annual Total Returns as of October 31, 2022	1 Year	5 Years	Since Inception	Inception Date
Investor Class	-6.32%	0.47%	3.83%	01/06/14
Class I	-6.00%	0.80%	4.12%	01/06/14
Class Y	-5.89%	0.88%	4.20%	01/06/14
MSCI World Index	-18.48%	6.37%	7.04%	01/06/14

Gross
and net expense ratios for the Investor Class shares were 2.77% and 2.75%, respectively, for Class I shares were 2.41% and 2.39%,
respectively, and for Class Y shares were 2.37% and 2.35%, respectively, which were the amounts stated in the current prospectus
dated March 1, 2022. For the Fund’s current one-year expense ratios, please refer to the Financial Highlights section of
this report. The Fund’s Advisor has contractually agreed to waive its fees and/or pay for operating expenses to ensure that
total annual fund operating expenses do not exceed 1.39% of the average daily net assets of the Fund. This agreement is in effect
until March 31, 2023, and it may be terminated before that date only by the Trust’s Board of Trustees. In the absence of
such waivers, the Fund’s returns would be lower.

361
Global Long/Short Equity Fund

FUND PERFORMANCE at October 31, 2022 (Unaudited) – Continued

361
Domestic Long/Short Equity Fund

SCHEDULE OF INVESTMENTS

As of October 31, 2022

Number of Shares			Value
		COMMON STOCKS — 105.5%
		BASIC MATERIALS — 0.9%
	136	Chemours Co.¹	$	3,894
	18	Linde PLC^1,2		5,352
	945	MP Materials Corp.*¹		28,388
	546	SSR Mining, Inc.^1,2		7,535
				45,169
		COMMUNICATIONS — 9.9%
	1,594	Advantage Solutions, Inc.*¹		5,388
	794	Alphabet, Inc. – Class A*¹		75,041
	705	Alphabet, Inc. – Class C*¹		66,735
	7,339	Altice USA, Inc. – Class A^*1		48,511
	1,014	Amazon.com, Inc.^*1		103,874
	491	Arista Networks, Inc.^*1		59,342
	858	Cisco Systems, Inc.¹		38,979
	459	Comcast Corp. – Class A¹		14,569
	111	GoDaddy, Inc.*¹		8,924
	141	Meta Platforms, Inc. – Class A*¹		13,136
	831	Trade Desk, Inc. – Class A*¹		44,242
	229	TripAdvisor, Inc.*¹		5,409
	93	Uber Technologies, Inc.*¹		2,471
	56	VeriSign, Inc.*¹		11,226
	140	Verizon Communications, Inc.¹		5,232
	308	World Wrestling Entertainment, Inc. – Class A¹		24,298
				527,377
		CONSUMER, CYCLICAL — 7.4%
	1,667	Allison Transmission Holdings, Inc.¹		70,431
	182	Best Buy Co., Inc.¹		12,451
	697	BJ’s Wholesale Club Holdings, Inc.*¹		53,948
	349	Dollar General Corp.¹		89,012
	1,788	Hudson Technologies Inc*¹		16,468
	208	IAA, Inc.*		7,889
	96	Lennar Corp.		6,261
	120	LKQ Corp.¹		6,677
	238	Lovesac Co.^*1		5,793
	48	Madison Square Garden Sports Corp.¹		7,517
	50	Marriott International, Inc. – Class A¹		8,006
	291	Mattel, Inc.*¹		5,517
	321	Tesla, Inc.*¹		73,040
	847	Tupperware Brands Corp.*¹		6,547
	1,173	Wendy’s Co.¹		24,375
				393,932

361 Domestic
Long/Short Equity Fund

SCHEDULE OF INVESTMENTS – Continued

As of October 31, 2022

Number of Shares			Value
		COMMON STOCKS (Continued)
		CONSUMER, NON-CYCLICAL — 33.2%
	234	ABIOMED, Inc.*¹	$	58,987
	640	AdaptHealth Corp.*¹		14,592
	1,395	Albertsons Cos., Inc.¹		28,611
	376	Altria Group, Inc.¹		17,398
	823	Amphastar Pharmaceuticals, Inc.*¹		25,431
	254	Archer-Daniels-Midland Co.¹		24,633
	1,507	Atea Pharmaceuticals, Inc.*¹		9,042
	119	Automatic Data Processing, Inc.¹		28,762
	38	BioMarin Pharmaceutical, Inc.*¹		3,292
	68	Booz Allen Hamilton Holding Corp. – Class A¹		7,402
	159	Bunge Ltd.^1,2		15,693
	139	Cal-Maine Foods, Inc.¹		7,855
	665	Campbell Soup Co.¹		35,185
	1,717	Catalyst Pharmaceuticals, Inc.*¹		23,815
	16	Cigna Corp.¹		5,169
	276	Coca-Cola Co.¹		16,519
	1,474	Colgate-Palmolive Co.¹		108,840
	357	Conagra Brands, Inc.¹		13,102
	271	Darling Ingredients, Inc.*¹		21,268
	47	Elevance Health, Inc.¹		25,698
	364	Exelixis, Inc.*¹		6,035
	184	FleetCor Technologies, Inc.*¹		34,246
	125	General Mills, Inc.¹		10,198
	88	Globus Medical, Inc. – Class A*¹		5,896
	98	Grand Canyon Education, Inc.*¹		9,862
	1,636	H&R Block, Inc.¹		67,321
	57	HCA Healthcare, Inc.¹		12,396
	945	Hologic, Inc.*¹		64,071
	89	Humana, Inc.¹		49,669
	951	Incyte Corp.*¹		70,697
	222	Intuitive Surgical, Inc.*¹		54,716
	76	Ionis Pharmaceuticals, Inc.*¹		3,359
	1,090	iTeos Therapeutics, Inc.*¹		21,233
	63	Jazz Pharmaceuticals PLC*^1,2		9,059
	1,997	Kelly Services, Inc. – Class A¹		32,631
	313	Kimberly-Clark Corp.¹		38,956
	1,626	Kroger Co.¹		76,894
	40	Lamb Weston Holdings, Inc.¹		3,449
	44	ManpowerGroup, Inc.¹		3,447
	194	Maravai LifeSciences Holdings, Inc. – Class A*¹		3,220
	12	MarketAxess Holdings, Inc.¹		2,929
	48	Masimo Corp.*¹		6,317

361 Domestic
Long/Short Equity Fund

SCHEDULE OF INVESTMENTS – Continued

As of October 31, 2022

Number of Shares			Value
		COMMON STOCKS (Continued)
		CONSUMER, NON-CYCLICAL (Continued)
	132	Monster Beverage Corp.*¹	$	12,371
	611	Neurocrine Biosciences, Inc.*¹		70,338
	1,636	Organon & Co.¹		42,831
	183	Paylocity Holding Corp.*¹		42,418
	69	PayPal Holdings, Inc.*¹		5,767
	147	PepsiCo, Inc.¹		26,692
	689	Pfizer, Inc.¹		32,073
	272	Philip Morris International, Inc.¹		24,983
	3,077	Pilgrim’s Pride Corp.*¹		70,925
	38	Post Holdings, Inc.*¹		3,436
	1,556	QIAGEN N.V.*^1,2		67,779
	492	QuidelOrtho Corp.*¹		44,191
	1,441	Resources Connection, Inc.¹		26,327
	21	Seagen, Inc.*¹		2,670
	705	Syneos Health, Inc.*¹		35,518
	80	UnitedHealth Group, Inc.¹		44,412
	692	Vector Group Ltd.¹		7,349
	192	Vertex Pharmaceuticals, Inc.*¹		59,904
	143	West Pharmaceutical Services, Inc.¹		32,904
	62	Zimmer Biomet Holdings, Inc.¹		7,028
	176	Zoetis, Inc.¹		26,537
				1,764,348
		ENERGY — 5.2%
	66	APA Corp.¹		3,000
	295	Chevron Corp.¹		53,366
	874	Exxon Mobil Corp.¹		96,848
	4,237	FutureFuel Corp.¹		28,981
	593	Marathon Oil Corp.¹		18,057
	690	New Fortress Energy, Inc.¹		37,998
	40	Occidental Petroleum Corp.¹		2,904
	945	Range Resources Corp.¹		26,914
	1,151	Southwestern Energy Co.*¹		7,976
				276,044
		FINANCIAL — 9.9%
	1	Annaly Capital Management, Inc. – REIT¹		9
	203	Arch Capital Group Ltd.*^1,2		11,673
	2,083	Bank of New York Mellon Corp.¹		87,715
	87	Cboe Global Markets, Inc.¹		10,832
	435	Hartford Financial Services Group, Inc.¹		31,498
	1,768	Highwoods Properties, Inc. – REIT¹		49,911
	236	JPMorgan Chase & Co.¹		29,708

361 Domestic
Long/Short Equity Fund

SCHEDULE OF INVESTMENTS – Continued

As of October 31, 2022

Number of Shares			Value
		COMMON STOCKS (Continued)
		FINANCIAL (Continued)
	63	Mastercard, Inc. – Class A¹	$	20,675
	3,088	Oportun Financial Corp.*¹		16,984
	69	Progressive Corp.¹		8,860
	31	Prologis, Inc. – REIT¹		3,433
	68	Reinsurance Group of America, Inc.¹		10,008
	3,259	SLM Corp.¹		54,067
	143	State Street Corp.¹		10,582
	3,592	Umpqua Holdings Corp.¹		71,409
	696	W.R. Berkley Corp.¹		51,768
	1,438	Weyerhaeuser Co. – REIT¹		44,477
	107	Wintrust Financial Corp.¹		10,017
				523,626
		INDUSTRIAL — 11.1%
	114	Advanced Drainage Systems, Inc.¹		13,210
	184	Agilent Technologies, Inc.¹		25,456
	2,719	Ardmore Shipping Corp.*^1,2		36,788
	1,525	Berry Global Group, Inc.*¹		72,163
	325	Carrier Global Corp.¹		12,922
	530	Centrus Energy Corp. – Class A*¹		25,074
	69	Cognex Corp.¹		3,190
	886	Donaldson Co., Inc.¹		50,901
	659	Expeditors International of Washington, Inc.¹		64,483
	1,849	Gentex Corp.¹		48,980
	739	Golden Ocean Group Ltd.^1,2		6,156
	2,971	Graphic Packaging Holding Co.¹		68,214
	108	HEICO Corp. – Class A		13,748
	16	Honeywell International, Inc.¹		3,264
	39	Lincoln Electric Holdings, Inc.¹		5,538
	643	Mueller Industries, Inc.¹		40,278
	528	Silgan Holdings, Inc.¹		25,006
	274	Sonoco Products Co.¹		17,010
	123	Timken Co.¹		8,769
	331	Vontier Corp.¹		6,322
	132	Waters Corp.*¹		39,491
				586,963
		TECHNOLOGY — 17.5%
	178	Adobe, Inc.*¹		56,693
	302	Alpha & Omega Semiconductor Ltd.*^1,2		9,890
	823	Amdocs Ltd.^1,2		71,033
	274	ANSYS, Inc.*¹		60,598
	1,037	Apple, Inc.¹		159,014

361 Domestic
Long/Short Equity Fund

SCHEDULE OF INVESTMENTS – Continued

As of October 31, 2022

Number of Shares			Value
		COMMON STOCKS (Continued)
		TECHNOLOGY (Continued)
	254	Bandwidth, Inc. – Class A*¹	$	3,015
	31	Broadcom Inc.¹		14,574
	889	Cognizant Technology Solutions Corp. – Class A¹		55,340
	902	Coupa Software, Inc.*¹		48,013
	1,299	DXC Technology Co.*¹		37,346
	4,612	Hewlett Packard Enterprise Co.¹		65,813
	116	Intel Corp.¹		3,298
	545	Leidos Holdings, Inc.¹		55,367
	769	Microsoft Corp.¹		178,508
	328	Sapiens International Corp. N.V.^1,2		6,452
	7	ServiceNow, Inc.*¹		2,945
	616	Skyworks Solutions, Inc.¹		52,982
	147	Smartsheet, Inc. – Class A*¹		5,133
	57	Super Micro Computer, Inc.*¹		3,967
	3,155	Upland Software, Inc.*¹		25,366
	7,381	WM Technology, Inc.*¹		15,131
				930,478
		UTILITIES — 10.4%
	521	American Electric Power Co., Inc.¹		45,806
	38	Constellation Energy Corp.¹		3,593
	172	Edison International¹		10,327
	1,171	Essential Utilities, Inc.¹		51,782
	778	Evergy, Inc.¹		47,559
	465	Eversource Energy¹		35,470
	144	National Fuel Gas Co.¹		9,719
	1,837	NiSource, Inc.¹		47,193
	1,823	NRG Energy, Inc.¹		80,941
	106	OGE Energy Corp.¹		3,883
	506	Otter Tail Corp.¹		34,114
	19	Sempra Energy¹		2,868
	226	Southern Co.¹		14,798
	2,503	UGI Corp.¹		88,431
	3,322	Vistra Corp.¹		76,306
				552,790
		TOTAL COMMON STOCKS
		(Cost $5,568,678)		5,600,727

361 Domestic
Long/Short Equity Fund

SCHEDULE OF INVESTMENTS – Continued

As of October 31, 2022

Principal Amount			Value
		SHORT-TERM INVESTMENTS — 7.4%
$	392,849	UMB Bank Demand Deposit, 0.01%3	$	392,849
		TOTAL SHORT-TERM INVESTMENTS
		(Cost $392,849)		392,849


TOTAL INVESTMENTS — 112.9%
(Cost $5,961,527)		5,993,576

Liabilities in Excess of Other Assets — (12.9)%		(685,114	)
TOTAL NET ASSETS — 100.0%	$	5,308,462

Number of Shares
			SECURITIES SOLD SHORT — (31.3)%
			COMMON STOCKS — (31.3)%
			BASIC MATERIALS — (0.5)%
	(1,479	)	5E Advanced Materials, Inc.^*	(19,789	)
	(340	)	Cleveland-Cliffs, Inc.*	(4,417	)
				(24,206	)
			COMMUNICATIONS — (2.6)%
	(5,617	)	Allbirds, Inc. – Class A*	(19,322	)
	(525	)	Groupon, Inc.*	(3,869	)
	(4,053	)	Robinhood Markets, Inc. – Class A*	(47,339	)
	(67	)	Roku, Inc.*	(3,721	)
	(102	)	Ubiquiti, Inc.	(35,369	)
	(515	)	Wayfair, Inc. – Class A*	(19,529	)
	(172	)	Zillow Group, Inc. – Class A*	(5,320	)
	(162	)	Zillow Group, Inc. – Class C*	(4,999	)
				(139,468	)
			CONSUMER, CYCLICAL — (10.1)%
	(3,122	)	DraftKings, Inc. – Class A*	(49,328	)
	(256	)	Dream Finders Homes, Inc. – Class A*	(2,842	)
	(875	)	Freshpet, Inc.*	(51,581	)
	(4,209	)	Gap, Inc.	(47,435	)
	(4,740	)	GrowGeneration Corp.*	(16,922	)
	(2,778	)	Hanesbrands, Inc.	(18,946	)
	(64	)	Kura Sushi USA, Inc. – Class A*	(5,058	)
	(1,167	)	Las Vegas Sands Corp.*	(44,358	)
	(3,348	)	Lucid Group, Inc.*	(47,843	)
	(76	)	Lululemon Athletica, Inc.*	(25,007	)
	(309	)	NEOGAMES S.A.*²	(5,315	)
	(9	)	NVR, Inc.^*	(38,140	)
	(1,043	)	Penn Entertainment, Inc.*	(34,523	)
	(97	)	Planet Fitness, Inc. – Class A*	(6,352	)
	(982	)	PLBY Group, Inc.*	(3,555	)

361 Domestic
Long/Short Equity Fund

SCHEDULE OF INVESTMENTS – Continued

As of October 31, 2022

Number of Shares				Value
			SECURITIES SOLD SHORT (Continued)
			COMMON STOCKS (Continued)
			CONSUMER, CYCLICAL (Continued)
	(1,812	)	Purple Innovation, Inc.*	$	(6,378	)
	(226	)	RH*		(57,388	)
	(1,320	)	Rivian Automotive, Inc. – Class A*		(46,160	)
	(1,414	)	Sweetgreen, Inc.*		(26,300	)
	(605	)	TuSimple Holdings, Inc. – Class A*		(2,075	)
					(535,506	)
			CONSUMER, NON-CYCLICAL — (6.7)%
	(935	)	Affirm Holdings, Inc.*		(18,765	)
	(323	)	Akero Therapeutics, Inc.*		(13,650	)
	(952	)	Atara Biotherapeutics, Inc.*		(4,436	)
	(750	)	Bioxcel Therapeutics, Inc.*		(9,443	)
	(1,474	)	Community Health Systems, Inc.*		(4,230	)
	(831	)	Distribution Solutions Group, Inc.*		(24,997	)
	(605	)	EyePoint Pharmaceuticals, Inc.*		(3,267	)
	(205	)	IGM Biosciences, Inc.*		(4,100	)
	(3,892	)	ImmunityBio, Inc.*		(21,406	)
	(39	)	Insulet Corp.*		(10,094	)
	(1,401	)	Marathon Digital Holdings, Inc.*		(18,367	)
	(4,315	)	Mister Car Wash, Inc.*		(38,101	)
	(171	)	Moderna, Inc.*		(25,706	)
	(273	)	Natera, Inc.*		(12,820	)
	(2,187	)	Novavax, Inc.*		(48,705	)
	(46	)	Novocure Ltd.*²		(3,250	)
	(3,138	)	PFSweb, Inc.*		(30,031	)
	(1,986	)	Phathom Pharmaceuticals, Inc.*		(21,052	)
	(480	)	Riot Blockchain, Inc.*		(3,307	)
	(237	)	RxSight, Inc.*		(2,948	)
	(1,268	)	Sorrento Therapeutics, Inc.*		(1,991	)
	(482	)	Teladoc Health, Inc.*		(14,286	)
	(1,429	)	TG Therapeutics, Inc.*		(8,317	)
	(693	)	Viridian Therapeutics, Inc.*		(13,791	)
					(357,060	)
			ENERGY — (1.4)%
	(194	)	Baker Hughes Co.		(5,366	)
	(102	)	Enviva, Inc.		(6,104	)
	(349	)	Hess Corp.		(49,237	)
	(171	)	Plug Power, Inc.*		(2,732	)
	(160	)	Sunrun, Inc.*		(3,602	)
	(2	)	Texas Pacific Land Corp.		(4,608	)
					(71,649	)

361 Domestic
Long/Short Equity Fund

SCHEDULE OF INVESTMENTS – Continued

As of October 31, 2022

Number of Shares				Value
			SECURITIES SOLD SHORT (Continued)
			COMMON STOCKS (Continued)
			FINANCIAL — (3.2)%
	(748	)	Aflac, Inc.	$	(48,702	)
	(609	)	AGNC Investment Corp. – REIT		(5,006	)
	(571	)	MetLife, Inc.		(41,803	)
	(392	)	Realty Income Corp. – REIT		(24,410	)
	(9,007	)	SoFi Technologies, Inc.*		(48,998	)
					(168,919	)
			INDUSTRIAL — (2.8)%
	(422	)	Boeing Co.*		(60,139	)
	(736	)	CIRCOR International, Inc.*		(15,213	)
	(75	)	Graco, Inc.		(5,219	)
	(577	)	Harsco Corp.*		(3,052	)
	(282	)	Hyster-Yale Materials Handling, Inc.		(8,223	)
	(5,037	)	Li-Cycle Holdings Corp.*²		(30,021	)
	(2,598	)	PureCycle Technologies, Inc.*		(21,485	)
	(47	)	Stanley Black & Decker, Inc.		(3,689	)
					(147,041	)
			TECHNOLOGY — (2.7)%
	(1,595	)	ACM Research, Inc. – Class A*		(10,208	)
	(369	)	Atomera, Inc.*		(3,325	)
	(468	)	Cardlytics, Inc.*		(4,413	)
	(382	)	KBR, Inc.		(19,012	)
	(2,908	)	Palantir Technologies, Inc. – Class A*		(25,561	)
	(652	)	Pegasystems, Inc.		(24,261	)
	(1,123	)	ROBLOX Corp. – Class A*		(50,243	)
	(988	)	Unisys Corp.*		(8,398	)
					(145,421	)
			UTILITIES — (1.3)%
	(672	)	Atmos Energy Corp.		(71,602	)
			TOTAL COMMON STOCKS
			(Proceeds $1,720,566)		(1,660,872	)

			TOTAL SECURITIES SOLD SHORT
			(Proceeds $1,720,566)	$	(1,660,872	)

PLC –
Public Limited Company

REIT – Real Estate Investment
Trusts

Non-income
producing security.

All
or a portion of this security is segregated as collateral for securities sold short. The market value of the securities pledged
as collateral was $5,469,775, which represents 103.04% of total net assets of the Fund.

Foreign
security denominated in U.S. Dollars.

The
rate is the annualized seven-day yield at period end.

See
accompanying Notes to Financial Statements.

361
Domestic Long/Short Equity Fund

SUMMARY OF INVESTMENTS

As of October 31, 2022

Security Type/Sector	Percent of Total Net Assets
Common Stocks
Consumer, Non-cyclical	33.2%
Technology	17.5%
Industrial	11.1%
Utilities	10.4%
Communications	9.9%
Financial	9.9%
Consumer, Cyclical	7.4%
Energy	5.2%
Basic Materials	0.9%
Total Common Stocks	105.5%
Short-Term Investments	7.4%
Total Investments	112.9%
Liabilities in Excess of Other Assets	(12.9)%
Total Net Assets	100.0%

See
accompanying Notes to Financial Statements.

361
Global Long/Short Equity Fund

SCHEDULE
OF INVESTMENTS

As
of October 31, 2022

Number of Shares			Value
		COMMON STOCKS — 101.3%
		BASIC MATERIALS — 10.1%
	25,447	Albemarle Corp.¹	$	7,121,852
	62,385	CF Industries Holdings, Inc.¹		6,629,030
	107,397	Eastman Chemical Co.¹		8,249,164
	1,165,293	Glencore PLC*		6,680,657
	39,659	Holmen A.B.		1,439,241
	791,295	ICL Group Ltd.		7,135,494
	2,192,969	Liontown Resources Ltd.*		2,640,288
	120,214	Mosaic Co.¹		6,461,502
	25,600	Nitto Denko Corp.		1,348,755
	166,172	OCI N.V.*		6,355,673
	14,912	Rio Tinto Ltd.		846,226
	10,995	Solvay S.A.		992,189
	2,730,102	South32 Ltd.		6,263,483
				62,163,554
		COMMUNICATIONS — 4.8%
	9,463	Alphabet, Inc. – Class A*¹		894,348
	62,205	Alphabet, Inc. – Class C*¹		5,888,325
	8,763	Amazon.com, Inc.*¹		897,682
	150,832	AT&T, Inc.¹		2,749,667
	2,599	Booking Holdings, Inc.*¹		4,858,779
	36,715	Corning, Inc.¹		1,181,122
	235,800	Dentsu Group, Inc.		7,334,174
	26,298	Liberty Global PLC – Class A*^1,2		443,384
	1,820	MercadoLibre, Inc.*¹		1,640,948
	1,617	Netflix, Inc.*¹		471,970
	4,774	NortonLifeLock, Inc.¹		107,558
	21,400	Trend Micro, Inc.		1,079,064
	30,120	Verizon Communications, Inc.¹		1,125,584
	28,600	ZOZO, Inc.		606,841
				29,279,446
		CONSUMER, CYCLICAL — 11.1%
	31,479	Advance Auto Parts, Inc.¹		5,978,492
	73,700	Alimentation Couche-Tard, Inc.		3,299,838
	81,454	A-Mark Precious Metals, Inc.¹		2,477,016
	3,551	AutoZone, Inc.*¹		8,994,257
	12,221	Bayerische Motoren Werke A.G.		901,215
	6,658	BorgWarner, Inc.¹		249,875
	9,086	Cie Financiere Richemont S.A.		887,963
	5,695	Costco Wholesale Corp.¹		2,856,042
	5,034	Home Depot, Inc.¹		1,490,718
	1,044,700	Marubeni Corp.		9,145,219

361 Global
Long/Short Equity Fund

SCHEDULE OF INVESTMENTS – Continued

As of October 31, 2022

Number of Shares			Value
		COMMON STOCKS (Continued)
		CONSUMER, CYCLICAL (Continued)
	330,900	Mitsubishi Corp.	$	8,963,712
	33,200	Mitsubishi Motors Corp.*		111,842
	423,100	Mitsui & Co., Ltd.		9,362,859
	41,935	PulteGroup, Inc.¹		1,676,981
	48,600	Sankyo Co., Ltd.		1,604,863
	99,900	Sumitomo Corp.		1,270,105
	2,019	Swatch Group A.G. – Bearer Shares		453,666
	15,727	Swatch Group A.G. – Registered Shares		657,021
	3,462	Ulta Beauty, Inc.*¹		1,451,859
	214,700	USS Co., Ltd.		3,239,553
	51,747	Volvo A.B. – A Shares		883,924
	1,365	W.W. Grainger, Inc.¹		797,638
	29,477	Walgreens Boots Alliance, Inc.		1,075,910
				67,830,568
		CONSUMER, NON-CYCLICAL — 30.2%
	19,414	AbbVie, Inc.		2,842,210
	27,162	ABIOMED, Inc.*¹		6,846,997
	75,453	Altria Group, Inc.¹		3,491,210
	32,573	Amgen, Inc.¹		8,806,111
	32,678	Amphastar Pharmaceuticals, Inc.*¹		1,009,750
	106,722	Archer-Daniels-Midland Co.¹		10,349,900
	2,070	AstraZeneca PLC		242,875
	8,332	Automatic Data Processing, Inc.¹		2,013,844
	8,065	Becton, Dickinson and Co.¹		1,903,098
	2,985	Biogen, Inc.*¹		846,068
	20,025	Bristol-Myers Squibb Co.¹		1,551,337
	78,228	Cal-Maine Foods, Inc.¹		4,420,664
	18,050	Carlsberg A/S – Class B		2,125,310
	191,217	Catalyst Pharmaceuticals, Inc.*¹		2,652,180
	124,685	Centene Corp.*¹		10,614,434
	3,676	Cigna Corp.¹		1,187,569
	208,778	Coca-Cola Europacific Partners PLC^1,2		9,823,005
	22,277	CVS Health Corp.¹		2,109,632
	145,599	DocGo, Inc.*¹		1,441,430
	39,800	Empire Co., Ltd. – Class A		1,022,460
	39,606	General Mills, Inc.¹		3,231,057
	9,183	Genmab A/S*		3,537,363
	54,300	George Weston Ltd.		5,976,428
	31,032	Gilead Sciences, Inc.¹		2,434,771
	3,567,400	Golden Agri-Resources Ltd.		731,574
	440,154	GrainCorp Ltd. – Class A		2,366,116
	79,790	Grieg Seafood A.S.A.		552,544

361 Global
Long/Short Equity Fund

SCHEDULE OF INVESTMENTS – Continued

As of October 31, 2022

Number of Shares			Value
		COMMON STOCKS (Continued)
		CONSUMER, NON-CYCLICAL (Continued)
	71,964	Grifols S.A.*	$	612,231
	16,882	Ingles Markets, Inc. – Class A¹		1,593,154
	654	Jazz Pharmaceuticals PLC*^1,2		94,039
	163,660	Jeronimo Martins SGPS S.A.		3,386,593
	10,729	JM Smucker Co.¹		1,616,431
	44,090	Kimberly-Clark Corp.¹		5,487,441
	31,784	Kraft Heinz Co.¹		1,222,730
	256,293	Kroger Co.¹		12,120,096
	53,900	Loblaw Cos. Ltd.		4,415,970
	22,923	Molina Healthcare, Inc.*¹		8,226,148
	211,769	Molson Coors Beverage Co., Class B¹		10,679,511
	124,370	Novo Nordisk A/S – Class B		13,522,906
	2,800	PepsiCo, Inc.¹		508,424
	77,329	Pfizer, Inc.¹		3,599,665
	1,507,437	Pharming Group N.V.*		1,559,577
	3,492	Procter & Gamble Co.¹		470,268
	23,625	Reckitt Benckiser Group PLC		1,567,836
	10,028	Sartorius Stedim Biotech		3,182,242
	2,243	Sonova Holding A.G.		530,137
	102,423	SpartanNash Co.¹		3,657,525
	32,377	Vertex Pharmaceuticals, Inc.*¹		10,101,624
	92,812	Viatris, Inc.¹		940,186
	2,812,500	WH Group Ltd.³		1,420,349
				184,645,020
		DIVERSIFIED — 2.5%
	240,200	Jardine Matheson Holdings Ltd.²		11,065,534
	680,000	Swire Pacific Ltd. – A Shares		4,510,764
				15,576,298
		ENERGY — 8.0%
	3,115	Alpha Metallurgical Resources, Inc.¹		525,968
	41,858	APA Corp.¹		1,902,865
	559,100	ARC Resources Ltd.		7,871,064
	1,187,652	Coronado Global Resources, Inc.³		1,416,993
	149,719	Coterra Energy, Inc.¹		4,660,752
	30,358	Eni S.p.A.		398,710
	25,556	Enphase Energy, Inc.*¹		7,845,692
	2,925	EQT Corp.¹		122,382
	532,600	Inpex Corp.		5,375,211
	9,343	Marathon Petroleum Corp.¹		1,061,552
	453,417	New Hope Corp. Ltd.		1,647,052
	33,876	Occidental Petroleum Corp.¹		2,459,398

361 Global
Long/Short Equity Fund

SCHEDULE OF INVESTMENTS – Continued

As of October 31, 2022

Number of Shares			Value
		COMMON STOCKS (Continued)
		ENERGY (Continued)
	123,100	Tourmaline Oil Corp.	$	6,935,669
	47,675	Valero Energy Corp.¹		5,985,596
	83,604	Whitehaven Coal Ltd.		485,624
				48,694,528
		FINANCIAL — 13.2%
	26,388	Ageas SA/NV		913,496
	24,484	American International Group, Inc.¹		1,395,588
	14,409	Banca Monte dei Paschi di Siena S.p.A.*		27,189
	29,130	Bank of New York Mellon Corp.¹		1,226,664
	356,483	British Land Company PLC (The)		1,495,389
	305,455	Equitable Holdings, Inc.¹		9,353,032
	11,411	Everest Re Group Ltd.^1,2		3,681,873
	22,380	Extra Space Storage, Inc. – REIT¹		3,971,107
	285,481	Host Hotels & Resorts, Inc., REIT¹		5,389,881
	1,150,073	HSBC Holdings PLC		5,902,169
	71,221	Julius Baer Group Ltd.*		3,416,930
	353,732	Klepierre S.A. – REIT*		7,109,318
	129,802	Land Securities Group PLC – REIT		848,759
	381,680	Medical Properties Trust, Inc. – REIT¹		4,370,236
	14,000	MS&AD Insurance Group Holdings, Inc.		370,737
	3,111,020	NatWest Group PLC		8,378,706
	5,892	Northern Trust Corp.¹		496,990
	469,700	ORIX Corp.		6,898,814
	14,384	Principal Financial Group, Inc.¹		1,267,662
	2,424	Prologis, Inc. – REIT¹		268,458
	5,190	Public Storage – REIT¹		1,607,603
	98,600	RioCan Real Estate Investment Trust – REIT		1,404,746
	205,128	Scentre Group – REIT		381,732
	12,616	Segro PLC		113,543
	90,476	Standard Chartered PLC		540,563
	2,527	Swiss Re AG		187,708
	320,445	UBS Group A.G.		5,080,144
	764,016	Vicinity Ltd. – REIT		952,454
	139,562	Warehouses De Pauw CVA – REIT		3,581,953
				80,633,444
		INDUSTRIAL — 3.4%
	6,573	3M Co.¹		826,818
	585	AP Moller – Maersk A/S – Class A		1,170,401
	34,172	C.H. Robinson Worldwide, Inc.¹		3,339,288
	22,391	Carlisle Cos., Inc.¹		5,346,971
	379,000	CK Infrastructure Holdings Ltd.		1,800,512

361 Global
Long/Short Equity Fund

SCHEDULE OF INVESTMENTS – Continued

As of October 31, 2022

Number of Shares			Value
		COMMON STOCKS (Continued)
		INDUSTRIAL (Continued)
	159,300	Mitsubishi Heavy Industries Ltd.	$	5,486,942
	1,709,000	SITC International Holdings Co., Ltd.		2,798,970
				20,769,902
		TECHNOLOGY — 10.0%
	17,229	Adobe, Inc.*¹		5,487,436
	102,225	Apple, Inc.¹		15,675,181
	9,675	Autodesk, Inc.*¹		2,073,353
	2,303	Broadcom Inc.¹		1,082,686
	52,599	Cadence Design Systems, Inc.*¹		7,962,963
	9,965	Check Point Software Technologies Ltd.*^1,2		1,287,777
	225,623	Clarivate PLC*^1,2		2,330,686
	83,540	Hewlett Packard Enterprise Co.¹		1,192,116
	16,140	Microsoft Corp.¹		3,746,578
	225,000	Nexon Co., Ltd.		3,765,202
	2,300	Open Text Corp.		66,616
	74,323	Privia Health Group, Inc.*¹		2,488,334
	8,867	Qualys, Inc.*¹		1,264,080
	51,990	Super Micro Computer, Inc.*¹		3,617,984
	28,983	Synopsys, Inc.*¹		8,478,977
	175,926	Truecaller A.B. – Class B*		643,916
				61,163,885
		UTILITIES — 8.0%
	89,332	Clearway Energy, Inc. – Class C¹		3,103,394
	30,855	Clearway Energy, Inc., Class A		997,542
	76,169	Constellation Energy Corp.¹		7,201,017
	465,068	Drax Group PLC		2,777,181
	665,173	Engie S.A.		8,642,779
	33,680	Exelon Corp.¹		1,299,711
	31,504	FirstEnergy Corp.¹		1,188,016
	14,842	National Fuel Gas Co.¹		1,001,687
	4,364	NextEra Energy, Inc.¹		338,210
	135,313	NiSource, Inc.¹		3,476,191
	224,562	NRG Energy, Inc.¹		9,970,553
	31,604	RWE A.G.		1,216,590
	350,040	Vistra Corp.¹		8,040,419
				49,253,290
		TOTAL COMMON STOCKS
		(Cost $615,673,441)		620,009,935

361 Global
Long/Short Equity Fund

SCHEDULE OF INVESTMENTS – Continued

As of October 31, 2022

Principal Amount			Value
		SHORT-TERM INVESTMENTS — 12.9%
$	79,135,046	UMB Bank Demand Deposit, 0.01%⁴	$	79,135,046
		TOTAL SHORT-TERM INVESTMENTS
		(Cost $79,135,046)		79,135,046


TOTAL INVESTMENTS — 114.2%
(Cost $694,808,487)		699,144,981

Liabilities in Excess of Other Assets — (14.2)%		(86,831,094	)
TOTAL NET ASSETS — 100.0%	$	612,313,887

Number of Shares
			SECURITIES SOLD SHORT — (29.3)%
			COMMON STOCKS — (29.3)%
			BASIC MATERIALS — (3.1)%
	(56,573	)	Codexis, Inc.*	(317,940	)
	(257,175	)	Covestro A.G.³	(8,729,972	)
	(4,454,684	)	De Grey Mining Ltd.*	(3,013,479	)
	(201,700	)	Energy Fuels, Inc.*	(1,458,269	)
	(5,565,027	)	ioneer Ltd.*	(1,972,356	)
	(761,500	)	NexGen Energy Ltd.*	(3,197,137	)
	(105,580	)	Uranium Energy Corp.*	(444,492	)
				(19,133,645	)
			COMMUNICATIONS — (5.6)%
	(625,078	)	Allbirds, Inc. – Class A*	(2,150,268	)
	(109,981	)	DoorDash, Inc. – Class A*	(4,787,473	)
	(51,049	)	Roku, Inc.*	(2,835,262	)
	(185,600	)	Shopify, Inc.*	(6,363,312	)
	(131,000	)	SoftBank Group Corp.	(5,623,335	)
	(554,364	)	Warner Bros Discovery, Inc.*	(7,206,732	)
	(131,748	)	Wayfair, Inc. – Class A*	(4,995,884	)
				(33,962,266	)
			CONSUMER, CYCLICAL — (3.8)%
	(217,202	)	Abercrombie & Fitch Co. – Class A*	(3,818,411	)
	(1,126,658	)	boohoo Group PLC*	(523,534	)
	(22,072	)	Carvana Co.*	(298,634	)
	(8,310	)	Crocs, Inc.*	(587,933	)
	(41,719	)	Dutch Bros, Inc. – Class A*	(1,539,848	)
	(38,500	)	F45 Training Holdings, Inc.*	(128,590	)
	(286,018	)	Gap, Inc.	(3,223,423	)
	(330,444	)	Hyliion Holdings Corp.*	(941,765	)
	(228,600	)	Koito Manufacturing Co., Ltd.	(3,245,399	)
	(54,500	)	Lucid Group, Inc.*	(778,805	)
	(159,182	)	Rivian Automotive, Inc. – Class A*	(5,566,595	)

361 Global
Long/Short Equity Fund

SCHEDULE OF INVESTMENTS – Continued

As of October 31, 2022

Number of Shares				Value
			SECURITIES SOLD SHORT (Continued)
			COMMON STOCKS (Continued)
			CONSUMER, CYCLICAL (Continued)
	(29,400	)	Sharp Corp.	$	(176,344	)
	(66,042	)	TuSimple Holdings, Inc. – Class A*		(226,524	)
	(479,620	)	Virgin Galactic Holdings, Inc.*		(2,215,844	)
					(23,271,649	)
			CONSUMER, NON-CYCLICAL — (3.3)%
	(42,683	)	Accolade, Inc.*		(460,123	)
	(240,548	)	Affirm Holdings, Inc.*		(4,827,798	)
	(47,549	)	Bachem Holding A.G.		(3,409,383	)
	(32,806	)	Beauty Health Co.*		(374,972	)
	(38,500	)	Bioxcel Therapeutics, Inc.*		(484,715	)
	(25,030	)	Establishment Labs Holdings, Inc.*²		(1,411,442	)
	(66,735	)	Exact Sciences Corp.*		(2,321,043	)
	(24,191	)	Fate Therapeutics, Inc.*		(506,076	)
	(53,851	)	Novocure Ltd.*²		(3,805,112	)
	(515,490	)	Ocado Group PLC*		(2,794,582	)
					(20,395,246	)
			ENERGY — (3.9)%
	(90,900	)	Ballard Power Systems, Inc.*		(515,082	)
	(96,973	)	Ceres Power Holdings PLC*		(364,917	)
	(256,700	)	Enbridge, Inc.		(10,001,201	)
	(594,747	)	Gevo, Inc.*		(1,338,181	)
	(87,363	)	Green Plains, Inc.*		(2,523,917	)
	(571,569	)	ITM Power PLC*		(539,910	)
	(84,000	)	Keyera Corp.		(1,800,352	)
	(77,313	)	Neste Oyj		(3,388,478	)
	(86,500	)	Parkland Corp.		(1,748,539	)
	(164,463	)	PowerCell Sweden A.B.*		(1,806,382	)
					(24,026,959	)
			FINANCIAL — (4.4)%
	(251,259	)	Aegon N.V.		(1,163,106	)
	(102,740	)	AerCap Holdings N.V.*²		(5,487,343	)
	(306,172	)	Alm Brand A/S		(418,420	)
	(61,128	)	Coinbase Global, Inc. – Class A*		(4,049,730	)
	(24,358	)	Investor A.B. – B Shares		(397,538	)
	(1	)	Jackson Financial, Inc. – Class A		(32	)
	(222,840	)	Kinnevik A.B. – Class B*		(2,752,842	)
	(71,333	)	Orion Office REIT, Inc. – REIT		(668,390	)
	(145,705	)	Phoenix Group Holdings PLC		(906,863	)
	(138,500	)	Redfin Corp.*		(666,185	)

361 Global
Long/Short Equity Fund

SCHEDULE OF INVESTMENTS – Continued

As of October 31, 2022

Number of Shares				Value
			SECURITIES SOLD SHORT (Continued)
			COMMON STOCKS (Continued)
			FINANCIAL (Continued)
	(593,579	)	Washington H. Soul Pattinson & Co., Ltd.	$	(10,622,422	)
					(27,132,871	)
			INDUSTRIAL — (3.9)%
	(1,736	)	Boeing Co.*		(247,397	)
	(224,053	)	Cellnex Telecom S.A.³		(7,333,236	)
	(69,500	)	Fujitsu General Ltd.		(1,586,131	)
	(138,000	)	Makita Corp.		(2,521,744	)
	(10,804,171	)	Rolls-Royce Holdings PLC*		(9,690,301	)
	(27,398	)	Stanley Black & Decker, Inc.		(2,150,469	)
					(23,529,278	)
			TECHNOLOGY — (1.3)%
	(89,137	)	CS Disco, Inc.*		(955,549	)
	(253,530	)	Megaport Ltd.*		(983,406	)
	(669,799	)	Palantir Technologies, Inc. – Class A*		(5,887,533	)
					(7,826,488	)
			TOTAL COMMON STOCKS
			(Proceeds $199,127,569)		(179,278,402	)
			TOTAL SECURITIES SOLD SHORT
			(Proceeds $199,127,569)	$	(179,278,402	)

PLC –
Public Limited Company

REIT – Real Estate Investment
Trusts

Non-income
producing security.

All
or a portion of this security is segregated as collateral for securities sold short. The market value of the securities pledged
as collateral was $344,912,197, which represents 56.33% of total net assets of the Fund.

Foreign
security denominated in U.S. Dollars.

Security
exempt from registration under Rule 144A of the Securities Act of 1933. These securities are restricted and may be resold in transactions
exempt from registration normally to qualified institutional buyers. The absolute value of these securities is $18,900,550, which
represents 3.09% of total net assets of the Fund.

⁴

The
rate is the annualized seven-day yield at period end.

See
accompanying Notes to Financial Statements.

361
Global Long/Short Equity Fund

SUMMARY OF INVESTMENTS

As of October 31, 2022

Security Type/Country	Percent of Total Net Assets
Common Stocks
United States	57.9%
Japan	10.8%
United Kingdom	5.8%
Canada	5.1%
Hong Kong	3.5%
Denmark	3.3%
France	3.1%
Switzerland	2.9%
Australia	2.6%
Israel	1.4%
Netherlands	1.3%
Belgium	0.9%
Bermuda	0.6%
Portugal	0.6%
Sweden	0.5%
Germany	0.3%
Argentina	0.3%
Singapore	0.1%
Spain	0.1%
Norway	0.1%
Italy	0.1%
Ireland	0.0%
Total Common Stocks	101.3%
Short-Term Investments	12.9%
Total Investments	114.2%
Liabilities in Excess of Other Assets	(14.2)%
Total Net Assets	100.0%

See
accompanying Notes to Financial Statements.

STATEMENTS
OF ASSETS AND LIABILITIES

As
of October 31, 2022

	361 Domestic Long/Short Equity Fund		361 Global Long/Short Equity Fund
Assets:
Investments, at cost	$	5,961,527	$	694,808,487
Foreign currency, at cost		–		614,634
Investments, at value	$	5,993,576	$	699,144,981
Foreign currency, at value		–		614,519
Cash		8,682		–
Cash deposited with brokers for securities sold short		974,380		90,098,580
Receivables:
Fund shares sold		–		291,726
Dividends and interest		14,051		2,794,757
Due from Advisor		15,408		–
Due from Custodian		–		46
Prepaid expenses		16,479		33,292
Total assets		7,022,576		792,977,901

Liabilities:
Securities sold short, proceeds	$	1,720,566	$	199,127,569
Securities sold short, at value	$	1,660,872	$	179,278,402
Payables:
Fund shares redeemed		–		477,324
Advisory fees		–		609,682
Shareholder servicing fees (Note 7)		2,206		31,199
Distribution fees (Note 6)		399		1,464
Fund accounting and administration fees		6,049		38,711
Transfer agent fees and expenses		2,838		17,181
Custody fees		4,555		63,144
Auditing fees		20,503		20,758
Trustees’ deferred compensation (Note 3)		8,038		12,349
Dividends and interest on securities sold short		1,910		95,526
Chief Compliance Officer fees		1,559		1,424
Shareholder reporting fees		1,350		10,642
Trustees’ fees and expenses		617		1,298
Accrued other expenses		3,218		4,910
Total liabilities		1,714,114		180,664,014
Net Assets	$	5,308,462	$	612,313,887

See accompanying
Notes to Financial Statements.

STATEMENTS
OF ASSETS AND LIABILITIES – Continued

As
of October 31, 2022

	361 Domestic Long/Short Equity Fund		361 Global Long/Short Equity Fund
Components of Net Assets:
Paid-in capital (par value of $0.01 per share with a number of shares authorized)	$	4,866,261	$	623,975,930
Total distributable earnings (accumulated deficit)		442,201		(11,662,043	)
Net Assets	$	5,308,462	$	612,313,887

Maximum Offering Price per Share:
Investor Class Shares:
Net assets applicable to shares outstanding	$	1,736,822	$	6,059,333
Shares of beneficial interest issued and outstanding		210,049		552,764
Redemption price per share	$	8.27	$	10.96

Class I Shares:
Net assets applicable to shares outstanding	$	3,571,640	$	123,283,332
Shares of beneficial interest issued and outstanding		422,095		11,078,374
Redemption price per share	$	8.46	$	11.13

Class Y Shares:
Net assets applicable to shares outstanding¹	$	–	$	482,971,222
Shares of beneficial interest issued and outstanding		–		43,213,281
Redemption price per share	$	–	$	11.18

Domestic
Long/Short Equity Fund’s Class Y shares were liquidated on October 29, 2021.

See
accompanying Notes to Financial Statements.

STATEMENTS
OF OPERATIONS

For the
Year Ended October 31, 2022

	361 Domestic Long/Short Equity Fund			361 Global Long/Short Equity Fund
Investment income:
Dividends (net of foreign withholding taxes of $0 and $1,142,986, respectively)	$	84,861		$	16,145,604
Interest		96			7,219
Total investment income		84,957			16,152,823

Expenses:
Advisory fees		71,378			8,221,163
Shareholder servicing fees – Class I (Note 7)		3,564			123,054
Shareholder servicing fees – Investor Class (Note 7)		3,807			12,549
Distribution fees (Note 6)		6,345			20,914
Fund accounting and administration fees		92,582			561,876
Transfer agent fees and expenses		32,172			162,733
Custody fees		19,911			182,215
Registration fees		45,480			56,146
Interest expense		21,581			2,575,276
Auditing fees		20,753			20,750
Chief Compliance Officer fees		17,099			16,399
Legal fees		12,201			35,501
Shareholder reporting fees		10,673			87,442
Trustees’ fees and expenses		6,785			12,800
Dividends on securities sold short		5,588			818,328
Miscellaneous		5,007			9,409
Insurance fees		2,325			3,719
Total expenses		377,251			12,920,274
Advisory fees waived		(71,378	)		(228,214	)
Other expenses absorbed		(174,788	)		–
Net expenses		131,085			12,692,060
Net investment income (loss)		(46,128	)		3,460,763

Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(335,033	)		(128,213,087	)
Securities sold short		1,013,461			94,647,189
Foreign currency transactions		–			(20,912	)
Net realized gain (loss)		678,428			(33,586,810	)
Net change in unrealized appreciation/depreciation on:
Investments		(463,025	)		(28,990,339	)
Securities sold short		974			18,638,592
Foreign currency translations		–			(176,622	)
Net change in unrealized appreciation/depreciation	$	(462,051	)	$	(10,528,369	)
Net realized and unrealized gain (loss)		216,377			(44,115,179	)

Net Increase (Decrease) in Net Assets from Operations	$	170,249		$	(40,654,416	)

See accompanying
Notes to Financial Statements.

361 Domestic
Long/Short Equity Fund

STATEMENTS
OF CHANGES IN NET ASSETS

	For the Year Ended October 31, 2022			For the Year Ended October 31, 2021
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	(46,128	)	$	(143,046	)
Net realized gain (loss) on investments and securities sold short		678,428			2,048,790
Net change in unrealized appreciation/depreciation on investments and securities sold short		(462,051	)		(555,933	)
Net increase (decrease) in net assets resulting from operations		170,249			1,349,811

Distributions to Shareholders:
Investor Class		(714,276	)		(109,018	)
Class I		(1,148,448	)		(328,976	)
Class Y¹		–			(215,019	)
Total distributions to shareholders		(1,862,724	)		(653,013	)

Capital Transactions:
Net proceeds from shares sold:
Investor Class		1,465,738			235,642
Class I		2,392,530			1,122,840
Reinvestment of distributions:
Investor Class		653,525			102,168
Class I		1,122,699			320,950
Class Y¹		–			36,048
Cost of shares redeemed:
Investor Class		(2,046,532	)		(772,668	)
Class I		(5,248,711	)		(3,583,859	)
Class Y¹		–			(5,575,667	)
Net increase (decrease) in net assets from capital transactions		(1,660,751	)		(8,114,546	)

Total increase (decrease) in net assets		(3,353,226	)		(7,417,748	)

Net Assets:
Beginning of period		8,661,688			16,079,436
End of period	$	5,308,462		$	8,661,688

Capital Share Transactions:
Shares sold:
Investor Class		166,466			22,760
Class I		268,803			102,261
Shares reinvested:
Investor Class		79,119			10,268
Class I		133,179			31,904
Class Y¹		–			3,569

See accompanying
Notes to Financial Statements.

361 Domestic
Long/Short Equity Fund

STATEMENTS
OF CHANGES IN NET ASSETS – Continued

	For the Year Ended October 31, 2022			For the Year Ended October 31, 2021
Shares redeemed:
Investor Class		(244,383	)		(74,534	)
Class I		(533,303	)		(344,174	)
Class Y¹		–			(504,588	)
Net increase (decrease) in capital share transactions		(130,119	)		(752,534	)

¹	Class Y shares were liquidated on October 29, 2021.

See accompanying
Notes to Financial Statements.

361 Global Long/Short Equity Fund

STATEMENTS OF CHANGES IN NET ASSETS

	For the Year Ended October 31, 2022			For the Year Ended October 31, 2021
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	3,460,763		$	(3,961,807	)
Net realized gain (loss) on investments, securities sold short and foreign currency transactions		(33,586,810	)		73,155,660
Net change in unrealized appreciation/depreciation on investments, securities sold short and foreign currency translations		(10,528,369	)		(15,653,933	)
Net increase (decrease) in net assets resulting from operations		(40,654,416	)		53,539,920

Distributions to Shareholders:
Investor Class		(287,566	)		–
Class I		(5,038,971	)		–
Class Y		(14,471,575	)		–
Total distributions to shareholders		(19,798,112	)		–

Capital Transactions:
Net proceeds from shares sold:
Investor Class		1,957,245			3,032,068
Class I		28,631,876			45,304,346
Class Y		119,323,519			72,699,567
Reinvestment of distributions:
Investor Class		277,776			–
Class I		4,477,032			–
Class Y		11,038,477			–
Cost of shares redeemed:
Investor Class		(5,053,601	)		(6,323,178	)
Class I		(66,994,687	)		(93,092,933	)
Class Y		(105,371,457	)		(87,526,230	)
Net increase (decrease) in net assets from capital transactions		(11,713,820	)		(65,906,360	)

Total increase (decrease) in net assets		(72,166,348	)		(12,366,440	)

Net Assets:
Beginning of period		684,480,235			696,846,675
End of period	$	612,313,887		$	684,480,235

Capital Share Transactions:
Shares sold:
Investor Class		163,649			269,994
Class I		2,369,137			3,913,510
Class Y		9,973,003			6,261,471
Shares reinvested:
Investor Class		23,303			–
Class I		370,922			–
Class Y		911,517			–

See accompanying
Notes to Financial Statements.

361 Global
Long/Short Equity Fund

STATEMENTS
OF CHANGES IN NET ASSETS – Continued

	For the Year Ended October 31, 2022			For the Year Ended October 31, 2021
Shares redeemed:
Investor Class		(429,427	)		(541,969	)
Class I		(5,638,698	)		(8,030,077	)
Class Y		(8,859,879	)		(7,444,515	)
Net increase (decrease) in capital share transactions		(1,116,473	)		(5,571,586	)

See accompanying
Notes to Financial Statements.

361 Domestic
Long/Short Equity Fund

STATEMENT
OF CASH FLOWS

For the
Year Ended October 31, 2022

Increase/(Decrease) in Cash:
Cash flows provided by (used for) operating activities:
Net increase in net assets resulting from operations	$	170,249
Adjustments to reconcile net increase (decrease) in net assets from operations to net cash provided by (used for) operating activities:
Purchases of long-term investments		(25,532,364	)
Sales of long-term investments		27,645,914
Return of capital dividends received		28,366
Proceeds from securities sold short		8,811,585
Cover short securities		(8,698,780	)
Sales of short-term investments, net		2,287,153
Decrease in investment securities sold receivable		3,461,316
Increase in due from advisor receivable		(4,471	)
Increase in interest and dividends receivables		(6,734	)
Decrease in prepaid expenses		57
Decrease in investment securities purchased payable		(1,132,537	)
Decrease in interest and dividends on securities sold short		(2,623	)
Decrease in accrued expenses		(14,276	)
Net realized gain		(669,038	)
Net change in unrealized appreciation/depreciation		462,051
Net cash provided by operating activities		6,805,868

Cash flows provided by (used for) financing activities:
Proceeds from shares sold		3,858,268
Cost of shares redeemed		(10,500,089	)
Dividends paid to shareholders, net of reinvestments		(86,500	)
Net cash used for financing activities		(6,728,321	)

Net increase in cash		77,547

Cash and cash equivalents:
Beginning cash balance		—
Beginning cash held at brokers		905,515
Total beginning cash and cash equivalents		905,515

Ending cash balance		8,682
Ending cash held at brokers		974,380
Total ending cash and cash equivalents	$	983,062
Supplemental disclosure of interest expense paid	$	24,390

Non cash
financing activities not included herein consist of $1,776,224 of reinvested dividends.

See accompanying
Notes to Financial Statements.

361 Global
Long/Short Equity Fund

STATEMENT OF CASH FLOWS

For the
Year Ended October 31, 2022

Increase/(Decrease) in Cash:
Cash flows provided by (used for) operating activities:
Net decrease in net assets resulting from operations	$	(40,654,416	)
Adjustments to reconcile net increase (decrease) in net assets from operations to net cash provided by (used for) operating activities:
Purchases of long-term investments		(3,067,168,418	)
Sales of long-term investments		2,996,820,215
Return of capital dividends received		226,852
Proceeds from securities sold short		900,757,358
Cover short securities		(826,260,643	)
Sales of short-term investments, net		28,917,269
Increase in foreign currency		(446,712	)
Increase in interest and dividends receivables		(1,410,415	)
Increase in prepaid expenses		(5,857	)
Decrease in other assets		1,157,107
Decrease in advisory fees payable		(101,959	)
Decrease in interest and dividends on securities sold short		(347,051	)
Decrease in accrued expenses		(57,481	)
Net realized loss		33,566,426
Net change in unrealized appreciation/depreciation		10,351,747
Net cash provided by operating activities		35,344,022

Cash flows provided by (used for) financing activities:
Proceeds from shares sold		149,782,748
Cost of shares redeemed		(180,136,884	)
Dividends paid to shareholders, net of reinvestments		(4,004,827	)
Net cash used for financing activities		(34,358,963	)

Net increase in cash		985,059

Cash and cash equivalents:
Beginning cash balance		75,000,000
Beginning cash held at brokers		14,113,521
Total beginning cash and cash equivalents		89,113,521

Ending cash balance		—
Ending cash held at brokers		90,098,580
Total ending cash and cash equivalents	$	90,098,580
Supplemental disclosure of interest expense paid	$	2,814,986

Non cash
financing activities not included herein consist of $15,793,285 of reinvested dividends.

See accompanying
Notes to Financial Statements.

361
Domestic Long/Short Equity Fund

FINANCIAL
HIGHLIGHTS

Investor
Class

Per
share operating performance.

For
a capital share outstanding throughout each period.

	For the Year Ended October 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of period	$	11.25		$	10.51		$	10.56		$	10.96		$	10.91
Income from Investment Operations:
Net investment loss¹		(0.08	)		(0.14	)		(0.11	)		(0.03	)		(0.12	)
Net realized and unrealized gain		0.52			1.32			0.46			0.40			0.43
Total from investment operations		0.44			1.18			0.35			0.37			0.31

Less Distributions:
From net realized gain		(3.42	)		(0.44	)		(0.40	)		(0.77	)		(0.26	)
Total distributions		(3.42	)		(0.44	)		(0.40	)		(0.77	)		(0.26	)
Net asset value, end of period	$	8.27		$	11.25		$	10.51		$	10.56		$	10.96

Total return²		3.95	%		11.75	%		3.43	%		3.88	%		2.87	%

Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	1,737		$	2,349		$	2,631		$	656		$	691

Ratio of expenses to average net assets (including dividends on securities sold short and interest expense):
Before fees waived and expenses absorbed³		6.00	%		4.80	%		3.27	%		3.06	%		3.38	%
After fees waived and expenses absorbed³		2.21	%		2.97	%		2.69	%		2.83	%		3.02	%
Ratio of net investment loss to average net assets (including dividends on securities sold short and interest expense):
Before fees waived and expenses absorbed		(4.69	)%		(3.19	)%		(1.65	)%		(0.49	)%		(1.44	)%
After fees waived and expenses absorbed		(0.90	)%		(1.36	)%		(1.07	)%		(0.26	)%		(1.08	)%

Portfolio turnover rate		418	%		479	%		538	%		332	%		262	%

Based
on average shares outstanding for the period.

Total
returns would have been lower had expenses not been waived by the Advisor. These returns include Rule 12b-1 fees of up to 0.25%
and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

If
interest expense and dividends on securities sold short had been excluded, the expense ratios would have been lowered by 0.42%
for the year ended October 31, 2022. For the prior periods ended October 31, 2021, 2020, 2019, and 2018, the ratios would have
been lowered by 1.18%, 0.90%, 1.04%, and 1.23%, respectively.

See
accompanying Notes to Financial Statements.

361
Domestic Long/Short Equity Fund

FINANCIAL
HIGHLIGHTS

Class I

Per
share operating performance.

For
a capital share outstanding throughout each period.

	For the Year Ended October 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of period	$	11.41		$	10.62		$	10.65		$	11.02		$	10.94
Income from Investment Operations:
Net investment loss¹		(0.05	)		(0.11	)		(0.08	)		–	²		(0.09	)
Net realized and unrealized gain		0.52			1.34			0.46			0.40			0.43
Total from investment operations		0.47			1.23			0.38			0.40			0.34

Less Distributions:
From net investment income		–			–			(0.01	)		–			–
From net realized gain		(3.42	)		(0.44	)		(0.40	)		(0.77	)		(0.26	)
Total distributions		(3.42	)		(0.44	)		(0.41	)		(0.77	)		(0.26	)
Net asset value, end of period	$	8.46		$	11.41		$	10.62		$	10.65		$	11.02

Total return³		4.23	%		12.11	%		3.71	%		4.15	%		3.14	%

Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	3,572		$	6,313		$	8,108		$	13,658		$	9,261

Ratio of expenses to average net assets (including dividends on securities sold short and interest expense):
Before fees waived and expenses absorbed⁴		5.69	%		4.49	%		2.99	%		2.77	%		3.06	%
After fees waived and expenses absorbed⁴		1.90	%		2.66	%		2.41	%		2.54	%		2.70	%
Ratio of net investment income (loss) to average net assets (including dividends on securities sold short and interest expense):
Before fees waived and expenses absorbed		(4.38	)%		(2.88	)%		(1.37	)%		(0.20	)%		(1.12	)%
After fees waived and expenses absorbed		(0.59	)%		(1.05	)%		(0.79	)%		0.03	%		(0.76	)%

Portfolio turnover rate		418	%		479	%		538	%		332	%		262	%

Based
on average shares outstanding for the period.

Amount
represents less than $0.01 per share.

Total
returns would have been lower had expenses not been waived by the Advisor. Returns shown do not reflect the deduction of taxes
that a shareholder would pay on Fund distributions or the redemption of Fund shares.

⁴

See
accompanying Notes to Financial Statements.

361
Global Long/Short Equity Fund

FINANCIAL
HIGHLIGHTS

Investor
Class

Per
share operating performance.

For
a capital share outstanding throughout each period.

	For the Year Ended October 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of period	$	12.06		$	11.21		$	10.98		$	11.32		$	12.15
Income from Investment Operations:
Net investment income (loss)¹		0.02			(0.11	)		(0.09	)		0.01			(0.05	)
Net realized and unrealized gain (loss)		(0.75	)		0.96			0.32			(0.02	)		–
Total from investment operations		(0.73	)		0.85			0.23			(0.01	)		(0.05	)

Less Distributions:
From net investment income		–			–			–			–			(0.02	)
From net realized gain		(0.37	)		–			–			(0.33	)		(0.76	)
Total distributions		(0.37	)		–			–			(0.33	)		(0.78	)
Net asset value, end of period	$	10.96		$	12.06		$	11.21		$	10.98		$	11.32

Total return²		(6.32	)%		7.58	%		2.09	%		0.06	%		(0.55	)%

Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	6,059		$	9,593		$	11,967		$	29,320		$	70,194

Ratio of expenses to average net assets (including dividends on securities sold short and interest expense):
Before fees waived and expenses absorbed/recovered^3,4		2.34	%		2.77	%		2.72	%		2.74	%		2.68	%
After fees waived and expenses absorbed/recovered^3,4		2.31	%		2.75	%		2.67	%		2.71	%		2.63	%
Ratio of net investment income (loss) to average net assets (including dividends on securities sold short and interest expense):
Before fees waived and expenses absorbed/recovered		0.11	%		(0.98	)%		(0.91	)%		0.03	%		(0.48	)%
After fees waived and expenses absorbed/recovered		0.14	%		(0.96	)%		(0.86	)%		0.06	%		(0.43	)%

Portfolio turnover rate		464	%		437	%		403	%		220	%		197	%

Based
on average shares outstanding for the period.

Total
returns would have been lower/higher had expenses not been waived/recovered by the Advisor. These returns include Rule 12b-1 fees
of up to 0.25% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption
of Fund shares.

If
interest expense and dividends on securities sold short had been excluded, the expense ratios would have been lowered by 0.52%
for the year ended October 31, 2022. For the prior periods ended October 31, 2021, 2020, 2019, and 2018, the ratios would
have been lowered by 0.96%, 0.88%, 0.92%, and 0.85%, respectively.

⁴

Effective
December 18, 2017, the Fund’s advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Fund
to ensure that the total annual fund operating expenses (excluding taxes, leverage interest, brokerage commissions, dividend and
interest expenses on short sales, acquired fund fees and expenses as determined in accordance with SEC Form N-1A, expenses incurred
in connection with any merger or reorganization, or extraordinary expenses such as litigation) do not exceed 1.79% of average
daily net assets of the Fund. Prior to December 18, 2017, the annual operating expense limitation was 1.94%.

See
accompanying Notes to Financial Statements.

361
Global Long/Short Equity Fund

FINANCIAL
HIGHLIGHTS

Class
I

Per
share operating performance.

For
a capital share outstanding throughout each period.

	For the Year Ended October 31,
	2022			2021			2020			2019			2018
Net asset value, beginning of period	$	12.20		$	11.30		$	11.07		$	11.37		$	12.20
Income from Investment Operations:
Net investment income (loss)¹		0.06			(0.07	)		(0.06	)		0.04			(0.02	)
Net realized and unrealized gain (loss)		(0.76	)		0.97			0.32			(0.01	)		–
Total from investment operations		(0.70	)		0.90			0.26			0.03			(0.02	)

Less Distributions:
From net investment income		–			–			(0.03	)		–			(0.05	)
From net realized gain		(0.37	)		–			–			(0.33	)		(0.76	)
Total distributions		(0.37	)		–			(0.03	)		(0.33	)		(0.81	)
Net asset value, end of period	$	11.13		$	12.20		$	11.30		$	11.07		$	11.37

Total return²		(6.00	)%		7.96	%		2.38	%		0.42	%		(0.25	)%

Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	123,283		$	170,553		$	204,510		$	332,247		$	536,076

Ratio of expenses to average net assets (including dividends on securities sold short and interest expense):
Before fees waived and expenses absorbed/recovered^3,4		2.02	%		2.41	%		2.41	%		2.42	%		2.40	%
After fees waived and expenses absorbed/recovered^3,4		1.99	%		2.39	%		2.36	%		2.39	%		2.35	%
Ratio of net investment income (loss) to average net assets (including dividends on securities sold short and interest expense):
Before fees waived and expenses absorbed/recovered		0.44	%		(0.62	)%		(0.60	)%		0.35	%		(0.20	)%
After fees waived and expenses absorbed/recovered		0.47	%		(0.60	)%		(0.55	)%		0.38	%		(0.15	)%

Portfolio turnover rate		464	%		437	%		403	%		220	%		197	%

Based
on average shares outstanding for the period.

Total
returns would have been lower/higher had expenses not been waived/recovered by the Advisor. Returns shown do not reflect the deduction
of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

⁴

Effective
December 18, 2017, the Fund’s advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Fund
to ensure that the total annual fund operating expenses (excluding taxes, leverage interest, brokerage commissions, dividend and
interest expenses on short sales, acquired fund fees and expenses as determined in accordance with SEC Form N-1A, expenses incurred
in connection with any merger or reorganization, or extraordinary expenses such as litigation) do not exceed 1.54% of average
daily net assets of the Fund. Prior to December 18, 2017, the annual operating expense limitation was 1.69%.

See
accompanying Notes to Financial Statements.

361
Global Long/Short Equity Fund

FINANCIAL
HIGHLIGHTS

Class
Y

Per
share operating performance.

For
a capital share outstanding throughout each period.

For
the Year Ended October 31,

2022

2021

2020

2019

2018

Net asset value, beginning of period $ 12.24 $ 11.34 $ 11.10 $ 11.39 $ 12.23

Income from Investment Operations:

Net investment income (loss)¹ 0.07 (0.07 ) (0.05 ) 0.05 –

Net realized and unrealized gain (loss) (0.76 ) 0.97 0.33 (0.01 ) (0.01 )

Total from investment operations (0.69 ) 0.90 0.28 0.04 (0.01 )

Less Distributions:

From net investment income – – (0.04 ) – (0.07 )

From net realized gain (0.37 ) – – (0.33 ) (0.76 )

Total distributions (0.37 ) – (0.04 ) (0.33 ) (0.83 )

Net asset value, end of period $ 11.18 $ 12.24 $ 11.34 $ 11.10 $ 11.39

Total return² (5.89 )% 7.94 % 2.54 % 0.51 % (0.21 )%

Ratios and Supplemental Data:

Net assets, end of period (in thousands) $ 482,971 $ 504,335 $ 480,370 $ 510,403 $ 145,591

Ratio of expenses to average net assets (including dividends on securities sold short and interest expense):

Before fees waived and expenses absorbed/recovered^3,4 1.94 % 2.37 % 2.32 % 2.34 % 2.29 %

After fees waived and expenses absorbed/recovered^3,4 1.91 % 2.35 % 2.27 % 2.31 % 2.24 %

Ratio of net investment income (loss) to average net assets (including dividends on securities sold short and interest expense):

Before fees waived and expenses absorbed/recovered 0.52 % (0.58 )% (0.51 )% 0.43 % (0.09 )%

After fees waived and expenses absorbed/recovered 0.55 % (0.56 )% (0.46 )% 0.46 % (0.04 )%

Portfolio turnover rate 464 % 437 % 403 % 220 % 197 %

¹ Based
on average shares outstanding for the period.

² Total
returns would have been lower/higher had expenses not been waived/recovered by the Advisor. Returns shown do not reflect the deduction
of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

³ If
interest expense and dividends on securities sold short had been excluded, the expense ratios would have been lowered by 0.52%
for the year ended October 31, 2022. For the prior periods ended October 31, 2021, 2020, 2019, and 2018, the ratios would
have been lowered by 0.96%, 0.88%, 0.92%, and 0.85%, respectively.

⁴ Effective
December 18, 2017, the Fund’s advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Fund
to ensure that the total annual fund operating expenses (excluding taxes, leverage interest, brokerage commissions, dividend and
interest expenses on short sales, acquired fund fees and expenses as determined in accordance with SEC Form N-1A, expenses incurred
in connection with any merger or reorganization, or extraordinary expenses such as litigation) do not exceed 1.39% of average
daily net assets of the Fund. Prior to December 18, 2017, the annual operating expense limitation was 1.54%.

See
accompanying Notes to Financial Statements.

361
Funds

NOTES
TO FINANCIAL STATEMENTS

October
31, 2022

Note
1 – Organization

361
Domestic Long/Short Equity Fund (“Domestic Long/Short Equity” or “Domestic Long/Short Equity Fund”) and
361 Global Long/Short Equity Fund (“Global Long/Short Equity” or “Global Long/Short Equity Fund”) (each
a “Fund” and collectively the ‘‘Funds’’) are organized as a series of Investment Managers
Series Trust, a Delaware statutory trust (the “Trust”) which is registered as an open-end management investment company
under the Investment Company Act of 1940, as amended (the “1940 Act”). The Domestic Long/Short Equity Fund and Global
Long/Short Equity Fund are diversified Funds.

The
Domestic Long/Short Equity Fund’s primary investment objective is to achieve long-term capital appreciation. As a secondary
objective, the Domestic Long/Short Equity Fund also seeks to preserve capital in down markets. The Fund commenced investment operations
on March 31, 2016, with three classes of shares, Investor Class, Class I and Class Y. The Fund’s Class Y shares are not
currently available for purchase.

The
Global Long/Short Equity Fund’s primary investment objective is to seek to achieve long-term capital appreciation. As a
secondary objective, the Global Long/Short Equity Fund also seeks to preserve capital in down markets. The Fund commenced investment
operations on December 12, 2014, with three classes of shares, Investor Class, Class I and Class Y.

The
shares of each class represent an interest in the same portfolio of investments of the Fund and have equal rights as to voting,
redemptions, dividends and liquidation, subject to the approval of the Trustees. Income, expenses (other than expenses attributable
to a specific class) and realized and unrealized gains and losses on investments are allocated to each class of shares in proportion
to their relative net assets. Shareholders of a class that bears distribution and service expenses under the terms of a distribution
plan have exclusive voting rights to that distribution plan.

Each
Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial
Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 “Financial Services—Investment Companies.”

Note
2 – Accounting Policies

The
following is a summary of the significant accounting policies consistently followed by the Funds in the preparation of their financial
statements. The preparation of financial statements in conformity with accounting principles generally accepted in the United
States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts
and disclosures in the financial statements. Actual results could differ from these estimates.

(a)
Valuation of Investments

Each
Fund values equity securities at the last reported sale price on the principal exchange or in the principal over the counter (“OTC”)
market in which such securities are traded, as of the close of regular trading on the NYSE on the day the securities are being
valued or, if the last-quoted sales price is not readily available, the securities will be valued at the last bid or the mean
between the last available bid and ask price. Securities traded on the NASDAQ are valued at the NASDAQ Official Closing Price
(“NOCP”). Investments in open-end investment companies are valued at the daily closing net asset value of the respective
investment company. Debt securities are valued by utilizing a price supplied by independent pricing service providers. The independent
pricing service providers may use various valuation methodologies including matrix pricing and other analytical pricing models
as well as market transactions and dealer quotations. These models generally consider such factors as yields or prices of bonds
of comparable quality, type of issue, coupon, maturity, ratings and general market conditions. If a price is not readily available
for a portfolio security, the security will be valued at fair value (the amount which the Funds might reasonably expect to receive
for the security upon its current sale). The Board of Trustees has designated the Advisor as the Funds’ valuation designee
(the “Valuation Designee”) to make all fair value determinations with respect to the Funds’ portfolio investments,
subject to the Board’s oversight. As the Valuation Designee, the Advisor has adopted and implemented policies and procedures
to be followed when the Funds must utilize fair value pricing. Prior to September 8, 2022, securities valued at fair value as
determined in good faith by the Funds’ advisor, subject to review and approval by the Valuation Committee, pursuant to procedures
adopted by the Board of Trustees. The actions of the Valuation Committee were subsequently reviewed by the Board at its next regularly
scheduled board meeting. The Valuation Committee met as needed. The Valuation Committee was comprised of all the Trustees, but
action may had been taken by any one of the Trustees.

361
Funds

NOTES
TO FINANCIAL STATEMENTS – Continued

October
31, 2022

Foreign
securities traded in countries outside the U.S. are fair valued by utilizing the quotations of an independent pricing service.
The pricing service uses statistical analyses and quantitative models to adjust local prices using factors such as subsequent
movement and changes in the prices of indexes, securities and exchange rates in other markets in determining fair value as of
the time the Fund calculates the NAVs. The Board reviews the independent third party fair valuation analysis report quarterly.

(b)
Options

The
Funds may write or purchase options contracts primarily to enhance the Funds’ returns or reduce volatility. In addition,
the Funds may utilize options in an attempt to generate gains from option premiums or to reduce overall portfolio risk. When a
Fund writes or purchases an option, an amount equal to the premium received or paid by a Fund is recorded as a liability or an
asset and is subsequently adjusted to the current market value of the option written or purchased. Premiums received or paid from
writing or purchasing options which expire unexercised are treated by a Fund on the expiration date as realized gains or losses.
The difference between the premium and the amount paid or received on effecting a closing purchase or sale transaction, including
brokerage commissions, is also treated as a realized gain or loss. If an option is exercised, the premium paid or received is
added to the cost of the purchase or proceeds from the sale in determining whether a Fund has realized a gain or a loss on investment
transactions. A Fund, as a writer of an option, may have no control over whether the underlying securities may be sold (call)
or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the security underlying the
written option.

(c)
Stock Index Futures

The
Funds may invest in stock index futures as a substitute for a comparable market position in the underlying securities. A stock
index future obligates the seller to deliver (and the purchaser to accept), effectively, an amount of cash equal to a specific
dollar amount times the difference between the value of a specific stock index at the close of the last trading day of the contract
and the price at which the agreement is made. No physical delivery of the underlying stocks in the index is made. Initial margin
deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral
for the account of the broker (the Funds’ agent in acquiring the futures position). During the period the futures contracts
are open, changes in the value of the contracts are recognized as unrealized gains or losses by “marking to market”
on a daily basis to reflect the market value of the contracts at the end of each day’s trading. Variation margin payments
are received or made depending upon whether unrealized gains or losses are incurred. When the contracts are closed, a Fund recognizes
a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and a Fund’s
basis in the contract. Risks of entering into futures contracts include the possibility that a change in the value of the contract
may not correlate with the changes in the value of the underlying instruments. The purchase of a futures contract involves the
risk that a Fund could lose more than the original margin deposit required to initiate the futures transaction. There is minimal
counterparty credit risk involved in entering into futures contracts since they are exchange-traded instruments and the exchange’s
clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default.

(d)
Short Sales

Short
sales are transactions under which the Funds sell a security it does not own in anticipation of a decline in the value of that
security. To complete such a transaction, the Funds must borrow the security to make delivery to the buyer. The Funds then are
obligated to replace the security borrowed by purchasing the security at market price at the time of replacement. The price at
such time may be more or less than the price at which the security was sold by the Funds. When a security is sold short a decrease
in the value of the security will be recognized as a gain and an increase in the value of the security will be recognized as a
loss, which is potentially limitless. Until the security is replaced, the Funds are required to pay the lender amounts equal to
dividend or interest that accrue during the period of the loan which is recorded as an expense. To borrow the security, the Funds
also may be required to pay a premium or an interest fee, which are recorded as interest expense. Cash or securities are segregated
for the broker to meet the necessary margin requirements. The Funds are subject to the risk that it may not always be able to
close out a short position at a particular time or at an acceptable price.

361
Funds

NOTES
TO FINANCIAL STATEMENTS – Continued

October
31, 2022

The
Funds have an agreement with SG Americas Securities, LLC for the purpose of purchasing or borrowing securities on margin. The
Funds are charged interest on debit margin balances at a rate equal to Federal funds rate plus 75 basis points and the interest
rate for credit cash balances is Federal funds rate minus 65 basis points. For balances denominated in foreign currencies, the
debit rate charged is reference rate of each respective country plus 130 basis points, and the interest rate for credit cash balances
is reference rate of each respective country minus 130 basis points. For the fiscal year ended October 31, 2022, the short sales
transactions are as follows:

Outstanding
average daily balance Weighted
average interest rate Maximum
amount outstanding Outstanding
balance as of 10/31/2022 Investments
sold short at 10/31/2022 Interest
Expense*

Domestic
Long/Short Equity Fund $ 897,324 1.49 % $ 2,944,745 $ 686,491 $ 1,660,872 $ 21,581

Global Long/Short Equity
Fund 115,811,819 2.02 % 207,503,469 89,514,195 179,278,402 2,575,276

* Includes
interest expense on investments sold short and margin interest expense/rebate.

(e)
Investment Transactions, Investment Income and Expenses

Investment
transactions are accounted for on the trade date. Realized gains and losses on investments are determined on the identified cost
basis. Dividend income is recorded net of applicable withholding taxes on the ex-dividend date and interest income is recorded
on an accrual basis. Withholding taxes on foreign dividends, if applicable, are paid (a portion of which may be reclaimable) or
provided for in accordance with the applicable country’s tax rules and rates and are disclosed in the Statements of Operations.
Withholding tax reclaims are filed in certain countries to recover a portion of the amounts previously withheld. The Funds record
a reclaim receivable based on a number of factors, including a jurisdiction’s legal obligation to pay reclaims as well as
payment history and market convention. Discounts on debt securities are accreted or amortized to interest income over the lives
of the respective securities using the effective interest method. Premiums for callable debt securities are amortized to the earliest
call date, if the call price was less than the purchase price. If the call price was not at par and the security was not called,
the security is amortized to the next call price and date. Income and expenses of the Fund are allocated on a pro rata basis to
each class of shares relative net assets, except for distribution and service fees, which are unique to each class of shares.
Expenses incurred by the Trust with respect to more than one fund are allocated in proportion to the net assets of each fund except
where allocation of direct expenses to each fund or an alternative allocation method can be more appropriately made.

In
conjunction with the use of short sales, written options contracts or futures contracts, the Funds may be required to maintain
collateral in various forms. At October 31, 2022, such collateral is denoted in the Funds’ Schedule of Investments and Statements
of Assets and Liabilities. Also in conjunction with the use of short sales, written options contracts or futures contracts, the
Funds, when appropriate, utilize a segregated margin deposit account with the counterparty. At October 31, 2022, these segregated
margin deposit accounts are denoted in the Funds’ Statements of Assets and Liabilities.

361
Funds

NOTES
TO FINANCIAL STATEMENTS – Continued

October
31, 2022

(f)
Federal Income Taxes

The
Funds intend to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies
and to distribute substantially all of its net investment income and any net realized gains to its shareholders. Therefore, no
provision is made for federal income or excise taxes. Due to the timing of dividend distributions and the differences in accounting
for income and realized gains and losses for financial statement and federal income tax purposes, the fiscal year in which amounts
are distributed may differ from the year in which the income and realized gains and losses are recorded by the Funds.

Accounting
for Uncertainty in Income Taxes (the “Income Tax Statement”) requires an evaluation of tax positions taken (or
expected to be taken) in the course of preparing a Funds’ tax returns to determine whether these positions meet a “more-likely-than-not”
standard that, based on the technical merits, have a more than fifty percent likelihood of being sustained by a taxing authority
upon examination. A tax position that meets the “more-likely-than-not” recognition threshold is measured to determine
the amount of benefit to recognize in the financial statements. The Funds recognize interest and penalties, if any, related to
unrecognized tax benefits as income tax expense in the Statements of Operations.

The
Income Tax Statement requires management of the Funds to analyze tax positions taken in the prior three open tax years, if any,
and tax positions expected to be taken in the Funds’ current tax year, as defined by the IRS statute of limitations for
all major jurisdictions, including federal tax authorities and certain state tax authorities. As of and during the open tax years
ended October 31, 2019 through 2022, the Funds did not have a liability for any unrecognized tax benefits. The Funds have no examination
in progress and are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized
tax benefits will significantly change in the next twelve months.

(g)
Distributions to Shareholders

The
Funds will make distributions of net investment income and net capital gains, if any, at least annually. Distributions to shareholders
are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income
tax regulations, which may differ from GAAP.

The
character of distributions made during the year from net investment income or net realized gains may differ from the characterization
for federal income tax purposes due to differences in the recognition of income, expense and gain (loss) items for financial statement
and tax purposes.

(h)
Illiquid Securities

Pursuant
to Rule 22e-4 under the 1940 Act, the
Funds have adopted a Liquidity Risk Management Program (“LRMP”) that requires, among
other things, that the Funds limit their illiquid investments that are assets to no more than
15% of net assets. An illiquid investment is any security which may not reasonably be expected to be sold or disposed of in current
market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the
investment. If the Advisor, at any time, determines that the value of illiquid securities held by a Fund exceeds
15% of its net asset value, the Advisor will take such steps as it considers appropriate to reduce them as soon as reasonably
practicable in accordance with the Funds’ written LRMP.

Note
3 – Investment Advisory and Other Agreements

The
Trust, on behalf of the Funds, entered into an Investment Advisory Agreement (the “Agreement”) with Hamilton Lane
Advisors, L.L.C. (the “Advisor”). Under the terms of the Agreement, the Funds pay a monthly investment advisory fee
to the Advisor. The annual rates are listed by Fund in the tables below. The Advisor engages Allspring Global Investments, LLC
(formerly, Wells Capital Management, Inc.), (the “Sub-Advisor”) to manage the Fund and pays the Sub-Advisor from its
advisory fees.

361
Funds

NOTES
TO FINANCIAL STATEMENTS – Continued

October
31, 2022

Under
the terms of the Agreement, the Funds pay a monthly investment advisory fee to the Advisor. The annual rates are listed by Fund
in the tables below. The Advisor has contractually agreed to waive its fee and/or pay for operating expenses (excluding any 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), professional fees related to services for the collection of foreign tax reclaims, expenses incurred
in connection with any merger or reorganization and extraordinary expenses such as litigation expenses), Rule 12b-1 fees and shareholder
service fees) in order to limit total annual operating expenses of each fund set forth in table below. This agreement is in effect
until March 31, 2023 for the Domestic Long/Short Equity Fund and Global Long/Short Equity Fund and it may be terminated before
that date only by the Trust’s Board of Trustees. The table below contains the investment advisory fees and the expense cap by
Fund:

Investment
Advisory Fees† Total
Limit on Annual
Operating Expenses†

Domestic
Long/Short Equity Fund 1.10% 1.39%

Global
Long/Short Equity Fund 1.25% 1.39%

† The
investment advisory fees and total limit on annual operating expenses is calculated based on each Fund’s average daily net
assets.

For
the year ended October 31, 2022, the Advisor waived fees and absorbed other expenses as follows:

Advisory
fees waived and other expenses absorbed

Domestic
Long/Short Equity Fund $ 246,166

Global Long/Short Equity
Fund $ 228,214

The
Advisor is permitted to seek reimbursement from the Fund, subject to certain limitations, of fees waived or payments made to 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 amount in effect at the time such fees were waived or payments made, or (b) the expense limitation amount in effect
at the time of the reimbursement. In addition, the Advisor is permitted to seek reimbursement of fees or payments made by 361
Capital, LLC, (the “Prior Advisor”) to the Funds prior to the Advisor acquiring the assets of Prior Advisor on April
1, 2021. At October 31, 2022, the amount of these potentially recoverable expenses was $649,406 and $790,207 for the Domestic
Long/Short Equity Fund and Global Long/Short Equity Fund, respectively. The Advisor may recapture all or a portion of these amounts
no later than October 31, of the years stated below:

Domestic
Long/Short Equity Fund Global
Long/Short Equity Fund

2023 $ 161,328 $ 407,583

2024 241,912 154,410

2025 246,166 228,214

Total $ 649,406 $ 790,207

361
Funds

NOTES
TO FINANCIAL STATEMENTS – Continued

October
31, 2022

UMB
Fund Services, Inc. (“UMBFS”) serves as the Funds’ fund accountant, transfer agent and co-administrator; and
Mutual Fund Administration, LLC (“MFAC”) serves as the Funds’ other co-administrator. UMB Bank, n.a., an affiliate
of UMBFS, serves as the Funds’ custodian. The Funds’ allocated fees incurred for fund accounting, fund administration,
transfer agency and custody services for the year ended October 31, 2022 are reported on the Statements of Operations.

IMST
Distributors, LLC serves as the Funds’ distributor (the “Distributor”). The Distributor does not receive compensation
from the Funds for its distribution services; the Advisor pays the Distributor a fee for its distribution-related services.

Certain
trustees and officers of the Trust are employees of UMBFS or MFAC. The Funds do not compensate trustees and officers affiliated
with the Funds’ co-administrators. For the year ended October 31, 2022, the Funds’ allocated fees incurred for Trustees
who are not affiliated with the Funds’ co-administrators are reported on the Statements of Operations.

The
Funds’ Board of Trustees has adopted a Deferred Compensation Plan (the “Plan”) for the Independent Trustees
that enables Trustees to elect to receive payment in cash or the option to select various fund(s) in the Trust in which their
deferred accounts shall be deemed to be invested. If a trustee elects to defer payment, the Plan provides for the creation of
a deferred payment account. The Funds’ liability for these amounts is adjusted for market value changes in the invested
fund(s) and remains a liability to the Funds until distributed in accordance with the Plan. The Trustees Deferred compensation
liability under the Plan constitutes a general unsecured obligation of each Fund and is disclosed in the Statements of Assets
and Liabilities. Contributions made under the plan and the change in unrealized appreciation/depreciation and income are included
in the Trustees’ fees and expenses in the Statements of Operations.

Dziura
Compliance Consulting, LLC provides Chief Compliance Officer (“CCO”) services to the Trust. The Funds’ allocated
fees incurred for CCO services for the for the year ended October 31, 2022 are reported on the Statements of Operations.

Note
4 – Federal Income Taxes

As
of October 31, 2022, the cost of investments on a tax basis and gross unrealized appreciation (depreciation) on investments for
federal income tax purposes were as follows:

Domestic
Long/Short Equity Fund Global

Long/Short Equity Fund

Cost
of investments $ 4,311,588 $ 506,225,010

Gross unrealized appreciation $ 516,170 $ 59,692,991

Gross
unrealized depreciation (495,054 ) (46,051,422 )

Net
unrealized appreciation (depreciation) on investments $ 21,116 $ 13,641,569

The
difference between cost amounts for financial statement and federal income tax purposes are due primarily to wash sale loss deferrals
and foreign currency.

361
Funds

NOTES
TO FINANCIAL STATEMENTS – Continued

October
31, 2022

GAAP
requires that certain components of net assets be reclassified between financial and tax reporting. These reclassifications have
no effect on net assets or net asset value per share. For the year ended October 31, 2022, permanent differences in book and tax
accounting have been reclassified to paid-in capital and total distributable earnings (accumulated deficit) as follows:

Increase
(Decrease)

Fund Paid-in
Capital Total
Distributable Earnings (Accumulated Deficit)

Domestic
Long/Short Equity Fund $ 249 $ (249 )

Global Long/Short Equity
Fund 596 (596 )

As
of October 31, 2022, the components of accumulated earnings (deficit) on a tax basis were as follows:

Domestic
Long/Short Equity Fund Global

Long/Short Equity Fund

Undistributed
ordinary income $ 374,299 $ 4,143,365

Undistributed
long-term capital gains 54,824 –

Tax
accumulated earnings 429,123 4,143,365

Accumulated
capital and other losses – (29,252,686 )

Unrealized
appreciation (depreciation) on investments 21,116 13,641,569

Unrealized
appreciation (depreciation) on foreign currency and futures contracts – (181,942 )

Unrealized
deferred compensation (8,038 ) (12,349 )

Total
accumulated earnings (deficit) $ 442,201 $ (11,662,043 )

The
tax character of the distributions paid during the fiscal years ended October 31, 2022 and October 31, 2021 were as follows:

Domestic Long/Short

Equity Fund

Global Long/Short

Equity Fund

Distributions paid
from: 2022 2021 2022 2021

Ordinary
income $ 1,177,790 $ – $ 3,285 $ –

Net
long-term capital gains 684,934 653,013 19,794,827 –

Total
distributions paid $ 1,862,724 $ 653,013 $ 19,798,112 $ –

361
Funds

NOTES
TO FINANCIAL STATEMENTS – Continued

October
31, 2022

At
October 31, 2022, the Funds had capital loss carryforwards, which reduce the Funds’ taxable income arising from future net realized
gains on investments, if any, to the extent permitted by the Code, and thus will reduce the amount of distributions to shareholders
which would otherwise be necessary to relieve the Funds of any liability for federal tax. Pursuant to the Code, such capital loss
carryforwards will expire as follows:

Not
Subject to Expiration:

Fund Short-Term Long-Term Total

Domestic Long/Short
Equity Fund – – –

Global
Long/Short Equity Fund 29,252,686 – 29,252,686

Note
5 – Investment Transactions

For
the year ended October 31, 2022, purchases and sales of investments, excluding short-term investments, futures contracts and options
contracts, were as follows:

Purchases Sales Securities
sold short Cover
short securities

Domestic
Long/Short Equity Fund $ 25,532,364 $ 27,645,914 $ 8,811,586 $ 8,698,780

Global Long/Short Equity
Fund 3,067,168,418 2,996,820,215 900,757,358 826,260,643

Note
6 – Distribution Plan

The
Trust, on behalf of each Fund, has adopted a Distribution Plan (the “Plan”) pursuant to Rule 12b-1 under the 1940
Act which allows each Fund to pay distribution fees for the sale and distribution of its Investor Class shares. The Plan provides
for the payment of distribution fees at the annual rate of up to 0.25% of average daily net assets attributable to Investor Class
shares, payable to IMST Distributors, LLC. Class I and Class Y shares do not pay any distribution fees.

For
the year ended October 31, 2022, distribution fees incurred are disclosed on the Statements of Operations.

Note
7 – Shareholder Servicing Plan

The
Trust, on behalf of each Fund, has adopted a Shareholder Servicing Plan to pay a fee at an annual rate of up to 0.15% of each
Fund’s average daily net assets of shares serviced by shareholder servicing agents who provide administrative and support
services to their customers. Class Y shares do not participate in the Shareholder Servicing Plan.

For
the year ended October 31, 2022, shareholder servicing fees incurred are disclosed on the Statements of Operations.

Note
8 – Indemnifications

In
the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general
indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that
may be made against the Funds that have not yet occurred. However, the Funds expect the risk of loss to be remote.

Note
9 – Fair Value Measurements and Disclosure

Fair
Value Measurements and Disclosures defines fair value, establishes a framework for measuring fair value in accordance with
GAAP, and expands disclosure about fair value measurements. It also provides guidance on determining when there has been a significant
decrease in the volume and level of activity for an asset or a liability, when a transaction is not orderly, and how that information
must be incorporated into a fair value measurement.

361
Funds

NOTES
TO FINANCIAL STATEMENTS – Continued

October
31, 2022

Under
Fair Value Measurements and Disclosures, various inputs are used in determining the value of the Funds’ investments.
These inputs are summarized into three broad Levels as described below:

● Level
1 – Unadjusted quoted prices in active markets for identical assets or liabilities
that the Fund has the ability to access.

● Level
2 – Observable inputs other than quoted prices included in Level 1 that are observable
for the asset or liability, either directly or indirectly. These inputs may include quoted
prices for the identical instrument on an inactive market, prices for similar instruments,
interest rates, prepayment speeds, credit risk, yield curves, default rates and similar
data.

● Level
3 – Unobservable inputs for the asset or liability, to the extent relevant observable
inputs are not available, representing the Fund’s own assumptions about the assumptions
a market participant would use in valuing the asset or liability, and would be based
on the best information available.

The
availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including for
example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets,
and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less
observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment
exercised in determining fair value is greatest for instruments categorized in Level 3.

The
inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes,
the Level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the
lowest Level input that is significant to the fair value measurement in its entirety.

The
inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used, as of October 31, 2022, in valuing the Funds’ assets carried at fair value:

Domestic
Long/Short Equity Fund Level
1 Level
2^* Level
3^** Total

Assets

Investments

Common
Stocks¹ $ 5,600,727 $ – $ – $ 5,600,727

Short-Term
Investments 392,849 – – 392,849

Total Assets $ 5,993,576 $ – $ – $ 5,993,576

Liabilities

Securities Sold
Short

Common
Stocks¹ $ 1,660,872 $ – $ – $ 1,660,872

Total Liabilities $ 1,660,872 $ – $ – $ 1,660,872

361
Funds

NOTES
TO FINANCIAL STATEMENTS – Continued

October
31, 2022

Global
Long/Short Equity Fund Level
1 Level
2 Level
3^** Total

Assets

Investments

Common
Stocks

Basic
Materials $ 28,461,548 $ 33,702,006 $ – $ 62,163,554

Communications 20,259,367 9,020,079 – 29,279,446

Consumer,
Cyclical 30,348,626 37,481,942 – 67,830,568

Consumer,
Non-cyclical 149,307,367 35,337,653 – 184,645,020

Diversified – 15,576,298 – 15,576,298

Energy 39,370,938 9,323,590 – 48,694,528

Financial 34,433,840 46,199,604 – 80,633,444

Industrial 9,513,077 11,256,825 – 20,769,902

Technology 56,754,767 4,409,118 – 61,163,885

Utilities 36,616,740 12,636,550 – 49,253,290

Short-Term
Investments 79,135,046 – – 79,135,046

Total
Assets $ 484,201,316 $ 214,943,665 $ – $ 699,144,981

Liabilities

Securities Sold
Short

Common
Stocks

Basic
Materials $ 5,417,838 $ 13,715,807 $ – $ 19,133,645

Communications 28,338,931 5,623,335 – 33,962,266

Consumer,
Cyclical 19,326,372 3,945,277 – 23,271,649

Consumer,
Non-cyclical 14,191,281 6,203,965 – 20,395,246

Energy 17,927,272 6,099,687 – 24,026,959

Financial 10,871,680 16,261,191 – 27,132,871

Industrial 2,397,866 21,131,412 – 23,529,278

Technology 6,843,082 983,406 – 7,826,488

Total
Liabilities $ 105,314,322 $ 73,964,080 $ – $ 179,278,402

¹ For
a detailed break-out of common stocks by major industry classification, please refer
to the Schedule of Investments.

^* The
Fund did not hold any Level 2 securities at period end.

^** The
Funds did not hold any Level 3 securities at period end.

Note
10 – Market Disruption and Geopolitical Risks

Certain
local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues,
or other events could have a significant impact on a security or instrument. Since 2020, the novel strain of coronavirus (COVID-19)
has negatively affected the worldwide economy, as well as the economies of individual countries, the financial health of individual
companies and the market in general in significant and unforeseen ways. Following Russia’s large-scale invasion of Ukraine,
the President of the United States signed an Executive Order in February 2022 prohibiting U.S. persons from entering transactions
with the Central Bank of Russia and Executive Orders in March 2022 prohibiting U.S. persons from importing oil and gas from Russia
as well as other popular Russian exports, such as diamonds, seafood and vodka. There may also be restrictions on investments in
Chinese companies. For example, the President of the United States of America signed an Executive Order in June 2021 affirming
and expanding the U.S. policy prohibiting U.S. persons from purchasing or investing in publicly-traded securities of companies
identified by the U.S. Government as “Chinese Military-Industrial Complex Companies.” The list of such companies can
change from time to time, and as a result of forced selling or an inability to participate in an investment the Advisor otherwise
believes is attractive, the Fund may incur losses. The duration of the coronavirus outbreak and the Russian-Ukraine conflict could
adversely affect the Fund’s performance, the performance of the securities in which the Fund invests and may lead to losses
on your investment. The ultimate impact of COVID-19 and Russia Invasion on the financial performance of the Fund’s investments
is not reasonably estimable at this time. Management is actively monitoring these events.

361
Funds

NOTES
TO FINANCIAL STATEMENTS – Continued

October
31, 2022

Note
11 – Investments by Other Registered Investment Companies

For
purposes of the 1940 Act, each Fund is treated as a registered investment company. Section 12(d)(1) of the 1940 Act restricts
investments by investment companies in the securities of other investment companies, including shares of the Fund. Rule 12d1-4
of the 1940 Act permits other investment companies to invest in the Fund beyond the limits in Section 12(d)(1), subject to certain
terms and conditions, including that such investment companies enter into an agreement with the Fund.

Note
12 – New Accounting Pronouncements

In
December 2020, the SEC adopted a new rule providing a framework for fund valuation practices (“Rule 2a-5”). Rule 2a-5
establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 will permit fund boards
to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule
2a-5 also defines when market quotations are “readily available” for purposes of the 1940 Act and the threshold for
determining whether a fund must fair value a security. In connection with Rule 2a-5, the SEC also adopted related recordkeeping
requirements and is rescinding previously issued guidance, including with respect to the role of a board in determining fair value
and the accounting and auditing of fund investments. The Funds have adopted procedures in accordance with Rule 2a-5.

In
March 2020, FASB issued ASU 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial
Reporting. The main objective of the new guidance is to provide relief to companies that will be impacted by the expected change
in benchmark interest rates at the end of 2021, when participating banks will no longer be required to submit London Interbank
Offered Rate (“LIBOR”) quotes by the UK Financial Conduct Authority. The new guidance allows companies to, provided
the only change to existing contracts are a change to an approved benchmark interest rate, account for modifications as a continuance
of the existing contract without additional analysis. In addition, derivative contracts that qualified for hedge accounting prior
to modification, will be allowed to continue to receive such treatment, even if critical terms change due to a change in the benchmark
interest rate. For new and existing contracts, the Funds may elect to apply the amendments as of March 12, 2020 through December
31, 2022. Management is currently assessing the impact of the ASU’s adoption to the Funds’ financial statements and
various filings.

Note
13– Reorganization Information

On
August 18, 2022, the Board of Trustees of the Trust has approved an Agreement and Plan of Reorganization (the “Plan”)
for each of the Domestic Long/Short Equity Fund and Global Long/Short Equity Fund (each, an “Acquired Fund”, each
a series of the Trust, providing for the reorganization of each Fund into a corresponding newly created series (each, an “Acquiring
Fund”) of Allspring Funds Trust. The reorganization of each Acquired Fund is subject to approval by shareholders.

Each
Acquiring Fund will have a substantially similar investment objective, investment strategy and fundamental investment restrictions
as its corresponding Acquired Fund. Following the reorganization, each Acquired Fund’s current investment advisor, Hamilton
Lane Advisors, L.L.C. (the “Advisor”), will be replaced by Allspring Funds Management, LLC (“Allspring”),
which will serve as investment advisor to each Acquiring Fund. Allspring Global Investments, LLC, each Acquired Fund’s current
sub-advisor, will serve as the sub-advisor to each Acquired Fund following the reorganization. Each Acquiring Fund will have the
same portfolio management team as the corresponding Acquired Fund.

361
Funds

NOTES
TO FINANCIAL STATEMENTS – Continued

October
31, 2022

The
Plan provides for each Acquired Fund to transfer all of its assets to the corresponding Acquiring Fund in return for shares of
the Acquiring Fund and the Acquiring Fund’s assumption of the Acquired Fund’s liabilities. Shareholders of each Acquired
Fund will become shareholders of the corresponding Acquiring Fund, receiving shares of the Acquiring Fund equal in value to the
shares of the Acquired Fund held by the shareholders prior to the reorganization. The reorganizations are not expected to result
in the recognition of gain or loss by either Acquired Fund or its shareholders for federal tax purposes. Allspring and the Advisor
will bear the costs related to the reorganizations.

The
Funds’ shareholders approved the Plan at a meeting held on November 4, 2022. The results of the shareholder meeting are
reported in the Supplement Information pages.

Note
14– Events Subsequent to the Fiscal Period End

The
Funds have adopted financial reporting rules regarding subsequent events which require an entity to recognize in the financial
statements the effects of all subsequent events that provide additional evidence about conditions that existed at the date of
the balance sheet. Management has evaluated the Funds’ related events and transactions that occurred through the date of
issuance of the Funds’ financial statements.

The
Domestic Long/Short Equity Fund declared the payment of a distribution to be paid, on December 12, 2022, to shareholders of record
on December 8, 2022 as follows:

Short Term
Capital Gain Long Term
Capital Gain Income

Domestic Long/Short
Equity Fund Investor Class Shares $1.0651 $0.0960 None

Domestic Long/Short
Equity Fund Class I Shares 1.0651 0.0960 None

At
the close of business on December 18, 2022, the Funds reorganized into the newly organized series of Allspring Funds Trust.

There
were no other events or transactions that occurred during this period that materially impacted the amounts or disclosures in the
Funds’ financial statements.

REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To
the Board of Trustees of

Investment
Managers Series Trust

and
the Shareholders of the 361 Funds

Opinion
on the Financial Statements

We
have audited the accompanying statement of assets and liabilities of the 361 Domestic Long/Short Equity Fund and 361 Global Long/Short
Equity Fund (the “Funds”), each a series of Investment Managers Series Trust, including the schedules of investments,
as of October 31, 2022, the related statements of operations for the year then ended, the statements of changes in net assets
for each of the two years in the period then ended, the statements of cash flows for the year then ended, the financial highlights
for the periods indicated thereon, and the related notes (collectively referred to as the “financial statements”).
In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of October
31, 2022, the results of their operations for the year then ended, the changes in their net assets for each of the two years in
the period then ended and their financial highlights for the periods indicated thereon, in conformity with accounting principles
generally accepted in the United States of America.

Basis
for Opinion

These
financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the
Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting
Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance
with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the
PCAOB. We have served as the auditor of one or more of the funds in the Trust since 2007.

We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits
to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error
or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial
reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but
not for the purpose of expressing an opinion on the effectiveness of the Funds internal control over financial reporting. Accordingly,
we express no such opinion.

Our
audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to
error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence
regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles
used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.
Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian and brokers.
We believe that our audits provide a reasonable basis for our opinion.

TAIT, WELLER &
BAKER LLP

Philadelphia, Pennsylvania

December 30, 2022

361
Funds

SUPPLEMENTAL
INFORMATION (Unaudited)

Long-Term
Capital Gain Designation

For
the fiscal year ended October 31, 2022, the Domestic Long/Short Equity Fund and the Global Long/Short Equity Fund designate $684,934
and $19,794,827, respectively as 20% rate gain distributions for purposes of the dividends paid deduction.

Qualified
Dividend Income

Pursuant
to Section 854 of the Internal Revenue Code of 1986, the Domestic Long/Short Equity Fund and the Global Long/Short Equity Fund
designate 15.64% and 100%, respectively, of its ordinary income dividends, including short-term capital gain, as qualified dividend
income for the taxable year ended October 31, 2022.

Dividends
Received Deduction

The
Domestic Long/Short Equity Fund and the Global Long/Short Equity Fund designate 15.35% and 100%, respectively, of its ordinary
income dividends, including short-term capital gain, as qualifying for the dividend received deduction available to corporate
shareholders for the taxable year ended October 31, 2022.

Results
of the Shareholder Meeting

On
November 4, 2022, shareholders of the Domestic Long/Short Equity Fund and the Global Long/Short Equity Fund approved the reorganization
of each Fund into a corresponding newly created series of the Allspring Funds Trust. The percentage of share outstanding and entitled
to vote that were present by proxy was 55.15% and 83.85% for the Domestic Long/Short Equity Fund and the Global Long/Short Equity
Fund, respectively. The number of shares voted were as follows:

For Against Abstain Total

Domestic
Long/Short Equity Fund 380,636 74 18,993 399,703

Global
Long/Short Equity Fund 47,160,278 28,898 38,398 47,227,574

Trustees
and Officers Information

Additional
information about the Trustees is included in the Funds’ Statement of Additional Information, which is available, without
charge, upon request by calling (888) 877-9275. The Trustees and officers of the Funds’ and their principal occupations
during the past five years are as follows:

Name, Address, Year of Birth and Position(s) held
with Trust

Term of Office^c and Length of Time Served

Principal Occupation During the Past Five Years and Other
Affiliations

Number of Portfolios in the Fund Complex

Overseen by Trustee^d
Other Directorships Held During the Past Five Years by Trustee^e

Independent Trustees:

Charles H. Miller ^a

(born 1947)

Trustee
Since November 2007 Retired (2013 – present); Executive Vice President, Client Management and Development, Access Data, a Broadridge company, a provider of technology and services to asset management firms (1997 – 2012). 2
361 Social Infrastructure Fund, a closed-end investment company.

Ashley Toomey Rabun ^a

(born 1952)

Trustee and Chairperson of the Board
Since November 2007 Retired (2016 – present); President and Founder, InvestorReach, Inc., a financial services consulting firm (1996 – 2015). 2
361 Social Infrastructure Fund, a closed-end investment company;
Select Sector SPDR Trust, a registered investment company (includes 11 portfolios).

361 Funds

SUPPLEMENTAL
INFORMATION (Unaudited) – Continued

Name, Address, Year of Birth and Position(s) held
with Trust

Term of Office^c and Length of Time Served

Principal Occupation During the Past Five Years and Other
Affiliations

Number of Portfolios in the Fund Complex

Overseen by Trustee^d
Other Directorships Held During the Past Five Years by Trustee^e

William H. Young ^a

(born 1950)

Trustee
Since November 2007
Retired (2014 – present); Independent financial services
consultant (1996 – 2014); Interim CEO, Unified Fund Services Inc. (now Huntington Fund Services), a mutual fund service provider
(2003 – 2006); Senior Vice President, Oppenheimer Management Company (1983 – 1996); Chairman, NICSA, an investment
management trade association (1993 – 1996).
2
361 Social Infrastructure Fund, a closed-end investment company.

James E. Ross ^a

(born 1965)

Trustee
Since December 2022
Non-Executive Chairman and Director, Fusion Acquisition Corp.
II, a special purpose acquisition company (March 2021 – present); Non-Executive Chairman and Director, Fusion Acquisition
Corp., a special purpose acquisition company (June 2020 – September 2021); Executive Vice President, State Street Global
Advisors, a global asset management firm (2012 – March 2020); Chairman and Director, SSGA Funds Management, Inc., a registered
investment advisor (2005 – March 2020); Chief Executive Officer, Manager and Director, SSGA Funds Distributor, LLC, a broker-dealer
(2017 – March 2020).
2 SPDR Series Trust, a registered investment company (includes 125 portfolios); Select Sector SPDR Trust, a registered investment company (includes 11 portfolios); Fusion Acquisition Corp II.

Interested Trustees:

John P. Zader ^{a *}

(born 1961)

Trustee
Since November 2007 Retired (June 2014 – present); CEO, UMB Fund Services, Inc., a mutual fund and hedge fund service provider, and the transfer agent, fund accountant, and co-administrator for the Fund(s) (December 2006 – June 2014); President, Investment Managers Series Trust (December 2007 – June 2014). 2
Investment Managers Series Trust II, a registered investment
company (includes 63 portfolios).

Maureen Quill
^a**

(born 1963)

Trustee and President
Since June 2019
President, Investment Managers Series Trust (June
2014 – present); President, UMB Distribution Services (March 2013 – present); EVP/Executive Director Registered
Funds (January 2018 – present), Chief Operating Officer (June 2014 – January 2018), and Executive Vice President
(January 2007 – June 2014), UMB Fund Services, Inc.; Vice President, Investment Managers Series Trust (December 2013
– June 2014).
2
361 Social Infrastructure Fund, a closed-end investment company.

361 Funds

SUPPLEMENTAL
INFORMATION (Unaudited) – Continued

Name, Address, Year of Birth and Position(s) held
with Trust

Term of Office^c and Length of Time Served

Principal Occupation During the Past Five Years and Other
Affiliations

Number of Portfolios in the Fund Complex

Overseen by Trustee^d
Other Directorships Held During the Past Five Years by Trustee^e

Officers of the Trust:

Rita Dam ^b

(born 1966)

Treasurer and Assistant Secretary
Since December 2007 Co-President, Foothill Capital Management, LLC, a registered investment advisor (2018 – present); Co-Chief Executive Officer (2016 – present), and Vice President (2006 – 2015), Mutual Fund Administration, LLC. N/A
N/A

Joy Ausili ^b

(born 1966)

Vice President, Assistant Secretary and Assistant
Treasurer
Since March 2016 Co-President, Foothill Capital Management, LLC, a registered investment advisor (2018 – present); Co-Chief Executive Officer (2016 – present), and Vice President (2006 – 2015), Mutual Fund Administration, LLC; Secretary and Assistant Treasurer, Investment Managers Series Trust (December 2007 – March 2016). N/A
N/A

Diane Drake^b

(born 1967)

Secretary
Since March 2016 Senior Counsel, Mutual Fund Administration, LLC (October 2015 – present); Chief Compliance Officer, Foothill Capital Management, LLC, a registered investment advisor (2018 – 2019); Managing Director and Senior Counsel, BNY Mellon Investment Servicing (US) Inc. (2010 – 2015). N/A
N/A

Martin Dziura ^b

(born 1959)

Chief Compliance Officer
Since June 2014
Principal, Dziura Compliance Consulting, LLC (October 2014 –
present); Managing Director, Cipperman Compliance Services (2010 – September 2014); Chief Compliance Officer, Hanlon Investment
Management (2009 – 2010); Vice President − Compliance, Morgan Stanley Investment Management (2000 − 2009).
N/A
N/A

a Address
for certain Trustees and certain officers: 235 West Galena Street, Milwaukee, Wisconsin 53212.

b Address
for Ms. Ausili, Ms. Dam and Ms. Drake: 2220 E. Route 66, Suite 226, Glendora, California 91740.

Address
for Mr. Dziura: 309 Woodridge Lane, Media, Pennsylvania 19063.

c Trustees
and officers serve until their successors have been duly elected. The Trust is comprised of 54 series managed by unaffiliated
investment advisors. Each Trustee serves as Trustee of each series of the Trust. The term “Fund Complex” applies only
to the Fund(s) managed by the same investment advisor. The Funds do not hold themselves out as related to any other series within
the Trust for purposes of investment and investor services, nor do they share the same investment advisor with any other series.

e “Other
Directorships Held” includes only directorships of companies required to register
or file reports with the SEC under the Securities Exchange Act of 1934, as amended (that
is, “public companies”), or other investment companies registered under the
1940 Act.

* Mr.
Zader is an “interested person” of the Trust by virtue of the employment of a member of his immediate family with
an investment advisor to certain series of the Trust.

** Ms.
Quill is an “interested person” of the Trust by virtue of her position with UMB Fund Services, Inc.

361 Funds

EXPENSE EXAMPLES

For the Six Months Ended
October 31, 2022 (Unaudited)

Expense Examples

As a shareholder of the Funds, you incur
two types of costs: (1) transaction costs and redemption fees; and (2) ongoing costs, including management fees; distribution and/or
service (12b-1) fees (Investor Class only); and other Fund expenses. The examples below are intended to help you understand your
ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual
funds.

These examples are based on an investment
of $1,000 invested at the beginning of the period and held for the entire period from May 1, 2022 to October 31, 2022.

Actual Expenses

The information in the row titled “Actual
Performance” of the table below provides actual account values and actual expenses. You may use the information in these
columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account
value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the appropriate
row for your share class, under the column titled “Expenses Paid During Period” to estimate the expenses you paid on
your account during this period.

Hypothetical Example for Comparison
Purposes

The information in the row titled “Hypothetical
(5% annual return before expenses)” of the table below provides hypothetical account values and hypothetical expenses based
on the Fund’s actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund’s
actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses
you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To
do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other
funds.

Please note that the expenses shown in
the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads)
or redemption fees. Therefore, the information in the row titled “Hypothetical (5% annual return before expenses)”
is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
In addition, if these transactional costs were included, your costs would have been higher.

Domestic Long/Short Equity Fund Beginning Account Value Ending Account Value Expenses Paid During Period*

5/1/22 10/31/22 5/1/22 – 10/31/22

Investor Class Actual Performance $1,000.00 $946.20 $10.05

Hypothetical (5% annual return before expenses) 1,000.00 1,014.88 10.41

Class I Actual Performance 1,000.00 947.40 8.50

Hypothetical (5% annual return before expenses) 1,000.00 1,016.48 8.80

* Expenses are equal to the Fund’s annualized expense
ratio of 2.05%, and 1.74% for Investor Class and Class I, respectively, multiplied by the average account value over the period,
multiplied by 184/365 (to reflect the six month period). The expense ratios reflect an expense waiver. Assumes all dividends and
distributions were reinvested.

361 Funds

EXPENSE EXAMPLES – Continued

For the Six Months Ended
October 31, 2022 (Unaudited)

Global Long/Short Equity Fund Beginning Account Value Ending Account Value Expenses Paid During Period*

5/1/22 10/31/22 5/1/22 – 10/31/22

Investor Class Actual Performance $1,000.00 $921.80 $10.74