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

1673308883 656 Form N CSR Investment Managers Seri For Oct 31

 

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

1673308883 656 Form N CSR Investment Managers Seri For Oct 31

 

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%.

 

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 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.

 

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
Domestic Long/Short Equity Fund

FUND PERFORMANCE at October 31, 2022 (Unaudited)

 

1673308883 967 Form N CSR Investment Managers Seri For Oct 31 

 

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

 

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.

 

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)

 

1673308883 46 Form N CSR Investment Managers Seri For Oct 31 

 

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

 

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.

 

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

 

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
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
PLC1,2
    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.
1 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.
2 Foreign
security denominated in U.S. Dollars.
3 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 PLC1,2
    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.
1 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.
2 Foreign
security denominated in U.S. Dollars.
3 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  

 

1 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 %

 

1 Based
on average shares outstanding for the period.
2 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.
3 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 %

 

1 Based
on average shares outstanding for the period.
2 Amount
represents less than $0.01 per share.
3 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 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
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/recovered3,4     2.34 %     2.77 %     2.72 %     2.74 %     2.68 %
After fees waived and expenses absorbed/recovered3,4     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 %

 

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. 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.
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 1.79% 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/recovered3,4     2.02 %     2.41 %     2.41 %     2.42 %     2.40 %
After fees waived and expenses absorbed/recovered3,4     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 %

 

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 1.54% 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/recovered3,4     1.94 %     2.37 %     2.32 %     2.34 %     2.29 %
After fees waived and expenses absorbed/recovered3,4     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.

 

   1673308884 375 Form N CSR Investment Managers Seri For Oct 31
   
  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 Officec and Length of Time Served

Principal Occupation During the Past Five Years and Other
Affiliations

Number of Portfolios in the Fund Complex

Overseen by Trusteed

Other Directorships Held During the Past Five Years by Trusteee
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 Officec and Length of Time Served

Principal Occupation During the Past Five Years and Other
Affiliations

Number of Portfolios in the Fund Complex

Overseen by Trusteed

Other Directorships Held During the Past Five Years by Trusteee

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