361 Capital launches Managed Futures Strategy, Long/Short Equity funds

By Toni Weeks

San Diego, Dec. 15 - 361 Capital, Inc. announced in an N-1A filing with the Securities and Exchange Commission the launch of two new funds, the 361 Managed Futures Strategy Fund and the 361 Long/Short Equity Fund.

Each fund is a series of Investment Managers Series Trust.

The 361 Managed Futures Strategy Fund seeks positive absolute returns that have a low correlation to the returns of broad stock and bond markets. The fund will seek to establish both long and short positions in futures contracts on various U.S. and foreign equity indexes. It will use a portion of its assets as margin for the fund's futures positions, the amount of which will be based on the notional value of the futures contracts held by the fund. Assets not invested in futures or used as margin will be invested in liquid instruments, including exchange-traded funds and exchange-traded notes that provide exposure to various fixed-income and equity indexes.

The 361 Long/Short Equity Fund seeks to outperform the S&P 500 Index, but with lower volatility and a low correlation to that index. The fund's secondary objective is to outperform the HFRX Equity Hedge Index. The fund seeks to invest at least 80% of the value of its net assets, including borrowings for investment purposes, in equity securities such as common stocks and shares of ETFs that will provide the fund with exposure to underlying equity securities, equity indexes and equity markets.

Brian P. Cunningham, Thomas I. Florence, Blaine Rollins and Jeremy Frank will serve as portfolio managers of both funds.

Both funds' class A shares will carry a sales charge of 5.75% of purchases. Purchases of $1 million or more are exempt from the sales charge, but a contingent deferred sales charge of 1% will be applied to certain redemptions of such shares within 12 months of the purchase date. Class I shares will incur no sales charges.

Management fees will be 1.5% for both class A and class I shares. Including distribution and/or service (12b-1) fees, acquired fund fees and all other expenses, and taking into account the advisor's agreement to limit fees until Feb. 28, 2013, the total annual fund operating expenses will be 2.63% for class A shares and 2.38% for class I shares.

The investment adviser for both funds is Denver-based 361 Capital, LLC.

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