WCM ALTERNATIVES: EVENT-DRIVEN FUND

Attractive, risk-adjusted returns with minimal volatility in virtually all market environments

Overview

Daily NAV as of 12/8/2017
Inception Date Ticker CUSIP NAV Change ($) YTD Return (%)
1/2/2014 WCEIX 95737C103 $10.22 $0.00 4.18%
3/22/2017 WCERX 95737C202 $10.21 $0.01 4.02%

The performance data quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original costs. Current performance may be lower or higher than the performance quoted.

The performance shown above for the WCM Alternatives - Event Driven Fund Investor Class Shares for periods prior to March 22, 2017 represents the performance for the original share class of the Fund, the Institutional Shares. The Institutional Shares were first offered on January 2, 2014, while the Investor Class Shares were first offered on March 22, 2017. Annual returns would differ only to the extent that Investor Class shares do not have the same expenses as Institutional Class Shares.

Investment Objective

The Fund seeks to provide attractive risk-adjusted returns with minimal volatility in virtually all market environments. Risk-adjusted return is a concept that considers not only an investment's return, but also the potential risk involved in producing that return.

Investment Strategy

The Fund typically attempts to generate profits by capturing price movements generated by specific events. This may include investing in companies that are involved in publicly announced mergers, acquisitions, asset sales or other divestitures, restructurings, re-financings, recapitalizations, reorganizations or other special situations. By investing based on event-driven criteria, the Fund seeks to benefit from the successful conclusion of a specific event, rather than on the performance of the overall market.

At a Glance
WCEIX WCERX
Inception Date: January 2, 2014 March 22, 2017
Investment Minimum: $1.0M $2,000
Ticker: WCEIX WCERX
CUSIP: 95737C103 95737C202
Management Fee:(1), (2) 1.25% 1.25%
Gross Expenses:(1), (2) 2.27% 2.54%
Total Fund Assets as of 10/31/17: $114.1M $114.1M
Total Strategy Assets as of 10/31/17: $363.0M NA

(1)As of prospectus dated 4/27/2017.
(2)Expense ratios are as of the April 27, 2017 Prospectus. The total annual operating expense ratios of the Fund’s Institutional Class shares and Investor Class shares were 2.54% and 2.79% respectively. Total annual operating expenses of the Fund's Institutional Class shares and Investor Class shares were 2.53% and 2.78% respectively and were applicable to investors. The Adviser has contractually agreed to waive its investment advisory fee and to reimburse the Fund for other ordinary operating expenses to the extent necessary to limit ordinary operating expenses (not including brokerage commissions, short dividends, interest expense, taxes, acquired fund fees and expenses or extraordinary expenses) to an amount not to exceed 1.74% and 1.99% for Institutional Class shares and Investor Class shares respectively. The expense limitation is expected to apply until April 30, 2018, except that it may be terminated by the Board of Trustees at any time. Aquired Fund Fees and Expenses and Interest and Dividend Expense on securities Sold Short were 0.17% and 0.62% respectively.

Portfolio Comparison

Portfolio Comparison as of 10/31/2017

Position Summary

Top 5 as a % of NAV: 39.03%
Average position size: 2.12%
Number of long positions: 84
Percent invested: 177.78%

Exposure

Long: 177.78%
Short: -28.54%
Net: 149.24%

Risk Summary (since inception 1/02/14)

Beta vs. S&P 500 Index: 0.32
Standard Deviation: 3.74

Strategy Allocation and Contribution to Performance

Strategy Allocations Contribution
Arbitrage: 69.56% 0.33%
Special Situations: 15.36% 0.58%
Credit = Credit-Catalyst Opportunities: 6.23% 0.01%
Extraordinary Events = Restructuring: 8.85% -0.14%
Total: 100.00% 0.78%

Regional Allocations (Gross exposure)

Sector Allocations (Gross exposure)

Beta is a measure of the fund’s sensitivity to market movements. A portfolio with a beta greater than 1 is more volatile than the market and a portfolio with a beta less than 1 is less volatile than the market. The S&P 500 Index is a broad based unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general. It is shown with dividends reinvested. Standard Deviation is the degree by which returns vary relative to the average return. The higher the standard deviation, the greater the variability of the investment. R-Squared is a statistical measure that represents the percentage of a fund or security's movements that can be explained by movements in a benchmark index. A fund with a low R-squared (70 or less) doesn't act much like the index.

Performance

As of Month-End: November 30, 2017

YTD 3-month 1-year 3-year 5-year 10-year Since Inception
WCM Alternatives - Event Driven Fund Inst. Class 3.57% 0.20% 4.36% 1.57% ------- ------- 2.07%
Wilshire Liq Alt Event Driven TR USD 2.34% 0.36% 2.34% 0.25% ------- ------- 0.15%
BofAML US Treasury Bill 3 Mon TR USD 0.74% 0.26% 0.79% 0.37% ------- ------- 0.30%

*Inception date: 1/2/2014

As of Quarter-End: September 30, 2017

YTD 3-month 1-year 3-year 5-year 10-year Since Inception
WCM Alternatives - Event Driven Fund Inst. Class 4.18% 0.00% 5.51% 1.67% ------- ------- 2.32%
Wilshire Liq Alt Event Driven TR USD 2.48% 0.45% 3.18% 0.04% ------- ------- 0.19%
BofAML US Treasury Bill 3 Mon TR USD 0.57% 0.26% 0.66% 0.32% ------- ------- 0.26%

*Inception date: 1/2/2014

Expense ratios are as of the April 27, 2017 Prospectus. The total annual operating expense ratios of the Fund’s Institutional Class shares and Investor Class shares were 2.54% and 2.79% respectively. Total annual operating expenses of the Fund's Institutional Class shares and Investor Class shares were 2.53% and 2.78% respectively and were applicable to investors. The Adviser has contractually agreed to waive its investment advisory fee and to reimburse the Fund for other ordinary operating expenses to the extent necessary to limit ordinary operating expenses (not including brokerage commissions, short dividends, interest expense, taxes, acquired fund fees and expenses or extraordinary expenses) to an amount not to exceed 1.74% and 1.99% for Institutional Class shares and Investor Class shares respectively. The expense limitation is expected to apply until April 30, 2018, except that it may be terminated by the Board of Trustees at any time. Aquired Fund Fees and Expenses and Interest and Dividend Expense on securities Sold Short were 0.17% and 0.62% respectively.

The performance data quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original costs. Current performance may be lower or higher than the performance quoted. Returns shown above are averaged annually for periods over one year.

The Wilshire Liquid Alternative Event Driven Index measures the performance of the event driven strategy component of the Wilshire Liquid Alternative Index. Event driven strategies predominantly invest in companies involved in corporate transactions such as mergers, restructuring, distressed, buy backs, or other capital structure changes.The BofA Merrill Lynch US 3-Month Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. Indices are unavailable for direct investment.

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