Mutual fund investing involves risk, including possible loss of principal. The credit-related instruments in which the Fund invests may be sensitive to interest rates. The value of credit-related instruments typically decreases when interest rates increase.

The Fund may engage in the following investment strategies, any of which could cause the Fund’s net asset value to be volatile and increase the risk of loss. The Fund may concentrate its investments in a small number of issuers; increasing the risk that one issuer could have a large adverse impact on the Fund’s return. It may borrow for investment purposes and engage in frequent trading, both of which will increase the Fund’s operating expenses.

The Fund may invest 100% of its net assets in high-yield bonds, subordinated and unsecured loans, foreign instruments, or derivatives. High yield bonds are rated below investment grade and involve greater risk of default. They also may be more volatile and less liquid than investment-grade securities. Subordinated and unsecured loans will be disproportionately affected by default and downgrade. Foreign investments may be adversely affected by currency fluctuations. Emerging markets entail greater risk from lower liquidity, lax regulation, and potential political instability. Derivatives may have a leveraging effect on the Fund and can be highly illiquid and difficult to unwind.

The Fund’s short positions may equal up to 100% of the Fund’s net asset value. Short sales theoretically involve unlimited loss potential since the market price of securities sold short may continuously increase.

Shares of the Cedar Ridge Unconstrained Credit Fund are distributed by IMST Distributors, LLC, Portland, Maine.