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)
Registrant's telephone number, including area code:
(626) 385-5777
Date of fiscal year end:
December 31
Date of reporting period:
June 30, 2024

Item 1. Report to Stockholders.

 

(a) The registrant’s semi-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:

WCM China Quality Growth Fund
Institutional Class/WCMCX
TSR Fund Logo - Cover
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
This semi-annual shareholder report contains important information about the WCM China Quality Growth Fund (“Fund”) for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://www.wcminvestfunds.com/china-quality-growth-fund. You can also request this information by contacting us at (888) 988-9801.
This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
WCM China Quality Growth Fund
(Institutional Class/WCMCX)		 $66 1.39%
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
Fund net assets $2,574,782)%
Total number of portfolio holdings $31)%
Total advisory fee paid/(reimbursed) $(127,954)%
Portfolio turnover rate as of the end of the reporting period $31)%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Country Allocation exclude short-term holdings, if any. The Country Allocation chart represents Common Stocks held by the Fund.
Top Ten Holdings
Tencent Holdings Ltd. 11.2%
Prosus N.V. - ADR 5.7%
Shenzhou International Group Holdings Ltd. 5.1%
Fuyao Glass Industry Group Co., Ltd. - Class H 4.2%
Kweichow Moutai Co., Ltd. - Class A 3.9%
Warom Technology, Inc. Co. - Class A 3.8%
Qingdao Haier Biomedical Co., Ltd. - Class A 3.4%
AIA Group Ltd. 3.2%
MediaTek, Inc. 3.2%
NARI Technology Co., Ltd. - Class A 3.2%
Asset Allocation
Graphical Representation - Allocation 1 Chart
Country Allocation
Graphical Representation - Allocation 2 Chart
Material Fund Changes
Effective September 3, 2024, First Trust Portfolios L.P. will serve as the Fund's distributor.
This is a summary of certain planned changes to the Fund since the beginning of the reporting period.  For more complete information, you may review the Fund’s prospectus at https://www.wcminvestfunds.com/china-quality-growth-fund or upon request at (888) 988-9801.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.wcminvestfunds.com/china-quality-growth-fund. You can also request this information by contacting us at (888) 988-9801.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 988-9801 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
Natixis Distribution, LLC serves as the Fund's distributor.
WCM China Quality Growth Fund
Investor Class/WCQGX
TSR Fund Logo - Cover
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
This semi-annual shareholder report contains important information about the WCM China Quality Growth Fund (“Fund”) for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://www.wcminvestfunds.com/china-quality-growth-fund. You can also request this information by contacting us at (888) 988-9801.
This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
WCM China Quality Growth Fund
(Investor Class/WCQGX)		 $78 1.64%
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
Fund net assets $2,574,782)%
Total number of portfolio holdings $31)%
Total advisory fee paid/(reimbursed) $(127,954)%
Portfolio turnover rate as of the end of the reporting period $31)%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Country Allocation exclude short-term holdings, if any. The Country Allocation chart represents Common Stocks held by the Fund.
Top Ten Holdings
Tencent Holdings Ltd. 11.2%
Prosus N.V. - ADR 5.7%
Shenzhou International Group Holdings Ltd. 5.1%
Fuyao Glass Industry Group Co., Ltd. - Class H 4.2%
Kweichow Moutai Co., Ltd. - Class A 3.9%
Warom Technology, Inc. Co. - Class A 3.8%
Qingdao Haier Biomedical Co., Ltd. - Class A 3.4%
AIA Group Ltd. 3.2%
MediaTek, Inc. 3.2%
NARI Technology Co., Ltd. - Class A 3.2%
Asset Allocation
Graphical Representation - Allocation 1 Chart
Country Allocation
Graphical Representation - Allocation 2 Chart
Material Fund Changes
Effective September 3, 2024, First Trust Portfolios L.P. will serve as the Fund's distributor.
This is a summary of certain planned changes to the Fund since the beginning of the reporting period.  For more complete information, you may review the Fund’s prospectus at https://www.wcminvestfunds.com/china-quality-growth-fund or upon request at (888) 988-9801.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.wcminvestfunds.com/china-quality-growth-fund. You can also request this information by contacting us at (888) 988-9801.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 988-9801 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
Natixis Distribution, LLC serves as the Fund's distributor.
WCM Developing World
Equity Fund
Institutional Class/WCMDX
TSR Fund Logo - Cover
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
This semi-annual shareholder report contains important information about the WCM Developing World Equity Fund (“Fund”) for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://www.wcminvestfunds.com/developing-world-equity-fund. You can also request this information by contacting us at (888) 988-9801.
This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
WCM Developing World Equity Fund
(Institutional Class/WCMDX)		 $48 0.96%
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
Fund net assets $1,770,223)%
Total number of portfolio holdings $34)%
Total advisory fee paid/(reimbursed) $(125,336)%
Portfolio turnover rate as of the end of the reporting period $25)%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Country Allocation exclude short-term holdings, if any. The Country Allocation chart represents Common Stocks held by the Fund.
Top Ten Holdings
Taiwan Semiconductor Manufacturing Co., Ltd. 5.6%
Samsung Electronics Co., Ltd. 5.0%
United Overseas Bank Ltd. 4.7%
HDFC Bank Ltd. - ADR 4.6%
AIA Group Ltd. 4.6%
Bid Corp. Ltd. 3.7%
Tencent Holdings Ltd. 3.3%
MercadoLibre, Inc. 3.3%
TOTVS S.A. 3.3%
Baker Hughes Co. 3.2%
Asset Allocation
Graphical Representation - Allocation 1 Chart
Country Allocation
Graphical Representation - Allocation 2 Chart
Material Fund Changes
On April 29, 2024, based on the recommendation of the Fund’s investment advisor, WCM Investment Management, LLC (“WCM”), the Board of Trustees of Investment Managers Series Trust (the “Board”) has approved the reorganization of the Fund into the First Trust WCM Developing World Equity ETF, a newly created series of First Trust Exchange-Traded Fund (the “Reorganization”).  The Reorganization of the Fund is currently expected to take effect in the fourth quarter of 2024.
Effective September 3, 2024, First Trust Portfolios L.P. will serve as the Fund's distributor.
This is a summary of certain planned changes to the Fund since the beginning of the reporting period.  For more complete information, you may review the Fund’s prospectus at https://www.wcminvestfunds.com/developing-world-equity-fund or upon request at (888) 988-9801.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.wcminvestfunds.com/developing-world-equity-fund. You can also request this information by contacting us at (888) 988-9801.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 988-9801 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
Natixis Distribution, LLC serves as the Fund's distributor.
WCM Developing World
Equity Fund
Investor Class/WCMUX
TSR Fund Logo - Cover
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
This semi-annual shareholder report contains important information about the WCM Developing World Equity Fund (“Fund”) for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://www.wcminvestfunds.com/developing-world-equity-fund. You can also request this information by contacting us at (888) 988-9801.
This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
WCM Developing World Equity Fund
(Investor Class/WCMUX)		 $61 1.21%
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
Fund net assets $1,770,223)%
Total number of portfolio holdings $34)%
Total advisory fee paid/(reimbursed) $(125,336)%
Portfolio turnover rate as of the end of the reporting period $25)%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Country Allocation exclude short-term holdings, if any. The Country Allocation chart represents Common Stocks held by the Fund.
Top Ten Holdings
Taiwan Semiconductor Manufacturing Co., Ltd. 5.6%
Samsung Electronics Co., Ltd. 5.0%
United Overseas Bank Ltd. 4.7%
HDFC Bank Ltd. - ADR 4.6%
AIA Group Ltd. 4.6%
Bid Corp. Ltd. 3.7%
Tencent Holdings Ltd. 3.3%
MercadoLibre, Inc. 3.3%
TOTVS S.A. 3.3%
Baker Hughes Co. 3.2%
Asset Allocation
Graphical Representation - Allocation 1 Chart
Country Allocation
Graphical Representation - Allocation 2 Chart
Material Fund Changes
On April 29, 2024, based on the recommendation of the Fund’s investment advisor, WCM Investment Management, LLC (“WCM”), the Board of Trustees of Investment Managers Series Trust (the “Board”) has approved the reorganization of the Fund into the First Trust WCM Developing World Equity ETF, a newly created series of First Trust Exchange-Traded Fund (the “Reorganization”).  In anticipation of the Reorganization, the Fund’s Investor Class shares will be consolidated with the Fund’s Institutional Class shares on or about September 9, 2024.  The Reorganization of the Fund is currently expected to take effect in the fourth quarter of 2024.
Effective September 3, 2024, First Trust Portfolios L.P. will serve as the Fund's distributor.
This is a summary of certain planned changes to the Fund since the beginning of the reporting period.  For more complete information, you may review the Fund’s prospectus at https://www.wcminvestfunds.com/developing-world-equity-fund or upon request at (888) 988-9801.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.wcminvestfunds.com/developing-world-equity-fund. You can also request this information by contacting us at (888) 988-9801.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 988-9801 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
Natixis Distribution, LLC serves as the Fund's distributor.
WCM Focused
Emerging Markets ex China Fund
Institutional Class/WCMWX
TSR Fund Logo - Cover
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
This semi-annual shareholder report contains important information about the WCM Focused Emerging Markets ex China Fund (“Fund”) for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://www.wcminvestfunds.com/focused-emerging-markets-ex-china-fund. You can also request this information by contacting us at (888) 988-9801.
This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
WCM Focused Emerging Markets ex China Fund
(Institutional Class/WCMWX)		 $65 1.25%
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
Fund net assets $7,443,273)%
Total number of portfolio holdings $45)%
Total advisory fee paid/(reimbursed) $(117,094)%
Portfolio turnover rate as of the end of the reporting period $31)%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Country Allocation exclude short-term holdings, if any. The Country Allocation chart represents Common Stocks held by the Fund.
Top Ten Holdings
Taiwan Semiconductor Manufacturing Co., Ltd. 11.0%
SK Hynix, Inc. 5.6%
Celestica, Inc. 4.3%
NU Holdings Ltd. - Class A 3.7%
Sea Ltd. - ADR 2.8%
Bupa Arabia for Cooperative Insurance Co. 2.8%
Aldrees Petroleum and Transport Services Co. 2.8%
ICICI Bank Ltd. 2.8%
InPost S.A. 2.6%
Coupang, Inc. 2.6%
Asset Allocation
Graphical Representation - Allocation 1 Chart
Country Allocation
Graphical Representation - Allocation 2 Chart
Material Fund Changes
Effective September 3, 2024, First Trust Portfolios L.P. will serve as the Fund's distributor.
This is a summary of certain planned changes to the Fund since the beginning of the reporting period.  For more complete information, you may review the Fund’s prospectus at https://www.wcminvestfunds.com/focused-emerging-markets-ex-china-fund or upon request at (888) 988-9801.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.wcminvestfunds.com/focused-emerging-markets-ex-china-fund. You can also request this information by contacting us at (888) 988-9801.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 988-9801 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
Natixis Distribution, LLC serves as the Fund's distributor.
WCM Focused
Emerging Markets ex China Fund
Investor Class/WCFEX
TSR Fund Logo - Cover
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
This semi-annual shareholder report contains important information about the WCM Focused Emerging Markets ex China Fund (“Fund”) for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://www.wcminvestfunds.com/focused-emerging-markets-ex-china-fund. You can also request this information by contacting us at (888) 988-9801.
This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
WCM Focused Emerging Markets ex China Fund
(Investor Class/WCFEX)		 $78 1.50%
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
Fund net assets $7,443,273)%
Total number of portfolio holdings $45)%
Total advisory fee paid/(reimbursed) $(117,094)%
Portfolio turnover rate as of the end of the reporting period $31)%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Country Allocation exclude short-term holdings, if any. The Country Allocation chart represents Common Stocks held by the Fund.
Top Ten Holdings
Taiwan Semiconductor Manufacturing Co., Ltd. 11.0%
SK Hynix, Inc. 5.6%
Celestica, Inc. 4.3%
NU Holdings Ltd. - Class A 3.7%
Sea Ltd. - ADR 2.8%
Bupa Arabia for Cooperative Insurance Co. 2.8%
Aldrees Petroleum and Transport Services Co. 2.8%
ICICI Bank Ltd. 2.8%
InPost S.A. 2.6%
Coupang, Inc. 2.6%
Asset Allocation
Graphical Representation - Allocation 1 Chart
Country Allocation
Graphical Representation - Allocation 2 Chart
Material Fund Changes
Effective September 3, 2024, First Trust Portfolios L.P. will serve as the Fund's distributor.
This is a summary of certain planned changes to the Fund since the beginning of the reporting period.  For more complete information, you may review the Fund’s prospectus at https://www.wcminvestfunds.com/focused-emerging-markets-ex-china-fund or upon request at (888) 988-9801.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.wcminvestfunds.com/focused-emerging-markets-ex-china-fund. You can also request this information by contacting us at (888) 988-9801.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 988-9801 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
Natixis Distribution, LLC serves as the Fund's distributor.
WCM Focused
Emerging Markets Fund
Institutional Class/WCMEX
TSR Fund Logo - Cover
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
This semi-annual shareholder report contains important information about the WCM Focused Emerging Markets Fund (“Fund”) for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://www.wcminvestfunds.com/focused-emerging-markets-fund. You can also request this information by contacting us at (888) 988-9801.
This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
WCM Focused Emerging Markets Fund
(Institutional Class/WCMEX)		 $64 1.26%
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
Fund net assets $1,003,324,334%
Total number of portfolio holdings $47%
Total advisory fee paid/(reimbursed) $5,038,275%
Portfolio turnover rate as of the end of the reporting period $34%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Country Allocation exclude short-term holdings, if any. The Country Allocation chart represents Common Stocks held by the Fund.
Top Ten Holdings
Taiwan Semiconductor Manufacturing Co., Ltd. 12.5%
Naspers Ltd. - N Shares 5.0%
NU Holdings Ltd. - Class A 4.6%
Celestica, Inc. 4.1%
SK Hynix, Inc. 3.6%
ICICI Bank Ltd. 3.3%
Sea Ltd. - ADR 2.9%
Jentech Precision Industrial Co., Ltd. 2.6%
Bharat Electronics Ltd. 2.5%
MediaTek, Inc. 2.4%
Asset Allocation
Graphical Representation - Allocation 1 Chart
Country Allocation
Graphical Representation - Allocation 2 Chart
Material Fund Changes
Effective September 3, 2024, First Trust Portfolios L.P. will serve as the Fund's distributor.
This is a summary of certain planned changes to the Fund since the beginning of the reporting period.  For more complete information, you may review the Fund’s prospectus at https://www.wcminvestfunds.com/focused-emerging-markets-fund or upon request at (888) 988-9801.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.wcminvestfunds.com/focused-emerging-markets-fund. You can also request this information by contacting us at (888) 988-9801.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 988-9801 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
Natixis Distribution, LLC serves as the Fund's distributor.
WCM Focused
Emerging Markets Fund
Investor Class/WFEMX
TSR Fund Logo - Cover
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
This semi-annual shareholder report contains important information about the WCM Focused Emerging Markets Fund (“Fund”) for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://www.wcminvestfunds.com/focused-emerging-markets-fund. You can also request this information by contacting us at (888) 988-9801.
This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
WCM Focused Emerging Markets Fund
(Investor Class/WFEMX)		 $77 1.51%
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
Fund net assets $1,003,324,334%
Total number of portfolio holdings $47%
Total advisory fee paid/(reimbursed) $5,038,275%
Portfolio turnover rate as of the end of the reporting period $34%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Country Allocation exclude short-term holdings, if any. The Country Allocation chart represents Common Stocks held by the Fund.
Top Ten Holdings
Taiwan Semiconductor Manufacturing Co., Ltd. 12.5%
Naspers Ltd. - N Shares 5.0%
NU Holdings Ltd. - Class A 4.6%
Celestica, Inc. 4.1%
SK Hynix, Inc. 3.6%
ICICI Bank Ltd. 3.3%
Sea Ltd. - ADR 2.9%
Jentech Precision Industrial Co., Ltd. 2.6%
Bharat Electronics Ltd. 2.5%
MediaTek, Inc. 2.4%
Asset Allocation
Graphical Representation - Allocation 1 Chart
Country Allocation
Graphical Representation - Allocation 2 Chart
Material Fund Changes
Effective September 3, 2024, First Trust Portfolios L.P. will serve as the Fund's distributor.
This is a summary of certain planned changes to the Fund since the beginning of the reporting period.  For more complete information, you may review the Fund’s prospectus at https://www.wcminvestfunds.com/focused-emerging-markets-fund or upon request at (888) 988-9801.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.wcminvestfunds.com/focused-emerging-markets-fund. You can also request this information by contacting us at (888) 988-9801.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 988-9801 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
Natixis Distribution, LLC serves as the Fund's distributor.
WCM Focused
Global Growth Fund
Institutional Class/WCMGX
TSR Fund Logo - Cover
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
This semi-annual shareholder report contains important information about the WCM Focused Global Growth Fund (“Fund”) for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://www.wcminvestfunds.com/focused-global-growth-fund. You can also request this information by contacting us at (888) 988-9801.
This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
WCM Focused Global Growth Fund
(Institutional Class/WCMGX)		 $56 1.05%
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
Fund net assets $495,067,431%
Total number of portfolio holdings $36%
Total advisory fee paid/(reimbursed) $1,936,205%
Portfolio turnover rate as of the end of the reporting period $22%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Country Allocation exclude short-term holdings, if any. The Country Allocation chart represents Common Stocks held by the Fund.
Top Ten Holdings
Novo Nordisk A/S - Class B 5.4%
Amazon.com, Inc. 5.2%
3i Group PLC 4.3%
General Electric Co. 4.3%
Microsoft Corp. 4.0%
Taiwan Semiconductor Manufacturing Co., Ltd. 3.8%
NVIDIA Corp. 3.6%
AppLovin Corp. - Class A 3.6%
Datadog, Inc. 3.2%
Arthur J. Gallagher & Co. 3.2%
Asset Allocation
Graphical Representation - Allocation 1 Chart
Country Allocation
Graphical Representation - Allocation 2 Chart
Material Fund Changes
On April 29, 2024, based on the recommendation of the Fund’s investment advisor, WCM Investment Management, LLC (“WCM”), the Board of Trustees of Investment Managers Series Trust (the “Board”) has approved the reorganization of the Fund into the First Trust WCM Focused Global Growth Fund, a newly created series of First Trust Series Fund (the “Reorganization”).  The Reorganization of the Fund is currently expected to take effect in the fourth quarter of 2024.
Effective September 3, 2024, First Trust Portfolios L.P. will serve as the Fund's distributor.
This is a summary of certain planned changes to the Fund since the beginning of the reporting period.  For more complete information, you may review the Fund’s prospectus at https://www.wcminvestfunds.com/focused-global-growth-fund or upon request at (888) 988-9801.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.wcminvestfunds.com/focused-global-growth-fund. You can also request this information by contacting us at (888) 988-9801.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 988-9801 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
Natixis Distribution, LLC serves as the Fund's distributor.
WCM Focused
Global Growth Fund
Investor Class/WFGGX
TSR Fund Logo - Cover
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
This semi-annual shareholder report contains important information about the WCM Focused Global Growth Fund (“Fund”) for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://www.wcminvestfunds.com/focused-global-growth-fund. You can also request this information by contacting us at (888) 988-9801.
This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
WCM Focused Global Growth Fund
(Investor Class/WFGGX)		 $70 1.30%
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
Fund net assets $495,067,431%
Total number of portfolio holdings $36%
Total advisory fee paid/(reimbursed) $1,936,205%
Portfolio turnover rate as of the end of the reporting period $22%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Country Allocation exclude short-term holdings, if any. The Country Allocation chart represents Common Stocks held by the Fund.
Top Ten Holdings
Novo Nordisk A/S - Class B 5.4%
Amazon.com, Inc. 5.2%
3i Group PLC 4.3%
General Electric Co. 4.3%
Microsoft Corp. 4.0%
Taiwan Semiconductor Manufacturing Co., Ltd. 3.8%
NVIDIA Corp. 3.6%
AppLovin Corp. - Class A 3.6%
Datadog, Inc. 3.2%
Arthur J. Gallagher & Co. 3.2%
Asset Allocation
Graphical Representation - Allocation 1 Chart
Country Allocation
Graphical Representation - Allocation 2 Chart
Material Fund Changes
On April 29, 2024, based on the recommendation of the Fund’s investment advisor, WCM Investment Management, LLC (“WCM”), the Board of Trustees of Investment Managers Series Trust (the “Board”) has approved the reorganization of the Fund into the First Trust WCM Focused Global Growth Fund, a newly created series of First Trust Series Fund (the “Reorganization”).  The Reorganization of the Fund is currently expected to take effect in the fourth quarter of 2024.
Effective September 3, 2024, First Trust Portfolios L.P. will serve as the Fund's distributor.
This is a summary of certain planned changes to the Fund since the beginning of the reporting period.  For more complete information, you may review the Fund’s prospectus at https://www.wcminvestfunds.com/focused-global-growth-fund or upon request at (888) 988-9801.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.wcminvestfunds.com/focused-global-growth-fund. You can also request this information by contacting us at (888) 988-9801.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 988-9801 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
Natixis Distribution, LLC serves as the Fund's distributor.
WCM Focused
International Growth Fund
Institutional Class/WCMIX
TSR Fund Logo - Cover
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
This semi-annual shareholder report contains important information about the WCM Focused International Growth Fund (“Fund”) for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://www.wcminvestfunds.com/focused-international-growth-fund. You can also request this information by contacting us at (888) 988-9801.
This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
WCM Focused International Growth Fund
(Institutional Class/WCMIX)		 $54 1.03%
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
Fund net assets $18,990,906,032%
Total number of portfolio holdings $36%
Total advisory fee paid/(reimbursed) $78,523,315%
Portfolio turnover rate as of the end of the reporting period $19%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Country Allocation exclude short-term holdings, if any. The Country Allocation chart represents Common Stocks held by the Fund.
Top Ten Holdings
Novo Nordisk A/S - Class B 7.2%
ICON PLC 4.5%
Ferrari N.V. 4.2%
ASM International N.V. 4.1%
Taiwan Semiconductor Manufacturing Co., Ltd. 4.1%
Canadian Pacific Kansas City Ltd. 3.9%
AstraZeneca PLC 3.8%
Safran S.A. 3.7%
ASML Holding N.V. 3.5%
BAE Systems PLC 3.5%
Asset Allocation
Graphical Representation - Allocation 1 Chart
Country Allocation
Graphical Representation - Allocation 2 Chart
Material Fund Changes
Effective September 3, 2024, First Trust Portfolios L.P. will serve as the Fund's distributor.
This is a summary of certain planned changes to the Fund since the beginning of the reporting period.  For more complete information, you may review the Fund’s prospectus at https://www.wcminvestfunds.com/focused-international-growth-fund or upon request at (888) 988-9801.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.wcminvestfunds.com/focused-international-growth-fund. You can also request this information by contacting us at (888) 988-9801.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 988-9801 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
Natixis Distribution, LLC serves as the Fund's distributor.
WCM Focused
International Growth Fund
Investor Class/WCMRX
TSR Fund Logo - Cover
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
This semi-annual shareholder report contains important information about the WCM Focused International Growth Fund (“Fund”) for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://www.wcminvestfunds.com/focused-international-growth-fund. You can also request this information by contacting us at (888) 988-9801.
This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
WCM Focused International Growth Fund
(Investor Class/WCMRX)		 $67 1.28%
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
Fund net assets $18,990,906,032%
Total number of portfolio holdings $36%
Total advisory fee paid/(reimbursed) $78,523,315%
Portfolio turnover rate as of the end of the reporting period $19%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Country Allocation exclude short-term holdings, if any. The Country Allocation chart represents Common Stocks held by the Fund.
Top Ten Holdings
Novo Nordisk A/S - Class B 7.2%
ICON PLC 4.5%
Ferrari N.V. 4.2%
ASM International N.V. 4.1%
Taiwan Semiconductor Manufacturing Co., Ltd. 4.1%
Canadian Pacific Kansas City Ltd. 3.9%
AstraZeneca PLC 3.8%
Safran S.A. 3.7%
ASML Holding N.V. 3.5%
BAE Systems PLC 3.5%
Asset Allocation
Graphical Representation - Allocation 1 Chart
Country Allocation
Graphical Representation - Allocation 2 Chart
Material Fund Changes
Effective September 3, 2024, First Trust Portfolios L.P. will serve as the Fund's distributor.
This is a summary of certain planned changes to the Fund since the beginning of the reporting period.  For more complete information, you may review the Fund’s prospectus at https://www.wcminvestfunds.com/focused-international-growth-fund or upon request at (888) 988-9801.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.wcminvestfunds.com/focused-international-growth-fund. You can also request this information by contacting us at (888) 988-9801.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 988-9801 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
Natixis Distribution, LLC serves as the Fund's distributor.
WCM Focused
International Opportunities Fund
Institutional Class/WCMOX
TSR Fund Logo - Cover
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
This semi-annual shareholder report contains important information about the WCM Focused International Opportunities Fund (“Fund”) for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://www.wcminvestfunds.com/focused-international-opportunities-fund. You can also request this information by contacting us at (888) 988-9801.
This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
WCM Focused International Opportunities Fund
(Institutional Class/WCMOX)		 $63 1.25%
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
Fund net assets $40,631,622%
Total number of portfolio holdings $44%
Total advisory fee paid/(reimbursed) $71,085%
Portfolio turnover rate as of the end of the reporting period $28%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Country Allocation exclude short-term holdings, if any. The Country Allocation chart represents Common Stocks held by the Fund.
Top Ten Holdings
3i Group PLC 3.8%
Saab A.B. - Class B 3.5%
ASM International N.V. 3.4%
Scout24 S.E. 3.3%
Novo Nordisk A/S - Class B 3.2%
Puig Brands S.A. - Class B 3.1%
NU Holdings Ltd. - Class A 3.1%
Celestica, Inc. 2.9%
Elastic N.V. 2.8%
D'ieteren Group 2.8%
Asset Allocation
Graphical Representation - Allocation 1 Chart
Country Allocation
Graphical Representation - Allocation 2 Chart
Material Fund Changes
Effective September 3, 2024, First Trust Portfolios L.P. will serve as the Fund's distributor.
This is a summary of certain planned changes to the Fund since the beginning of the reporting period.  For more complete information, you may review the Fund’s prospectus at https://www.wcminvestfunds.com/focused-international-opportunities-fund or upon request at (888) 988-9801.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.wcminvestfunds.com/focused-international-opportunities-fund. You can also request this information by contacting us at (888) 988-9801.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 988-9801 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
Natixis Distribution, LLC serves as the Fund's distributor.
WCM Focused
International Opportunities Fund
Investor Class/WCFOX
TSR Fund Logo - Cover
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
This semi-annual shareholder report contains important information about the WCM Focused International Opportunities Fund (“Fund”) for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://www.wcminvestfunds.com/focused-international-opportunities-fund. You can also request this information by contacting us at (888) 988-9801.
This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
WCM Focused International Opportunities Fund
(Investor Class/WCFOX)		 $75 1.50%
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
Fund net assets $40,631,622%
Total number of portfolio holdings $44%
Total advisory fee paid/(reimbursed) $71,085%
Portfolio turnover rate as of the end of the reporting period $28%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Country Allocation exclude short-term holdings, if any. The Country Allocation chart represents Common Stocks held by the Fund.
Top Ten Holdings
3i Group PLC 3.8%
Saab A.B. - Class B 3.5%
ASM International N.V. 3.4%
Scout24 S.E. 3.3%
Novo Nordisk A/S - Class B 3.2%
Puig Brands S.A. - Class B 3.1%
NU Holdings Ltd. - Class A 3.1%
Celestica, Inc. 2.9%
Elastic N.V. 2.8%
D'ieteren Group 2.8%
Asset Allocation
Graphical Representation - Allocation 1 Chart
Country Allocation
Graphical Representation - Allocation 2 Chart
Material Fund Changes
Effective September 3, 2024, First Trust Portfolios L.P. will serve as the Fund's distributor.
This is a summary of certain planned changes to the Fund since the beginning of the reporting period.  For more complete information, you may review the Fund’s prospectus at https://www.wcminvestfunds.com/focused-international-opportunities-fund or upon request at (888) 988-9801.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.wcminvestfunds.com/focused-international-opportunities-fund. You can also request this information by contacting us at (888) 988-9801.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 988-9801 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
Natixis Distribution, LLC serves as the Fund's distributor.
WCM Focused
International Value Fund
Institutional Class/WCMVX
TSR Fund Logo - Cover
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
This semi-annual shareholder report contains important information about the WCM Focused International Value Fund (“Fund”) for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://www.wcminvestfunds.com/focused-international-value-fund. You can also request this information by contacting us at (888) 988-9801.
This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
WCM Focused International Value Fund
(Institutional Class/WCMVX)		 $69 1.33%
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
Fund net assets $9,039,707)%
Total number of portfolio holdings $49)%
Total advisory fee paid/(reimbursed) $(81,120)%
Portfolio turnover rate as of the end of the reporting period $24)%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Country Allocation exclude short-term holdings, if any. The Country Allocation chart represents Common Stocks held by the Fund.
Top Ten Holdings
Taiwan Semiconductor Manufacturing Co., Ltd. - ADR 5.1%
Rolls-Royce Holdings PLC 4.9%
Celestica, Inc. 3.2%
UBS Group A.G. 3.1%
Muenchener Rueckversicherungs-Gesellschaft A.G. in Muenchen 3.0%
D'ieteren Group 2.9%
Puig Brands S.A. - Class B 2.9%
Canadian Natural Resources Ltd. 2.8%
ICON PLC 2.8%
Deutsche Telekom A.G. 2.7%
Asset Allocation
Graphical Representation - Allocation 1 Chart
Country Allocation
Graphical Representation - Allocation 2 Chart
Material Fund Changes
Effective July 1, 2024, WCM Investment Management, LLC (the “Advisor”) has contractually agreed to reduce the limit on the total annual fund operating expenses of the WCM Focused International Value Fund (the “Fund”) from 1.25% to 0.85% of the average daily net assets of the Fund’s Institutional Class shares.
Effective September 3, 2024, First Trust Portfolios L.P. will serve as the Fund's distributor.
This is a summary of certain planned changes to the Fund since the beginning of the reporting period.  For more complete information, you may review the Fund’s prospectus at https://www.wcminvestfunds.com/focused-international-value-fund or upon request at (888) 988-9801.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.wcminvestfunds.com/focused-international-value-fund. You can also request this information by contacting us at (888) 988-9801.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 988-9801 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
Natixis Distribution, LLC serves as the Fund's distributor.
WCM Focused
International Value Fund
Investor Class/WLIVX
TSR Fund Logo - Cover
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
This semi-annual shareholder report contains important information about the WCM Focused International Value Fund (“Fund”) for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://www.wcminvestfunds.com/focused-international-value-fund. You can also request this information by contacting us at (888) 988-9801.
This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
WCM Focused International Value Fund
(Investor Class/WLIVX)		 $82 1.58%
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
Fund net assets $9,039,707)%
Total number of portfolio holdings $49)%
Total advisory fee paid/(reimbursed) $(81,120)%
Portfolio turnover rate as of the end of the reporting period $24)%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Country Allocation exclude short-term holdings, if any. The Country Allocation chart represents Common Stocks held by the Fund.
Top Ten Holdings
Taiwan Semiconductor Manufacturing Co., Ltd. - ADR 5.1%
Rolls-Royce Holdings PLC 4.9%
Celestica, Inc. 3.2%
UBS Group A.G. 3.1%
Muenchener Rueckversicherungs-Gesellschaft A.G. in Muenchen 3.0%
D'ieteren Group 2.9%
Puig Brands S.A. - Class B 2.9%
Canadian Natural Resources Ltd. 2.8%
ICON PLC 2.8%
Deutsche Telekom A.G. 2.7%
Asset Allocation
Graphical Representation - Allocation 1 Chart
Country Allocation
Graphical Representation - Allocation 2 Chart
Material Fund Changes
Effective July 1, 2024, WCM Investment Management, LLC (the “Advisor”) has contractually agreed to reduce the limit on the total annual fund operating expenses of the WCM Focused International Value Fund (the “Fund”) from 1.50% to 1.10% of the average daily net assets of the Fund’s Investor Class shares.
Effective September 3, 2024, First Trust Portfolios L.P. will serve as the Fund's distributor.
This is a summary of certain planned changes to the Fund since the beginning of the reporting period.  For more complete information, you may review the Fund’s prospectus at https://www.wcminvestfunds.com/focused-international-value-fund or upon request at (888) 988-9801.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.wcminvestfunds.com/focused-international-value-fund. You can also request this information by contacting us at (888) 988-9801.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 988-9801 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
Natixis Distribution, LLC serves as the Fund's distributor.
WCM International Equity Fund
Institutional Class/WCMMX
TSR Fund Logo - Cover
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
This semi-annual shareholder report contains important information about the WCM International Equity Fund (“Fund”) for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://www.wcminvestfunds.com/international-equity-fund. You can also request this information by contacting us at (888) 988-9801.
This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
WCM International Equity Fund
(Institutional Class/WCMMX)		 $42 0.85%
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
Fund net assets $86,401,080%
Total number of portfolio holdings $40%
Total advisory fee paid/(reimbursed) $138,731%
Portfolio turnover rate as of the end of the reporting period $22%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Country Allocation exclude short-term holdings, if any. The Country Allocation chart represents Common Stocks held by the Fund.
Top Ten Holdings
AstraZeneca PLC - ADR 4.9%
United Overseas Bank Ltd. 4.8%
Canadian National Railway Co. 4.0%
Iberdrola S.A. 3.9%
Compass Group PLC 3.8%
London Stock Exchange Group PLC 3.8%
HDFC Bank Ltd. - ADR 3.5%
Baker Hughes Co. 3.4%
Samsung Electronics Co., Ltd. 3.2%
Haleon PLC 3.1%
Asset Allocation
Graphical Representation - Allocation 1 Chart
Country Allocation
Graphical Representation - Allocation 2 Chart
Material Fund Changes
On April 29, 2024, based on the recommendation of the Fund’s investment advisor, WCM Investment Management, LLC (“WCM”), the Board of Trustees of Investment Managers Series Trust (the “Board”) has approved the reorganization of the Fund into the First Trust WCM International Equity ETF, a newly created series of First Trust Exchange-Traded Fund (the “Reorganization”).  The Reorganization of the Fund is currently expected to take effect in the fourth quarter of 2024.
Effective September 3, 2024, First Trust Portfolios L.P. will serve as the Fund's distributor.
This is a summary of certain planned changes to the Fund since the beginning of the reporting period.  For more complete information, you may review the Fund’s prospectus at https://www.wcminvestfunds.com/international-equity-fund or upon request at (888) 988-9801.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.wcminvestfunds.com/international-equity-fund. You can also request this information by contacting us at (888) 988-9801.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 988-9801 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
Natixis Distribution, LLC serves as the Fund's distributor.
WCM International Equity Fund
Investor Class/WESGX
TSR Fund Logo - Cover
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
This semi-annual shareholder report contains important information about the WCM International Equity Fund (“Fund”) for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://www.wcminvestfunds.com/international-equity-fund. You can also request this information by contacting us at (888) 988-9801.
This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
WCM International Equity Fund
(Investor Class/WESGX)		 $55 1.10%
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
Fund net assets $86,401,080%
Total number of portfolio holdings $40%
Total advisory fee paid/(reimbursed) $138,731%
Portfolio turnover rate as of the end of the reporting period $22%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Country Allocation exclude short-term holdings, if any. The Country Allocation chart represents Common Stocks held by the Fund.
Top Ten Holdings
AstraZeneca PLC - ADR 4.9%
United Overseas Bank Ltd. 4.8%
Canadian National Railway Co. 4.0%
Iberdrola S.A. 3.9%
Compass Group PLC 3.8%
London Stock Exchange Group PLC 3.8%
HDFC Bank Ltd. - ADR 3.5%
Baker Hughes Co. 3.4%
Samsung Electronics Co., Ltd. 3.2%
Haleon PLC 3.1%
Asset Allocation
Graphical Representation - Allocation 1 Chart
Country Allocation
Graphical Representation - Allocation 2 Chart
Material Fund Changes
On April 29, 2024, based on the recommendation of the Fund’s investment advisor, WCM Investment Management, LLC (“WCM”), the Board of Trustees of Investment Managers Series Trust (the “Board”) has approved the reorganization of the Fund into the First Trust WCM International Equity ETF, a newly created series of First Trust Exchange-Traded Fund (the “Reorganization”).  In anticipation of the Reorganization, the Fund’s Investor Class shares will be consolidated with the Fund’s Institutional Class shares on or about September 9, 2024.  The Reorganization of the Fund is currently expected to take effect in the fourth quarter of 2024.
Effective September 3, 2024, First Trust Portfolios L.P. will serve as the Fund's distributor.
This is a summary of certain planned changes to the Fund since the beginning of the reporting period.  For more complete information, you may review the Fund’s prospectus at https://www.wcminvestfunds.com/international-equity-fund or upon request at (888) 988-9801.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.wcminvestfunds.com/international-equity-fund. You can also request this information by contacting us at (888) 988-9801.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 988-9801 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
Natixis Distribution, LLC serves as the Fund's distributor.
WCM International
Small Cap Growth Fund
Institutional class/WCMSX
TSR Fund Logo - Cover
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
This semi-annual shareholder report contains important information about the WCM International Small Cap Growth Fund (“Fund”) for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://www.wcminvestfunds.com/international-small-cap-growth-fund. You can also request this information by contacting us at (888) 988-9801.
This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
WCM International Small Cap Growth Fund
(Institutional class/WCMSX)		 $63 1.25%
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
Fund net assets $294,904,421%
Total number of portfolio holdings $67%
Total advisory fee paid/(reimbursed) $1,450,500%
Portfolio turnover rate as of the end of the reporting period $44%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Country Allocation exclude short-term holdings, if any. The Country Allocation chart represents Common Stocks held by the Fund.
Top Ten Holdings
Scout24 S.E. 3.0%
Integral Corp. 2.8%
Exosens SAS 2.8%
Celestica, Inc. 2.3%
InPost S.A. 2.1%
Money Forward, Inc. 2.1%
Schibsted A.S.A. - Class A 2.1%
Kyoto Financial Group, Inc. 2.0%
M&A Research Institute Holdings, Inc. 2.0%
Baltic Classifieds Group PLC 2.0%
Asset Allocation
Graphical Representation - Allocation 1 Chart
Country Allocation
Graphical Representation - Allocation 2 Chart
Material Fund Changes
Effective September 3, 2024, First Trust Portfolios L.P. will serve as the Fund's distributor.
This is a summary of certain planned changes to the Fund since the beginning of the reporting period.  For more complete information, you may review the Fund’s prospectus at https://www.wcminvestfunds.com/international-small-cap-growth-fund or upon request at (888) 988-9801.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.wcminvestfunds.com/international-small-cap-growth-fund. You can also request this information by contacting us at (888) 988-9801.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 988-9801 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
Natixis Distribution, LLC serves as the Fund's distributor.
WCM Mid Cap Quality Value Fund
Institutional Class/WCMAX
TSR Fund Logo - Cover
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
This semi-annual shareholder report contains important information about the WCM Mid Cap Quality Value Fund (“Fund”) for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://www.wcminvestfunds.com/mid-cap-quality-value-fund. You can also request this information by contacting us at (888) 988-9801.
This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
WCM Mid Cap Quality Value Fund
(Institutional Class/WCMAX)		 $51 1.00%
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
Fund net assets $1,033,722)%
Total number of portfolio holdings $34)%
Total advisory fee paid/(reimbursed) $(126,900)%
Portfolio turnover rate as of the end of the reporting period $8)%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Sector Allocation exclude short-term holdings, if any. The Sector Allocation chart represents Common Stocks held by the Fund.
Top Ten Holdings
GoDaddy, Inc. - Class A 5.8%
Brown & Brown, Inc. 5.4%
Entegris, Inc. 4.6%
Element Solutions, Inc. 4.2%
CDW Corp. 4.2%
Booz Allen Hamilton Holding Corp. 3.9%
Molina Healthcare, Inc. 3.7%
PTC, Inc. 3.7%
Jones Lang LaSalle, Inc. 3.3%
Masco Corp. 3.2%
Asset Allocation
Graphical Representation - Allocation 1 Chart
Sector Allocation
Graphical Representation - Allocation 2 Chart
Material Fund Changes
Effective September 3, 2024, First Trust Portfolios L.P. will serve as the Fund's distributor.
This is a summary of certain planned changes to the Fund since the beginning of the reporting period.  For more complete information, you may review the Fund’s prospectus at https://www.wcminvestfunds.com/mid-cap-quality-value-fund or upon request at (888) 988-9801.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.wcminvestfunds.com/mid-cap-quality-value-fund. You can also request this information by contacting us at (888) 988-9801.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 988-9801 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
Natixis Distribution, LLC serves as the Fund's distributor.
WCM Mid Cap Quality Value Fund
Investor Class/WMIDX
TSR Fund Logo - Cover
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
This semi-annual shareholder report contains important information about the WCM Mid Cap Quality Value Fund (“Fund”) for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://www.wcminvestfunds.com/mid-cap-quality-value-fund. You can also request this information by contacting us at (888) 988-9801.
This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
WCM Mid Cap Quality Value Fund
(Investor Class/WMIDX)		 $64 1.25%
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
Fund net assets $1,033,722)%
Total number of portfolio holdings $34)%
Total advisory fee paid/(reimbursed) $(126,900)%
Portfolio turnover rate as of the end of the reporting period $8)%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Sector Allocation exclude short-term holdings, if any. The Sector Allocation chart represents Common Stocks held by the Fund.
Top Ten Holdings
GoDaddy, Inc. - Class A 5.8%
Brown & Brown, Inc. 5.4%
Entegris, Inc. 4.6%
Element Solutions, Inc. 4.2%
CDW Corp. 4.2%
Booz Allen Hamilton Holding Corp. 3.9%
Molina Healthcare, Inc. 3.7%
PTC, Inc. 3.7%
Jones Lang LaSalle, Inc. 3.3%
Masco Corp. 3.2%
Asset Allocation
Graphical Representation - Allocation 1 Chart
Sector Allocation
Graphical Representation - Allocation 2 Chart
Material Fund Changes
Effective September 3, 2024, First Trust Portfolios L.P. will serve as the Fund's distributor.
This is a summary of certain planned changes to the Fund since the beginning of the reporting period.  For more complete information, you may review the Fund’s prospectus at https://www.wcminvestfunds.com/mid-cap-quality-value-fund or upon request at (888) 988-9801.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.wcminvestfunds.com/mid-cap-quality-value-fund. You can also request this information by contacting us at (888) 988-9801.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 988-9801 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
Natixis Distribution, LLC serves as the Fund's distributor.
WCM Quality
Dividend Growth Fund
Institutional Class/WCMYX
TSR Fund Logo - Cover
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
This semi-annual shareholder report contains important information about the WCM Quality Dividend Growth Fund (“Fund”) for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://www.wcminvestfunds.com/quality-dividend-growth-fund. You can also request this information by contacting us at (888) 988-9801.
This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
WCM Quality Dividend Growth Fund
(Institutional Class/WCMYX)		 $50 0.99%
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
Fund net assets $7,592,545)%
Total number of portfolio holdings $38)%
Total advisory fee paid/(reimbursed) $(96,969)%
Portfolio turnover rate as of the end of the reporting period $5)%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Sector Allocation exclude short-term holdings, if any. The Sector Allocation chart represents Common Stocks held by the Fund.
Top Ten Holdings
Unilever PLC - ADR 3.8%
General Dynamics Corp. 3.7%
Amgen, Inc. 3.3%
Entergy Corp. 3.2%
Microsoft Corp. 3.2%
JPMorgan Chase & Co. 3.2%
Verizon Communications, Inc. 3.2%
Texas Instruments, Inc. 3.1%
Exxon Mobil Corp. 3.0%
Cullen/Frost Bankers, Inc. 3.0%
Asset Allocation
Graphical Representation - Allocation 1 Chart
Sector Allocation
Graphical Representation - Allocation 2 Chart
Material Fund Changes
Effective September 3, 2024, First Trust Portfolios L.P. will serve as the Fund's distributor.
This is a summary of certain planned changes to the Fund since the beginning of the reporting period.  For more complete information, you may review the Fund’s prospectus at https://www.wcminvestfunds.com/quality-dividend-growth-fund or upon request at (888) 988-9801.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.wcminvestfunds.com/quality-dividend-growth-fund. You can also request this information by contacting us at (888) 988-9801.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 988-9801 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
Natixis Distribution, LLC serves as the Fund's distributor.
WCM Quality
Dividend Growth Fund
Investor Class/WQDGX
TSR Fund Logo - Cover
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
This semi-annual shareholder report contains important information about the WCM Quality Dividend Growth Fund (“Fund”) for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://www.wcminvestfunds.com/quality-dividend-growth-fund. You can also request this information by contacting us at (888) 988-9801.
This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
WCM Quality Dividend Growth Fund
(Investor Class/WQDGX)		 $63 1.24%
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
Fund net assets $7,592,545)%
Total number of portfolio holdings $38)%
Total advisory fee paid/(reimbursed) $(96,969)%
Portfolio turnover rate as of the end of the reporting period $5)%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Sector Allocation exclude short-term holdings, if any. The Sector Allocation chart represents Common Stocks held by the Fund.
Top Ten Holdings
Unilever PLC - ADR 3.8%
General Dynamics Corp. 3.7%
Amgen, Inc. 3.3%
Entergy Corp. 3.2%
Microsoft Corp. 3.2%
JPMorgan Chase & Co. 3.2%
Verizon Communications, Inc. 3.2%
Texas Instruments, Inc. 3.1%
Exxon Mobil Corp. 3.0%
Cullen/Frost Bankers, Inc. 3.0%
Asset Allocation
Graphical Representation - Allocation 1 Chart
Sector Allocation
Graphical Representation - Allocation 2 Chart
Material Fund Changes
Effective September 3, 2024, First Trust Portfolios L.P. will serve as the Fund's distributor.
This is a summary of certain planned changes to the Fund since the beginning of the reporting period.  For more complete information, you may review the Fund’s prospectus at https://www.wcminvestfunds.com/quality-dividend-growth-fund or upon request at (888) 988-9801.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.wcminvestfunds.com/quality-dividend-growth-fund. You can also request this information by contacting us at (888) 988-9801.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 988-9801 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
Natixis Distribution, LLC serves as the Fund's distributor.
WCM Small Cap Growth Fund
Institutional Class/WCMLX
TSR Fund Logo - Cover
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
This semi-annual shareholder report contains important information about the WCM Small Cap Growth Fund (“Fund”) for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://www.wcminvestfunds.com/small-cap-growth-fund. You can also request this information by contacting us at (888) 988-9801.
This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
WCM Small Cap Growth Fund
(Institutional Class/WCMLX)		 $49 0.99%
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
Fund net assets $40,637,746%
Total number of portfolio holdings $69%
Total advisory fee paid/(reimbursed) $50,813%
Portfolio turnover rate as of the end of the reporting period $33%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Sector Allocation exclude short-term holdings, if any. The Sector Allocation chart represents Common Stocks held by the Fund.
Top Ten Holdings
Casey's General Stores, Inc. 2.3%
Applied Industrial Technologies, Inc. 2.3%
Casella Waste Systems, Inc. - Class A 2.2%
Appfolio, Inc. - Class A 2.2%
MACOM Technology Solutions Holdings, Inc. 2.2%
Rambus, Inc. 2.2%
Tetra Tech, Inc. 2.0%
WEX, Inc. 2.0%
ACI Worldwide, Inc. 2.0%
John Bean Technologies Corp. 2.0%
Asset Allocation
Graphical Representation - Allocation 1 Chart
Sector Allocation
Graphical Representation - Allocation 2 Chart
Material Fund Changes
Effective September 3, 2024, First Trust Portfolios L.P. will serve as the Fund's distributor.
This is a summary of certain planned changes to the Fund since the beginning of the reporting period.  For more complete information, you may review the Fund’s prospectus at https://www.wcminvestfunds.com/small-cap-growth-fund or upon request at (888) 988-9801.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.wcminvestfunds.com/small-cap-growth-fund. You can also request this information by contacting us at (888) 988-9801.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 988-9801 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
Natixis Distribution, LLC serves as the Fund's distributor.
WCM Small Cap Growth Fund
Investor Class/WCMNX
TSR Fund Logo - Cover
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
This semi-annual shareholder report contains important information about the WCM Small Cap Growth Fund (“Fund”) for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://www.wcminvestfunds.com/small-cap-growth-fund. You can also request this information by contacting us at (888) 988-9801.
This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
WCM Small Cap Growth Fund
(Investor Class/WCMNX)		 $62 1.24%
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
Fund net assets $40,637,746%
Total number of portfolio holdings $69%
Total advisory fee paid/(reimbursed) $50,813%
Portfolio turnover rate as of the end of the reporting period $33%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Sector Allocation exclude short-term holdings, if any. The Sector Allocation chart represents Common Stocks held by the Fund.
Top Ten Holdings
Casey's General Stores, Inc. 2.3%
Applied Industrial Technologies, Inc. 2.3%
Casella Waste Systems, Inc. - Class A 2.2%
Appfolio, Inc. - Class A 2.2%
MACOM Technology Solutions Holdings, Inc. 2.2%
Rambus, Inc. 2.2%
Tetra Tech, Inc. 2.0%
WEX, Inc. 2.0%
ACI Worldwide, Inc. 2.0%
John Bean Technologies Corp. 2.0%
Asset Allocation
Graphical Representation - Allocation 1 Chart
Sector Allocation
Graphical Representation - Allocation 2 Chart
Material Fund Changes
Effective September 3, 2024, First Trust Portfolios L.P. will serve as the Fund's distributor.
This is a summary of certain planned changes to the Fund since the beginning of the reporting period.  For more complete information, you may review the Fund’s prospectus at https://www.wcminvestfunds.com/small-cap-growth-fund or upon request at (888) 988-9801.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.wcminvestfunds.com/small-cap-growth-fund. You can also request this information by contacting us at (888) 988-9801.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 988-9801 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
Natixis Distribution, LLC serves as the Fund's distributor.
WCM SMID Quality Value Fund
Institutional Class/WCMFX
TSR Fund Logo - Cover
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
This semi-annual shareholder report contains important information about the WCM SMID Quality Value Fund (“Fund”) for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://www.wcminvestfunds.com/smid-quality-value-fund. You can also request this information by contacting us at (888) 988-9801.
This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
WCM SMID Quality Value Fund
(Institutional Class/WCMFX)		 $49 0.94%
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
Fund net assets $71,485,624%
Total number of portfolio holdings $38%
Total advisory fee paid/(reimbursed) $118,682%
Portfolio turnover rate as of the end of the reporting period $5%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Sector Allocation exclude short-term holdings, if any. The Sector Allocation chart represents Common Stocks held by the Fund.
Top Ten Holdings
GoDaddy, Inc. - Class A 5.2%
EMCOR Group, Inc. 4.5%
Brown & Brown, Inc. 4.2%
Element Solutions, Inc. 4.0%
Verra Mobility Corp. 4.0%
Entegris, Inc. 3.8%
API Group Corp. 3.5%
Jones Lang LaSalle, Inc. 3.3%
Booz Allen Hamilton Holding Corp. 2.9%
MKS Instruments, Inc. 2.9%
Asset Allocation
Graphical Representation - Allocation 1 Chart
Sector Allocation
Graphical Representation - Allocation 2 Chart
Material Fund Changes
Effective September 3, 2024, First Trust Portfolios L.P. will serve as the Fund's distributor.
This is a summary of certain planned changes to the Fund since the beginning of the reporting period.  For more complete information, you may review the Fund’s prospectus at https://www.wcminvestfunds.com/smid-quality-value-fund or upon request at (888) 988-9801.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.wcminvestfunds.com/smid-quality-value-fund. You can also request this information by contacting us at (888) 988-9801.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 988-9801 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
Natixis Distribution, LLC serves as the Fund's distributor.
WCM SMID Quality Value Fund
Investor Class/WCMJX
TSR Fund Logo - Cover
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
This semi-annual shareholder report contains important information about the WCM SMID Quality Value Fund (“Fund”) for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://www.wcminvestfunds.com/smid-quality-value-fund. You can also request this information by contacting us at (888) 988-9801.
This report describes changes to the Fund that occurred during the reporting period.
Fund Expenses
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment
WCM SMID Quality Value Fund
(Investor Class/WCMJX)		 $61 1.19%
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
Fund net assets $71,485,624%
Total number of portfolio holdings $38%
Total advisory fee paid/(reimbursed) $118,682%
Portfolio turnover rate as of the end of the reporting period $5%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Sector Allocation exclude short-term holdings, if any. The Sector Allocation chart represents Common Stocks held by the Fund.
Top Ten Holdings
GoDaddy, Inc. - Class A 5.2%
EMCOR Group, Inc. 4.5%
Brown & Brown, Inc. 4.2%
Element Solutions, Inc. 4.0%
Verra Mobility Corp. 4.0%
Entegris, Inc. 3.8%
API Group Corp. 3.5%
Jones Lang LaSalle, Inc. 3.3%
Booz Allen Hamilton Holding Corp. 2.9%
MKS Instruments, Inc. 2.9%
Asset Allocation
Graphical Representation - Allocation 1 Chart
Sector Allocation
Graphical Representation - Allocation 2 Chart
Material Fund Changes
Effective September 3, 2024, First Trust Portfolios L.P. will serve as the Fund's distributor.
This is a summary of certain planned changes to the Fund since the beginning of the reporting period.  For more complete information, you may review the Fund’s prospectus at https://www.wcminvestfunds.com/smid-quality-value-fund or upon request at (888) 988-9801.
Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.wcminvestfunds.com/smid-quality-value-fund. You can also request this information by contacting us at (888) 988-9801.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 988-9801 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
Natixis Distribution, LLC serves as the Fund's distributor.

 

 

(b) Not applicable.

 

Item 2. Code of Ethics.

 

Not applicable.

 

Item 3. Audit Committee Financial Expert.

 

Not applicable.

 

Item 4. Principal Accountant Fees and Services.

 

Not applicable.

 

Item 5. Audit Committee of Listed Registrants.

 

Not applicable.

 

Item 6. Investments.

 

(a) Schedule of Investments is included as part of the report to shareholders filed under Item 7 of this Form.

 

(b) Not Applicable.

  

 

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

 

 

 

WCM Focused International Growth Fund

Investor Class Shares – WCMRX
Institutional Class Shares – WCMIX

 

  

WCM Developing World Equity Fund

Investor Class Shares – WCMUX

Institutional Class Shares – WCMDX

 

WCM Focused Emerging Markets Fund
Investor Class Shares – WFEMX

Institutional Class Shares – WCMEX

 

  

WCM International Equity Fund

Investor Class Shares – WESGX

Institutional Class Shares – WCMMX

 

WCM Focused Global Growth Fund

Investor Class Shares – WFGGX

Institutional Class Shares – WCMGX

 

  

WCM Focused International Value Fund

Investor Class Shares – WLIVX
Institutional Class Shares – WCMVX

 

WCM International Small Cap Growth Fund
Institutional Class Shares – WCMSX

 

  

WCM Focused International Opportunities Fund

Investor Class Shares – WCFOX

Institutional Class Shares – WCMOX

 

WCM Small Cap Growth Fund

Investor Class Shares – WCMNX

Institutional Class Shares – WCMLX

 

  

WCM Mid Cap Quality Value Fund

Investor Class Shares – WMIDX

Institutional Class Shares – WCMAX

 

WCM SMID Quality Value Fund

Investor Class Shares – WCMJX

Institutional Class Shares – WCMFX

 

WCM China Quality Growth Fund

Investor Class Shares – WCQGX

Institutional Class Shares – WCMCX

  

WCM Focused Emerging Markets ex China Fund

Investor Class Shares – WCFEX

Institutional Class Shares – WCMWX

 

WCM Quality Dividend Growth Fund

Investor Class Shares – WQDGX

Institutional Class Shares – WCMYX

 

SEMI-ANNUAL FINANCIALS AND OTHER INFORMATION

JUNE 30, 2024

  

 

WCM Funds

Each a series of Investment Managers Series Trust

 

Table of Contents

 

Item 7. Financial Statements and Financial Highlights

 

Schedule of Investments

 

  WCM Focused International Growth Fund 1
  WCM Focused Emerging Markets Fund 4
  WCM Focused Global Growth Fund 7
  WCM International Small Cap Growth Fund 9
  WCM Small Cap Growth Fund 13
  WCM SMID Quality Value Fund 16
  WCM China Quality Growth Fund 18
  WCM Developing World Equity Fund 20
  WCM International Equity Fund 23
  WCM Focused International Value Fund 26
  WCM Focused International Opportunities Fund 29
  WCM Mid Cap Quality Value Fund 32
  WCM Focused Emerging Markets ex China Fund 34
  WCM Quality Dividend Growth Fund 37

  Statements of Assets and Liabilities 39
  Statements of Operations 44
  Statements of Changes in Net Assets 49
  Financial Highlights 63
  Notes to Financial Statements 90

 

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

 

www.wcminvestfunds.com

  

 

 

WCM Focused International Growth Fund

SCHEDULE OF INVESTMENTS

As of June 30, 2024 (Unaudited) 

 

Number
of Shares		         Value  
        COMMON STOCKS — 98.1%        
        ARGENTINA — 2.7%        
  310,971     MercadoLibre, Inc.*   $ 511,049,741  
                 
        AUSTRALIA — 2.9%        
  3,115,045     Atlassian Corp. - Class A*     550,989,160  
                 
        BERMUDA — 3.1%        
  5,746,043     Arch Capital Group Ltd.*     579,718,278  
                 
        BRAZIL — 2.6%        
  38,303,010     NU Holdings Ltd. - Class A*     493,725,799  
                 
        CANADA — 8.8%        
  10,126,614     Canadian Natural Resources Ltd.     360,697,244  
  9,493,963     Canadian Pacific Kansas City Ltd.     747,459,707  
  684,062     Thomson Reuters Corp.     115,307,023  
  2,591,907     Waste Connections, Inc.     454,516,812  
              1,677,980,786  
                 
        DENMARK — 7.2%        
  9,413,041     Novo Nordisk A/S - Class B     1,359,260,476  
                 
        FRANCE — 10.2%        
  893,868     L’Oreal S.A.     392,515,071  
  560,461     LVMH Moet Hennessy Louis Vuitton S.E.     428,298,318  
  3,352,752     Safran S.A.     708,752,672  
  1,715,319     Schneider Electric S.E.     412,021,902  
              1,941,587,963  
                 
        INDIA — 2.8%        
  18,324,455     ICICI Bank Ltd. - ADR     527,927,548  
                 
        IRELAND — 11.3%        
  1,448,448     Aon PLC - Class A     425,235,364  
  9,636,043     Experian PLC     448,975,534  
  2,714,417     ICON PLC*     850,888,297  
  1,922,155     STERIS PLC     421,989,908  
              2,147,089,103  
                 
        ISRAEL — 2.1%        
  1,641,464     Monday.com Ltd.*     395,198,873  
                 
        ITALY — 4.2%        
  1,947,903     Ferrari N.V.     794,138,651  

 1 

 

WCM Focused International Growth Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2024 (Unaudited) 

 

Number
of Shares		         Value  
      COMMON STOCKS (Continued)      
        NETHERLANDS — 10.1%        
  392,051     Adyen N.V.*   $ 467,371,143  
  1,024,855     ASM International N.V.     781,207,741  
  657,724     ASML Holding N.V.     672,674,067  
              1,921,252,951  
                 
        SINGAPORE — 2.6%        
  6,971,359     Sea Ltd. - ADR*     497,894,460  
                 
        SOUTH KOREA — 2.3%        
  20,882,946     Coupang, Inc.*     437,497,719  
                 
        SWEDEN — 2.2%        
  1,318,965     Spotify Technology S.A.*     413,878,027  
                 
        SWITZERLAND — 1.9%        
  12,442,004     UBS Group A.G.     366,267,118  
                 
        TAIWAN — 4.1%        
  26,013,000     Taiwan Semiconductor Manufacturing Co., Ltd.     774,580,645  
                 
        UNITED KINGDOM — 16.1%        
  11,137,459     3i Group PLC     431,645,169  
  4,671,882     AstraZeneca PLC     729,689,976  
  39,488,806     BAE Systems PLC     658,895,512  
  12,044,473     Compass Group PLC     328,859,331  
  2,744,659     Ferguson PLC     528,566,298  
  879,305     Linde PLC     385,847,827  
              3,063,504,113  
                 
        UNITED STATES — 0.9%        
  944,053     EPAM Systems, Inc.*     177,585,810  
        TOTAL COMMON STOCKS        
        (Cost $13,455,157,360)     18,631,127,221  

 2 

 

WCM Focused International Growth Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2024 (Unaudited) 

 

Principal
Amount		         Value  
        BANK DEPOSIT INVESTMENTS — 2.1%        
$ 402,413,397     UMB Bank, Money Market Special II, 5.18%1   $ 402,413,397  
        TOTAL BANK DEPOSIT INVESTMENTS        
        (Cost $402,413,397)     402,413,397  
                 
        TOTAL INVESTMENTS — 100.2%        
        (Cost $13,857,570,757)     19,033,540,618  
        Liabilities in Excess of Other Assets — (0.2)%     (42,634,586 )
        TOTAL NET ASSETS — 100.0%   $ 18,990,906,032  

 

ADR – American Depository Receipt
PLC – Public Limited Company

 

* Non-income producing security.
1 The rate is the annualized seven-day yield at period end.

 

See accompanying Notes to Financial Statements.

 3 

 

WCM Focused Emerging Markets Fund

SCHEDULE OF INVESTMENTS

As of June 30, 2024 (Unaudited) 

 

Number
of Shares		         Value  
      COMMON STOCKS — 98.6%      
        ARGENTINA — 2.8%        
  687,010     Despegar.com Corp.*   $ 9,089,142  
  106,740     Globant S.A.*     19,027,473  
              28,116,615  
                 
        BRAZIL — 12.6%        
  1,402,104     Cia de Saneamento Basico do Estado de Sao Paulo SABESP     18,803,910  
  2,672,000     Embraer S.A.*     17,279,262  
  3,539,700     GPS Participacoes e Empreendimentos S.A.     10,916,518  
  2,207,579     Localiza Rent a Car S.A.     16,586,164  
  3,564,444     NU Holdings Ltd. - Class A*     45,945,683  
  3,164,000     TOTVS S.A.     17,223,399  
              126,754,936  
                 
        CANADA — 4.1%        
  714,063     Celestica, Inc.*     40,937,232  
                 
        CHINA — 9.6%        
  1,095,944     Full Truck Alliance Co., Ltd. - ADR     8,811,390  
  693,123     Kanzhun Ltd. - ADR     13,037,644  
  52,900     Kweichow Moutai Co., Ltd. - Class A     10,683,163  
  8,154,000     Li Ning Co., Ltd.*     17,646,413  
  2,347,120     Shenzhou International Group Holdings Ltd.     22,977,977  
  8,358,000     TravelSky Technology Ltd. - Class H     9,803,854  
  284,222     Trip.com Group Ltd. - ADR*     13,358,434  
              96,318,875  
                 
        HONG KONG — 3.3%        
  2,319,246     AIA Group Ltd.     15,740,615  
  1,539,385     Techtronic Industries Co., Ltd.     17,583,735  
              33,324,350  
                 
        INDIA — 13.7%        
  6,852,416     Bharat Electronics Ltd.     25,137,509  
  417,606     Divi’s Laboratories Ltd.     23,019,099  
  2,312,335     ICICI Bank Ltd.     33,264,903  
  1,191,036     Intellect Design Arena Ltd.     15,255,830  
  1,072,855     Kotak Mahindra Bank Ltd.     23,190,780  
  7,189,254     Zomato Ltd.*     17,291,282  
              137,159,403  
                 
        INDONESIA — 3.7%        
  38,855,975     Bank Central Asia Tbk P.T.     23,550,873  
  36,161,900     Bank Mandiri Persero Tbk P.T.     13,581,416  
              37,132,289  

 4 

 

WCM Focused Emerging Markets Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2024 (Unaudited) 

 

Number
of Shares		         Value  
      COMMON STOCKS (Continued)      
        KAZAKSTAN — 1.3%        
  97,872     Kaspi.KZ JSC - ADR   $ 12,626,467  
                 
        MEXICO — 4.4%        
  821,834     Grupo Aeroportuario del Pacifico S.A.B. de C.V. - Class B     12,855,559  
  1,896,400     Qualitas Controladora S.A.B. de C.V.     19,273,934  
  3,400,289     Wal-Mart de Mexico S.A.B. de C.V.     11,571,576  
              43,701,069  
                 
        PERU — 2.2%        
  136,725     Credicorp Ltd.     22,057,844  
                 
        POLAND — 2.6%        
  1,106,270     Allegro.eu S.A.*     10,360,031  
  903,176     InPost S.A.*     15,920,194  
              26,280,225  
                 
        RUSSIA — 0.0%        
  15,336,645     Moscow Exchange MICEX-RTS PJSC1     —  
                 
        SAUDI ARABIA — 2.1%        
  307,647     Bupa Arabia for Cooperative Insurance Co.     21,075,082  
                 
        SINGAPORE — 4.9%        
  5,540,516     Grab Holdings Ltd. - Class A*     19,668,832  
  414,907     Sea Ltd. - ADR*     29,632,658  
              49,301,490  
                 
        SOUTH AFRICA — 7.3%        
  158,488     Capitec Bank Holdings Ltd.     22,901,480  
  257,562     Naspers Ltd. - N Shares     50,499,638  
              73,401,118  
                 
        SOUTH KOREA — 5.4%        
  848,472     Coupang, Inc.*     17,775,488  
  211,656     SK Hynix, Inc.     36,365,161  
              54,140,649  
                 
        TAIWAN — 18.6%        
  358,629     Airtac International Group     10,921,981  
  709,000     Jentech Precision Industrial Co., Ltd.     26,225,668  
  560,566     MediaTek, Inc.     24,191,002  

 5 

 

WCM Focused Emerging Markets Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2024 (Unaudited) 

 

Number
of Shares		         Value  
        COMMON STOCKS (Continued)        
        TAIWAN (Continued)        
  4,225,000     Taiwan Semiconductor Manufacturing Co., Ltd.   $ 125,806,452  
              187,145,103  
        TOTAL COMMON STOCKS        
        (Cost $886,591,681)     989,472,747  
        RIGHTS — 0.0%        
        BRAZIL — 0.0%        
  22,306     Localiza Rent a Car S.A. (Expires 8/07/2024)*     35,912  
        TOTAL RIGHTS        
        (Cost $0)     35,912  

 

Principal
Amount		            
        BANK DEPOSIT INVESTMENTS — 1.6%        
$ 15,597,482     UMB Bank, Money Market Special II, 5.18%2     15,597,482  
        TOTAL BANK DEPOSIT INVESTMENTS        
        (Cost $15,597,482)     15,597,482  
                 
        TOTAL INVESTMENTS — 100.2%        
        (Cost $902,189,163)     1,005,106,141  
        Liabilities in Excess of Other Assets — (0.2)%     (1,781,807 )
        TOTAL NET ASSETS — 100.0%   $ 1,003,324,334  

 

ADR – American Depository Receipt
JSC – Joint Stock Company
PJSC – Public Joint Stock Company

 

* Non-income producing security.
1 The value of these securities was determined using significant unobservable inputs. These are reported as Level 3 securities in the Fair Value Hierarchy.
2 The rate is the annualized seven-day yield at period end.

 

See accompanying Notes to Financial Statements.

 6 

 

WCM Focused Global Growth Fund

SCHEDULE OF INVESTMENTS

As of June 30, 2024 (Unaudited) 

 

Number
of Shares		         Value  
        COMMON STOCKS — 98.0%        
        CANADA — 5.8%        
  184,885     Canadian Pacific Kansas City Ltd.   $ 14,555,996  
  80,067     Waste Connections, Inc.     14,040,549  
              28,596,545  
                 
        DENMARK — 5.4%        
  183,609     Novo Nordisk A/S - Class B     26,513,478  
                 
        FRANCE — 2.2%        
  14,490     LVMH Moet Hennessy Louis Vuitton S.E.     11,073,103  
                 
        INDIA — 2.7%        
  467,598     ICICI Bank Ltd. - ADR     13,471,498  
                 
        ITALY — 1.8%        
  21,702     Ferrari N.V.     8,847,667  
                 
        NETHERLANDS — 2.0%        
  8,466     Adyen N.V.*     10,092,473  
                 
        SPAIN — 1.9%        
  339,467     Puig Brands S.A. - Class B*     9,488,208  
                 
        SWEDEN — 2.2%        
  458,058     Saab A.B. - Class B     11,020,360  
                 
        TAIWAN — 3.8%        
  632,000     Taiwan Semiconductor Manufacturing Co., Ltd.     18,818,859  
                 
        UNITED KINGDOM — 10.1%        
  543,922     3i Group PLC     21,080,329  
  100,043     AstraZeneca PLC     15,625,475  
  30,290     Linde PLC     13,291,555  
              49,997,359  
                 
        UNITED STATES — 60.1%        
  133,412     Amazon.com, Inc.*     25,781,869  
  215,474     AppLovin Corp. - Class A*     17,931,746  
  34,665     Arista Networks, Inc.*     12,149,389  
  60,632     Arthur J. Gallagher & Co.     15,722,484  
  96,728     Booz Allen Hamilton Holding Corp.     14,886,439  
  170,858     Corteva, Inc.     9,216,081  
  121,522     Datadog, Inc.*     15,760,188  
  115,254     Entegris, Inc.     15,605,392  

 7 

 

WCM Focused Global Growth Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2024 (Unaudited) 

 

Number
of Shares		         Value  
        COMMON STOCKS (Continued)        
        UNITED STATES (Continued)        
  104,578     Floor & Decor Holdings, Inc. - Class A*   $ 10,396,099  
  33,138     GE Vernova, Inc.*     5,683,498  
  132,554     General Electric Co.     21,072,109  
  01     GRAIL, Inc.*     5  
  74,720     Illumina, Inc.*     7,799,274  
  29,716     Intuitive Surgical, Inc.*     13,219,163  
  37,228     LPL Financial Holdings, Inc.     10,397,780  
  25,457     McKesson Corp.     14,867,906  
  44,506     Microsoft Corp.     19,891,957  
  145,458     NVIDIA Corp.     17,969,881  
  49,126     Old Dominion Freight Line, Inc.     8,675,652  
  23,188     Thermo Fisher Scientific, Inc.     12,822,964  
  28,068     UnitedHealth Group, Inc.     14,293,910  
  50,082     Visa, Inc. - Class A     13,145,023  
              297,288,809  
        TOTAL COMMON STOCKS        
        (Cost $363,631,581)     485,208,359  
        SHORT-TERM INVESTMENTS — 2.0%        
  9,676,580     Morgan Stanley Institutional Liquidity Treasury Portfolio - Institutional Class, 5.06%2     9,676,580  
        TOTAL SHORT-TERM INVESTMENTS        
        (Cost $9,676,580)     9,676,580  
                 
        TOTAL INVESTMENTS — 100.0%        
        (Cost $373,308,161)     494,884,939  
        Other Assets in Excess of Liabilities — 0.0%     182,492  
        TOTAL NET ASSETS — 100.0%   $ 495,067,431  

 

ADR – American Depository Receipt
PLC – Public Limited Company

 

* Non-income producing security.
1 Amount represents less than 0.5 shares.
2 The rate is the annualized seven-day yield at period end.

 

See accompanying Notes to Financial Statements.

 8 

 

WCM International Small Cap Growth Fund

SCHEDULE OF INVESTMENTS

As of June 30, 2024 (Unaudited) 

 

Number
of Shares		         Value  
        COMMON STOCKS — 98.8%        
        ARGENTINA — 3.4%        
  344,550     Despegar.com Corp.*   $ 4,558,396  
  30,710     Globant S.A.*     5,474,365  
              10,032,761  
                 
        AUSTRALIA — 1.4%        
  136,454     HUB24, Ltd.     4,237,447  
                 
        BELGIUM — 1.8%        
  24,790     D’ieteren Group     5,259,048  
                 
        BRAZIL — 5.4%        
  343,168     CI&T, Inc. - Class A*     1,784,474  
  626,700     Embraer S.A.*     4,052,737  
  895,600     GPS Participacoes e Empreendimentos S.A.     2,762,051  
  1,380,910     Grupo SBF S.A.     2,964,333  
  725,139     Inter & Co., Inc. - Class A     4,459,605  
              16,023,200  
                 
        CANADA — 7.4%        
  48,795     Cargojet, Inc.     4,993,275  
  120,737     Celestica, Inc.*     6,921,852  
  111,590     Docebo, Inc.*     4,309,115  
  295,808     PrairieSky Royalty, Ltd.     5,621,671  
              21,845,913  
                 
        CHINA — 2.3%        
  1,566,000     Li Ning Co., Ltd.*     3,389,046  
  2,832,000     TravelSky Technology Ltd. - Class H     3,321,909  
              6,710,955  
                 
        CYPRUS — 1.0%        
  223,281     Theon International PLC*     3,055,827  
                 
        DENMARK — 1.5%        
  200,195     ALK-Abello A/S*     4,401,249  
                 
        FINLAND — 1.1%        
  247,216     Amer Sports, Inc.*     3,107,505  
                 
        FRANCE — 5.9%        
  361,661     Exosens SAS*     8,214,639  
  40,359     Gaztransport Et Technigaz S.A.     5,268,539  

 9 

 

WCM International Small Cap Growth Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2024 (Unaudited) 

 

Number
of Shares		         Value  
        COMMON STOCKS (Continued)        
        FRANCE (Continued)        
  35,985     SOITEC*   $ 4,015,461  
              17,498,639  
                 
        GERMANY — 4.0%        
  121,422     Delivery Hero S.E.*     2,880,164  
  118,441     Scout24 S.E.     9,030,841  
              11,911,005  
                 
        INDIA — 3.6%        
  1,231,382     Muthoot Microfin, Ltd.*     3,548,507  
  220,883     PB Fintech, Ltd.*     3,701,139  
  514,498     UPL, Ltd.     3,522,125  
              10,771,771  
                 
        INDONESIA — 1.4%        
  26,207,500     Bank Syariah Indonesia Tbk P.T.     4,193,200  
                 
        JAPAN — 15.8%        
  256,000     Integral Corp.     8,226,241  
  168,960     Japan Elevator Service Holdings Co., Ltd.     2,714,660  
  121,500     Jeol, Ltd.     5,488,607  
  340,500     Kyoto Financial Group, Inc.     6,040,071  
  235,100     M&A Research Institute Holdings, Inc.*     5,866,906  
  185,500     Money Forward, Inc.*     6,220,228  
  287,600     Plus Alpha Consulting Co., Ltd.     3,390,995  
  449,700     Rakus Co., Ltd.     5,820,749  
  63,700     Visional, Inc.*     2,842,725  
              46,611,182  
                 
        MEXICO — 4.3%        
  580,710     Controladora Vuela Cia de Aviacion S.A.B. de C.V. - ADR*     3,693,316  
  346,193     Grupo Aeroportuario del Centro Norte S.A.B. de C.V.     2,936,065  
  760,767     Prologis Property Mexico S.A. de C.V. - REIT     2,485,850  
  352,200     Qualitas Controladora S.A.B. de C.V.     3,579,561  
              12,694,792  
                 
        NETHERLANDS — 3.1%        
  44,338     Elastic N.V.*     5,050,541  
  165,245     Fugro N.V.     3,992,212  
              9,042,753  
                 
        NORWAY — 3.6%        
  54,611     Kongsberg Gruppen A.S.A.     4,449,899  

 10 

 

WCM International Small Cap Growth Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2024 (Unaudited) 

 

Number
of Shares		         Value  
        COMMON STOCKS (Continued)        
        NORWAY (Continued)        
  209,974     Schibsted A.S.A. - Class A   $ 6,198,727  
              10,648,626  
                 
        POLAND — 2.1%        
  353,934     InPost S.A.*     6,238,760  
                 
        SAUDI ARABIA — 1.3%        
  117,687     Aldrees Petroleum and Transport Services Co.     3,833,392  
                 
        SOUTH KOREA — 1.7%        
  102,889     Hana Materials, Inc.     4,888,442  
                 
        SWEDEN — 7.9%        
  304,675     Beijer Ref A.B.     4,699,912  
  685,482     Fortnox A.B.     4,137,856  
  183,662     Hemnet Group A.B.     5,548,502  
  220,404     Munters Group A.B.     4,154,799  
  196,067     Saab A.B. - Class B     4,717,151  
              23,258,220  
                 
        SWITZERLAND — 2.0%        
  468,293     Global Blue Group Holding A.G.*     2,257,172  
  235,853     Medmix A.G.1     3,564,701  
              5,821,873  
                 
        TAIWAN — 1.9%        
  148,000     Jentech Precision Industrial Co., Ltd.     5,474,469  
                 
        UNITED KINGDOM — 11.3%        
  110,331     Ashtead Technology Holdings PLC     1,059,936  
  1,927,657     Baltic Classifieds Group PLC     5,848,030  
  2,428,066     Deliveroo PLC*     4,017,619  
  83,205     Diploma PLC     4,362,715  
  33,722     Games Workshop Group PLC     4,548,271  
  1,625,380     Trustpilot Group PLC*     4,417,352  
  617,889     Wise PLC - Class A*     5,322,859  
  133,614     Wizz Air Holdings PLC*     3,776,525  
              33,353,307  
                 
        UNITED STATES — 1.9%        
  409,849     Life360, Inc.*     4,475,803  
  36,219     Life360, Inc.*     1,173,133  
              5,648,936  

 11 

 

WCM International Small Cap Growth Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2024 (Unaudited) 

 

Number
of Shares		         Value  
        COMMON STOCKS (Continued)        
        VIETNAM — 1.7%        
  972,172     FPT Corp.   $ 4,984,027  
        TOTAL COMMON STOCKS        
        (Cost $265,710,337)     291,547,299  
        SHORT-TERM INVESTMENTS — 1.6%        
  4,607,305     Morgan Stanley Institutional Liquidity Treasury Portfolio - Institutional Class, 5.06%2     4,607,305  
        TOTAL SHORT-TERM INVESTMENTS        
        (Cost $4,607,305)     4,607,305  
                 
        TOTAL INVESTMENTS — 100.4%        
        (Cost $270,317,642)     296,154,604  
        Liabilities in Excess of Other Assets — (0.4)%     (1,250,183 )
        TOTAL NET ASSETS — 100.0%   $ 294,904,421  

 

ADR – American Depository Receipt
PLC – Public Limited Company
REIT – Real Estate Investment Trust

 

* Non-income producing security.
1 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 total value of these securities is $3,564,701, which represents 1.21% of total net assets of the Fund.
2 The rate is the annualized seven-day yield at period end.

 

See accompanying Notes to Financial Statements.

 12 

 

WCM Small Cap Growth Fund

SCHEDULE OF INVESTMENTS

As of June 30, 2024 (Unaudited) 

 

Number
of Shares		         Value  
        COMMON STOCKS — 96.6%        
        COMMUNICATIONS — 1.4%        
  12,066     IAC, Inc.*   $ 565,292  
        CONSUMER DISCRETIONARY — 11.7%        
  8,301     Beacon Roofing Supply, Inc.*     751,241  
  5,552     Boot Barn Holdings, Inc.*     715,819  
  18,706     Caesars Entertainment, Inc.*     743,376  
  26,045     First Watch Restaurant Group, Inc.*     457,350  
  5,715     Freshpet, Inc.*     739,464  
  9,798     Planet Fitness, Inc. - Class A*     721,035  
  3,569     Texas Roadhouse, Inc.     612,833  
              4,741,118  
                 
        CONSUMER STAPLES — 5.2%        
  2,501     Casey’s General Stores, Inc.     954,282  
  4,329     Five Below, Inc.*     471,731  
  10,422     Performance Food Group Co.*     688,998  
              2,115,011  
                 
        ENERGY — 1.8%        
  12,580     Matador Resources Co.     749,768  
                 
        FINANCIALS — 12.5%        
  5,746     Euronet Worldwide, Inc.*     594,711  
  3,835     Evercore, Inc. - Class A     799,329  
  7,179     FTAI Aviation Ltd.     741,088  
  3,093     Primerica, Inc.     731,742  
  10,264     Shift4 Payments, Inc. - Class A*     752,865  
  10,004     Western Alliance Bancorp     628,451  
  4,628     WEX, Inc.*     819,804  
              5,067,990  
                 
        HEALTH CARE — 16.8%        
  12,330     ACADIA Pharmaceuticals, Inc.*     200,362  
  9,998     Arrowhead Pharmaceuticals, Inc.*     259,848  
  9,093     AtriCure, Inc.*     207,048  
  4,892     Axsome Therapeutics, Inc.*     393,806  
  10,444     Azenta, Inc.*     549,563  
  7,582     Bridgebio Pharma, Inc.*     192,052  
  3,564     Cytokinetics, Inc.*     193,098  
  2,720     Glaukos Corp.*     321,912  
  12,578     Halozyme Therapeutics, Inc.*     658,584  
  7,546     Immunovant, Inc.*     199,214  
  4,793     Insmed, Inc.*     321,131  
  5,604     iRhythm Technologies, Inc.*     603,215  

 13 

 

WCM Small Cap Growth Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2024 (Unaudited) 

 

Number
of Shares		         Value  
        COMMON STOCKS (Continued)        
        HEALTH CARE (Continued)        
  5,166     Keros Therapeutics, Inc.*   $ 236,086  
  3,709     Lantheus Holdings, Inc.*     297,796  
  4,869     Natera, Inc.*     527,264  
  2,583     Repligen Corp.*     325,613  
  13,345     Rocket Pharmaceuticals, Inc.*     287,318  
  21,347     Surgery Partners, Inc.*     507,845  
  6,021     Ultragenyx Pharmaceutical, Inc.*     247,463  
  4,088     Vaxcyte, Inc.*     308,685  
              6,837,903  
                 
        INDUSTRIALS — 20.8%        
  4,883     Applied Industrial Technologies, Inc.     947,302  
  9,136     Casella Waste Systems, Inc. - Class A*     906,474  
  8,063     CBIZ, Inc.*     597,468  
  16,643     Cognex Corp.     778,227  
  1,940     Comfort Systems USA, Inc.     589,993  
  19,653     CryoPort, Inc.*     135,802  
  8,433     John Bean Technologies Corp.     800,882  
  19,361     Mercury Systems, Inc.*     522,553  
  4,334     Regal Rexnord Corp.     586,043  
  1,068     Saia, Inc.*     506,542  
  4,041     Tetra Tech, Inc.     826,304  
  8,189     Timken Co.     656,185  
  16,230     WillScot Mobile Mini Holdings Corp.*     610,897  
              8,464,672  
                 
        MATERIALS — 3.4%        
  18,252     Avient Corp.     796,700  
  7,752     Trex Co., Inc.*     574,578  
              1,371,278  
                 
        REAL ESTATE — 1.5%        
  3,653     EastGroup Properties, Inc. - REIT     621,375  
                 
        TECHNOLOGY — 21.5%        
  20,559     ACI Worldwide, Inc.*     813,931  
  3,682     Appfolio, Inc. - Class A*     900,507  
  9,395     BILL Holdings, Inc.*     494,365  
  13,854     Braze, Inc. - Class A*     538,089  
  1,674     Fabrinet*     409,779  
  13,039     Five9, Inc.*     575,020  
  7,934     MACOM Technology Solutions Holdings, Inc.*     884,403  
  8,063     Power Integrations, Inc.     565,942  
  14,891     Rambus, Inc.*     874,995  

 14 

 

WCM Small Cap Growth Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2024 (Unaudited) 

 

Number
of Shares		         Value  
        COMMON STOCKS (Continued)        
        TECHNOLOGY (Continued)        
  4,762     Science Applications International Corp.   $ 559,773  
  16,905     Smartsheet, Inc. - Class A*     745,172  
  4,196     SPS Commerce, Inc.*     789,519  
  10,735     WNS Holdings Ltd.*     563,588  
              8,715,083  
        TOTAL COMMON STOCKS        
        (Cost $35,712,050)     39,249,490  
        SHORT-TERM INVESTMENTS — 0.9%        
  368,211     Morgan Stanley Institutional Liquidity Treasury Portfolio - Institutional Class, 5.06%1     368,211  
        TOTAL SHORT-TERM INVESTMENTS        
        (Cost $368,211)     368,211  
                 
        TOTAL INVESTMENTS — 97.5%        
        (Cost $36,080,261)     39,617,701  
        Other Assets in Excess of Liabilities — 2.5%     1,020,045  
        TOTAL NET ASSETS — 100.0%   $ 40,637,746  

 

REIT – Real Estate Investment Trust

 

* Non-income producing security.
1 The rate is the annualized seven-day yield at period end.

 

See accompanying Notes to Financial Statements.

 15 

 

WCM SMID Quality Value Fund

SCHEDULE OF INVESTMENTS

As of June 30, 2024 (Unaudited)

 

Number
of Shares		         Value  
        COMMON STOCKS — 97.5%        
        COMMUNICATIONS — 5.2%        
  26,600     GoDaddy, Inc. - Class A*   $ 3,716,286  
                 
        CONSUMER DISCRETIONARY — 15.3%        
  21,800     Beacon Roofing Supply, Inc.*     1,972,900  
  21,800     CarMax, Inc.*     1,598,812  
  14,400     Dorman Products, Inc.*     1,317,312  
  24,900     Masco Corp.     1,660,083  
  3,500     Pool Corp.     1,075,655  
  25,200     Wyndham Hotels & Resorts, Inc.     1,864,800  
  37,800     YETI Holdings, Inc.*     1,442,070  
              10,931,632  
                 
        CONSUMER STAPLES — 5.9%        
  83,700     Grocery Outlet Holding Corp.*     1,851,444  
  10,300     Inter Parfums, Inc.     1,195,109  
  6,100     Lancaster Colony Corp.     1,152,717  
              4,199,270  
                 
        FINANCIALS — 8.1%        
  34,000     Brown & Brown, Inc.     3,039,940  
  6,500     Enstar Group Ltd.*     1,987,050  
  415     White Mountains Insurance Group Ltd.     754,241  
              5,781,231  
                 
        HEALTH CARE — 8.1%        
  15,600     Addus HomeCare Corp.*     1,811,316  
  16,200     Ensign Group, Inc.     2,003,778  
  16,500     ICU Medical, Inc.*     1,959,375  
              5,774,469  
                 
        INDUSTRIALS — 26.1%        
  30,400     AMN Healthcare Services, Inc.*     1,557,392  
  65,500     API Group Corp.*     2,464,765  
  32,500     AZEK Co., Inc.*     1,369,225  
  8,700     EMCOR Group, Inc.     3,176,196  
  20,900     Graco, Inc.     1,656,952  
  108,900     Hayward Holdings, Inc.*     1,339,470  
  10,200     Landstar System, Inc.     1,881,696  
  78,900     R1 RCM, Inc.*     990,984  
  10,700     SiteOne Landscape Supply, Inc.*     1,299,087  
  5,700     Tetra Tech, Inc.     1,165,536  
  3,750     Watsco, Inc.     1,737,150  
              18,638,453  

 16 

 

WCM SMID Quality Value Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2024 (Unaudited) 

 

Number
of Shares		         Value  
        COMMON STOCKS (Continued)        
        MATERIALS — 6.7%        
  20,700     Ashland, Inc.   $ 1,955,943  
  105,700     Element Solutions, Inc.     2,866,584  
              4,822,527  
                 
        REAL ESTATE — 3.3%        
  11,700     Jones Lang LaSalle, Inc.*     2,401,776  
                 
        TECHNOLOGY — 18.8%        
  13,600     Booz Allen Hamilton Holding Corp.     2,093,040  
  20,300     Entegris, Inc.     2,748,620  
  15,800     MKS Instruments, Inc.     2,063,164  
  11,300     PTC, Inc.*     2,052,871  
  103,800     Verra Mobility Corp.*     2,823,360  
  5,300     Zebra Technologies Corp. - Class A*     1,637,329  
              13,418,384  
        TOTAL COMMON STOCKS        
        (Cost $48,575,889)     69,684,028  
        SHORT-TERM INVESTMENTS — 2.6%        
  1,851,187     Morgan Stanley Institutional Liquidity Treasury Portfolio - Institutional Class, 5.06%1     1,851,187  
        TOTAL SHORT-TERM INVESTMENTS        
        (Cost $1,851,187)     1,851,187  
                 
        TOTAL INVESTMENTS — 100.1%        
        (Cost $50,427,076)     71,535,215  
        Liabilities in Excess of Other Assets — (0.1)%     (49,591 )
        TOTAL NET ASSETS — 100.0%   $ 71,485,624  

 

* Non-income producing security.
1 The rate is the annualized seven-day yield at period end.

 

See accompanying Notes to Financial Statements.

 17 

 

WCM China Quality Growth Fund

SCHEDULE OF INVESTMENTS

As of June 30, 2024 (Unaudited) 

 

Number
of Shares		         Value  
        COMMON STOCKS — 96.3%        
        CHINA — 74.2%        
  5,750     Cloud Music, Inc.*   $ 74,000  
  6,570     Full Truck Alliance Co., Ltd. - ADR     52,823  
  18,800     Fuyao Glass Industry Group Co., Ltd. - Class H     109,178  
  17,200     Hangzhou Oxygen Plant Group Co., Ltd. - Class A     52,669  
  7,500     Huali Industrial Group Co., Ltd. - Class A     62,809  
  2,757     Kanzhun Ltd. - ADR     51,859  
  500     Kweichow Moutai Co., Ltd. - Class A     100,975  
  37,000     Li Ning Co., Ltd.*     80,073  
  23,700     NARI Technology Co., Ltd. - Class A     81,413  
  537     PDD Holdings, Inc. - ADR*     71,394  
  16,859     Qingdao Haier Biomedical Co., Ltd. - Class A     86,312  
  24,557     Qingdao Hiron Commercial Cold Chain Co., Ltd. - Class A     39,407  
  36,400     Shenzhen H&T Intelligent Control Co., Ltd. - Class A     53,652  
  9,600     Shenzhen Inovance Technology Co., Ltd. - Class A     67,778  
  2,000     Shenzhen Mindray Bio-Medical Electronics Co., Ltd. - Class A     80,073  
  13,400     Shenzhou International Group Holdings Ltd.     131,184  
  7,400     Sieyuan Electric Co., Ltd. - Class A     68,132  
  6,050     Tencent Holdings Ltd.     288,512  
  44,000     TravelSky Technology Ltd. - Class H     51,612  
  1,579     Trip.com Group Ltd. - ADR*     74,213  
  32,000     Warom Technology, Inc. Co. - Class A     97,373  
  44,000     Yadea Group Holdings Ltd.     55,612  
  28,600     Zhejiang Jiemei Electronic & Technology Co., Ltd. - Class A     79,037  
              1,910,090  
                 
        HONG KONG — 8.2%        
  12,151     AIA Group Ltd.     82,469  
  1,900     Hong Kong Exchanges & Clearing Ltd.     60,875  
  6,028     Techtronic Industries Co., Ltd.     68,855  
              212,199  
                 
        NETHERLANDS — 5.7%        
  20,469     Prosus N.V. - ADR     146,149  
                 
        TAIWAN — 8.2%        
  2,104     Airtac International Group     64,077  
  5,000     Allied Supreme Corp.     65,502  
  1,896     MediaTek, Inc.     81,821  
              211,400  
        TOTAL COMMON STOCKS        
        (Cost $2,679,322)     2,479,838  

 18 

 

WCM China Quality Growth Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2024 (Unaudited) 

 

Principal
Amount		         Value  
        BANK DEPOSIT INVESTMENTS — 4.3%        
$ 110,116     UMB Bank, Money Market Special II, 5.18%1   $ 110,116  
        TOTAL BANK DEPOSIT INVESTMENTS        
        (Cost $110,116)     110,116  
                 
        TOTAL INVESTMENTS — 100.6%        
        (Cost $2,789,438)     2,589,954  
        Liabilities in Excess of Other Assets — (0.6)%     (15,172 )
        TOTAL NET ASSETS — 100.0%   $ 2,574,782  

 

ADR – American Depository Receipt

 

* Non-income producing security.
1 The rate is the annualized seven-day yield at period end.

 

See accompanying Notes to Financial Statements.

 19 

 

WCM Developing World Equity Fund

SCHEDULE OF INVESTMENTS

As of June 30, 2024 (Unaudited) 

 

Number
of Shares		         Value  
        COMMON STOCKS — 98.3%        
        ARGENTINA — 3.3%        
  36     MercadoLibre, Inc.*   $ 59,162  
                 
        BRAZIL — 7.1%        
  47,300     Hapvida Participacoes e Investimentos S.A.*     32,407  
  9,400     Rumo S.A.     34,842  
  10,700     TOTVS S.A.     58,246  
              125,495  
                 
        CANADA — 3.9%        
  450     Canadian Pacific Kansas City Ltd.     35,438  
  2,540     Ivanhoe Mines Ltd. - Class A*     32,769  
              68,207  
                 
        CHINA — 6.0%        
  4,800     Shenzhou International Group Holdings Ltd.     46,991  
  1,242     Tencent Holdings Ltd.     59,229  
              106,220  
                 
        HONG KONG — 7.3%        
  11,814     AIA Group Ltd.     80,181  
  1,500     Hong Kong Exchanges & Clearing Ltd.     48,059  
              128,240  
                 
        HUNGARY — 3.0%        
  2,045     Richter Gedeon Nyrt     53,120  
                 
        INDIA — 8.9%        
  1,254     HDFC Bank Ltd. - ADR     80,670  
  1,629     ICICI Bank Ltd. - ADR     46,931  
  654     Tata Consultancy Services Ltd.     30,620  
              158,221  
                 
        INDONESIA — 3.5%        
  34,030     Bank Central Asia Tbk P.T.     20,626  
  217,932     Telkom Indonesia Persero Tbk P.T.     41,656  
              62,282  
                 
        JAPAN — 2.9%        
  8,000     Nippon Paint Holdings Co., Ltd.     52,110  
                 
        MALAYSIA — 3.1%        
  41,600     IHH Healthcare Bhd     55,555  

 20 

 

WCM Developing World Equity Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2024 (Unaudited) 

 

Number
of Shares		         Value  
        COMMON STOCKS (Continued)        
        MEXICO — 5.5%        
  3,485     Grupo Aeroportuario del Pacifico S.A.B. de C.V. - Class B   $ 54,514  
  17,281     Megacable Holdings S.A.B. de C.V.     43,432  
              97,946  
                 
        NETHERLANDS — 2.4%        
  35     Adyen N.V.*     41,724  
                 
        PERU — 3.2%        
  355     Credicorp Ltd.     57,272  
                 
        SINGAPORE — 4.7%        
  3,577     United Overseas Bank Ltd.     82,646  
                 
        SOUTH AFRICA — 3.7%        
  2,778     Bid Corp. Ltd.     64,873  
                 
        SOUTH KOREA — 7.8%        
  2,320     Coupang, Inc.*     48,604  
  1,503     Samsung Electronics Co., Ltd.     88,990  
              137,594  
                 
        SWEDEN — 2.9%        
  2,604     Epiroc A.B. - Class A     51,962  
                 
        TAIWAN — 8.4%        
  10,304     Feng TAY Enterprise Co., Ltd.     49,231  
  3,330     Taiwan Semiconductor Manufacturing Co., Ltd.     99,156  
              148,387  
                 
        UNITED KINGDOM — 5.1%        
  361     AstraZeneca PLC     56,384  
  1,199     Wizz Air Holdings PLC*     33,889  
              90,273  
                 
        UNITED STATES — 5.6%        
  1,632     Baker Hughes Co.     57,398  
  362     Exxon Mobil Corp.     41,673  
              99,071  
        TOTAL COMMON STOCKS        
        (Cost $1,603,029)     1,740,360  

 21 

 

WCM Developing World Equity Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2024 (Unaudited) 

 

Principal
Amount		         Value  
        BANK DEPOSIT INVESTMENTS — 2.7%        
$ 47,603     UMB Bank, Money Market Special II, 5.18%1   $ 47,603  
        TOTAL BANK DEPOSIT INVESTMENTS        
        (Cost $47,603)     47,603  
                 
        TOTAL INVESTMENTS — 101.0%        
        (Cost $1,650,632)     1,787,963  
        Liabilities in Excess of Other Assets — (1.0)%     (17,740 )
        TOTAL NET ASSETS — 100.0%   $ 1,770,223  

 

ADR – American Depository Receipt
PLC – Public Limited Company

 

* Non-income producing security.
1 The rate is the annualized seven-day yield at period end.

 

See accompanying Notes to Financial Statements.

 22 

 

WCM International Equity Fund

SCHEDULE OF INVESTMENTS

As of June 30, 2024 (Unaudited) 

 

Number
of Shares		         Value  
        COMMON STOCKS — 96.9%        
        ARGENTINA — 1.5%        
  790     MercadoLibre, Inc.*   $ 1,298,286  
                 
        CANADA — 7.2%        
  29,000     Canadian National Railway Co.     3,426,752  
  8,990     Intact Financial Corp.     1,498,290  
  100,500     Ivanhoe Mines Ltd. - Class A*     1,296,561  
              6,221,603  
                 
        DENMARK — 2.0%        
  12,020     Novo Nordisk A/S - Class B     1,735,710  
                 
        FRANCE — 3.2%        
  10,550     Airbus S.E.     1,449,071  
  7,830     Sartorius Stedim Biotech     1,285,435  
              2,734,506  
                 
        GERMANY — 3.7%        
  38,720     Hensoldt A.G.     1,423,908  
  30,400     Siemens Healthineers A.G.     1,751,467  
              3,175,375  
                 
        HONG KONG — 2.6%        
  332,080     AIA Group Ltd.     2,253,812  
                 
        INDIA — 3.5%        
  46,990     HDFC Bank Ltd. - ADR     3,022,867  
                 
        INDONESIA — 1.2%        
  5,312,800     Telkom Indonesia Persero Tbk P.T.     1,015,515  
                 
        IRELAND — 4.6%        
  5,710     Accenture PLC - Class A     1,732,471  
  7,680     Aon PLC - Class A     2,254,694  
              3,987,165  
                 
        JAPAN — 6.3%        
  39,735     GMO Payment Gateway, Inc.     2,186,425  
  136,900     MonotaRO Co., Ltd.     1,609,037  
  259,700     Nippon Paint Holdings Co., Ltd.     1,691,625  
              5,487,087  
                 
        MEXICO — 3.2%        
  82,500     Grupo Aeroportuario del Pacifico S.A.B. de C.V. - Class B     1,290,508  

 23 

 

WCM International Equity Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2024 (Unaudited) 

 

Number
of Shares		         Value  
      COMMON STOCKS (Continued)      
        MEXICO (Continued)        
  590,030     Megacable Holdings S.A.B. de C.V.   $ 1,482,896  
              2,773,404  
                 
        NETHERLANDS — 2.6%        
  1,900     Adyen N.V.*     2,265,025  
                 
        PERU — 2.5%        
  13,440     Credicorp Ltd.     2,168,275  
                 
        SINGAPORE — 4.8%        
  179,013     United Overseas Bank Ltd.     4,136,045  
                 
        SOUTH KOREA — 3.2%        
  46,850     Samsung Electronics Co., Ltd.     2,773,901  
                 
        SPAIN — 3.9%        
  257,025     Iberdrola S.A.     3,334,609  
                 
        SWEDEN — 2.3%        
  100,000     Epiroc A.B. - Class A     1,995,471  
                 
        SWITZERLAND — 2.3%        
  21,920     Alcon, Inc.     1,952,634  
                 
        TAIWAN — 1.3%        
  242,960     Feng TAY Enterprise Co., Ltd.     1,160,822  
                 
        UNITED KINGDOM — 23.9%        
  54,600     AstraZeneca PLC - ADR     4,258,254  
  121,360     Compass Group PLC     3,313,584  
  86,550     GSK PLC     1,673,344  
  649,000     Haleon PLC     2,646,535  
  27,350     London Stock Exchange Group PLC     3,249,779  
  128,770     Persimmon PLC     2,200,696  
  14,710     Spirax Group PLC     1,576,802  
  205,337     Wise PLC - Class A*     1,768,893  
              20,687,887  
                 
        UNITED STATES — 11.1%        
  83,770     Baker Hughes Co.     2,946,191  
  17,850     Exxon Mobil Corp.     2,054,892  
  5,950     Mastercard, Inc. - Class A     2,624,902  

 24 

 

WCM International Equity Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2024 (Unaudited) 

 

Number
of Shares		         Value  
      COMMON STOCKS (Continued)      
        UNITED STATES (Continued)        
  25,550     NIKE, Inc. - Class B   $ 1,925,703  
              9,551,688  
        TOTAL COMMON STOCKS        
        (Cost $77,096,313)     83,731,687  
        SHORT-TERM INVESTMENTS — 4.7%        
  4,063,318     Morgan Stanley Institutional Liquidity Treasury Portfolio - Institutional Class, 5.06%1     4,063,318  
        TOTAL SHORT-TERM INVESTMENTS        
        (Cost $4,063,318)     4,063,318  
                 
        TOTAL INVESTMENTS — 101.6%        
        (Cost $81,159,631)     87,795,005  
        Liabilities in Excess of Other Assets — (1.6)%     (1,393,925 )
        TOTAL NET ASSETS — 100.0%   $ 86,401,080  

 

ADR – American Depository Receipt
PLC – Public Limited Company

 

* Non-income producing security.
1 The rate is the annualized seven-day yield at period end.

 

See accompanying Notes to Financial Statements.

 25 

 

WCM Focused International Value Fund

SCHEDULE OF INVESTMENTS

As of June 30, 2024 (Unaudited) 

 

Number
of Shares		         Value  
        COMMON STOCKS — 97.3%        
        BELGIUM — 4.2%        
  1,250     D’ieteren Group   $ 265,180  
  1,620     KBC Group N.V.     114,326  
              379,506  
                 
        BRAZIL — 1.6%        
  11,200     NU Holdings Ltd. - Class A*     144,368  
                 
        CANADA — 12.4%        
  4,390     Brookfield Corp.     182,361  
  7,000     Canadian Natural Resources Ltd.     249,200  
  5,100     Celestica, Inc.*     292,383  
  2,000     CGI, Inc.*     199,620  
  1,350     TFI International, Inc.     195,966  
              1,119,530  
                 
        CHINA — 3.4%        
  1,130     Baidu, Inc. - ADR*     97,722  
  1,130     NetEase, Inc. - ADR     108,006  
  27,000     WuXi AppTec Co., Ltd. - Class H     100,959  
              306,687  
                 
        FRANCE — 3.3%        
  620     Capgemini S.E.     123,296  
  730     Schneider Electric S.E.     175,347  
              298,643  
                 
        GERMANY — 11.3%        
  730     adidas A.G.     174,331  
  9,600     Deutsche Telekom A.G.     241,388  
  1,250     Merck KGaA     207,151  
  550     Muenchener Rueckversicherungs-Gesellschaft A.G. in Muenchen     275,059  
  3,800     Schott Pharma A.G. & Co. KGaA     124,523  
              1,022,452  
                 
        INDIA — 4.2%        
  8,000     ICICI Bank Ltd. - ADR     230,480  
  2,010     Reliance Industries Ltd. - GDR     149,946  
              380,426  
                 
        INDONESIA — 1.5%        
  356,000     Bank Mandiri Persero Tbk P.T.     133,704  
                 
        IRELAND — 4.4%        
  790     ICON PLC*     247,641  

 26 

 

WCM Focused International Value Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2024 (Unaudited) 

 

Number
of Shares		         Value  
        COMMON STOCKS (Continued)        
        IRELAND (Continued)        
  450     Trane Technologies PLC   $ 148,019  
              395,660  
                 
        ISRAEL — 1.5%        
  775     Nice Ltd. - ADR*     133,277  
                 
        ITALY — 1.3%        
  2,270     Recordati Industria Chimica e Farmaceutica S.p.A.     118,386  
                 
        JAPAN — 7.3%        
  10,000     FUJIFILM Holdings Corp.     233,824  
  3,700     Recruit Holdings Co., Ltd.     197,936  
  1,450     Sony Group Corp. - ADR     123,178  
  500     Tokyo Electron Ltd.     108,459  
              663,397  
                 
        KAZAKSTAN — 2.1%        
  1,500     Kaspi.KZ JSC - ADR     193,515  
                 
        MEXICO — 3.1%        
  7,234     Grupo Aeroportuario del Pacifico S.A.B. de C.V. - Class B     113,158  
  21,500     Grupo Financiero Banorte S.A.B. de C.V. - Class O     167,534  
              280,692  
                 
        NETHERLANDS — 1.8%        
  4,500     Prosus N.V.*     160,280  
                 
        RUSSIA — 0.0%        
  34,600     Sberbank of Russia PJSC - ADR*,1     —  
                 
        SPAIN — 2.9%        
  9,357     Puig Brands S.A. - Class B*     261,531  
                 
        SWEDEN — 3.3%        
  9,300     Atlas Copco A.B. - A Shares     174,786  
  6,120     Sandvik A.B.     122,643  
              297,429  
                 
        SWITZERLAND — 6.8%        
  580     Chubb Ltd.     147,946  
  32,000     Glencore PLC     182,470  
  9,550     UBS Group A.G.     282,107  
              612,523  

 27 

 

WCM Focused International Value Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2024 (Unaudited) 

 

Number
of Shares		         Value  
        COMMON STOCKS (Continued)        
        TAIWAN — 5.1%        
  2,630     Taiwan Semiconductor Manufacturing Co., Ltd. - ADR   $ 457,120  
                 
        UNITED KINGDOM — 14.3%        
  5,600     3i Group PLC     217,035  
  1,910     AstraZeneca PLC - ADR     148,961  
  16,250     Haleon PLC - ADR     134,225  
  1,425     London Stock Exchange Group PLC     169,321  
  4,000     RELX PLC - ADR     183,520  
  77,000     Rolls-Royce Holdings PLC*     444,616  
              1,297,678  
                 
        UNITED STATES — 1.5%        
  2,960     Schlumberger N.V.     139,653  
        TOTAL COMMON STOCKS        
        (Cost $7,810,449)     8,796,457  
        SHORT-TERM INVESTMENTS — 2.4%        
  219,400     Morgan Stanley Institutional Liquidity Treasury Portfolio - Institutional Class, 5.06%2     219,400  
        TOTAL SHORT-TERM INVESTMENTS        
        (Cost $219,400)     219,400  
                 
        TOTAL INVESTMENTS — 99.7%        
        (Cost $8,029,849)     9,015,857  
        Other Assets in Excess of Liabilities — 0.3%     23,850  
        TOTAL NET ASSETS — 100.0%   $ 9,039,707  

 

ADR – American Depository Receipt
GDR – Global Depository Receipt
JSC – Joint Stock Company
PJSC – Public Joint Stock Company
PLC – Public Limited Company

 

* Non-income producing security.
1 The value of these securities was determined using significant unobservable inputs. These are reported as Level 3 securities in the Fair Value Hierarchy.
2 The rate is the annualized seven-day yield at period end.

 

See accompanying Notes to Financial Statements.

 28 

 

WCM Focused International Opportunities Fund

SCHEDULE OF INVESTMENTS

As of June 30, 2024 (Unaudited) 

 

Number
of Shares		         Value  
        COMMON STOCKS — 96.4%        
        ARGENTINA — 2.5%        
  5,650     Globant S.A.*   $ 1,007,169  
                 
        AUSTRALIA — 1.8%        
  4,180     Atlassian Corp. - Class A*     739,358  
                 
        BELGIUM — 2.8%        
  5,311     D’ieteren Group     1,126,696  
                 
        BERMUDA — 2.6%        
  10,560     Arch Capital Group Ltd.*     1,065,398  
                 
        BRAZIL — 3.1%        
  96,810     NU Holdings Ltd. - Class A*     1,247,881  
                 
        CANADA — 11.0%        
  20,700     Celestica, Inc.*     1,186,731  
  280     Constellation Software, Inc.     806,759  
  2,390     Lululemon Athletica, Inc.*     713,893  
  44,990     PrairieSky Royalty, Ltd.     855,011  
  6,170     TFI International, Inc.     895,847  
              4,458,241  
                 
        CHINA — 1.9%        
  79,700     Shenzhou International Group Holdings Ltd.     780,252  
                 
        DENMARK — 3.2%        
  8,970     Novo Nordisk A/S - Class B     1,295,284  
                 
        FRANCE — 7.8%        
  18,710     Edenred S.E.     789,635  
  7,870     Gaztransport Et Technigaz S.A.     1,027,365  
  3,600     Safran S.A.     761,019  
  3,560     Sartorius Stedim Biotech     584,438  
              3,162,457  
                 
        GERMANY — 3.3%        
  17,790     Scout24 S.E.     1,356,445  
                 
        IRELAND — 6.1%        
  3,670     Flutter Entertainment PLC*     671,047  
  6,010     Ryanair Holdings PLC - ADR     699,804  

 29 

 

WCM Focused International Opportunities Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2024 (Unaudited) 

 

Number
of Shares		         Value  
        COMMON STOCKS (Continued)        
        IRELAND (Continued)        
  5,090     STERIS PLC   $ 1,117,459  
              2,488,310  
                 
        ISRAEL — 2.3%        
  3,800     Monday.com Ltd.*     914,888  
                 
        ITALY — 3.6%        
  77,990     Davide Campari-Milano N.V.     736,971  
  11,620     Moncler S.p.A.     710,042  
              1,447,013  
                 
        JAPAN — 6.3%        
  2,793     Disco Corp.     1,059,635  
  12,928     GMO Payment Gateway, Inc.     711,366  
  3,467     Lasertec Corp.     777,699  
              2,548,700  
                 
        MEXICO — 1.6%        
  75,570     Grupo Aeroportuario del Centro Norte S.A.B. de C.V.     640,910  
                 
        NETHERLANDS — 10.1%        
  620     Adyen N.V.*     739,113  
  1,820     ASM International N.V.     1,387,316  
  10,160     Elastic N.V.*     1,157,326  
  9,010     Euronext N.V.     834,617  
              4,118,372  
                 
        PERU — 1.9%        
  4,840     Credicorp Ltd.     780,837  
                 
        SINGAPORE — 2.1%        
  11,770     Sea Ltd. - ADR*     840,613  
                 
        SOUTH AFRICA — 1.8%        
  3,790     Naspers Ltd. - N Shares     743,097  
                 
        SOUTH KOREA — 1.7%        
  32,660     Coupang, Inc.*     684,227  
                 
        SPAIN — 3.1%        
  45,119     Puig Brands S.A. - Class B*     1,261,090  

 30 

 

WCM Focused International Opportunities Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2024 (Unaudited) 

 

Number
of Shares		         Value  
        COMMON STOCKS (Continued)        
        SWEDEN — 5.4%        
  7,430     Evolution A.B.   $ 773,915  
  59,560     Saab A.B. - Class B     1,432,946  
              2,206,861  
                 
        SWITZERLAND — 2.1%        
  3,040     Sika A.G.     870,215  
                 
        TAIWAN — 2.5%        
  27,000     Jentech Precision Industrial Co., Ltd.     998,721  
                 
        UNITED KINGDOM — 5.8%        
  40,460     3i Group PLC     1,568,074  
  92,710     Wise PLC - Class A*     798,659  
              2,366,733  
        TOTAL COMMON STOCKS        
        (Cost $33,840,031)     39,149,768  
        WARRANTS — 0.0%        
        CANADA — 0.0%        
  345     Constellation Software, Inc. (Expires 4/01/2040)*,1     —  
        TOTAL WARRANTS        
        (Cost $0)     —  
        SHORT-TERM INVESTMENTS — 3.6%        
  1,480,558     Morgan Stanley Institutional Liquidity Treasury Portfolio - Institutional Class, 5.06%2     1,480,558  
        TOTAL SHORT-TERM INVESTMENTS        
        (Cost $1,480,558)     1,480,558  
                 
        TOTAL INVESTMENTS — 100.0%        
        (Cost $35,320,589)     40,630,326  
        Other Assets in Excess of Liabilities — 0.0%     1,296  
        TOTAL NET ASSETS — 100.0%   $ 40,631,622  

 

ADR – American Depository Receipt
PLC – Public Limited Company

 

* Non-income producing security.
1 The value of these securities was determined using significant unobservable inputs. These are reported as Level 3 securities in the Fair Value Hierarchy.
2 The rate is the annualized seven-day yield at period end.

 

See accompanying Notes to Financial Statements.

 31 

 

WCM Mid Cap Quality Value Fund

SCHEDULE OF INVESTMENTS

As of June 30, 2024 (Unaudited) 

 

Number
of Shares		         Value  
        COMMON STOCKS — 96.5%        
        COMMUNICATIONS — 5.8%        
  432     GoDaddy, Inc. - Class A*   $ 60,355  
                 
        CONSUMER DISCRETIONARY — 12.8%        
  378     CarMax, Inc.*     27,722  
  498     Masco Corp.     33,202  
  66     Pool Corp.     20,284  
  368     Wyndham Hotels & Resorts, Inc.     27,232  
  632     YETI Holdings, Inc.*     24,111  
              132,551  
                 
        FINANCIALS — 8.1%        
  618     Brown & Brown, Inc.     55,255  
  18     Markel Group, Inc.*     28,362  
              83,617  
                 
        HEALTH CARE — 8.1%        
  44     Chemed Corp.     23,874  
  176     Ensign Group, Inc.     21,769  
  128     Molina Healthcare, Inc.*     38,054  
              83,697  
                 
        INDUSTRIALS — 19.9%        
  577     API Group Corp.*     21,712  
  65     EMCOR Group, Inc.     23,730  
  342     Graco, Inc.     27,114  
  124     IDEX Corp.     24,949  
  168     Landstar System, Inc.     30,993  
  1,171     R1 RCM, Inc.*     14,708  
  162     SiteOne Landscape Supply, Inc.*     19,668  
  87     Tetra Tech, Inc.     17,790  
  54     Watsco, Inc.     25,015  
              205,679  
                 
        MATERIALS — 14.2%        
  309     Ashland, Inc.     29,197  
  329     Ball Corp.     19,747  
  74     Carlisle Cos., Inc.     29,986  
  1,591     Element Solutions, Inc.     43,148  
  329     Trex Co., Inc.*     24,385  
              146,463  
                 
        REAL ESTATE — 5.5%        
  260     CBRE Group, Inc. - Class A*     23,169  

 32 

 

WCM Mid Cap Quality Value Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2024 (Unaudited) 

 

Number
of Shares		         Value  
        COMMON STOCKS (Continued)        
        REAL ESTATE (Continued)        
  165     Jones Lang LaSalle, Inc.*   $ 33,871  
              57,040  
                 
        TECHNOLOGY — 22.1%        
  265     Booz Allen Hamilton Holding Corp.     40,784  
  192     CDW Corp.     42,977  
  353     Entegris, Inc.     47,796  
  235     MKS Instruments, Inc.     30,686  
  208     PTC, Inc.*     37,787  
  92     Zebra Technologies Corp. - Class A*     28,422  
              228,452  
        TOTAL COMMON STOCKS        
        (Cost $813,507)     997,854  

 

Principal
Amount		            
        BANK DEPOSIT INVESTMENTS — 3.5%        
$ 35,718     UMB Bank, Money Market Special II, 5.18%1     35,718  
        TOTAL BANK DEPOSIT INVESTMENTS        
        (Cost $35,718)     35,718  
                 
        TOTAL INVESTMENTS — 100.0%        
        (Cost $849,225)     1,033,572  
        Other Assets in Excess of Liabilities — 0.0%     150  
        TOTAL NET ASSETS — 100.0%   $ 1,033,722  

 

* Non-income producing security.
1 The rate is the annualized seven-day yield at period end.

 

See accompanying Notes to Financial Statements.

 33 

 

WCM Focused Emerging Markets ex China Fund

SCHEDULE OF INVESTMENTS

As of June 30, 2024 (Unaudited) 

 

Number
of Shares		         Value  
        COMMON STOCKS — 96.4%        
        ARGENTINA — 3.6%        
  10,779     Despegar.com Corp.*   $ 142,606  
  693     Globant S.A.*     123,534  
              266,140  
                 
        BRAZIL — 11.7%        
  10,086     Cia de Saneamento Basico do Estado de Sao Paulo SABESP     135,265  
  19,000     Embraer S.A.*     122,869  
  39,100     GPS Participacoes e Empreendimentos S.A.     120,585  
  15,139     Localiza Rent a Car S.A.     113,744  
  21,132     NU Holdings Ltd. - Class A*     272,392  
  20,000     TOTVS S.A.     108,871  
              873,726  
                 
        CANADA — 4.3%        
  5,580     Celestica, Inc.*     319,901  
                 
        CYPRUS — 1.5%        
  7,928     Theon International PLC*     108,503  
                 
        INDIA — 15.2%        
  51,707     Bharat Electronics Ltd.     189,683  
  1,356     Divi’s Laboratories Ltd.     74,745  
  5,400     Elecon Engineering Co., Ltd.     85,616  
  14,388     ICICI Bank Ltd.     206,983  
  11,349     Intellect Design Arena Ltd.     145,368  
  7,257     Kotak Mahindra Bank Ltd.     156,867  
  4,605     Poly Medicure Ltd.     106,613  
  69,420     Zomato Ltd.*     166,966  
              1,132,841  
                 
        INDONESIA — 4.2%        
  285,600     Bank Central Asia Tbk P.T.     173,104  
  370,700     Bank Mandiri Persero Tbk P.T.     139,225  
              312,329  
                 
        KAZAKSTAN — 1.3%        
  736     Kaspi.KZ JSC - ADR     94,951  
                 
        MEXICO — 7.2%        
  66,500     Becle S.A.B. de C.V.     120,205  
  11,331     Grupo Aeroportuario del Centro Norte S.A.B. de C.V.     96,098  
  13,700     Qualitas Controladora S.A.B. de C.V.     139,239  
  14,700     Regional S.A.B. de C.V.     109,694  

 34 

 

WCM Focused Emerging Markets ex China Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2024 (Unaudited) 

 

Number
of Shares		         Value  
        COMMON STOCKS (Continued)        
        MEXICO (Continued)        
  20,100     Wal-Mart de Mexico S.A.B. de C.V.   $ 68,403  
              533,639  
                 
        PERU — 2.2%        
  1,020     Credicorp Ltd.     164,557  
                 
        POLAND — 4.1%        
  11,645     Allegro.eu S.A.*     109,053  
  11,183     InPost S.A.*     197,122  
              306,175  
                 
        SAUDI ARABIA — 5.6%        
  6,357     Aldrees Petroleum and Transport Services Co.     207,065  
  3,081     Bupa Arabia for Cooperative Insurance Co.     211,061  
              418,126  
                 
        SINGAPORE — 4.7%        
  39,816     Grab Holdings Ltd. - Class A*     141,347  
  2,963     Sea Ltd. - ADR*     211,617  
              352,964  
                 
        SOUTH AFRICA — 2.1%        
  1,054     Capitec Bank Holdings Ltd.     152,303  
                 
        SOUTH KOREA — 9.1%        
  9,157     Coupang, Inc.*     191,839  
  1,517     Hana Materials, Inc.     72,075  
  2,414     SK Hynix, Inc.     414,756  
              678,670  
                 
        TAIWAN — 18.2%        
  2,300     Airtac International Group     70,046  
  5,000     Jentech Precision Industrial Co., Ltd.     184,948  
  4,009     MediaTek, Inc.     173,007  
  9,000     Nien Made Enterprise Co., Ltd.     108,195  
  27,487     Taiwan Semiconductor Manufacturing Co., Ltd.     818,471  
              1,354,667  
        UNITED KINGDOM — 1.4%        
  34,980     Baltic Classifieds Group PLC     106,121  
        TOTAL COMMON STOCKS        
        (Cost $5,999,913)     7,175,613  
 35 

 

WCM Focused Emerging Markets ex China Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2024 (Unaudited) 

 

Number
of Shares		         Value  
        RIGHTS — 0.0%        
        BRAZIL — 0.0%        
  153     Localiza Rent a Car S.A. (Expires 8/07/2024)*     246  
        TOTAL RIGHTS        
        (Cost $0)     246  

 

Principal
Amount		            
        BANK DEPOSIT INVESTMENTS — 4.4%        
$ 326,757     UMB Bank, Money Market Special II, 5.18%1     326,757  
        TOTAL BANK DEPOSIT INVESTMENTS        
        (Cost $326,757)     326,757  
                 
        TOTAL INVESTMENTS — 100.8%        
        (Cost $6,326,670)     7,502,616  
        Liabilities in Excess of Other Assets — (0.8)%     (59,343 )
        TOTAL NET ASSETS — 100.0%   $ 7,443,273  

 

ADR – American Depository Receipt
JSC – Joint Stock Company
PLC – Public Limited Company

 

* Non-income producing security.
1 The rate is the annualized seven-day yield at period end.

 

See accompanying Notes to Financial Statements.

 36 

 

WCM Quality Dividend Growth Fund

SCHEDULE OF INVESTMENTS

As of June 30, 2024 (Unaudited) 

 

Number
of Shares		         Value  
        COMMON STOCKS — 91.6%        
        COMMUNICATIONS — 5.8%        
  5,146     Comcast Corp. - Class A   $ 201,517  
  5,886     Verizon Communications, Inc.     242,739  
              444,256  
                 
        CONSUMER DISCRETIONARY — 2.3%        
  498     Home Depot, Inc.     171,432  
                 
        CONSUMER STAPLES — 15.1%        
  755     Clorox Co.     103,035  
  2,624     Coca-Cola Co.     167,018  
  1,822     Coca-Cola Femsa S.A.B. de C.V. - ADR     156,400  
  801     Hershey Co.     147,248  
  666     PepsiCo, Inc.     109,843  
  1,063     Procter & Gamble Co.     175,310  
  5,298     Unilever PLC - ADR     291,337  
              1,150,191  
                 
        ENERGY — 11.6%        
  1,409     Chevron Corp.     220,396  
  2,303     Devon Energy Corp.     109,162  
  1,979     Exxon Mobil Corp.     227,823  
  1,220     Phillips 66     172,227  
  2,212     TotalEnergies S.E. - ADR     147,496  
              877,104  
                 
        FINANCIALS — 8.8%        
  2,235     Cullen/Frost Bankers, Inc.     227,143  
  1,206     JPMorgan Chase & Co.     243,925  
  1,689     T. Rowe Price Group, Inc.     194,759  
              665,827  
                 
        HEALTH CARE — 14.8%        
  801     Amgen, Inc.     250,272  
  1,319     Johnson & Johnson     192,785  
  2,200     Medtronic PLC     173,162  
  1,592     Merck & Co., Inc.     197,090  
  5,993     Pfizer, Inc.     167,684  
  276     UnitedHealth Group, Inc.     140,556  
              1,121,549  
                 
        INDUSTRIALS — 14.8%        
  970     General Dynamics Corp.     281,436  
  435     Lockheed Martin Corp.     203,188  
  2,193     MSC Industrial Direct Co., Inc. - Class A     173,927  
 37 

 

WCM Quality Dividend Growth Fund

SCHEDULE OF INVESTMENTS - Continued

As of June 30, 2024 (Unaudited) 

 

Number
of Shares		         Value  
        COMMON STOCKS (Continued)        
        INDUSTRIALS (Continued)        
  1,959     Robert Half, Inc.   $ 125,337  
  697     Union Pacific Corp.     157,703  
  1,312     United Parcel Service, Inc. - Class B     179,547  
              1,121,138  
                 
        REAL ESTATE — 1.9%        
  2,746     Realty Income Corp. - REIT     145,044  
                 
        TECHNOLOGY — 10.6%        
  3,407     Cisco Systems, Inc.     161,866  
  546     Microsoft Corp.     244,035  
  1,567     Skyworks Solutions, Inc.     167,011  
  1,202     Texas Instruments, Inc.     233,825  
              806,737  
                 
        UTILITIES — 5.9%        
  2,289     Entergy Corp.     244,923  
  2,797     Public Service Enterprise Group, Inc.     206,139  
              451,062  
        TOTAL COMMON STOCKS        
        (Cost $6,717,941)     6,954,340  

 

Principal
Amount		            
      BANK DEPOSIT INVESTMENTS — 8.3%      
$ 632,373     UMB Bank, Money Market Special II, 5.18%1     632,373  
        TOTAL BANK DEPOSIT INVESTMENTS        
        (Cost $632,373)     632,373  
                 
        TOTAL INVESTMENTS — 99.9%        
        (Cost $7,350,314)     7,586,713  
        Other Assets in Excess of Liabilities — 0.1%     5,832  
        TOTAL NET ASSETS — 100.0%   $ 7,592,545  

 

ADR – American Depository Receipt
PLC – Public Limited Company
REIT – Real Estate Investment Trust

 

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

 

See accompanying Notes to Financial Statements.

 38 

 

STATEMENTS OF ASSETS AND LIABILITIES

As of June 30, 2024 (Unaudited)

 

   

WCM Focused International
Growth Fund

    

WCM Focused Emerging
Markets Fund

    

WCM Focused Global
Growth Fund

  
Assets:                        
Investments, at cost   $ 13,857,570,757     $ 902,189,163     $ 373,308,161  
Foreign currency, at cost     -       2,094,633       -  
Investments, at value   $ 19,033,540,618     $ 1,005,106,141     $ 494,884,939  
Foreign currency, at value     -       2,098,301       -  
Receivables:                        
Investment securities sold     8,292,978       -       -  
Fund shares sold     20,422,765       1,055,215       157,875  
Reclaims receivable     27,461,871       -       127,721  
Dividends and interest     19,289,052       1,221,609       378,852  
Due from Advisor     -       -       -  
Offering costs     -       -       -  
Prepaid expenses     108,952       37,644       39,172  
Total assets     19,109,116,236       1,009,518,910       495,588,559  
                         
Liabilities:                        
Payables:                        
Investment securities purchased     94,311,723       -       -  
Fund shares redeemed     7,091,419       827,233       41,927  
Advisory fees     13,215,492       788,082       337,891  
Shareholder servicing fees (Note 7)     238,130       54,608       5,953  
Distribution fees (Note 8)     157,301       15,843       5,095  
Fund administration fees     1,084,464       86,958       28,722  
Fund accounting fees     346,218       64,129       33,856  
Transfer agent fees and expenses     288,046       28,567       8,052  
Custody fees     872,583       313,792       22,454  
Trustees’ deferred compensation (Note 3)     290,901       33,912       18,542  
Shareholder reporting fees     141,570       20,196       1,678  
Legal fees     39,065       7,312       3,121  
Trustees’ fees and expenses     23,302       3,757       747  
Auditing fees     10,470       9,900       9,890  
Chief Compliance Officer fees     3,732       1,518       2,491  
Offering costs - Advisor     -       -       -  
Non-U.S. Taxes     -       3,932,502       -  
Offering costs - Related Parties     -       -       -  
Accrued other expenses     95,788       6,267       709  
Total liabilities     118,210,204       6,194,576       521,128  
Commitments and Contingencies (Note 3)                        
Net Assets   $ 18,990,906,032     $ 1,003,324,334     $ 495,067,431  
                         
Components of Net Assets:                        
Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized)   $ 12,429,796,601     $ 1,532,993,659     $ 376,642,640  
Total distributable earnings (accumulated deficit)     6,561,109,431       (529,669,325 )     118,424,791  
Net Assets   $ 18,990,906,032     $ 1,003,324,334     $ 495,067,431  
                         
Maximum Offering Price per Share:                        
Investor Class:                        
Net assets applicable to shares outstanding   $ 768,573,796     $ 78,713,648     $ 24,894,606  
Shares of beneficial interest issued and outstanding     31,094,936       5,634,116       1,007,764  
Net asset value, offering and redemption price per share   $ 24.72     $ 13.97     $ 24.70  
                         
Institutional Class:                        
Net assets applicable to shares outstanding   $ 18,222,332,236     $ 924,610,686     $ 470,172,825  
Shares of beneficial interest issued and outstanding     726,017,359       65,369,287       18,521,377  
Net asset value, offering and redemption price per share   $ 25.10     $ 14.14     $ 25.39  

 

See accompanying Notes to Financial Statements.

 39 

 

STATEMENTS OF ASSETS AND LIABILITIES - Continued

As of June 30, 2024 (Unaudited)

 

   

WCM International Small
Cap Growth Fund

    

WCM Small Cap Growth
Fund

    

WCM SMID Quality Value
Fund

  
Assets:                        
Investments, at cost   $ 270,317,642     $ 36,080,261     $ 50,427,076  
Foreign currency, at cost     273,954       -       -  
Investments, at value   $ 296,154,604     $ 39,617,701     $ 71,535,215  
Foreign currency, at value     273,295       -       -  
Receivables:                        
Investment securities sold     244,145       1,257,565       -  
Fund shares sold     103,992       6,525       7,985  
Reclaims receivable     587,292       -       -  
Dividends and interest     154,218       17,963       7,973  
Due from Advisor     -       -       -  
Offering costs     -       -       -  
Prepaid expenses     4,858       12,478       11,628  
Total assets     297,522,404       40,912,232       71,562,801  
                         
Liabilities:                        
Payables:                        
Investment securities purchased     1,903,308       61,970       -  
Fund shares redeemed     284,066       150,848       -  
Advisory fees     231,945       6,754       15,896  
Shareholder servicing fees (Note 7)     12,435       751       2,688  
Distribution fees (Note 8)     -       22       39  
Fund administration fees     29,318       4,524       6,319  
Fund accounting fees     43,325       9,125       10,896  
Transfer agent fees and expenses     6,340       7,106       7,226  
Custody fees     59,848       6,961       4,620  
Trustees’ deferred compensation (Note 3)     18,582       9,742       10,835  
Shareholder reporting fees     6,840       1,844       3,274  
Legal fees     5,455       1,225       2,815  
Trustees’ fees and expenses     912       479       481  
Auditing fees     10,470       9,890       10,470  
Chief Compliance Officer fees     2,452       1,770       1,342  
Offering costs - Advisor     -       -       -  
Non-U.S. Taxes     -       -       -  
Offering costs - Related Parties     -       -       -  
Accrued other expenses     2,687       1,475       276  
Total liabilities     2,617,983       274,486       77,177  
Commitments and Contingencies (Note 3)                        
Net Assets   $ 294,904,421     $ 40,637,746     $ 71,485,624  
                         
Components of Net Assets:                        
Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized)   $ 416,036,874     $ 40,206,114     $ 37,525,801  
Total distributable earnings (accumulated deficit)     (121,132,453 )     431,632       33,959,823  
Net Assets   $ 294,904,421     $ 40,637,746     $ 71,485,624  
                         
Maximum Offering Price per Share:                        
Investor Class:                        
Net assets applicable to shares outstanding   $ -     $ 107,470     $ 209,303  
Shares of beneficial interest issued and outstanding     -       8,724       16,074  
Net asset value, offering and redemption price per share   $ -     $ 12.32     $ 13.02  
                         
Institutional Class:                        
Net assets applicable to shares outstanding   $ 294,904,421     $ 40,530,276     $ 71,276,321  
Shares of beneficial interest issued and outstanding     14,439,108       3,251,904       5,401,183  
Net asset value, offering and redemption price per share   $ 20.42     $ 12.46     $ 13.20  

 

See accompanying Notes to Financial Statements.

 40 

 

STATEMENTS OF ASSETS AND LIABILITIES - Continued

As of June 30, 2024 (Unaudited)

 

   

WCM China Quality Growth
Fund

    

WCM Developing World
Equity Fund

    

WCM International Equity
Fund

  
Assets:                        
Investments, at cost   $ 2,789,438     $ 1,650,632     $ 81,159,631  
Foreign currency, at cost     974       -       9,238  
Investments, at value   $ 2,589,954     $ 1,787,963     $ 87,795,005  
Foreign currency, at value     974       -       9,234  
Receivables:                        
Investment securities sold     -       1,745       -  
Fund shares sold     -       -       1,311  
Reclaims receivable     -       371       31,152  
Dividends and interest     4,462       2,173       208,471  
Due from Advisor     20,033       19,257       -  
Offering costs     -       -       -  
Prepaid expenses     24,228       21,613       19,633  
Total assets     2,639,651       1,833,122       88,064,806  
                         
Liabilities:                        
Payables:                        
Investment securities purchased     -       -       -  
Fund shares redeemed     -       -       1,572,455  
Advisory fees     -       -       23,181  
Shareholder servicing fees (Note 7)     1,421       798       3,396  
Distribution fees (Note 8)     22       22       187  
Fund administration fees     8,075       7,998       13,610  
Fund accounting fees     11,457       10,507       11,938  
Transfer agent fees and expenses     5,328       6,415       6,852  
Custody fees     5,026       6,674       4,969  
Trustees’ deferred compensation (Note 3)     8,418       8,350       9,042  
Shareholder reporting fees     2,460       2,100       958  
Legal fees     5,399       4,955       2,513  
Trustees’ fees and expenses     872       2,072       1,364  
Auditing fees     9,890       9,890       10,470  
Chief Compliance Officer fees     1,716       2,072       1,481  
Offering costs - Advisor     -       -       -  
Non-U.S. Taxes     -       260       -  
Offering costs - Related Parties     -       -       -  
Accrued other expenses     4,785       786       1,310  
Total liabilities     64,869       62,899       1,663,726  
Commitments and Contingencies (Note 3)                        
Net Assets   $ 2,574,782     $ 1,770,223     $ 86,401,080  
                         
Components of Net Assets:                        
Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized)   $ 8,520,093     $ 1,884,479     $ 76,799,595  
Total distributable earnings (accumulated deficit)     (5,945,311 )     (114,256 )     9,601,485  
Net Assets   $ 2,574,782     $ 1,770,223     $ 86,401,080  
                         
Maximum Offering Price per Share:                        
Investor Class:                        
Net assets applicable to shares outstanding   $ 94,934     $ 76,111     $ 912,234  
Shares of beneficial interest issued and outstanding     11,447       5,777       62,726  
Net asset value, offering and redemption price per share   $ 8.29     $ 13.17     $ 14.54  
                         
Institutional Class:                        
Net assets applicable to shares outstanding   $ 2,479,848     $ 1,694,112     $ 85,488,846  
Shares of beneficial interest issued and outstanding     296,869       128,117       5,841,000  
Net asset value, offering and redemption price per share   $ 8.35     $ 13.22     $ 14.64  

 

See accompanying Notes to Financial Statements.

 41 

 

STATEMENTS OF ASSETS AND LIABILITIES - Continued

As of June 30, 2024 (Unaudited)

 

   

WCM Focused International
Value Fund

    

WCM Focused International
Opportunities Fund

    

WCM Mid Cap Quality Value
Fund

  
Assets:                        
Investments, at cost   $ 8,029,849     $ 35,320,589     $ 849,225  
Foreign currency, at cost     10,479       -       -  
Investments, at value   $ 9,015,857     $ 40,630,326     $ 1,033,572  
Foreign currency, at value     10,540       -       -  
Receivables:                        
Investment securities sold     -       62,846       -  
Fund shares sold     -       59,952       -  
Reclaims receivable     27,114       33,361       -  
Dividends and interest     11,814       35,084       122  
Due from Advisor     13,370       -       20,473  
Offering costs     -       -       -  
Prepaid expenses     22,535       21,582       21,768  
Total assets     9,101,230       40,843,151       1,075,935  
                         
Liabilities:                        
Payables:                        
Investment securities purchased     -       -       -  
Fund shares redeemed     -       120,301       -  
Advisory fees     -       11,804       -  
Shareholder servicing fees (Note 7)     1,377       4,156       516  
Distribution fees (Note 8)     7       20       3  
Fund administration fees     8,979       6,512       3,988  
Fund accounting fees     11,278       12,488       7,934  
Transfer agent fees and expenses     6,565       5,878       5,672  
Custody fees     3,889       22,068       669  
Trustees’ deferred compensation (Note 3)     8,226       8,003       6,012  
Shareholder reporting fees     2,589       781       913  
Legal fees     4,204       3,841       2,638  
Trustees’ fees and expenses     835       2,243       868  
Auditing fees     9,890       9,890       11,036  
Chief Compliance Officer fees     3,057       2,696       711  
Offering costs - Advisor     -       -       -  
Non-U.S. Taxes     -       -       -  
Offering costs - Related Parties     -       -       -  
Accrued other expenses     627       848       1,253  
Total liabilities     61,523       211,529       42,213  
Commitments and Contingencies (Note 3)                        
Net Assets   $ 9,039,707     $ 40,631,622     $ 1,033,722  
                         
Components of Net Assets:                        
Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized)   $ 10,721,668     $ 42,277,690     $ 828,201  
Total distributable earnings (accumulated deficit)     (1,681,961 )     (1,646,068 )     205,521  
Net Assets   $ 9,039,707     $ 40,631,622     $ 1,033,722  
                         
Maximum Offering Price per Share:                        
Investor Class:                        
Net assets applicable to shares outstanding   $ 30,619     $ 98,540     $ 12,839  
Shares of beneficial interest issued and outstanding     2,126       10,148       1,045  
Net asset value, offering and redemption price per share   $ 14.40     $ 9.71     $ 12.29  
                         
Institutional Class:                        
Net assets applicable to shares outstanding   $ 9,009,088     $ 40,533,082     $ 1,020,883  
Shares of beneficial interest issued and outstanding     623,702       4,148,320       82,939  
Net asset value, offering and redemption price per share   $ 14.44     $ 9.77     $ 12.31  

 

See accompanying Notes to Financial Statements.

 42 

 

STATEMENTS OF ASSETS AND LIABILITIES - Continued

As of June 30, 2024 (Unaudited)

 

   

WCM Focused Emerging
Markets ex China Fund

    

WCM Quality Dividend
Growth Fund

  
Assets:                
Investments, at cost   $ 6,326,670     $ 7,350,314  
Foreign currency, at cost     -       -  
Investments, at value   $ 7,502,616     $ 7,586,713  
Foreign currency, at value     -       -  
Receivables:                
Investment securities sold     -       -  
Fund shares sold     -       23,887  
Reclaims receivable     -       337  
Dividends and interest     6,574       8,450  
Due from Advisor     18,958       16,154  
Offering costs     -       899  
Prepaid expenses     22,429       41,103  
Total assets     7,550,577       7,677,543  
                 
Liabilities:                
Payables:                
Investment securities purchased     -       -  
Fund shares redeemed     -       -  
Advisory fees     -       -  
Shareholder servicing fees (Note 7)     1,099       3,503  
Distribution fees (Note 8)     4       8  
Fund administration fees     8,123       5,522  
Fund accounting fees     9,784       3,502  
Transfer agent fees and expenses     5,742       5,313  
Custody fees     24,134       1,784  
Trustees’ deferred compensation (Note 3)     5,356       2,818  
Shareholder reporting fees     4,556       392  
Legal fees     1,475       1,330  
Trustees’ fees and expenses     255       373  
Auditing fees     8,693       8,424  
Chief Compliance Officer fees     1,166       591  
Offering costs - Advisor     -       42,306  
Non-U.S. Taxes     36,178       -  
Offering costs - Related Parties     -       8,484  
Accrued other expenses     739       648  
Total liabilities     107,304       84,998  
Commitments and Contingencies (Note 3)                
Net Assets   $ 7,443,273     $ 7,592,545  
                 
Components of Net Assets:                
Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized)   $ 6,087,166     $ 7,355,529  
Total distributable earnings (accumulated deficit)     1,356,107       237,016  
Net Assets   $ 7,443,273     $ 7,592,545  
                 
Maximum Offering Price per Share:                
Investor Class:                
Net assets applicable to shares outstanding   $ 45,514     $ 40,849  
Shares of beneficial interest issued and outstanding     3,269       3,993  
Net asset value, offering and redemption price per share   $ 13.92     $ 10.23  
                 
Institutional Class:                
Net assets applicable to shares outstanding   $ 7,397,759     $ 7,551,696  
Shares of beneficial interest issued and outstanding     530,775       738,407  
Net asset value, offering and redemption price per share   $ 13.94     $ 10.23  

 

See accompanying Notes to Financial Statements.

 43 

 

STATEMENTS OF OPERATIONS

For the Six Months Ended June 30, 2024 (Unaudited)

 

   

WCM Focused International
Growth Fund

    

WCM Focused Emerging
Markets Fund

    

WCM Focused Global
Growth Fund

  
Investment Income:                        
Dividends (net of foreign withholding taxes of $12,070,434, $874,450 and $85,529, respectively)   $ 115,483,614     $ 6,574,307     $ 1,566,362  
Interest     7,768,818       399,720       291,198  
Total investment income     123,252,432       6,974,027       1,857,560  
                         
Expenses:                        
Advisory fees     78,523,315       5,190,386       2,026,141  
Shareholder servicing fees (Note 7)     8,367,783       459,646       212,361  
Distribution fees (Note 8)     938,979       98,628       46,956  
Fund administration fees     4,475,173       297,610       166,818  
Fund accounting fees     938,954       121,330       64,298  
Transfer agent fees and expenses     580,655       52,775       17,005  
Custody fees     1,440,017       424,568       46,189  
Shareholder reporting fees     207,767       24,531       11,058  
Miscellaneous     121,160       1,288       2,213  
Trustees’ fees and expenses     105,533       13,332       6,931  
Tax reclaim service fees     88,008       -       -  
Registration fees     44,448       31,078       18,520  
Legal fees     40,896       6,511       4,794  
Insurance fees     26,825       3,967       3,588  
Auditing fees     10,470       9,900       9,890  
Chief Compliance Officer fees     6,283       3,028       3,009  
Interest Expense     2       53,007       2  
Offering costs     -       -       -  
Tax expense     -       -       -  
Total expenses     95,916,268       6,791,585       2,639,773  
Advisory fees (waived) recovered     -       (152,111 )     (89,936 )
Other expenses (absorbed)     -       -       -  
Net expenses     95,916,268       6,639,474       2,549,837  
Net investment income (loss)     27,336,164       334,553       (692,277 )
                         
Realized and Unrealized Gain (Loss):                        
Net realized gain (loss) on:                        
Investments     1,030,586,441       (71,805,538 )     20,544,769  
Foreign currency transactions     208,781       (231,698 )     (11,169 )
Deferred non-U.S. taxes     -       1,104,870       -  
Net realized gain (loss)     1,030,795,222       (70,932,366 )     20,533,600  
Net change in unrealized appreciation (depreciation) on:                        
Investments     726,040,000       124,376,842       50,620,810  
Foreign currency translations     (1,791,409 )     (37,373 )     (5,949 )
Deferred non-U.S. taxes     -       (2,907,644 )     -  
Net change in unrealized appreciation (depreciation)     724,248,591       121,431,825       50,614,861  
Net realized and unrealized gain (loss)     1,755,043,813       50,499,459       71,148,461  
                         
Net Increase (Decrease) in Net Assets from Operations   $ 1,782,379,977     $ 50,834,012     $ 70,456,184  

 

See accompanying Notes to Financial Statements.

 44 

 

STATEMENTS OF OPERATIONS - Continued

For the Six Months Ended June 30, 2024 (Unaudited)

 

   

WCM International Small
Cap Growth Fund

    

WCM Small Cap Growth
Fund

    

WCM SMID Quality Value
Fund

  
Investment Income:                        
Dividends (net of foreign withholding taxes of $452,829, $0 and $0, respectively)   $ 3,034,330     $ 96,029     $ 244,450  
Interest     150,670       38,002       45,821  
Total investment income     3,185,000       134,031       290,271  
                         
Expenses:                        
Advisory fees     1,505,673       212,179       321,331  
Shareholder servicing fees (Note 7)     97,161       19,115       37,855  
Distribution fees (Note 8)     -       135       275  
Fund administration fees     101,965       27,276       43,812  
Fund accounting fees     72,926       32,440       36,372  
Transfer agent fees and expenses     14,423       16,659       21,091  
Custody fees     101,587       12,939       9,189  
Shareholder reporting fees     8,121       3,608       4,303  
Miscellaneous     2,393       4,044       2,671  
Trustees’ fees and expenses     6,065       4,933       5,443  
Tax reclaim service fees     8,976       -       -  
Registration fees     5,238       20,122       20,907  
Legal fees     4,160       4,429       4,553  
Insurance fees     4,810       2,902       2,973  
Auditing fees     10,470       9,890       10,470  
Chief Compliance Officer fees     2,272       3,009       3,009  
Interest Expense     -       479       35,593  
Offering costs     -       -       -  
Tax expense     -       -       -  
Total expenses     1,946,240       374,159       559,847  
Advisory fees (waived) recovered     (55,173 )     (161,366 )     (202,649 )
Other expenses (absorbed)     -       -       -  
Net expenses     1,891,067       212,793       357,198  
Net investment income (loss)     1,293,933       (78,762 )     (66,927 )
                         
Realized and Unrealized Gain (Loss):                        
Net realized gain (loss) on:                        
Investments     4,773,654       3,246,738       15,283,199  
Foreign currency transactions     (44,080 )     -       -  
Deferred non-U.S. taxes     -       -       -  
Net realized gain (loss)     4,729,574       3,246,738       15,283,199  
Net change in unrealized appreciation (depreciation) on:                        
Investments     (2,239,051 )     (2,743,840 )     (12,258,088 )
Foreign currency translations     (22,043 )     -       -  
Deferred non-U.S. taxes     -       -       -  
Net change in unrealized appreciation (depreciation)     (2,261,094 )     (2,743,840 )     (12,258,088 )
Net realized and unrealized gain (loss)     2,468,480       502,898       3,025,111  
                         
Net Increase (Decrease) in Net Assets from Operations   $ 3,762,413     $ 424,136     $ 2,958,184  

 

See accompanying Notes to Financial Statements.

 45 

 

STATEMENTS OF OPERATIONS - Continued

For the Six Months Ended June 30, 2024 (Unaudited)

 

   

WCM China Quality Growth
Fund

    

WCM Developing World
Equity Fund

    

WCM International Equity
Fund

  
Investment Income:                        
Dividends (net of foreign withholding taxes of $2,586, $2,319 and $79,100, respectively)   $ 35,117     $ 27,245     $ 1,193,580  
Interest     1,561       1,090       107,690  
Total investment income     36,678       28,335       1,301,270  
                         
Expenses:                        
Advisory fees     14,882       9,142       375,839  
Shareholder servicing fees (Note 7)     1,459       639       41,175  
Distribution fees (Note 8)     153       178       1,090  
Fund administration fees     29,373       27,226       54,252  
Fund accounting fees     29,798       28,774       38,235  
Transfer agent fees and expenses     18,459       17,411       20,688  
Custody fees     10,381       13,535       32,494  
Shareholder reporting fees     5,171       4,372       4,835  
Miscellaneous     7,236       2,944       3,847  
Trustees’ fees and expenses     5,521       3,328       4,320  
Tax reclaim service fees     -       -       -  
Registration fees     18,197       17,924       16,559  
Legal fees     5,950       3,770       4,607  
Insurance fees     2,113       2,109       2,276  
Auditing fees     9,890       9,890       11,020  
Chief Compliance Officer fees     3,009       2,556       2,800  
Interest Expense     2,019       53       2  
Offering costs     -       -       -  
Tax expense     105       63       -  
Total expenses     163,716       143,914       614,039  
Advisory fees (waived) recovered     (14,882 )     (9,142 )     (237,108 )
Other expenses (absorbed)     (127,954 )     (125,336 )     -  
Net expenses     20,880       9,436       376,931  
Net investment income (loss)     15,798       18,899       924,339  
                         
Realized and Unrealized Gain (Loss):                        
Net realized gain (loss) on:                        
Investments     (1,035,616 )     27,202       1,068,305  
Foreign currency transactions     (1,883 )     (246 )     67  
Deferred non-U.S. taxes     -       (2,831 )     -  
Net realized gain (loss)     (1,037,499 )     24,125       1,068,372  
Net change in unrealized appreciation (depreciation) on:                        
Investments     610,865       12,014       (1,864,528 )
Foreign currency translations     (5,381 )     1       (1,222 )
Deferred non-U.S. taxes     -       1,261       -  
Net change in unrealized appreciation (depreciation)     605,484       13,276       (1,865,750 )
Net realized and unrealized gain (loss)     (432,015 )     37,401       (797,378 )
                         
Net Increase (Decrease) in Net Assets from Operations   $ (416,217 )   $ 56,300     $ 126,961  

 

See accompanying Notes to Financial Statements.

 46 

 

STATEMENTS OF OPERATIONS - Continued

For the Six Months Ended June 30, 2024 (Unaudited)

 

   

WCM Focused International
Value Fund

    

WCM Focused International
Opportunities Fund

    

WCM Mid Cap Quality Value
Fund

  
Investment Income:                        
Dividends (net of foreign withholding taxes of $11,381, $40,056 and $0, respectively)   $ 92,559     $ 323,353     $ 3,592  
Interest     3,987       37,002       1,094  
Total investment income     96,546       360,355       4,686  
                         
Expenses:                        
Advisory fees     37,240       196,560       4,194  
Shareholder servicing fees (Note 7)     3,603       19,010       467  
Distribution fees (Note 8)     37       153       16  
Fund administration fees     27,417       28,172       23,085  
Fund accounting fees     29,744       34,468       25,633  
Transfer agent fees and expenses     16,834       17,309       17,783  
Custody fees     12,164       30,425       4,388  
Shareholder reporting fees     4,292       2,111       5,065  
Miscellaneous     1,870       2,324       5,596  
Trustees’ fees and expenses     4,046       3,466       4,596  
Tax reclaim service fees     -       -       -  
Registration fees     16,530       19,628       23,306  
Legal fees     4,059       3,629       5,268  
Insurance fees     2,848       2,073       2,044  
Auditing fees     9,890       9,890       11,586  
Chief Compliance Officer fees     2,556       2,110       3,017  
Interest Expense     3,419       -       -  
Offering costs     -       -       -  
Tax expense     -       -       12  
Total expenses     176,549       371,328       136,056  
Advisory fees (waived) recovered     (37,240 )     (125,475 )     (4,194 )
Other expenses (absorbed)     (81,120 )     -       (126,900 )
Net expenses     58,189       245,853       4,962  
Net investment income (loss)     38,357       114,502       (276 )
                         
Realized and Unrealized Gain (Loss):                        
Net realized gain (loss) on:                        
Investments     655,594       594,320       18,820  
Foreign currency transactions     (565 )     (3,667 )     -  
Deferred non-U.S. taxes     -       -       -  
Net realized gain (loss)     655,029       590,653       18,820  
Net change in unrealized appreciation (depreciation) on:                        
Investments     (41,488 )     (21,528 )     27,472  
Foreign currency translations     (1,119 )     (1,406 )     -  
Deferred non-U.S. taxes     -       -       -  
Net change in unrealized appreciation (depreciation)     (42,607 )     (22,934 )     27,472  
Net realized and unrealized gain (loss)     612,422       567,719       46,292  
                         
Net Increase (Decrease) in Net Assets from Operations   $ 650,779     $ 682,221     $ 46,016  

 

See accompanying Notes to Financial Statements.

 47 

 

STATEMENTS OF OPERATIONS - Continued

For the Six Months Ended June 30, 2024 (Unaudited)

 

   

WCM Focused Emerging
Markets ex China Fund

    

WCM Quality Dividend
Growth Fund

  
Investment Income:                
Dividends (net of foreign withholding taxes of $6,918 and $856,
respectively)		   $ 50,072     $ 102,381  
Interest     7,083       14,340  
Total investment income     57,155       116,721  
                 
Expenses:                
Advisory fees     34,254       22,360  
Shareholder servicing fees (Note 7)     2,938       2,948  
Distribution fees (Note 8)     17       50  
Fund administration fees     25,802       22,809  
Fund accounting fees     28,590       23,881  
Transfer agent fees and expenses     17,632       18,328  
Custody fees     35,905       6,172  
Shareholder reporting fees     3,383       2,522  
Miscellaneous     2,611       2,367  
Trustees’ fees and expenses     2,793       4,813  
Tax reclaim service fees     -       -  
Registration fees     22,199       19,786  
Legal fees     2,973       7,427  
Insurance fees     2,858       2,848  
Auditing fees     9,243       8,825  
Chief Compliance Officer fees     2,984       2,246  
Interest Expense     -       -  
Offering costs     -       6,053  
Tax expense     -       181  
Total expenses     194,182       153,616  
Advisory fees (waived) recovered     (34,254 )     (22,360 )
Other expenses (absorbed)     (117,094 )     (96,969 )
Net expenses     42,834       34,287  
Net investment income (loss)     14,321       82,434  
                 
Realized and Unrealized Gain (Loss):                
Net realized gain (loss) on:                
Investments     209,032       5,483  
Foreign currency transactions     (1,354 )     -  
Deferred non-U.S. taxes     (2,393 )     -  
Net realized gain (loss)     205,285       5,483  
Net change in unrealized appreciation (depreciation) on:                
Investments     428,681       123,951  
Foreign currency translations     (220 )     -  
Deferred non-U.S. taxes     (27,979 )     -  
Net change in unrealized appreciation (depreciation)     400,482       123,951  
Net realized and unrealized gain (loss)     605,767       129,434  
                 
Net Increase (Decrease) in Net Assets from Operations   $ 620,088     $ 211,868  

 

See accompanying Notes to Financial Statements.

 48 

 

WCM Focused International Growth Fund

STATEMENTS OF CHANGES IN NET ASSETS

 

    For the
 Six Months Ended
June 30, 2024
(Unaudited)		     For the
 Year Ended
December 31, 2023		  
Increase (Decrease) in Net Assets from:                
Operations:                
Net investment income (loss)   $ 27,336,164     $ 2,893,024  
Net realized gain (loss) on investments and foreign currency transactions     1,030,795,222       763,605,103  
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations     724,248,591       1,807,805,436  
Net increase (decrease) in net assets resulting from operations     1,782,379,977       2,574,303,563  
                 
Distributions to Shareholders:                
Investor Class     -       (4,773,700 )
Institutional Class     -       (109,632,069 )
Total distributions to shareholders     -       (114,405,769 )
                 
Capital Transactions:                
Net proceeds from shares sold:                
Investor Class     32,635,211       62,428,701  
Institutional Class     1,261,408,198       2,042,924,436  
Reinvestment of distributions:                
Investor Class     -       4,757,567  
Institutional Class     -       98,628,972  
Cost of shares redeemed:                
Investor Class     (55,677,561 )     (143,595,486 )
Institutional Class     (1,507,520,639 )     (3,133,246,250 )
Net increase (decrease) in net assets from capital transactions     (269,154,791 )     (1,068,102,060 )
                 
Total increase (decrease) in net assets     1,513,225,186       1,391,795,734  
                 
Net Assets:                
Beginning of period     17,477,680,846       16,085,885,112  
End of period   $ 18,990,906,032     $ 17,477,680,846  
                 
Capital Share Transactions:                
Shares sold:                
Investor Class     1,339,895       2,936,995  
Institutional Class     51,647,433       95,056,126  
Shares reinvested:                
Investor Class     -       222,733  
Institutional Class     -       4,553,507  
Shares redeemed:                
Investor Class     (2,316,877 )     (6,849,770 )
Institutional Class     (61,993,649 )     (146,101,259 )
Total increase (decrease) in capital share transactions     (11,323,198 )     (50,181,668 )

 

See accompanying Notes to Financial Statements.

 49 

 

WCM Focused Emerging Markets Fund

STATEMENTS OF CHANGES IN NET ASSETS

 

    For the
 Six Months Ended
June 30, 2024
(Unaudited)		     For the
 Year Ended
December 31, 2023		  
Increase (Decrease) in Net Assets from:                
Operations:                
Net investment income (loss)   $ 334,553     $ 6,421,065  
Net realized gain (loss) on investments, foreign currency transactions and deferred non-U.S. taxes     (70,932,366 )     (184,734,084 )
Net change in unrealized appreciation (depreciation) on investments, foreign currency translations and deferred non-U.S. taxes     121,431,825       220,662,284  
Net increase (decrease) in net assets resulting from operations     50,834,012       42,349,265  
                 
Distributions to Shareholders:                
Investor Class     -       (145,271 )
Institutional Class     -       (5,200,854 )
Total distributions to shareholders     -       (5,346,125 )
                 
Capital Transactions:                
Net proceeds from shares sold:                
Investor Class     7,258,173       47,653,924  
Institutional Class     103,862,679       473,405,303  
Reinvestment of distributions:                
Investor Class     -       142,205  
Institutional Class     -       4,078,836  
Cost of shares redeemed:                
Investor Class     (21,735,595 )     (86,427,426 )
Institutional Class     (327,718,580 )     (719,949,030 )
Net increase (decrease) in net assets from capital transactions     (238,333,323 )     (281,096,188 )
                 
Total increase (decrease) in net assets     (187,499,311 )     (244,093,048 )
                 
Net Assets:                
Beginning of period     1,190,823,645       1,434,916,693  
End of period   $ 1,003,324,334     $ 1,190,823,645  
                 
Capital Share Transactions:                
Shares sold:                
Investor Class     546,286       3,801,352  
Institutional Class     7,791,185       35,950,382  
Shares reinvested:                
Investor Class     -       11,286  
Institutional Class     -       320,160  
Shares redeemed:                
Investor Class     (1,657,311 )     (6,936,959 )
Institutional Class     (24,647,317 )     (55,689,766 )
Total increase (decrease) in capital share transactions     (17,967,157 )     (22,543,545 )

 

See accompanying Notes to Financial Statements.

 50 

 

WCM Focused Global Growth Fund

STATEMENTS OF CHANGES IN NET ASSETS

 

    For the
 Six Months Ended
June 30, 2024
(Unaudited)		     For the
 Year Ended
December 31, 2023		  
Increase (Decrease) in Net Assets from:                
Operations:                
Net investment income (loss)   $ (692,277 )   $ (501,840 )
Net realized gain (loss) on investments and foreign currency transactions     20,533,600       3,457,312  
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations     50,614,861       78,720,488  
Net increase (decrease) in net assets resulting from operations     70,456,184       81,675,960  
                 
Capital Transactions:                
Net proceeds from shares sold:                
Investor Class     4,978,763       38,069,550  
Institutional Class     71,279,162       116,823,566  
Cost of shares redeemed:                
Investor Class     (24,574,377 )     (16,897,202 )
Institutional Class     (53,859,240 )     (83,265,452 )
Net increase (decrease) in net assets from capital transactions     (2,175,692 )     54,730,462  
                 
Total increase (decrease) in net assets     68,280,492       136,406,422  
                 
Net Assets:                
Beginning of period     426,786,939       290,380,517  
End of period   $ 495,067,431     $ 426,786,939  
                 
Capital Share Transactions:                
Shares sold:                
Investor Class     215,901       1,915,129  
Institutional Class     2,974,466       6,013,394  
Shares redeemed:                
Investor Class     (1,030,165 )     (859,871 )
Institutional Class     (2,209,938 )     (4,313,378 )
Total increase (decrease) in capital share transactions     (49,736 )     2,755,274  

 

See accompanying Notes to Financial Statements.

 51 

 

WCM International Small Cap Growth Fund

STATEMENTS OF CHANGES IN NET ASSETS

 

    For the
 Six Months Ended
June 30, 2024
(Unaudited)		     For the
 Year Ended
December 31, 2023		  
Increase (Decrease) in Net Assets from:                
Operations:                
Net investment income (loss)   $ 1,293,933     $ 794,778  
Net realized gain (loss) on investments, foreign currency transactions and deferred non-U.S. taxes     4,729,574       (21,626,985 )
Net change in unrealized appreciation (depreciation) on investments, foreign currency translations and deferred non-U.S. taxes     (2,261,094 )     79,751,567  
Net increase (decrease) in net assets resulting from operations     3,762,413       58,919,360  
                 
Capital Transactions:                
Net proceeds from shares sold:                
Institutional class     18,894,528       59,162,686  
Cost of shares redeemed:                
Institutional class     (39,224,341 )     (99,859,894 )
Net increase (decrease) in net assets from capital transactions     (20,329,813 )     (40,697,208 )
                 
Total increase (decrease) in net assets     (16,567,400 )     18,222,152  
                 
Net Assets:                
Beginning of period     311,471,821       293,249,669  
End of period   $ 294,904,421     $ 311,471,821  
                 
Capital Share Transactions:                
Shares sold:                
Institutional class     928,995       3,271,893  
Shares redeemed:                
Institutional class     (1,943,511 )     (5,603,941 )
Total increase (decrease) in capital share transactions     (1,014,516 )     (2,332,048 )

 

See accompanying Notes to Financial Statements.

 52 

 

WCM Small Cap Growth Fund

STATEMENTS OF CHANGES IN NET ASSETS

 

    For the
 Six Months Ended
June 30, 2024
(Unaudited)		     For the
 Year Ended
December 31, 2023		  
Increase (Decrease) in Net Assets from:                
Operations:                
Net investment income (loss)   $ (78,762 )   $ (141,125 )
Net realized gain (loss) on investments     3,246,738       (1,606,715 )
Net change in unrealized appreciation (depreciation) on investments     (2,743,840 )     7,092,603  
Net increase (decrease) in net assets resulting from operations     424,136       5,344,763  
                 
Capital Transactions:                
Net proceeds from shares sold:                
Investor Class     300       7,701  
Institutional Class     7,130,660       11,287,486  
Cost of shares redeemed:                
Investor Class     (921 )     (9,516 )
Institutional Class     (7,443,486 )     (9,113,726 )
Net increase (decrease) in net assets from capital transactions     (313,447 )     2,171,945  
                 
Total increase (decrease) in net assets     110,689       7,516,708  
                 
Net Assets:                
Beginning of period     40,527,057       33,010,349  
End of period   $ 40,637,746     $ 40,527,057  
                 
Capital Share Transactions:                
Shares sold:                
Investor Class     24       680  
Institutional Class     566,852       969,780  
Shares redeemed:                
Investor Class     (73 )     (859 )
Institutional Class     (592,834 )     (786,092 )
Total increase (decrease) in capital share transactions     (26,031 )     183,509  

 

See accompanying Notes to Financial Statements.

 53 

 

WCM SMID Quality Value Fund

STATEMENTS OF CHANGES IN NET ASSETS

 

    For the
 Six Months Ended
June 30, 2024
(Unaudited)		     For the
 Year Ended
December 31, 2023		  
Increase (Decrease) in Net Assets from:                
Operations:                
Net investment income (loss)   $ (66,927 )   $ (166,751 )
Net realized gain (loss) on investments     15,283,199       (1,745,981 )
Net change in unrealized appreciation (depreciation) on investments     (12,258,088 )     29,946,271  
Net increase (decrease) in net assets resulting from operations     2,958,184       28,033,539  
                 
Distributions to Shareholders:                
Investor Class     -       (1,936 )
Institutional Class     -       (1,131,847 )
Total distributions to shareholders     -       (1,133,783 )
                 
Capital Transactions:                
Net proceeds from shares sold:                
Investor Class     51,793       31,988  
Institutional Class     5,305,429       15,433,355  
Reinvestment of distributions:                
Investor Class     -       1,936  
Institutional Class     -       795,866  
Cost of shares redeemed:                
Investor Class     (97,764 )     (32,111 )
Institutional Class     (79,814,898 )     (18,217,619 )
Net increase (decrease) in net assets from capital transactions     (74,555,440 )     (1,986,585 )
                 
Total increase (decrease) in net assets     (71,597,256 )     24,913,171  
                 
Net Assets:                
Beginning of period     143,082,880       118,169,709  
End of period   $ 71,485,624     $ 143,082,880  
                 
Capital Share Transactions:                
Shares sold:                
Investor Class     3,938       2,817  
Institutional Class     409,576       1,395,640  
Shares reinvested:                
Investor Class     -       171  
Institutional Class     -       69,630  
Shares redeemed:                
Investor Class     (7,819 )     (2,924 )
Institutional Class     (6,688,698 )     (1,657,311 )
Total increase (decrease) in capital share transactions     (6,283,003 )     (191,977 )

 

See accompanying Notes to Financial Statements.

 54 

 

WCM China Quality Growth Fund

STATEMENTS OF CHANGES IN NET ASSETS

 

    For the
 Six Months Ended
June 30, 2024
(Unaudited)		     For the
 Year Ended
December 31, 2023		  
Increase (Decrease) in Net Assets from:                
Operations:                
Net investment income (loss)   $ 15,798     $ 46,135  
Net realized gain (loss) on investments and foreign currency transactions     (1,037,499 )     (1,109,057 )
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations     605,484       (201,824 )
Net increase (decrease) in net assets resulting from operations     (416,217 )     (1,264,746 )
                 
Distributions to Shareholders:                
Investor Class     -       (975 )
Institutional Class     -       (48,015 )
Total distributions to shareholders     -       (48,990 )
                 
Capital Transactions:                
Net proceeds from shares sold:                
Investor Class     18,886       33,494  
Institutional Class     127,933       943,910  
Reinvestment of distributions:                
Investor Class     -       975  
Institutional Class     -       48,015  
Cost of shares redeemed:                
Investor Class     (44,719 )     (38,532 )
Institutional Class     (1,692,807 )     (2,098,681 )
Net increase (decrease) in net assets from capital transactions     (1,590,707 )     (1,110,819 )
                 
Total increase (decrease) in net assets     (2,006,924 )     (2,424,555 )
                 
Net Assets:                
Beginning of period     4,581,706       7,006,261  
End of period   $ 2,574,782     $ 4,581,706  
                 
Capital Share Transactions:                
Shares sold:                
Investor Class     2,228       3,398  
Institutional Class     15,484       83,314  
Shares reinvested:                
Investor Class     -       109  
Institutional Class     -       5,317  
Shares redeemed:                
Investor Class     (5,186 )     (3,097 )
Institutional Class     (206,780 )     (207,646 )
Total increase (decrease) in capital share transactions     (194,254 )     (118,605 )

 

See accompanying Notes to Financial Statements.

 55 

 

WCM Developing World Equity Fund

STATEMENTS OF CHANGES IN NET ASSETS

 

    For the
 Six Months Ended
June 30, 2024
(Unaudited)		     For the
 Year Ended
December 31, 2023		  
Increase (Decrease) in Net Assets from:                
Operations:                
Net investment income (loss)   $ 18,899     $ 26,860  
Net realized gain (loss) on investments, foreign currency transactions and deferred non-U.S. taxes     24,125       (53,995 )
Net change in unrealized appreciation (depreciation) on investments, foreign currency translations and deferred non-U.S. taxes     13,276       163,693  
Net increase (decrease) in net assets resulting from operations     56,300       136,558  
                 
Distributions to Shareholders:                
Investor Class     -       (1,623 )
Institutional Class     -       (27,320 )
Total distributions to shareholders     -       (28,943 )
                 
Capital Transactions:                
Net proceeds from shares sold:                
Investor Class     3,621       223,526  
Institutional Class     82,993       94,881  
Reinvestment of distributions:                
Investor Class     -       1,623  
Institutional Class     -       27,320  
Cost of shares redeemed:                
Investor Class     (100,553 )     (390,910 )
Institutional Class     (342,588 )     (210,515 )
Net increase (decrease) in net assets from capital transactions     (356,527 )     (254,075 )
                 
Total increase (decrease) in net assets     (300,227 )     (146,460 )
                 
Net Assets:                
Beginning of period     2,070,450       2,216,910  
End of period   $ 1,770,223     $ 2,070,450  
                 
Capital Share Transactions:                
Shares sold:                
Investor Class     284       17,642  
Institutional Class     6,636       7,415  
Shares reinvested:                
Investor Class     -       132  
Institutional Class     -       2,227  
Shares redeemed:                
Investor Class     (7,745 )     (31,033 )
Institutional Class     (26,848 )     (16,941 )
Total increase (decrease) in capital share transactions     (27,673 )     (20,558 )

 

See accompanying Notes to Financial Statements.

 56 

 

WCM International Equity Fund

STATEMENTS OF CHANGES IN NET ASSETS

 

    For the
 Six Months Ended
June 30, 2024
(Unaudited)		     For the
 Year Ended
December 31, 2023		  
Increase (Decrease) in Net Assets from:                
Operations:                
Net investment income (loss)   $ 924,339     $ 817,121  
Net realized gain (loss) on investments and foreign currency transactions     1,068,372       3,155,733  
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations     (1,865,750 )     5,476,460  
Net increase (decrease) in net assets resulting from operations     126,961       9,449,314  
                 
Distributions to Shareholders:                
Investor Class     -       (19,199 )
Institutional Class     -       (2,737,224 )
Total distributions to shareholders     -       (2,756,423 )
                 
Capital Transactions:                
Net proceeds from shares sold:                
Investor Class     309,000       417,611  
Institutional Class     4,459,258       23,429,580  
Reinvestment of distributions:                
Investor Class     -       19,200  
Institutional Class     -       2,737,033  
Cost of shares redeemed:                
Investor Class     (23,481 )     (179,470 )
Institutional Class     (6,055,210 )     (5,280,623 )
Net increase (decrease) in net assets from capital transactions     (1,310,433 )     21,143,331  
                 
Total increase (decrease) in net assets     (1,183,472 )     27,836,222  
                 
Net Assets:                
Beginning of period     87,584,552       59,748,330  
End of period   $ 86,401,080     $ 87,584,552  
                 
Capital Share Transactions:                
Shares sold:                
Investor Class     21,378       29,606  
Institutional Class     302,217       1,640,509  
Shares reinvested:                
Investor Class     -       1,390  
Institutional Class     -       197,193  
Shares redeemed:                
Investor Class     (1,601 )     (12,546 )
Institutional Class     (411,964 )     (369,003 )
Total increase (decrease) in capital share transactions     (89,970 )     1,487,149  

 

See accompanying Notes to Financial Statements.

 57 

 

WCM Focused International Value Fund

STATEMENTS OF CHANGES IN NET ASSETS

 

    For the
 Six Months Ended
June 30, 2024
(Unaudited)		     For the
 Year Ended
December 31, 2023		  
Increase (Decrease) in Net Assets from:                
Operations:                
Net investment income (loss)   $ 38,357     $ 77,049  
Net realized gain (loss) on investments and foreign currency transactions     655,029       (1,239,420 )
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations     (42,607 )     3,215,551  
Net increase (decrease) in net assets resulting from operations     650,779       2,053,180  
                 
Distributions to Shareholders:                
Investor Class     -       (179 )
Institutional Class     -       (104,387 )
Total distributions to shareholders     -       (104,566 )
                 
Capital Transactions:                
Net proceeds from shares sold:                
Investor Class     588       518  
Institutional Class     1,156,681       3,090,831  
Reinvestment of distributions:                
Investor Class     -       155  
Institutional Class     -       104,387  
Cost of shares redeemed:                
Investor Class     (21 )     (25,321 )
Institutional Class     (3,838,235 )     (10,126,897 )
Net increase (decrease) in net assets from capital transactions     (2,680,987 )     (6,956,327 )
                 
Total increase (decrease) in net assets     (2,030,208 )     (5,007,713 )
                 
Net Assets:                
Beginning of period     11,069,915       16,077,628  
End of period   $ 9,039,707     $ 11,069,915  
                 
Capital Share Transactions:                
Shares sold:                
Investor Class     42       45  
Institutional Class     81,648       259,909  
Shares reinvested:                
Investor Class     -       12  
Institutional Class     -       8,324  
Shares redeemed:                
Investor Class     (2 )     (2,175 )
Institutional Class     (285,880 )     (848,929 )
Total increase (decrease) in capital share transactions     (204,192 )     (582,814 )

 

See accompanying Notes to Financial Statements.

 58 

 

WCM Focused International Opportunities Fund

STATEMENTS OF CHANGES IN NET ASSETS

 

    For the
 Six Months Ended
June 30, 2024
(Unaudited)		     For the
 Year Ended
December 31, 2023		  
Increase (Decrease) in Net Assets from:                
Operations:                
Net investment income (loss)   $ 114,502     $ 52,050  
Net realized gain (loss) on investments and foreign currency transactions     590,653       1,127,038  
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations     (22,934 )     6,193,688  
Net increase (decrease) in net assets resulting from operations     682,221       7,372,776  
                 
Distributions to Shareholders:                
Investor Class     -       (358 )
Institutional Class     -       (164,601 )
Total distributions to shareholders     -       (164,959 )
                 
Capital Transactions:                
Net proceeds from shares sold:                
Investor Class     26,360       136,590  
Institutional Class     5,246,887       21,694,439  
Reinvestment of distributions:                
Investor Class     -       358  
Institutional Class     -       164,602  
Cost of shares redeemed:                
Investor Class     (72,392 )     (107,586 )
Institutional Class     (2,222,987 )     (16,487,523 )
Net increase (decrease) in net assets from capital transactions     2,977,868       5,400,880  
                 
Total increase (decrease) in net assets     3,660,089       12,608,697  
                 
Net Assets:                
Beginning of period     36,971,533       24,362,836  
End of period   $ 40,631,622     $ 36,971,533  
                 
Capital Share Transactions:                
Shares sold:                
Investor Class     2,689       15,949  
Institutional Class     534,996       2,541,225  
Shares reinvested:                
Investor Class     -       41  
Institutional Class     -       18,578  
Shares redeemed:                
Investor Class     (7,455 )     (12,501 )
Institutional Class     (226,242 )     (1,888,802 )
Total increase (decrease) in capital share transactions     303,988       674,490  

 

See accompanying Notes to Financial Statements.

 59 

 

WCM Mid Cap Quality Value Fund

STATEMENTS OF CHANGES IN NET ASSETS

 

    For the
 Six Months Ended
June 30, 2024
(Unaudited)		     For the
 Year Ended
December 31, 2023		  
Increase (Decrease) in Net Assets from:                
Operations:                
Net investment income (loss)   $ (276 )   $ (455 )
Net realized gain (loss) on investments     18,820       20,811  
Net change in unrealized appreciation (depreciation) on investments     27,472       174,542  
Net increase (decrease) in net assets resulting from operations     46,016       194,898  
                 
Distributions to Shareholders:                
Investor Class     -       (194 )
Institutional Class     -       (16,072 )
Total distributions to shareholders     -       (16,266 )
                 
Capital Transactions:                
Net proceeds from shares sold:                
Investor Class     -       263  
Institutional Class     80,301       131,800  
Reinvestment of distributions:                
Investor Class     -       194  
Institutional Class     -       16,072  
Net increase (decrease) in net assets from capital transactions     80,301       148,329  
                 
Total increase (decrease) in net assets     126,317       326,961  
                 
Net Assets:                
Beginning of period     907,405       580,444  
End of period   $ 1,033,722     $ 907,405  
                 
Capital Share Transactions:                
Shares sold:                
Investor Class     -       27  
Institutional Class     6,659       13,213  
Shares reinvested:                
Investor Class     -       18  
Institutional Class     -       1,468  
Total increase (decrease) in capital share transactions     6,659       14,726  

 

See accompanying Notes to Financial Statements.

 60 

 

WCM Focused Emerging Markets ex China Fund

STATEMENTS OF CHANGES IN NET ASSETS

 

    For the
 Six Months Ended
June 30, 2024
(Unaudited)		     For the
 Year Ended
December 31, 2023		  
Increase (Decrease) in Net Assets from:                
Operations:                
Net investment income (loss)   $ 14,321     $ 9,735  
Net realized gain (loss) on investments, foreign currency transactions and deferred non-U.S. taxes     205,285       3,026  
Net change in unrealized appreciation (depreciation) on investments, foreign currency translations and deferred non-U.S. taxes     400,482       743,695  
Net increase (decrease) in net assets resulting from operations     620,088       756,456  
                 
Distributions to Shareholders:                
Investor Class     -       (4 )
Institutional Class     -       (15,866 )
Total distributions to shareholders     -       (15,870 )
                 
Capital Transactions:                
Net proceeds from shares sold:                
Investor Class     31,415       -  
Institutional Class     473,423       5,435,920  
Reinvestment of distributions:                
Investor Class     -       4  
Institutional Class     -       15,866  
Cost of shares redeemed:                
Institutional Class     (241,091 )     (128,319 )
Net increase (decrease) in net assets from capital transactions     263,747       5,323,471  
                 
Total increase (decrease) in net assets     883,835       6,064,057  
                 
Net Assets:                
Beginning of period     6,559,438       495,381  
End of period   $ 7,443,273     $ 6,559,438  
                 
Capital Share Transactions:                
Shares sold:                
Investor Class     2,269       -  
Institutional Class     35,674       474,529  
Shares reinvested:                
Institutional Class     -       1,340  
Shares redeemed:                
Institutional Class     (18,478 )     (11,290 )
Total increase (decrease) in capital share transactions     19,465       464,579  

 

See accompanying Notes to Financial Statements.

 61 

 

WCM Quality Dividend Growth Fund

STATEMENTS OF CHANGES IN NET ASSETS

 

    For the
 Six Months Ended
June 30, 2024
(Unaudited)		     For the
 Period
July 28, 2023*
through
December 31, 2023		  
Increase (Decrease) in Net Assets from:                
Operations:                
Net investment income (loss)   $ 82,434     $ 7,496  
Net realized gain (loss) on investments     5,483       (1,823 )
Net change in unrealized appreciation (depreciation) on investments     123,951       112,448  
Net increase (decrease) in net assets resulting from operations     211,868       118,121  
                 
Distributions to Shareholders:                
Investor Class     (462 )     (111 )
Institutional Class     (88,701 )     (3,921 )
Total distributions to shareholders     (89,163 )     (4,032 )
                 
Capital Transactions:                
Net proceeds from shares sold:                
Investor Class     1,300       46,980  
Institutional Class     1,199,249       6,237,399  
Reinvestment of distributions:                
Investor Class     462       111  
Institutional Class     88,701       3,921  
Cost of shares redeemed:                
Investor Class     (10,050 )     -  
Institutional Class     (209,298 )     (3,024 )
Net increase (decrease) in net assets from capital transactions     1,070,364       6,285,387  
                 
Total increase (decrease) in net assets     1,193,069       6,399,476  
                 
Net Assets:                
Beginning of period     6,399,476       -  
End of period   $ 7,592,545     $ 6,399,476  
                 
Capital Share Transactions:                
Shares sold:                
Investor Class     127       4,805  
Institutional Class     117,038       633,118  
Shares reinvested:                
Investor Class     45       12  
Institutional Class     8,634       408  
Shares redeemed:                
Investor Class     (996 )     -  
Institutional Class     (20,490 )     (301 )
Total increase (decrease) in capital share transactions     104,358       638,042  

 

* Commencement of operations.

 

See accompanying Notes to Financial Statements.

 62 

 

WCM Focused International Growth Fund

FINANCIAL HIGHLIGHTS

Investor Class

 

Per share operating performance.

For a capital share outstanding throughout each period.

 

    For the
Six Months
Ended
June 30,
2024		    

For the Year

Ended

December 31,

     For the Period
May 1, 2022
through
December 31,		     For the Year Ended April 30,  
    (Unaudited)     2023     2022^     2022     2021     2020     2019  
Net asset value, beginning of period   $ 22.44     $ 19.44     $ 20.43     $ 26.00     $ 17.10     $ 16.51     $ 15.87  
Income from Investment Operations:                                                        
Net investment income (loss)1     0.01       (0.05 )     (0.04 )     (0.18 )     (0.14 )     -       0.03  
Net realized and unrealized gain (loss)     2.27       3.20       (0.93 )     (4.12 )     9.39       0.60       1.15  
Total from investment operations     2.28       3.15       (0.97 )     (4.30 )     9.25       0.60       1.18  
                                                         
Less Distributions:                                                        
From net investment income     -       -       -       -       (0.01 )     (0.01 )     (0.01 )
From net realized gain     -       (0.15 )     (0.02 )     (1.27 )     (0.34 )     -       (0.53 )
Total distributions     -       (0.15 )     (0.02 )     (1.27 )     (0.35 )     (0.01 )     (0.54 )
                                                         
Redemption fee proceeds1     -       -       -       -       -       -       -  2
Net asset value, end of period   $ 24.72     $ 22.44     $ 19.44     $ 20.43     $ 26.00     $ 17.10     $ 16.51  
                                                         
Total return3     10.11 %4     16.24 %     (4.75 )%4     (17.75 )%     54.28 %     3.64 %     7.99 %
                                                         
Ratios and Supplemental Data:                                                        
Net assets, end of period (in thousands)   $ 768,574     $ 719,670     $ 695,036     $ 1,106,334     $ 1,537,934     $ 271,693     $ 200,100  
                                                         
Ratio of expenses to average net assets:     1.28 %5,6     1.29 %6     1.29 %5     1.31 %     1.30 %     1.26 %     1.24 %
Ratio of net investment income (loss) to average net assets:     0.06 %5     (0.22 )%     (0.34 )%5     (0.68 )%     (0.62 )%     (0.01 )%     0.17 %
                                                         
Portfolio turnover rate     19 %4     33 %     17 %4     23 %     25 %     20 %     21 %

 

^ Fiscal year end changed to December 31, effective December 14, 2022.
1 Calculated based on average shares outstanding for the period.
2 Amount represents less than $0.01 per share.
3 Returns shown 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.
4 Not annualized.
5 Annualized.
6 If interest expense and tax expense had been excluded, the expense ratios would have been lowered by 0.00% and 0.00% for the six months ended June 30, 2024 and for the year ended December 31, 2023, respectively.

 

See accompanying Notes to Financial Statements.

 63 

 

WCM Focused International Growth Fund

FINANCIAL HIGHLIGHTS

Institutional Class

 

Per share operating performance.

For a capital share outstanding throughout each period.

 

    For the
Six Months
Ended
June 30,
2024		    

For the Year

Ended

December 31,

     For the Period
May 1, 2022
through
December 31,		     For the Year Ended April 30,  
    (Unaudited)     2023     2022^     2022     2021     2020     2019  
Net asset value, beginning of period   $ 22.76     $ 19.66     $ 20.64     $ 26.18     $ 17.17     $ 16.58     $ 15.94  
Income from Investment Operations:                                                        
Net investment income (loss)1     0.04       0.01       (0.01 )     (0.11 )     (0.08 )     0.04       0.06  
Net realized and unrealized gain (loss)     2.30       3.24       (0.95 )     (4.16 )     9.44       0.59       1.16  
Total from investment operations     2.34       3.25       (0.96 )     (4.27 )     9.36       0.63       1.22  
                                                         
Less Distributions:                                                        
From net investment income     -       -       -       -       (0.01 )     (0.04 )     (0.05 )
From net realized gain     -       (0.15 )     (0.02 )     (1.27 )     (0.34 )     -       (0.53 )
Total distributions     -       (0.15 )     (0.02 )     (1.27 )     (0.35 )     (0.04 )     (0.58 )
                                                         
Redemption fee proceeds1     -       -       -       -       -       -       - 2
Net asset value, end of period   $ 25.10     $ 22.76     $ 19.66     $ 20.64     $ 26.18     $ 17.17     $ 16.58  
                                                         
Total return3     10.28 %4     16.56 %     (4.65 )%4     (17.51 )%     54.73 %     3.79 %     8.25 %
                                                         
Ratios and Supplemental Data:                                                        
Net assets, end of period (in thousands)   $ 18,222,332     $ 16,758,010     $ 15,390,849     $ 19,083,250     $ 22,891,438     $ 12,088,860     $ 7,420,808  
                                                         
Ratio of expenses to average net assets:     1.03 %5,6     1.04 %6     1.04 %5     1.06 %     1.05 %     1.04 %     1.03 %
Ratio of net investment income (loss) to average net assets:     0.31 %5     0.03 %     (0.09 )%5     (0.43 )%     (0.37 )%     0.21 %     0.38 %
                                                         
Portfolio turnover rate     19 %4     33 %     17 %4     23 %     25 %     20 %     21 %

 

^ Fiscal year end changed to December 31, effective December 14, 2022.
1 Calculated based on average shares outstanding for the period.
2 Amount represents less than $0.01 per share.
3 Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
4 Not annualized.
5 Annualized.
6 If interest expense and tax expense had been excluded, the expense ratios would have been lowered by 0.00% and 0.00% for the six months ended June 30, 2024 and for the year ended December 31, 2023, respectively.

 

See accompanying Notes to Financial Statements.

 64 

 

WCM Focused Emerging Markets Fund

FINANCIAL HIGHLIGHTS

Investor Class

 

Per share operating performance.

For a capital share outstanding throughout each period.

 

    For the
Six Months
Ended
June 30,
2024		     For the Year
Ended
December 31,		     For the Period
May 1, 2022
through
December 31,		     For the Year Ended April 30,  
    (Unaudited)     2023     2022^     2022     2021     2020     2019  
Net asset value, beginning of period   $ 13.25     $ 12.73     $ 14.00     $ 19.89     $ 12.71     $ 12.91     $ 12.43  
Income from Investment Operations:                                                        
Net investment income (loss)1     (0.01 )     0.03       0.01       (0.11 )     (0.19 )     (0.05 )     0.14  
Net realized and unrealized gain (loss)     0.73       0.51       (1.24 )     (4.96 )     7.54       (0.10 )     0.42  
Net increase from payments by affiliates     -       -       -       -       -       -       - 2
Total from investment operations     0.72       0.54       (1.23 )     (5.07 )     7.35       (0.15 )     0.56  
                                                         
Less Distributions:                                                        
From net investment income     -       (0.02 )     (0.04 )     -       -       (0.03 )     (0.08 )
From net realized gain     -       -       -       (0.82 )     (0.17 )     (0.02 )     -  
Total distributions     -       (0.02 )     (0.04 )     (0.82 )     (0.17 )     (0.05 )     (0.08 )
                                                         
Redemption fee proceeds1     -       -       -       -       -       -       -  2
Net asset value, end of period   $ 13.97     $ 13.25     $ 12.73     $ 14.00     $ 19.89     $ 12.71     $ 12.91  
                                                         
Total return3     5.43 %4     4.25 %     (8.78 )%4     (26.54 )%     57.93 %     (1.17 )%     4.64 %5
                                                         
Ratios and Supplemental Data:                                                        
Net assets, end of period (in thousands)   $ 78,714     $ 89,359     $ 125,641     $ 141,593     $ 55,369     $ 26,583     $ 6,540  
                                                         
Ratio of expenses to average net assets:                                                        
Before fees waived and expenses absorbed     1.54 %6,7     1.52 %     1.62 %6     1.59 %     1.53 %     1.69 %     2.05 %
After fees waived and expenses absorbed     1.51 %6,7     1.50 %     1.50 %6     1.50 %     1.50 %     1.49 %8     0.00 %
Ratio of net investment income (loss) to average net assets:                                                        
Before fees waived and expenses absorbed     (0.20 )%6     0.21 %     0.00 %6     (0.71 )%     (1.07 )%     (0.59 )%     (0.88 )%
After fees waived and expenses absorbed     (0.17 )%6     0.23 %     0.12 %6     (0.62 )%     (1.04 )%     (0.39 )%     1.17 %
                                                         
Portfolio turnover rate     34 %4     62 %     18 %4     39 %     35 %     23 %     48 %

 

^ Fiscal year end changed to December 31, effective December 14, 2022.
1 Calculated 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 or absorbed by the Advisor. Returns shown 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.
4 Not annualized.
5 The Advisor reimbursed the Fund $327 for losses from a trade error. Payments had no impact to the total return.
6 Annualized.
7 If  interest expense had been excluded, the expense ratios would have been lowered by 0.01% for the six months ended June 30, 2024.
8 Effective May 1, 2019, the Advisor has contractually agreed to limit the annual operating expenses to 1.50%. Prior to May 1, 2019, the Advisor had contractually agreed to limit the annual operating expenses to 1.65%, but also voluntarily waived all of its fees, and payed all of the operating expenses.

 

See accompanying Notes to Financial Statements.

 65 

 

WCM Focused Emerging Markets Fund

FINANCIAL HIGHLIGHTS

Institutional Class

 

Per share operating performance.

For a capital share outstanding throughout each period.

 

    For the
Six Months
Ended
June 30,
2024		    

For the Year

Ended

December 31,

     For the Period
May 1, 2022
through
December 31,		    

For the Year Ended April 30,

  
    (Unaudited)     2023     2022^     2022     2021     2020     2019  
Net asset value, beginning of period   $ 13.40     $ 12.88     $ 14.16     $ 20.06     $ 12.78     $ 12.96     $ 12.47  
Income from Investment Operations:                                                        
Net investment income (loss)1     0.01       0.06       0.03       (0.07 )     (0.15 )     (0.02 )     0.14  
Net realized and unrealized gain (loss)     0.73       0.52       (1.25 )     (5.01 )     7.60       (0.11 )     0.43  
Net increase from payments by affiliates     -       -       -       -       -       -       -  2
Total from investment operations     0.74       0.58       (1.22 )     (5.08 )     7.45       (0.13 )     0.57  
                                                         
Less Distributions:                                                        
From net investment income     -       (0.06 )     (0.06 )     -       -       (0.03 )     (0.08 )
From net realized gain     -       -       -       (0.82 )     (0.17 )     (0.02 )     -  
Total distributions     -       (0.06 )     (0.06 )     (0.82 )     (0.17 )     (0.05 )     (0.08 )
                                                         
Redemption fee proceeds1     -       -       -       -       -       -       -  2
Net asset value, end of period   $ 14.14     $ 13.40     $ 12.88     $ 14.16     $ 20.06     $ 12.78     $ 12.96  
                                                         
Total return3     5.52 %4     4.54 %     (8.62 )%4     (26.36 )%     58.39 %     (1.01 )%     4.70 %5
                                                         
Ratios and Supplemental Data:                                                        
Net assets, end of period (in thousands)   $ 924,611     $ 1,101,465     $ 1,309,276     $ 1,717,091     $ 2,116,203     $ 315,868     $ 50,850  
                                                         
Ratio of expenses to average net assets:                                                        
Before fees waived and expenses absorbed     1.29 %6,7     1.27 %     1.37 %6     1.34 %     1.28 %     1.45 %     1.80 %
After fees waived and expenses absorbed     1.26 %6,7     1.25 %     1.25 %6     1.25 %     1.25 %     1.25 %8     0.00 %
Ratio of net investment income (loss) to average net assets:                                                        
Before fees waived and expenses absorbed     0.05 %6     0.46 %     0.25 %6     (0.46 )%     (0.82 )%     (0.35 )%     (0.63 )%
After fees waived and expenses absorbed     0.08 %6     0.48 %     0.37 %6     (0.37 )%     (0.79 )%     (0.15 )%     1.17 %
                                                         
Portfolio turnover rate     34 %4     62 %     18 %4     39 %     35 %     23 %     48 %

 

^ Fiscal year end changed to December 31, effective December 14, 2022.
1 Calculated 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 or absorbed by the Advisor. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
4 Not annualized.
5 The Advisor reimbursed the Fund $327 for losses from a trade error. Payments had no impact to the total return.
6 Annualized.
7 If  interest expense had been excluded, the expense ratios would have been lowered by 0.01% for the six months ended June 30, 2024.
8 Effective May 1, 2019, the Advisor has contractually agreed to limit the annual operating expenses to 1.25%. Prior to May 1, 2019, the Advisor had contractually agreed to limit the annual operating expenses to 1.40%, but also voluntarily waived all of its fees, and payed all of the operating expenses.

 

See accompanying Notes to Financial Statements.

 66 

 

WCM Focused Global Growth Fund

FINANCIAL HIGHLIGHTS

Investor Class

 

Per share operating performance.

For a capital share outstanding throughout each period.

 

    For the
Six Months
Ended
June 30,
2024		    

For the Year

Ended

December 31,

     For the Period
May 1, 2022
through
December 31,		     For the Year Ended April 30,  
    (Unaudited)     2023     2022^     2022     2021     2020     2019  
Net asset value, beginning of period   $ 21.29     $ 16.88     $ 18.93     $ 25.28     $ 17.39     $ 16.68     $ 14.96  
Income from Investment Operations:                                                        
Net investment income (loss)1     (0.06 )     (0.07 )     (0.04 )     (0.19 )     (0.15 )     (0.05 )     (0.08 )
Net realized and unrealized gain (loss)     3.47       4.48       (1.41 )     (3.52 )     8.87       1.08       2.21  
Total from investment operations     3.41       4.41       (1.45 )     (3.71 )     8.72       1.03       2.13  
                                                         
Less Distributions:                                                        
From net realized gain     -       -       (0.60 )     (2.64 )     (0.83 )     (0.32 )     (0.41 )
Total distributions     -       -       (0.60 )     (2.64 )     (0.83 )     (0.32 )     (0.41 )
                                                         
Redemption fee proceeds1     -       -       -       -       -       -       - 2
Net asset value, end of period   $ 24.70     $ 21.29     $ 16.88     $ 18.93     $ 25.28     $ 17.39     $ 16.68  
                                                         
Total return3     16.02 %4     26.13 %     (7.71 )%4     (17.30 )%     50.55 %     6.15 %     14.59 %
                                                         
Ratios and Supplemental Data:                                                        
Net assets, end of period (in thousands)   $ 24,895     $ 38,795     $ 12,943     $ 16,396     $ 21,378     $ 8,865     $ 4,541  
                                                         
Ratio of expenses to average net assets:                                                        
Before fees waived and expenses absorbed     1.34 %5,6     1.39 %6     1.44 %5     1.40 %     1.44 %     1.50 %     1.73 %
After fees waived and expenses absorbed     1.30 %5,6     1.30 %6     1.30 %5     1.30 %     1.30 %     1.28 %7     1.40 %
Ratio of net investment income (loss) to average net assets:                                                        
Before fees waived and expenses absorbed     (0.56 )%5     (0.48 )%     (0.51 )%5     (0.88 )%     (0.80 )%     (0.52 )%     (0.83 )%
After fees waived and expenses absorbed     (0.52 )%5     (0.39 )%     (0.37 )%5     (0.78 )%     (0.66 )%     (0.30 )%     (0.50 )%
                                                         
Portfolio turnover rate     22 %4     32 %     36 %4     44 %     56 %     37 %     48 %

 

^ Fiscal year end changed to December 31, effective December 14, 2022.
1 Calculated 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 or absorbed by the Advisor. Returns shown 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.
4 Not annualized.
5 Annualized.
6 If interest expense had been excluded, the expense ratios would have been lowered by 0.00% and 0.00% for the six months ended June 30, 2024, and for the year ended December 31, 2023, respectively.
7 Effective May 1, 2019, the Advisor has contractually agreed to limit the annual operating expenses to 1.30%. Prior to May 1, 2019, the Advisor had contractually agreed to limit the annual operating expenses to 1.40%.

 

See accompanying Notes to Financial Statements.

 67 

 

WCM Focused Global Growth Fund

FINANCIAL HIGHLIGHTS

Institutional Class

 

Per share operating performance.

For a capital share outstanding throughout each period.

 

    For the
Six Months
Ended
June 30,
2024		    

For the Year

Ended

December 31,

     For the Period
May 1, 2022
through
December 31,		     For the Year Ended April 30,  
    (Unaudited)     2023     2022^     2022     2021     2020     2019  
Net asset value, beginning of period   $ 21.85     $ 17.28     $ 19.33     $ 25.70     $ 17.63     $ 16.87     $ 15.06  
Income from Investment Operations:                                                        
Net investment income (loss)1     (0.03 )     (0.03 )     (0.01 )     (0.13 )     (0.09 )     (0.01 )     (0.04 )
Net realized and unrealized gain (loss)     3.57       4.60       (1.44 )     (3.60 )     8.99       1.09       2.25  
Total from investment operations     3.54       4.57       (1.45 )     (3.73 )     8.90       1.08       2.21  
                                                         
Less Distributions:                                                        
From net realized gain     -       -       (0.60 )     (2.64 )     (0.83 )     (0.32 )     (0.41 )
Total distributions     -       -       (0.60 )     (2.64 )     (0.83 )     (0.32 )     (0.41 )
                                                         
Redemption fee proceeds1     -       -       -       -       -       -       0.01  
Net asset value, end of period   $ 25.39     $ 21.85     $ 17.28     $ 19.33     $ 25.70     $ 17.63     $ 16.87  
                                                         
Total return2     16.20 %3     26.45 %     (7.55 )%3     (17.09 )%     50.89 %     6.38 %     15.09 %
                                                         
Ratios and Supplemental Data:                                                        
Net assets, end of period (in thousands)   $ 470,173     $ 387,992     $ 277,438     $ 438,016     $ 468,073     $ 245,101     $ 93,974  
                                                         
Ratio of expenses to average net assets:                                                        
Before fees waived and expenses absorbed     1.09 %4,5     1.14 %5     1.19 %4     1.15 %     1.19 %     1.27 %     1.48 %
After fees waived and expenses absorbed     1.05 %4,5     1.05 %5     1.05 %4     1.05 %     1.05 %     1.05 %6     1.15 %
Ratio of net investment income (loss) to average net assets:                                                        
Before fees waived and expenses absorbed     (0.31 )%4     (0.23 )%     (0.26 )%4     (0.63 )%     (0.55 )%     (0.29 )%     (0.58 )%
After fees waived and expenses absorbed     (0.27 )%4     (0.14 )%     (0.12 )%4     (0.53 )%     (0.41 )%     (0.07 )%     (0.25 )%
                                                         
Portfolio turnover rate     22 %3     32 %     36 %3     44 %     56 %     37 %     48 %

 

^ Fiscal year end changed to December 31, effective December 14, 2022.
1 Calculated based on average shares outstanding for the period.
2 Total returns would have been lower had expenses not been waived or absorbed by the Advisor. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
3 Not annualized.
4 Annualized.
5 If interest expense had been excluded, the expense ratios would have been lowered by 0.00% and 0.00% for the six months ended June 30, 2024, and for the year ended December 31, 2023, respectively.
6 Effective May 1, 2019, the Advisor has contractually agreed to limit the annual operating expenses to 1.05%. Prior to May 1, 2019, the Advisor had contractually agreed to limit the annual operating expenses to 1.15%.

 

See accompanying Notes to Financial Statements.

 68 

 

WCM International Small Cap Growth Fund

FINANCIAL HIGHLIGHTS

Institutional Class

 

Per share operating performance.

For a capital share outstanding throughout each period.

 

    For the
Six Months
Ended
June 30,
2024		    

For the Year

Ended

December 31,

     For the Period
May 1, 2022
through
December 31,		    

For the Year Ended April 30,

  
    (Unaudited)     2023     2022^     2022     2021     2020     2019  
Net asset value, beginning of period   $ 20.16     $ 16.49     $ 20.22     $ 28.63     $ 16.80     $ 15.57     $ 14.79  
Income from Investment Operations:                                                        
Net investment income (loss)1     0.09       0.05       (0.02 )     (0.18 )     (0.19 )     (0.10 )     (0.09 )
Net realized and unrealized gain (loss)     0.17       3.62       (3.71 )     (5.30 )     12.76       1.33       1.37  
Net increase from payments by affiliates     -       -       -       -       - 2     -       -  
Total from investment operations     0.26       3.67       (3.73 )     (5.48 )     12.57       1.23       1.28  
                                                         
Less Distributions:                                                        
From net realized gain     -       -       -       (2.93 )     (0.74 )     -       (0.50 )
Total distributions     -       -       -       (2.93 )     (0.74 )     -       (0.50 )
                                                         
Redemption fee proceeds1     -       -       -       -       -       -       - 2
Net asset value, end of period   $ 20.42     $ 20.16     $ 16.49     $ 20.22     $ 28.63     $ 16.80     $ 15.57  
                                                         
Total return3     1.29 %4     22.26 %     (18.45 )%4     (22.04 )%     75.46 %5     7.90 %     9.29 %
                                                         
Ratios and Supplemental Data:                                                        
Net assets, end of period (in thousands)   $ 294,904     $ 311,472     $ 293,250     $ 533,268     $ 768,496     $ 86,504     $ 11,922  
                                                         
Ratio of expenses to average net assets:                                                        
Before fees waived and expenses absorbed     1.29 %6,7     1.33 %     1.48 %6     1.34 %     1.34 %     1.79 %     4.34 %
After fees waived and expenses absorbed     1.25 %6,7     1.25 %     1.25 %6     1.25 %     1.25 %     1.25 %8     1.40 %
Ratio of net investment income (loss) to average net assets:                                                        
Before fees waived and expenses absorbed     0.82 %6     0.18 %     (0.44 )%6     (0.73 )%     (0.84 )%     (1.17 )%     (3.55 )%
After fees waived and expenses absorbed     0.86 %6     0.26 %     (0.21 )%6     (0.64 )%     (0.75 )%     (0.63 )%     (0.61 )%
                                                         
Portfolio turnover rate     44 %4     81 %     56 %4     87 %     82 %     67 %     81 %

 

^ Fiscal year end changed to December 31, effective December 14, 2022.
1 Calculated 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 or absorbed by the Advisor. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
4 Not annualized.
5 The Advisor reimbursed the Fund $2,951 for losses from a trade error. Payment had no impact to the total return.
6 Annualized.
7 If tax reclaim service fees had been excluded, the expense ratios would have been lowered by 0.00% and 0.00% for the six months ended June 30, 2024, and the year ended December 31, 2023, respectively.
8 Effective May 1, 2019, the Advisor has contractually agreed to limit the annual operating expenses to 1.25%. Prior to May 1, 2019, the Advisor had contractually agreed to limit the annual operating expenses to 1.40%.

 

See accompanying Notes to Financial Statements.

 69 

 

WCM Small Cap Growth Fund

FINANCIAL HIGHLIGHTS

Investor Class

 

Per share operating performance.

For a capital share outstanding throughout each period.

 

    For the
Six Months
Ended
June 30,
2024		    

For the Year

Ended

December 31,

     For the Period
May 1, 2022
through
December 31,		     For the Year Ended April 30,    

For the Period
October 30,

2019*
through
April 30,

  
    (Unaudited)     2023     2022^     2022     2021     2020  
Net asset value, beginning of period   $ 12.20     $ 10.55     $ 11.00     $ 15.71     $ 9.27     $ 10.00  
Income from Investment Operations:                                                
Net investment income (loss)1     (0.04 )     (0.07 )     (0.06 )     (0.16 )     (0.16 )     (0.05 )
Net realized and unrealized gain (loss)     0.16       1.72       (0.37 )     (3.28 )     6.75       (0.68 )
Total from investment operations     0.12       1.65       (0.43 )     (3.44 )     6.59       (0.73 )
                                                 
Less Distributions:                                                
From net realized gain     -       -       (0.02 )     (1.27 )     (0.15 )     -  
Total distributions     -       -       (0.02 )     (1.27 )     (0.15 )     -  
Net asset value, end of period   $ 12.32     $ 12.20     $ 10.55     $ 11.00     $ 15.71     $ 9.27  
                                                 
Total return2     0.98 %3     15.64 %     (3.92 )%3     (23.65 )%     71.37 %     (7.30 )%3
                                                 
Ratios and Supplemental Data:                                                
Net assets, end of period (in thousands)   $ 107     $ 107     $ 94     $ 79     $ 78     $ 31  
                                                 
Ratio of expenses to average net assets:                                                
Before fees waived and expenses absorbed     2.00 %4,5     2.11 %     2.19 %4     1.85 %     2.33 %     10.10 %4
After fees waived and expenses absorbed     1.24 %4,5     1.24 %     1.30 %4,6     1.50 %     1.50 %     1.50 %4
Ratio of net investment income (loss) to average net assets:                                                
Before fees waived and expenses absorbed     (1.37 )%4     (1.52 )%     (1.74 )%4     (1.48 )%     (2.08 )%     (9.69 )%4
After fees waived and expenses absorbed     (0.61 )%4     (0.65 )%     (0.85 )%4     (1.13 )%     (1.25 )%     (1.09 )%4
                                                 
Portfolio turnover rate     33 %3     48 %     45 %3     57 %     51 %     51 %3

 

* Commencement of operations.
^ Fiscal year end changed to December 31, effective December 14, 2022.
1 Calculated based on average shares outstanding for the period.
2 Total returns would have been lower had expenses not been waived or absorbed by the Advisor. Returns shown 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 Not annualized.
4 Annualized.
5 If interest expense had been excluded, the expense ratios would have been lowered by 0.00% for the six months ended June 30, 2024.
6 Effective July 1, 2022, the Advisor has contractually agreed to limit the annual fund operating expenses to 1.24%. Prior to July 1, 2022, the annual fund operating expense limitation was 1.50%.

 

See accompanying Notes to Financial Statements.

 70 

 

WCM Small Cap Growth Fund

FINANCIAL HIGHLIGHTS

Institutional Class

 

Per share operating performance.

For a capital share outstanding throughout each period.

 

    For the
Six Months
Ended
June 30,
2024		    

For the Year

Ended

December 31,

     For the Period
May 1, 2022
through
December 31,		     For the Year Ended April 30,    

For the Period
October 30,

2019*
through
April 30,

  
    (Unaudited)     2023     2022^     2022     2021     2020  
Net asset value, beginning of period   $ 12.33     $ 10.64     $ 11.07     $ 15.77     $ 9.28     $ 10.00  
Income from Investment Operations:                                                
Net investment income (loss)1     (0.02 )     (0.05 )     (0.04 )     (0.12 )     (0.14 )     (0.04 )
Net realized and unrealized gain (loss)     0.15       1.74       (0.37 )     (3.31 )     6.78       (0.68 )
Total from investment operations     0.13       1.69       (0.41 )     (3.43 )     6.64       (0.72 )
                                                 
Less Distributions:                                                
From net realized gain     -       -       (0.02 )     (1.27 )     (0.15 )     -  
Total distributions     -       -       (0.02 )     (1.27 )     (0.15 )     -  
Net asset value, end of period   $ 12.46     $ 12.33     $ 10.64     $ 11.07     $ 15.77     $ 9.28  
                                                 
Total return2     1.05 %3     15.88 %     (3.72 )%3     (23.49 )%     71.84 %     (7.20 )%3
                                                 
Ratios and Supplemental Data:                                                
Net assets, end of period (in thousands)   $ 40,530     $ 40,420     $ 32,916     $ 40,438     $ 58,164     $ 4,993  
                                                 
Ratio of expenses to average net assets:                                                
Before fees waived and expenses absorbed     1.75 %4,5     1.86 %     1.94 %4     1.60 %     2.08 %     9.85 %4
After fees waived and expenses absorbed     0.99 %4,5     0.99 %     1.05 %4,6     1.25 %     1.25 %     1.25 %4
Ratio of net investment income (loss) to average net assets:                                                
Before fees waived and expenses absorbed     (1.12 )%4     (1.27 )%     (1.49 )%4     (1.23 )%     (1.83 )%     (9.43 )%4
After fees waived and expenses absorbed     (0.36 )%4     (0.40 )%     (0.60 )%4     (0.88 )%     (1.00 )%     (0.83 )%4
                                                 
Portfolio turnover rate     33 %3     48 %     45 %3     57 %     51 %     51 %3

 

* Commencement of operations.
^ Fiscal year end changed to December 31, effective December 14, 2022.
1 Calculated based on average shares outstanding for the period.
2 Total returns would have been lower had expenses not been waived or absorbed by the Advisor. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
3 Not annualized.
4 Annualized.
5 If interest expense had been excluded, the expense ratios would have been lowered by 0.00% for the six months ended June 30, 2024.
6 Effective July 1, 2022, the Advisor has contractually agreed to limit the annual fund operating expenses to 0.99%. Prior to July 1, 2022, the annual fund operating expense limitation was 1.25%.

 

See accompanying Notes to Financial Statements.

 71 

 

WCM SMID Quality Value Fund

FINANCIAL HIGHLIGHTS

Investor Class

 

Per share operating performance.

For a capital share outstanding throughout each period.

 

    For the
Six Months
Ended
June 30,
2024		    

For the Year

Ended

December 31,

     For the Period
May 1, 2022
through
December 31,		     For the Year Ended April 30,    

For the Period
October 30,

2019*
through
April 30,

  
    (Unaudited)     2023     2022^     2022     2021     2020  
Net asset value, beginning of period   $ 12.08     $ 9.84     $ 10.30     $ 12.11     $ 7.71     $ 10.00  
Income from Investment Operations:                                                
Net investment income (loss)1     (0.03 )     (0.04 )     (0.04 )     (0.08 )     (0.07 )     (0.02 )
Net realized and unrealized gain (loss)     0.97       2.38       (0.24 )     (0.97 )     4.47       (2.27 )
Total from investment operations     0.94       2.34       (0.28 )     (1.05 )     4.40       (2.29 )
                                                 
Less Distributions:                                                
From net realized gain     -       (0.10 )     (0.18 )     (0.76 )     -       -  
Total distributions     -       (0.10 )     (0.18 )     (0.76 )     -       -  
Net asset value, end of period   $ 13.02     $ 12.08     $ 9.84     $ 10.30     $ 12.11     $ 7.71  
                                                 
Total return2     7.78 %3     23.83 %     (2.71 )%3     (9.29 )%     57.07 %     (22.90 )%3
                                                 
Ratios and Supplemental Data:                                                
Net assets, end of period (in thousands)   $ 209     $ 241     $ 196     $ 169     $ 161     $ 27  
                                                 
Ratio of expenses to average net assets:                                                
Before fees waived and expenses absorbed     1.73 %4,5     1.52 %     1.64 %4     1.77 %     1.97 %     15.49 %4
After fees waived and expenses absorbed     1.19 %4,5     1.10 %     1.23 %4,6     1.25 %     1.25 %7     1.50 %4
Ratio of net investment income (loss) to average net assets:                                                
Before fees waived and expenses absorbed     (0.96 )%4     (0.79 )%     (0.98 )%4     (1.26 )%     (1.43 )%     (14.51 )%4
After fees waived and expenses absorbed     (0.42 )%4     (0.37 )%     (0.57 )%4     (0.74 )%     (0.71 )%     (0.52 )%4
                                                 
Portfolio turnover rate     5 %3     22 %     53 %3     32 %     32 %     5 %3

 

* Commencement of operations.
^ Fiscal year end changed to December 31, effective December 14, 2022.
1 Calculated based on average shares outstanding for the period.
2 Total returns would have been lower had expenses not been waived or absorbed by the Advisor. Returns shown 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 Not annualized.
4 Annualized.
5 If interest expense had been excluded, the expense ratios would have been lowered by 0.09% for the six months ended June 30, 2024.
6 Effective November 30, 2022, the Advisor has contractually agreed to limit the annual fund operating expenses to 1.10%. Prior to November 30, 2022, the annual fund operating expense limitation was 1.25%.
7 Effective July 1, 2020, the Advisor has contractually agreed to limit the annual fund operating expenses to 1.25%. Prior to July 1, 2020, the annual fund operating expense limitation was 1.50%.

 

See accompanying Notes to Financial Statements.

 72 

 

WCM SMID Quality Value Fund

FINANCIAL HIGHLIGHTS

Institutional Class

 

Per share operating performance.

For a capital share outstanding throughout each period.

 

    For the
Six Months
Ended
June 30,
2024		    

For the Year

Ended

December 31,

     For the Period
May 1, 2022
through
December 31,		     For the Year Ended April 30,    

For the Period
October 30,

2019*
through
April 30,

  
    (Unaudited)     2023     2022^     2022     2021     2020  
Net asset value, beginning of period   $ 12.23     $ 9.94     $ 10.38     $ 12.17     $ 7.73     $ 10.00  
Income from Investment Operations:                                                
Net investment income (loss)1     (0.01 )     (0.01 )     (0.02 )     (0.06 )     (0.05 )     (0.01 )
Net realized and unrealized gain (loss)     0.98       2.40       (0.24 )     (0.97 )     4.49       (2.26 )
Total from investment operations     0.97       2.39       (0.26 )     (1.03 )     4.44       (2.27 )
                                                 
Less Distributions:                                                
From net realized gain     -       (0.10 )     (0.18 )     (0.76 )     -       -  
Total distributions     -       (0.10 )     (0.18 )     (0.76 )     -       -  
Net asset value, end of period   $ 13.20     $ 12.23     $ 9.94     $ 10.38     $ 12.17     $ 7.73  
                                                 
Total return2     7.93 %3     24.09 %     (2.50 )%3     (9.08 )%     57.44 %     (22.70 )%3
                                                 
Ratios and Supplemental Data:                                                
Net assets, end of period (in thousands)   $ 71,276     $ 142,842     $ 117,974     $ 99,042     $ 99,267     $ 4,716  
                                                 
Ratio of expenses to average net assets:                                                
Before fees waived and expenses absorbed     1.48 %4,5     1.27 %     1.39 %4     1.52 %     1.72 %     15.24 %4
After fees waived and expenses absorbed     0.94 %4,5     0.85 %     0.98 %4,6     1.00 %     1.00 %7     1.25 %4
Ratio of net investment income (loss) to average net assets:                                                
Before fees waived and expenses absorbed     (0.71 )%4     (0.54 )%     (0.73 )%4     (1.01 )%     (1.18 )%     (14.26 )%4
After fees waived and expenses absorbed     (0.17 )%4     (0.12 )%     (0.32 )%4     (0.49 )%     (0.46 )%     (0.27 )%4
                                                 
Portfolio turnover rate     5 %3     22 %     53 %3     32 %     32 %     5 %3

 

* Commencement of operations.
^ Fiscal year end changed to December 31, effective December 14, 2022.
1 Calculated based on average shares outstanding for the period.
2 Total returns would have been lower had expenses not been waived or absorbed by the Advisor. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
3 Not annualized.
4 Annualized.
5 If interest expense had been excluded, the expense ratios would have been lowered by 0.09% for the six months ended June 30, 2024.
6 Effective November 30, 2022, the Advisor has contractually agreed to limit the annual fund operating expenses to 0.85%. Prior to November 30, 2022, the annual fund operating expense limitation was 1.00%.
7 Effective July 1, 2020, the Advisor has contractually agreed to limit the annual fund operating expenses to 1.00%. Prior to July 1, 2020, the annual fund operating expense limitation was 1.25%.

 

See accompanying Notes to Financial Statements.

 73 

 

WCM China Quality Growth Fund

FINANCIAL HIGHLIGHTS

Investor Class

 

Per share operating performance.

For a capital share outstanding throughout each period.

 

    For the
Six Months
Ended
June 30,
2024		    

For the Year

Ended

December 31,

     For the Period
May 1, 2022
through
December 31,		     For the Year Ended April 30,    

For the Period
March 31,

2020*
through
April 30,

  
    (Unaudited)     2023     2022^     2022     2021     2020  
Net asset value, beginning of period   $ 9.07     $ 11.22     $ 11.19     $ 18.05     $ 10.65     $ 10.00  
Income from Investment Operations:                                                
Net investment income (loss)1     0.03       0.05       0.02       (0.11 )     (0.17 )     (0.01 )
Net realized and unrealized gain (loss)     (0.81 )     (2.13 )     0.03       (5.44 )     7.95       0.66  
Net increase from payments by affiliates     -       -       -       -       - 2     -  
Total from investment operations     (0.78 )     (2.08 )     0.05       (5.55 )     7.78       0.65  
                                                 
Less Distributions:                                                
From net investment income     -       (0.07 )     (0.02 )     -       -       -  
From net realized gain     -       -       -       (1.31 )     (0.38 )     -  
Total distributions     -       (0.07 )     (0.02 )     (1.31 )     (0.38 )     -  
Net asset value, end of period   $ 8.29     $ 9.07     $ 11.22     $ 11.19     $ 18.05     $ 10.65  
                                                 
Total return3     (8.60 )%4     (18.49 )%     0.42 %4     (32.83 )%     73.73 %5     6.50 %4
                                                 
Ratios and Supplemental Data:                                                
Net assets, end of period (in thousands)   $ 95     $ 131     $ 157     $ 138     $ 177     $ 11  
                                                 
Ratio of expenses to average net assets:                                                
Before fees waived and expenses absorbed     11.24 %6,7,8     5.46 %6     4.52 %7     3.92 %     6.21 %     18.03 %7
After fees waived and expenses absorbed     1.64 %6,7,8     1.50 %6     1.50 %7     1.50 %     1.50 %     1.50 %7
Ratio of net investment income (loss) to average net assets:                                                
Before fees waived and expenses absorbed     (8.78 )%7     (3.46 )%     (2.70 )%7     (3.09 )%     (5.72 )%     (17.69 )%7
After fees waived and expenses absorbed     0.82 %7     0.50 %     0.32 %7     (0.67 )%     (1.01 )%     (1.16 )%7
                                                 
Portfolio turnover rate     31 %4     57 %     26 %4     56 %     57 %     - %4

 

* Commencement of operations.
^ Fiscal year end changed to December 31, effective December 14, 2022.
1 Calculated 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 or absorbed by the Advisor. Returns shown 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.
4 Not annualized.
5 The Advisor reimbursed the Fund $1,692 for losses from a trade error. This reimbursement had a positive 0.10% impact on the total return.
6 If  tax expense had been excluded, the expense ratios would have been lowered by 0.00% and 0.00% for the six months ended June 30, 2024 and for the year ended December 31, 2023, respectively.
7 Annualized.
8  If interest expense had been excluded, the expense ratios would have been lowered by 0.14% for the six months ended June 30, 2024.

 

See accompanying Notes to Financial Statements.

 74 

 

WCM China Quality Growth Fund

FINANCIAL HIGHLIGHTS

Institutional Class

 

Per share operating performance.

For a capital share outstanding throughout each period.

 

    For the
Six Months
Ended
June 30,
2024		    

For the Year

Ended

December 31,

     For the Period
May 1, 2022
through
December 31,		     For the Year Ended April 30,    

For the Period
March 31,

2020*
through
April 30,

  
    (Unaudited)     2023     2022^     2022     2021     2020  
Net asset value, beginning of period   $ 9.12     $ 11.28     $ 11.25     $ 18.10     $ 10.65     $ 10.00  
Income from Investment Operations:                                                
Net investment income (loss)1     0.05       0.08       0.04       (0.07 )     (0.12 )     (0.01 )
Net realized and unrealized gain (loss)     (0.82 )     (2.14 )     0.02       (5.47 )     7.95       0.66  
Net increase from payments by affiliates     -       -       -       -       - 2     -  
Total from investment operations     (0.77 )     (2.06 )     0.06       (5.54 )     7.83       0.65  
                                                 
Less Distributions:                                                
From net investment income     -       (0.10 )     (0.03 )     -       -       -  
From net realized gain     -       -       -       (1.31 )     (0.38 )     -  
Total distributions     -       (0.10 )     (0.03 )     (1.31 )     (0.38 )     -  
Net asset value, end of period   $ 8.35     $ 9.12     $ 11.28     $ 11.25     $ 18.10     $ 10.65  
                                                 
Total return3     (8.44 )%4     (18.26 )%     0.57 %4     (32.68 )%     74.20 %5     6.50 %4
                                                 
Ratios and Supplemental Data:                                                
Net assets, end of period (in thousands)   $ 2,480     $ 4,451     $ 6,849     $ 10,629     $ 13,605     $ 2,391  
                                                 
Ratio of expenses to average net assets:                                                
Before fees waived and expenses absorbed     10.99 %6,7,8     5.21 %6     4.27 %7     3.67 %     5.96 %     17.78 %7
After fees waived and expenses absorbed     1.39 %6,7,8     1.25 %6     1.25 %7     1.25 %     1.25 %     1.25 %7
Ratio of net investment income (loss) to average net assets:                                                
Before fees waived and expenses absorbed     (8.53 )%7     (3.21 )%     (2.45 )%7     (2.84 )%     (5.47 )%     (17.42 )%7
After fees waived and expenses absorbed     1.07 %7     0.75 %     0.57 %7     (0.42 )%     (0.76 )%     (0.89 )%7
                                                 
Portfolio turnover rate     31 %4     57 %     26 %4     56 %     57 %     - %4

 

* Commencement of operations.
^ Fiscal year end changed to December 31, effective December 14, 2022.
1 Calculated 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 or absorbed by the Advisor. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
4 Not annualized.
5 The Advisor reimbursed the Fund $1,692 for losses from a trade error. This reimbursement had a positive 0.10% impact on the total return.
6 If  tax expense had been excluded, the expense ratios would have been lowered by 0.00% and 0.00% for the six months ended June 30, 2024 and for the year ended December 31, 2023, respectively.
7 Annualized.
8 If interest expense had been excluded, the expense ratios would have been lowered by 0.14% for the six months ended June 30, 2024.

 

See accompanying Notes to Financial Statements.

 75 

 

WCM Developing World Equity Fund

FINANCIAL HIGHLIGHTS

Investor Class

 

Per share operating performance.

For a capital share outstanding throughout each period.

 

    For the
Six Months
Ended
June 30,
2024		    

For the Year

Ended

December 31,

     For the Period
May 1, 2022
through
December 31,		     For the Year Ended April 30,    

For the Period
March 31,

2020*
through
April 30,

  
    (Unaudited)     2023     2022^     2022     2021     2020  
Net asset value, beginning of period   $ 12.79     $ 12.12     $ 12.83     $ 15.11     $ 10.99     $ 10.00  
Income from Investment Operations:                                                
Net investment income (loss)1     0.11       0.12       0.07       0.02       (0.03 )     0.03  
Net realized and unrealized gain (loss)     0.27       0.67       (0.64 )     (1.83 )     4.59       0.96  
Total from investment operations     0.38       0.79       (0.57 )     (1.81 )     4.56       0.99  
                                                 
Less Distributions:                                                
From net investment income     -       (0.12 )     (0.14 )     -       (0.03 )     -  
From net realized gain     -       -       -       (0.47 )     (0.41 )     -  
Total distributions     -       (0.12 )     (0.14 )     (0.47 )     (0.44 )     -  
Net asset value, end of period   $ 13.17     $ 12.79     $ 12.12     $ 12.83     $ 15.11     $ 10.99  
                                                 
Total return2     2.97 %3     6.59 %     (4.42 )%3     (12.24 )%     41.48 %     10.00 %3
                                                 
Ratios and Supplemental Data:                                                
Net assets, end of period (in thousands)   $ 76     $ 169     $ 321     $ 35     $ 24     $ 11  
                                                 
Ratio of expenses to average net assets:                                                
Before fees waived and expenses absorbed     15.20 %4,5     15.66 %5     14.00 %4     13.25 %     32.13 %     71.14 %4
After fees waived and expenses absorbed     1.21 %4,5     1.44 %5,6     1.50 %4     1.50 %     1.50 %     1.50 %4
Ratio of net investment income (loss) to average net assets:                                                
Before fees waived and expenses absorbed     (12.26 )%4     (13.24 )%     (11.57 )%4     (11.60 )%     (30.87 )%     (66.39 )%4
After fees waived and expenses absorbed     1.73 %4     0.98 %     0.93 %4     0.15 %     (0.24 )%     3.25 %4
                                                 
Portfolio turnover rate     25 %3     46 %     30 %3     67 %     41 %     6 %3

 

* Commencement of operations.
^ Fiscal year end changed to December 31, effective December 14, 2022.
1 Calculated based on average shares outstanding for the period.
2 Total returns would have been lower had expenses not been waived or absorbed by the Advisor. Returns shown 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 Not annualized.
4 Annualized.
5 If tax expense and interest expense had been excluded, the expense ratios would have been lowered by 0.01% and 0.00% for the six months ended June 30, 2024,and for the year ended December 31, 2023, respectively.
6 Effective October 1, 2023, the Advisor has contractually agreed to limit the annual operating expenses to 1.20%. Prior to October 1, 2023, the Advisor had contractually agreed to limit the annual operating expenses to 1.50%.

 

See accompanying Notes to Financial Statements.

 76 

 

WCM Developing World Equity Fund

FINANCIAL HIGHLIGHTS

Institutional Class

 

Per share operating performance.

For a capital share outstanding throughout each period.

 

    For the
Six Months
Ended
June 30,
2024		    

For the Year

Ended

December 31,

     For the Period
May 1, 2022
through
December 31,		     For the Year Ended April 30,    

For the Period
March 31,

2020*
through
April 30,

  
    (Unaudited)     2023     2022^     2022     2021     2020  
Net asset value, beginning of period   $ 12.82     $ 12.18     $ 12.88     $ 15.15     $ 10.99     $ 10.00  
Income from Investment Operations:                                                
Net investment income (loss)1     0.13       0.15       0.09       0.06       -       0.03  
Net realized and unrealized gain (loss)     0.27       0.68       (0.63 )     (1.85 )     4.60       0.96  
Total from investment operations     0.40       0.83       (0.54 )     (1.79 )     4.60       0.99  
                                                 
Less Distributions:                                                
From net investment income     -       (0.19 )     (0.16 )     (0.01 )     (0.03 )     -  
From net realized gain     -       -       -       (0.47 )     (0.41 )     -  
Total distributions     -       (0.19 )     (0.16 )     (0.48 )     (0.44 )     -  
Net asset value, end of period   $ 13.22     $ 12.82     $ 12.18     $ 12.88     $ 15.15     $ 10.99  
                                                 
Total return2     3.12 %3     6.86 %     (4.22 )%3     (12.06 )%     41.73 %     10.10 %3
                                                 
Ratios and Supplemental Data:                                                
Net assets, end of period (in thousands)   $ 1,694     $ 1,901     $ 1,896     $ 2,767     $ 1,495     $ 571  
                                                 
Ratio of expenses to average net assets:                                                
Before fees waived and expenses absorbed     14.95 %4,5     15.41 %5     13.75 %4     13.00 %     31.88 %     70.89 %4
After fees waived and expenses absorbed     0.96 %4,5     1.19 %5,6     1.25 %4     1.25 %     1.25 %     1.25 %4
Ratio of net investment income (loss) to average net assets:                                                
Before fees waived and expenses absorbed     (12.01 )%4     (12.99 )%     (11.32 )%4     (11.35 )%     (30.62 )%     (66.08 )%4
After fees waived and expenses absorbed     1.98 %4     1.23 %     1.18 %4     0.40 %     0.01 %     3.56 %4
                                                 
Portfolio turnover rate     25 %3     46 %     30 %3     67 %     41 %     6 %3

 

* Commencement of operations.
^ Fiscal year end changed to December 31, effective December 14, 2022.
1 Calculated based on average shares outstanding for the period.
2 Total returns would have been lower had expenses not been waived or absorbed by the Advisor. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
3 Not annualized.
4 Annualized.
5 If tax expense and interest expense had been excluded, the expense ratios would have been lowered by 0.01% and 0.00% for the six months ended June 30, 2024,and for the year ended December 31, 2023, respectively.
6 Effective October 1, 2023, the Advisor has contractually agreed to limit the annual operating expenses to 0.95%. Prior to October 1, 2023, the Advisor had contractually agreed to limit the annual operating expenses to 1.25%.

 

See accompanying Notes to Financial Statements.

 77 

 

WCM International Equity Fund

FINANCIAL HIGHLIGHTS

Investor Class

 

Per share operating performance.

For a capital share outstanding throughout each period.

 

    For the
Six Months
Ended
June 30,
2024		    

For the Year

Ended

December 31,

     For the Period
May 1, 2022
through
December 31,		     For the Year Ended April 30,    

For the Period
March 31,

2020*
through
April 30,

  
    (Unaudited)     2023     2022^     2022     2021     2020  
Net asset value, beginning of period   $ 14.54     $ 13.20     $ 13.62     $ 14.90     $ 10.92     $ 10.00  
Income from Investment Operations:                                                
Net investment income (loss)1     0.13       0.12       (0.02 )     0.04       (0.02 )     0.01  
Net realized and unrealized gain (loss)     (0.13 )     1.65       (0.40 )     (0.90 )     4.22       0.91  
Total from investment operations     -       1.77       (0.42 )     (0.86 )     4.20       0.92  
                                                 
Less Distributions:                                                
From net investment income     -       (0.10 )     - 2     (0.01 )     -       -  
From net realized gain     -       (0.33 )     - 2     (0.41 )     (0.22 )     -  
Total distributions     -       (0.43 )     -       (0.42 )     (0.22 )     -  
Net asset value, end of period   $ 14.54     $ 14.54     $ 13.20     $ 13.62     $ 14.90     $ 10.92  
                                                 
Total return3     - %4     13.59 %     (3.07 )%4     (6.04 )%     38.49 %     9.30 %4
                                                 
Ratios and Supplemental Data:                                                
Net assets, end of period (in thousands)   $ 912     $ 624     $ 323     $ 23     $ 17     $ 11  
                                                 
Ratio of expenses to average net assets:                                                
Before fees waived and expenses absorbed     1.64 %5,6     1.73 %5     2.98 %6     7.92 %     29.79 %     69.30 %6
After fees waived and expenses absorbed     1.10 %5,6     1.28 %5,7     1.50 %6,8     1.50 %     1.50 %     1.50 %6
Ratio of net investment income (loss) to average net assets:                                                
Before fees waived and expenses absorbed     1.31 %6     0.43 %     (1.69 )%6     (6.17 )%     (28.46 )%     (66.82 )%6
After fees waived and expenses absorbed     1.85 %6     0.88 %     (0.21 )%6     0.25 %     (0.17 )%     0.98 %6
                                                 
Portfolio turnover rate     22 %4     39 %     20 %4     59 %     19 %     9 %4

 

* Commencement of operations.
^ Fiscal year end changed to December 31, effective December 14, 2022.
1 Calculated 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 or absorbed by the Advisor. Returns shown 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.
4 Not annualized.
5 If interest expense had been excluded, the expense ratios would have been lowered by 0.00% for the six months ended June 30,2024.
6 Annualized.
7 Effective October 1, 2023, the Advisor has contractually agreed to limit the annual operating expenses to 1.10%. Prior to October 1, 2023, the Advisor had contractually agreed to limit the annual operating expenses to 1.35%.
8 Effective December 31, 2022, the Advisor has contractually agreed to limit the annual operating expenses to 1.35%. Prior to December 31, 2022, the Advisor had contractually agreed to limit the annual operating expenses to 1.50%.

 

See accompanying Notes to Financial Statements.

 78 

 

WCM International Equity Fund

FINANCIAL HIGHLIGHTS

Institutional Class

 

Per share operating performance.

For a capital share outstanding throughout each period.

 

    For the
Six Months
Ended
June 30,
2024		    

For the Year

Ended

December 31,

     For the Period
May 1, 2022
through
December 31,		     For the Year Ended April 30,    

For the Period
March 31,

2020*
through
April 30,

  
    (Unaudited)     2023     2022^     2022     2021     2020  
Net asset value, beginning of period   $ 14.61     $ 13.26     $ 13.66     $ 14.92     $ 10.92     $ 10.00  
Income from Investment Operations:                                                
Net investment income (loss)1     0.15       0.16       -       0.07       0.01       0.01  
Net realized and unrealized gain (loss)     (0.12 )     1.65       (0.40 )     (0.89 )     4.23       0.91  
Total from investment operations     0.03       1.81       (0.40 )     (0.82 )     4.24       0.92  
                                                 
Less Distributions:                                                
From net investment income     -       (0.13 )     - 2     (0.03 )     (0.02 )     -  
From net realized gain     -       (0.33 )     - 2     (0.41 )     (0.22 )     -  
Total distributions     -       (0.46 )     -       (0.44 )     (0.24 )     -  
Net asset value, end of period   $ 14.64     $ 14.61     $ 13.26     $ 13.66     $ 14.92     $ 10.92  
                                                 
Total return3     0.21 %4     13.83 %     (2.90 )%4     (5.74 )%     38.83 %     9.30 %4
                                                 
Ratios and Supplemental Data:                                                
Net assets, end of period (in thousands)   $ 85,489     $ 86,960     $ 59,425     $ 4,731     $ 2,751     $ 596  
                                                 
Ratio of expenses to average net assets:                                                
Before fees waived and expenses absorbed     1.39 %5,6     1.48 %5     2.73 %6     7.67 %     29.54 %     69.05 %6
After fees waived and expenses absorbed     0.85 %5,6     1.03 %5,7     1.25 %6,8     1.25 %     1.25 %     1.25 %6
Ratio of net investment income (loss) to average net assets:                                                
Before fees waived and expenses absorbed     1.56 %6     0.68 %     (1.44 )%6     (5.92 )%     (28.21 )%     (66.62 )%6
After fees waived and expenses absorbed     2.10 %6     1.13 %     0.04 %6     0.50 %     0.08 %     1.18 %6
                                                 
Portfolio turnover rate     22 %4     39 %     20 %4     59 %     19 %     9 %4

 

* Commencement of operations.
^ Fiscal year end changed to December 31, effective December 14, 2022.
1 Calculated 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 or absorbed by the Advisor. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
4 Not annualized.
5 If interest expense had been excluded, the expense ratios would have been lowered by 0.00% for the six months ended June 30,2024.
6 Annualized.
7 Effective October 1, 2023, the Advisor has contractually agreed to limit the annual operating expenses to 0.85%. Prior to October 1, 2023, the Advisor had contractually agreed to limit the annual operating expenses to 1.10%.
8 Effective December 31, 2022, the Advisor has contractually agreed to limit the annual operating expenses to 1.10%. Prior to December 31, 2022, the Advisor had contractually agreed to limit the annual operating expenses to 1.25%.

 

See accompanying Notes to Financial Statements.

 79 

 

WCM Focused International Value Fund

FINANCIAL HIGHLIGHTS

Investor Class

 

Per share operating performance.

For a capital share outstanding throughout each period.

 

    For the
Six Months
Ended
June 30,
2024		    

For the Year

Ended

December 31,

     For the Period
May 1, 2022
through
December 31,		    

For the Year

Ended April

30,

    

For the Period
June 29,

2020*
through
April 30,

  
    (Unaudited)     2023     2022^     2022     2021  
Net asset value, beginning of period   $ 13.31     $ 11.35     $ 12.04     $ 14.22     $ 10.00  
Income from Investment Operations:                                        
Net investment income (loss)1     0.04       0.05       0.05       -2       (0.03 )
Net realized and unrealized gain (loss)     1.05       2.00       (0.70 )     (2.18 )     4.25  
Total from investment operations     1.09       2.05       (0.65 )     (2.18 )     4.22  
                                         
Less Distributions:                                        
From net investment income     -       (0.09 )     (0.04 )     -       -  
From net realized gain     -       -       -       -2       -  
Total distributions     -       (0.09 )     (0.04 )     -2       -  
Net asset value, end of period   $ 14.40     $ 13.31     $ 11.35     $ 12.04     $ 14.22  
                                         
Total return3     8.19 %4     18.08 %     (5.43 )%4     (15.31 )%     42.20 %4
                                         
Ratios and Supplemental Data:                                        
Net assets, end of period (in thousands)   $ 31     $ 28     $ 48     $ 78     $ 49  
                                         
Ratio of expenses to average net assets:                                        
Before fees waived and expenses absorbed     4.28 %5,6     3.61 %6     2.88 %5     4.36 %     18.35 %5
After fees waived and expenses absorbed     1.58 %5,6     1.51 %6     1.50 %5     1.50 %     1.50 %5
Ratio of net investment income (loss) to average net assets:                                        
Before fees waived and expenses absorbed     (2.08 )%5     (1.68 )%     (0.76 )%5     (2.86 )%     (17.16 )%5
After fees waived and expenses absorbed     0.62 %5     0.42 %     0.62 %5     0.00 %     (0.31 )%5
                                         
Portfolio turnover rate     24 %4     38 %     43 %4     23 %     12 %4

 

* Commencement of operations.
^ Fiscal year end changed to December 31, effective December 14, 2022.
1 Calculated 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 or absorbed by the Advisor. Returns shown 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.
4 Not annualized.
5 Annualized.
6 If interest expense and tax expense had been excluded, the expense ratios would have been lowered by 0.08% and 0.01% for the six months ended June 30, 2024 and for the year ended December 31, 2023, respectively.

 

See accompanying Notes to Financial Statements.

 80 

 

WCM Focused International Value Fund

FINANCIAL HIGHLIGHTS

Institutional Class

 

Per share operating performance.

For a capital share outstanding throughout each period.

 

    For the
Six Months
Ended
June 30,
2024		    

For the Year

Ended

December 31,

     For the Period
May 1, 2022
through
December 31,		    

For the Year

Ended April

30,

    

For the Period
June 29,

2020*
through
April 30,

  
    (Unaudited)     2023     2022^     2022     2021  
Net asset value, beginning of period   $ 13.34     $ 11.38     $ 12.09     $ 14.24     $ 10.00  
Income from Investment Operations:                                        
Net investment income (loss)1     0.06       0.08       0.07       0.04       (0.01 )
Net realized and unrealized gain (loss)     1.04       2.01       (0.71 )     (2.19 )     4.25  
Total from investment operations     1.10       2.09       (0.64 )     (2.15 )     4.24  
                                         
Less Distributions:                                        
From net investment income     -       (0.13 )     (0.07 )     - 2      -  
From net realized gain     -       -       -       - 2      -  
Total distributions     -       (0.13 )     (0.07 )     - 2      -  
Net asset value, end of period   $ 14.44     $ 13.34     $ 11.38     $ 12.09     $ 14.24  
                                         
Total return3     8.25 %4     18.43 %     (5.28 )%4     (15.07 )%     42.40 %4
                                         
Ratios and Supplemental Data:                                        
Net assets, end of period (in thousands)   $ 9,009     $ 11,042     $ 16,030     $ 16,775     $ 3,194  
                                         
Ratio of expenses to average net assets:                                        
Before fees waived and expenses absorbed     4.03 %5,6     3.36 %6     2.63 %5     4.11 %     18.10 %5
After fees waived and expenses absorbed     1.33 %5,6     1.26 %6     1.25 %5     1.25 %     1.25 %5
Ratio of net investment income (loss) to average net assets:                                        
Before fees waived and expenses absorbed     (1.83 )%5     (1.43 )%     (0.51 )%5     (2.61 )%     (16.91 )%5
After fees waived and expenses absorbed     0.87 %5     0.67 %     0.87 %5     0.25 %     (0.06 )%5
                                         
Portfolio turnover rate     24 %4     38 %     43 %4     23 %     12 %4

 

* Commencement of operations.
^ Fiscal year end changed to December 31, effective December 14, 2022.
1 Calculated 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 or absorbed by the Advisor. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
4 Not annualized.
5 Annualized.
6 If interest expense and tax expense had been excluded, the expense ratios would have been lowered by 0.08% and 0.01% for the six months ended June 30, 2024 and for the year ended December 31, 2023, respectively.

 

See accompanying Notes to Financial Statements.

 81 

 

WCM Focused International Opportunities Fund

FINANCIAL HIGHLIGHTS

Investor Class

 

Per share operating performance.

For a capital share outstanding throughout each period.

 

    For the
Six Months
Ended
June 30,
2024		    

For the Year

Ended

December 31,

     For the Period
May 1, 2022
through
December 31,		    

For the Year

Ended April

30,

    

For the Period
March 30,

2021*
through
April 30,

  
    (Unaudited)     2023     2022^     2022     2021  
Net asset value, beginning of period   $ 9.55     $ 7.62     $ 8.33     $ 10.85     $ 10.00  
Income from Investment Operations:                                        
Net investment income (loss)1     0.02       (0.01 )     (0.02 )     (0.11 )     - 2
Net realized and unrealized gain (loss)     0.14       1.96       (0.69 )     (2.40 )     0.85  
Total from investment operations     0.16       1.95       (0.71 )     (2.51 )     0.85  
                                         
Less Distributions:                                        
From net investment income     -       (0.02 )     -       -       -  
From net realized gain     -       -       -       (0.01 )     -  
Total distributions     -       (0.02 )     -       (0.01 )     -  
Net asset value, end of period   $ 9.71     $ 9.55     $ 7.62     $ 8.33     $ 10.85  
                                         
Total return3     1.68 %4     25.65 %     (8.52 )%4     (23.14 )%     8.50 %4
                                         
Ratios and Supplemental Data:                                        
Net assets, end of period (in thousands)   $ 99     $ 142     $ 87     $ 92     $ 11  
                                         
Ratio of expenses to average net assets:                                        
Before fees waived and expenses absorbed     2.14 %5     2.30 %     2.84 %5     5.20 %     60.78 %5
After fees waived and expenses absorbed     1.50 %5     1.50 %     1.50 %5     1.50 %     1.50 %5
Ratio of net investment income (loss) to average net assets:                                        
Before fees waived and expenses absorbed     (0.31 )%5     (0.89 )%     (1.72 )%5     (4.77 )%     (59.25 )%5
After fees waived and expenses absorbed     0.33 %5     (0.09 )%     (0.38 )%5     (1.07 )%     0.03 %5
                                         
Portfolio turnover rate     28 %4     87 %     74 %4     59 %     3 %4

 

* Commencement of operations.
^ Fiscal year end changed to December 31, effective December 14, 2022.
1 Calculated 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 or absorbed by the Advisor. Returns shown 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.
4 Not annualized.
5 Annualized.

 

See accompanying Notes to Financial Statements.

 82 

 

WCM Focused International Opportunities Fund

FINANCIAL HIGHLIGHTS

Institutional Class

 

Per share operating performance.

For a capital share outstanding throughout each period.

 

    For the
Six Months
Ended
June 30,
2024		    

For the Year

Ended

December 31,

     For the Period
May 1, 2022
through
December 31,		    

For the Year

Ended April

30,

    

For the Period
March 30,

2021*
through
April 30,

  
    (Unaudited)     2023     2022^     2022     2021  
Net asset value, beginning of period   $ 9.59     $ 7.66     $ 8.35     $ 10.86     $ 10.00  
Income from Investment Operations:                                        
Net investment income (loss)1     0.03       0.01       (0.01 )     (0.09 )     - 2
Net realized and unrealized gain (loss)     0.15       1.96       (0.68 )     (2.41 )     0.86  
Total from investment operations     0.18       1.97       (0.69 )     (2.50 )     0.86  
                                         
Less Distributions:                                        
From net investment income     -       (0.04 )     -       -       -  
From net realized gain     -       -       -       (0.01 )     -  
Total distributions     -       (0.04 )     -       (0.01 )     -  
Net asset value, end of period   $ 9.77     $ 9.59     $ 7.66     $ 8.35     $ 10.86  
                                         
Total return3     1.88 %4     25.80 %     (8.26 )%4     (23.02 )%     8.60 %4
                                         
Ratios and Supplemental Data:                                        
Net assets, end of period (in thousands)   $ 40,533     $ 36,829     $ 24,276     $ 21,038     $ 766  
                                         
Ratio of expenses to average net assets:                                        
Before fees waived and expenses absorbed     1.89 %5     2.05 %     2.59 %5     4.95 %     60.53 %5
After fees waived and expenses absorbed     1.25 %5     1.25 %     1.25 %5     1.25 %     1.25 %5
Ratio of net investment income (loss) to average net assets:                                        
Before fees waived and expenses absorbed     (0.06 )%5     (0.64 )%     (1.47 )%5     (4.52 )%     (59.00 )%5
After fees waived and expenses absorbed     0.58 %5     0.16 %     (0.13 )%5     (0.82 )%     0.28 %5
                                         
Portfolio turnover rate     28 %4     87 %     74 %4     59 %     3 %4

 

* Commencement of operations.
^ Fiscal year end changed to December 31, effective December 14, 2022.
1 Calculated 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 or absorbed by the Advisor. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
4 Not annualized.
5 Annualized.

 

See accompanying Notes to Financial Statements.

 83 

 

WCM Mid Cap Quality Value Fund

FINANCIAL HIGHLIGHTS

Investor Class

 

Per share operating performance.

For a capital share outstanding throughout each period.

 

    For the
Six Months
Ended
June 30,
2024		    

For the Year

Ended

December 31,

     For the Period
July 28, 2022*
through
December 31,		  
    (Unaudited)     2023     2022^  
Net asset value, beginning of period   $ 11.73     $ 9.27     $ 10.00  
Income from Investment Operations:                        
Net investment income (loss)1     (0.02 )     (0.03 )     (0.01 )
Net realized and unrealized gain (loss)     0.58       2.68       (0.72 )
Total from investment operations     0.56       2.65       (0.73 )
                         
Less Distributions:                        
From net investment income     -       (0.01 )     -  
From net realized gain     -       (0.18 )     -  
Total distributions     -       (0.19 )     -  
Net asset value, end of period   $ 12.29     $ 11.73     $ 9.27  
                         
Total return2     4.77 %3     28.72 %     (7.30 )%3
                         
Ratios and Supplemental Data:                        
Net assets, end of period (in thousands)   $ 13     $ 12     $ 9  
                         
Ratio of expenses to average net assets:                        
Before fees waived and expenses absorbed     27.81 %4,5     36.72 %5     56.33 %4
After fees waived and expenses absorbed     1.25 %4,5     1.25 %5     1.25 %4
Ratio of net investment income (loss) to average net assets:                        
Before fees waived and expenses absorbed     (26.86 )%4     (35.78 )%     (55.37 )%4
After fees waived and expenses absorbed     (0.30 )%4     (0.31 )%     (0.29 )%4
                         
Portfolio turnover rate     8 %3     15 %     13 %3

 

* Commencement of operations.
^ Fiscal year end changed to December 31, effective December 14, 2022.
1 Calculated based on average shares outstanding for the period.
2 Total returns would have been lower had expenses not been waived or absorbed by the Advisor. Returns shown 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 Not annualized.
4 Annualized.
5 If tax expense had been excluded, the expense ratios would have been lowered by 0.00% and 0.00% for the six months ended June 30, 2024, and for the year ended December 31, 2023, respectively.

 

See accompanying Notes to Financial Statements.

 84 

 

WCM Mid Cap Quality Value Fund

FINANCIAL HIGHLIGHTS

Institutional Class

 

Per share operating performance.

For a capital share outstanding throughout each period.

 

    For the
Six Months
Ended
June 30,
2024		    

For the Year

Ended

December 31,

     For the Period
July 28, 2022*
through
December 31,		  
    (Unaudited)     2023     2022^  
Net asset value, beginning of period   $ 11.74     $ 9.27     $ 10.00  
Income from Investment Operations:                        
Net investment income (loss)1     -       (0.01 )     - 2
Net realized and unrealized gain (loss)     0.57       2.70       (0.72 )
Total from investment operations     0.57       2.69       (0.72 )
                         
Less Distributions:                        
From net investment income     -       (0.04 )     (0.01 )
From net realized gain     -       (0.18 )     -  
Total distributions     -       (0.22 )     (0.01 )
Net asset value, end of period   $ 12.31     $ 11.74     $ 9.27  
                         
Total return3     4.86 %4     29.13 %     (7.22 )%4
                         
Ratios and Supplemental Data:                        
Net assets, end of period (in thousands)   $ 1,021     $ 895     $ 571  
                         
Ratio of expenses to average net assets:                        
Before fees waived and expenses absorbed     27.56 %5,6     36.47 %6     56.08 %5
After fees waived and expenses absorbed     1.00 %5,6     1.00 %6     1.00 %5
Ratio of net investment income (loss) to average net assets:                        
Before fees waived and expenses absorbed     (26.61 )%5     (35.53 )%     (55.12 )%5
After fees waived and expenses absorbed     (0.05 )%5     (0.06 )%     (0.04 )%5
                         
Portfolio turnover rate     8 %4     15 %     13 %4

 

* Commencement of operations.
^ Fiscal year end changed to December 31, effective December 14, 2022.
1 Calculated 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 or absorbed by the Advisor. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
4 Not annualized.
5 Annualized.
6 If tax expense had been excluded, the expense ratios would have been lowered by 0.00% and 0.00% for the six months ended June 30, 2024, and for the year ended December 31, 2023, respectively.

 

See accompanying Notes to Financial Statements.

 85 

 

WCM Focused Emerging Markets ex China Fund

FINANCIAL HIGHLIGHTS

Investor Class

 

Per share operating performance.

For a capital share outstanding throughout each period.

 

    For the
Six Months
Ended
June 30,
2024		    

For the Year

Ended

December 31,

    

For the Period
December 29,

2022*
through
December 31,

  
    (Unaudited)     2023     2022  
Net asset value, beginning of period   $ 12.75     $ 9.91     $ 10.00  
Income from Investment Operations:                        
Net investment income (loss)1     0.01       0.02       -  
Net realized and unrealized gain (loss)     1.16       2.82       (0.09 )
Total from investment operations     1.17       2.84       (0.09 )
                         
Less Distributions:                        
From net investment income     -       - 2      -  
Total distributions     -       -       -  
Net asset value, end of period   $ 13.92     $ 12.75     $ 9.91  
                         
Total return3     9.18 %4     28.70 %     (0.90 )%4
                         
Ratios and Supplemental Data:                        
Net assets, end of period (in thousands)   $ 46     $ 13     $ 10  
                         
Ratio of expenses to average net assets:                        
Before fees waived and expenses absorbed     5.91 %5     16.78 %     416.99 %5
After fees waived and expenses absorbed     1.50 %5     1.50 %     1.50 %5
Ratio of net investment income (loss) to average net assets:                        
Before fees waived and expenses absorbed     (4.24 )%5     (15.07 )%     (416.99 )%5
After fees waived and expenses absorbed     0.17 %5     0.21 %     (1.50 )%5
                         
Portfolio turnover rate     31 %4     37 %     - %4

 

* Commencement of operations.
1 Calculated 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 or absorbed by the Advisor. Returns shown 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.
4 Not annualized.
5 Annualized.

 

See accompanying Notes to Financial Statements.

 86 

 

WCM Focused Emerging Markets ex China Fund

FINANCIAL HIGHLIGHTS

Institutional Class

 

Per share operating performance.

For a capital share outstanding throughout each period.

 

    For the
Six Months
Ended
June 30,
2024		    

For the Year

Ended

December 31,

    

For the Period
December 29,

2022*
through
December 31,

  
    (Unaudited)     2023     2022  
Net asset value, beginning of period   $ 12.75     $ 9.91     $ 10.00  
Income from Investment Operations:                        
Net investment income (loss)1     0.03       0.05       -  
Net realized and unrealized gain (loss)     1.16       2.82       (0.09 )
Total from investment operations     1.19       2.87       (0.09 )
                         
Less Distributions:                        
From net investment income     -       (0.03 )     -  
Total distributions     -       (0.03 )     -  
Net asset value, end of period   $ 13.94     $ 12.75     $ 9.91  
                         
Total return2     9.33 %3     29.00 %     (0.90 )%3
                         
Ratios and Supplemental Data:                        
Net assets, end of period (in thousands)   $ 7,398     $ 6,547     $ 485  
                         
Ratio of expenses to average net assets:                        
Before fees waived and expenses absorbed     5.66 %4     16.53 %     416.74 %4
After fees waived and expenses absorbed     1.25 %4     1.25 %     1.25 %4
Ratio of net investment income (loss) to average net assets:                        
Before fees waived and expenses absorbed     (3.99 )%4     (14.82 )%     (416.74 )%4
After fees waived and expenses absorbed     0.42 %4     0.46 %     (1.25 )%4
                         
Portfolio turnover rate     31 %3     37 %     - %3

 

* Commencement of operations.
1 Calculated based on average shares outstanding for the period.
2 Total returns would have been lower had expenses not been waived or absorbed by the Advisor. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
3 Not annualized.
4 Annualized.

 

See accompanying Notes to Financial Statements.

 87 

 

WCM Quality Dividend Growth Fund

FINANCIAL HIGHLIGHTS

Investor Class

 

Per share operating performance.

For a capital share outstanding throughout each period.

 

    For the
Six Months
Ended
June 30,
2024		     For the Period
July 28, 2023*
through
December 31,		  
    (Unaudited)     2023  
Net asset value, beginning of period   $ 10.03     $ 10.00  
Income from Investment Operations:                
Net investment income (loss)1     0.11       0.07  
Net realized and unrealized gain (loss)     0.21       0.02  
Total from investment operations     0.32       0.09  
                 
Less Distributions:                
From net investment income     (0.12 )     (0.06 )
Total distributions     (0.12 )     (0.06 )
Net asset value, end of period   $ 10.23     $ 10.03  
                 
Total return2     3.16 %3     0.95 %3
                 
Ratios and Supplemental Data:                
Net assets, end of period (in thousands)   $ 41     $ 48  
                 
Ratio of expenses to average net assets:                
Before fees waived and expenses absorbed     4.71 %4,5     26.97 %4
After fees waived and expenses absorbed     1.24 %4,5     1.24 %4
Ratio of net investment income (loss) to average net assets:                
Before fees waived and expenses absorbed     (1.32 )%4     (24.05 )%4
After fees waived and expenses absorbed     2.14 %4     1.68 %4
                 
Portfolio turnover rate     5 %3     1 %3

 

* Commencement of operations.
1 Calculated based on average shares outstanding for the period.
2 Total returns would have been lower had expenses not been waived or absorbed by the Advisor. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
3 Not annualized.
4 Annualized.
5 If tax expense had been excluded, the expense ratios would have been lowered by 0.00% for the six months ended June 30, 2024.

 

See accompanying Notes to Financial Statements.

 88 

 

WCM Quality Dividend Growth Fund

FINANCIAL HIGHLIGHTS

Institutional Class

 

Per share operating performance.

For a capital share outstanding throughout each period.

 

    For the
Six Months
Ended
June 30,
2024		     For the Period
July 28, 2023*
through
December 31,		  
    (Unaudited)     2023  
Net asset value, beginning of period   $ 10.03     $ 10.00  
Income from Investment Operations:                
Net investment income (loss)1     0.12       0.08  
Net realized and unrealized gain (loss)     0.21       0.02  
Total from investment operations     0.33       0.10  
                 
Less Distributions:                
From net investment income     (0.13 )     (0.07 )
Total distributions     (0.13 )     (0.07 )
Net asset value, end of period   $ 10.23     $ 10.03  
                 
Total return2     3.28 %3     1.02 %3
                 
Ratios and Supplemental Data:                
Net assets, end of period (in thousands)   $ 7,552     $ 6,351  
                 
Ratio of expenses to average net assets:                
Before fees waived and expenses absorbed     4.46 %4,5     26.72 %4
After fees waived and expenses absorbed     0.99 %4,5     0.99 %4
Ratio of net investment income (loss) to average net assets:                
Before fees waived and expenses absorbed     (1.07 )%4     (23.80 )%4
After fees waived and expenses absorbed     2.40 %4     1.93 %4
                 
Portfolio turnover rate     5 %3     1 %3

 

* Commencement of operations.
1 Calculated based on average shares outstanding for the period.
2 Total returns would have been lower had expenses not been waived or absorbed by the Advisor. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
3 Not annualized.
4 Annualized.
5 If tax expense had been excluded, the expense ratios would have been lowered by 0.00% for the six months ended June 30, 2024.

 

See accompanying Notes to Financial Statements.

 89 

 

WCM Funds

NOTES TO FINANCIAL STATEMENTS

June 30, 2024 (Unaudited)

 

Note 1 – Organization

WCM Focused International Growth Fund (‘‘International Growth” or “International Growth Fund”), WCM Focused Emerging Markets Fund (“Emerging Markets” or “Emerging Markets Fund”), WCM Focused Global Growth Fund (“Global Growth” or “Global Growth Fund”), WCM International Small Cap Growth Fund (the ‘‘International Small Cap Growth” or “International Small Cap Growth Fund”), WCM Small Cap Growth Fund (“Small Cap Growth” or “Small Cap Growth Fund”), WCM SMID Quality Value Fund (“SMID Quality Value” or “SMID Quality Value Fund”), WCM China Quality Growth Fund (“China Quality Growth” or “China Quality Growth Fund”), WCM Developing World Equity Fund (”Developing World Equity” or “Developing World Equity Fund”), WCM International Equity Fund (”International Equity” or “International Equity Fund”), WCM Focused International Value Fund (“International Value” or “International Value Fund”), WCM Focused International Opportunities Fund (“International Opportunities” or “International Opportunities Fund”), WCM Mid Cap Quality Value Fund (“Mid Cap Quality Value” or “Mid Cap Quality Value Fund”), WCM Focused Emerging Markets ex China Fund (“Emerging Markets ex China” or “Emerging Markets ex China Fund”), and WCM Quality Dividend Growth Fund (“Quality Dividend Growth” or “Quality Dividend Growth 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 International Growth Fund, Emerging Markets Fund, Global Growth Fund, International Small Cap Growth Fund, Small Cap Growth Fund, SMID Quality Value Fund, International Equity Fund, International Value Fund, International Opportunities Fund, Mid Cap Quality Value Fund, Emerging Markets ex China Fund, and Quality Dividend Growth Fund are diversified Funds. The China Quality Growth Fund and Developing World Equity Fund are non-diversified Funds.

 

The Funds’ investment objectives and dates each share class commenced operations are as follows:

 

   

Commencement of

Operations

Fund Name Investment Objective Institutional
Class		 Investor
Class
International Growth Fund Provide long-term capital appreciation 5/31/2011 8/31/2011
Emerging Markets Fund Provide long-term capital appreciation 6/28/2013 6/28/2013
Global Growth Fund Provide long-term capital appreciation 6/28/2013 6/28/2013
International Small Cap Growth Fund Provide long-term capital appreciation 11/30/2015 -
Small Cap Growth Fund Provide long-term capital appreciation 10/30/2019 10/30/2019
SMID Quality Value Fund Provide long-term capital appreciation 10/30/2019 10/30/2019
China Quality Growth Fund Provide long-term capital appreciation 3/31/2020 3/31/2020
Developing World Equity Fund Provide long-term capital appreciation 3/31/2020 3/31/2020
International Equity Fund Provide long-term capital appreciation 3/31/2020 3/31/2020
International Value Fund Provide long-term capital appreciation 6/29/2020 6/29/2020
International Opportunities Fund Provide long-term capital appreciation 3/30/2021 3/30/2021
Mid Cap Quality Value Fund Provide long-term capital appreciation 7/28/2022 7/28/2022
Emerging Markets ex China Fund Provide long-term capital appreciation 12/29/2022 12/29/2022
Quality Dividend Growth Fund Current and growing dividend income and long-term capital appreciation 7/28/2023 7/28/2023

 

The shares of each class of each Fund represent an interest in the same portfolio of investments of each particular 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. 

 90 

 

WCM Funds

NOTES TO FINANCIAL STATEMENTS - Continued

June 30, 2024 (Unaudited)

 

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 each Fund 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 Fund must utilize fair value pricing.

 

(b) 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 Statement 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 Funds are allocated on a pro rata basis to each class of shares relative net assets. 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.

 91 

 

WCM Funds

NOTES TO FINANCIAL STATEMENTS - Continued

June 30, 2024 (Unaudited)

 

The Quality Dividend Growth Fund incurred offering costs of approximately $12,141 which are being amortized over a one-year period from July 28, 2023 (commencement of operations).

 

(c) Foreign Currency Translation

The Funds’ records are maintained in U.S. dollars. The value of securities, currencies and other assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the reporting period. The currencies are translated into U.S. dollars by using the exchange rates quoted at the close of the London Stock Exchange prior to when the Funds’ NAV is next determined. Purchases and sales of investment securities, income and expenses are translated on the respective dates of such transactions.

 

The Funds do not isolate that portion of their net realized and unrealized gains and losses on investments resulting from changes in foreign exchange rates from the impact arising from changes in market prices. Such fluctuations are included with net realized and unrealized gain or loss from investments and foreign currency.

 

Net realized foreign currency transaction gains and losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the differences between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency translation gains and losses arise from changes in the value of assets and liabilities, other than investments in securities, resulting from changes in the exchange rates.

 

(d) Exchange Traded Funds (“ETFs”)

ETFs typically trade on securities exchanges and their shares may, at times, trade at a premium or discount to their net asset values. In addition, an ETF may not replicate exactly the performance of the benchmark index it seeks to track for a number of reasons, including transaction costs incurred by the ETF, the temporary unavailability of certain index securities in the secondary market or discrepancies between the ETF and the index with respect to the weighting of securities or the number of securities held. Investing in ETFs, which are investment companies, may involve duplication of advisory fees and certain other expenses. As a result, Fund shareholders indirectly bear their proportionate share of these acquired expenses. Therefore, the cost of investing in the Fund will be higher than the cost of investing directly in ETFs and may be higher than other mutual funds that invest directly in securities.

 

Each ETF in which the Fund invests is subject to specific risks, depending on the nature of the ETF. Each ETF is subject to the risks associated with direct ownership of the securities comprising the index on which the ETF is based. These risks could include liquidity risk, sector risk as well as risks associated with fixed-income securities.

 

(e) 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. 

 92 

 

WCM Funds

NOTES TO FINANCIAL STATEMENTS - Continued

June 30, 2024 (Unaudited)

 

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 Fund’s 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 June 30, 2024, and during the prior three open tax years, 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 they are reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

 

(f) Distributions to Shareholders

The Funds will make distributions of net investment income and net capital gains, if any, at least annually, except for the Quality Dividend Growth Fund which will distribute net investment income, if any, quarterly. 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. Where appropriate, reclassifications between net asset accounts are made for such differences that are permanent in nature. Certain funds may utilize earnings and profits on redemption of shares as part of the dividends paid deduction.

 

(g) 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.

 

(h) Warrants and Rights

The Funds may invest in warrants or rights (including those acquired in units or attached to other securities) that entitle (but do not obligate) the holder to buy equity securities at a specific price for a specific period of time but will do so only if such equity securities are deemed appropriate by the Advisor. Rights are similar to warrants but typically have a shorter duration and are issued by a company to existing stockholders to provide those holders the right to purchase additional shares of stock at a later date. Warrants and rights do not have voting rights, do not earn dividends, and do not entitle the holder to any rights with respect to the assets of the company that has issued them. They do not represent ownership of the underlying companies but only the right to purchase shares of those companies at a specified price on or before a specified exercise date. Warrants and rights tend to be more volatile than the underlying stock, and if at a warrant’s expiration date the stock is trading at a price below the price set in the warrant, the warrant will expire worthless. Conversely, if at the expiration date the stock is trading at a price higher than the price set in the warrant or right, a Fund can acquire the stock at a price below its market value. The prices of warrants and rights do not necessarily parallel the prices of the underlying securities. An investment in warrants or rights may be considered speculative. 

 93 

 

WCM Funds

NOTES TO FINANCIAL STATEMENTS - Continued

June 30, 2024 (Unaudited)

 

Note 3 – Investment Advisory and Other Agreements

The Trust, on behalf of the Funds, entered into Investment Advisory Agreements (the “Agreements”) with WCM Investment Management (the “Advisor”). Under the terms of the Agreements, Funds pay a monthly investment advisory fee to the Advisor. The annual rates are listed by Fund in the table below. The Advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Funds to ensure that total annual fund operating expenses (excluding taxes, leverage interest, brokerage commissions, dividend 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, or extraordinary expenses such as litigation expenses) in order to limit total annual operating expenses of each fund.

 

These agreements are in effect until April 30, 2025 for the International Growth Fund, Emerging Markets Fund, Global Growth Fund, and International Small Cap Growth Fund, and April 30, 2034, with respect to the Small Cap Growth Fund, SMID Quality Value Fund, China Quality Growth Fund, Developing World Equity Fund, International Equity Fund, International Value Fund, International Opportunities Fund, Mid Cap Quality Value Fund, and Emerging Markets ex China Fund, and Quality Dividend Growth Fund, and they may be terminated before that date only by the Trust's Board of Trustees. The table below contains the expense cap by Fund and by Class:

 

 

Investment

Advisory

Fees

Total Limit on Annual

Operating Expenses

Investor Class†

Total Limit on Annual

Operating Expenses

Institutional Class†

International Growth Fund 0.85% 1.50% 1.25%
Emerging Markets Fund 1.00% 1.50% 1.25%
Global Growth Fund 0.85% 1.30% 1.05%
International Small Cap Growth Fund 1.00% - 1.25%
Small Cap Growth Fund 0.99% 1.24% 0.99%
SMID Quality Value Fund 0.85% 1.10% 0.85%
China Quality Growth Fund 1.00% 1.50% 1.25%
Developing World Equity Fund* 0.95% 1.20% 0.95%
International Equity Fund** 0.85% 1.10% 0.85%
International Value Fund 0.85% 1.50% 1.25%
International Opportunities Fund 1.00% 1.50% 1.25%
Mid Cap Quality Value Fund 0.85% 1.25% 1.00%
Emerging Markets ex China Fund 1.00% 1.50% 1.25%
Quality Dividend Growth Fund 0.65% 1.24% 0.99%

 

† The total limit on annual operating expenses is calculated based on each Fund’s average daily net assets.
* Effective October 1, 2023, the Advisor agreed to lower its management fee from 1.00% to 0.95% as well as reduce the expense caps from 1.50% and 1.25% to 1.20% and 0.95% for the Investor Class and Institutional Class shares, respectively.
** Effective October 1, 2023, the Advisor agreed to reduce the expense caps from 1.35% and 1.10% to 1.10% and 0.85% for the Investor Class and Institutional Class shares, respectively.

 94 

 

WCM Funds

NOTES TO FINANCIAL STATEMENTS - Continued

June 30, 2024 (Unaudited)

 

The table below contains the advisory fees waived and absorbed other expenses for the six months ended June 30, 2024:

 

Emerging Markets Fund   $ 152,111  
Global Growth Fund     89,936  
International Small Cap Growth Fund     55,173  
Small Cap Growth Fund     161,366  
SMID Quality Value Fund     202,649  
China Quality Growth Fund     142,836  
Developing World Equity Fund     134,478  
International Equity Fund     237,108  
International Value Fund     118,360  
International Opportunities Fund     125,475  
Mid Cap Quality Value Fund     131,094  
Emerging Markets ex China Fund     151,348  
Quality Dividend Growth Fund     119,329  

 

The Advisor is permitted to seek reimbursement from the Funds, 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 with respect to the Emerging Markets, Global Growth and International Small Cap Growth. The Advisor is permitted to seek reimbursement from the Funds, subject to certain limitations, of fees waived or payments made to the Fund for a period ending three years after the date of the waiver or payment with respect to the Small Cap Growth, SMID Quality Value, China Quality Growth, Developing World Equity, International Equity, International Value, International Opportunities, Mid Cap Quality Value, Emerging Markets ex China , and Quality Dividend Growth. 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.

 

The potential recoverable amount is noted as “Commitments and contingencies” as reported on the Statements of Assets and Liabilities. The Advisor may recapture all or a portion of these amounts no later than the dates stated below. The total is the amount of these potentially recoverable expenses as of June 30, 2024. 

 95 

 

WCM Funds

NOTES TO FINANCIAL STATEMENTS - Continued

June 30, 2024 (Unaudited)

 

    Emerging Markets Fund     Global Growth Fund    

International Small Cap

 Growth Fund

  
4/30/2025   $ 2,194,968     $ 512,187     $ 753,667  
12/31/2025     1,199,965       330,902       579,715  
12/31/2026     256,439       308,207       238,836  
12/31/2027     152,111       89,936       55,173  
Total   $ 3,803,483     $ 1,241,232     $ 1,627,391  

 

    Small Cap Growth Fund     SMID Quality Value Fund    

China Quality Growth

 Fund

  
4/30/2025   $ 188,353     $ 533,195     $ 349,581  
12/31/2025     210,046       276,881       193,141  
12/31/2026     306,101       546,548       246,959  
12/31/2027     161,366       202,649       142,836  
Total   $ 865,866     $ 1,559,273     $ 932,517  

 

    Developing World Equity
Fund		     International Equity Fund     International Value
Fund		  
4/30/2025   $ 295,536     $ 252,723     $ 261,051  
12/31/2025     208,876       172,226       162,492  
12/31/2026     320,208       324,822       240,691  
12/31/2027     134,478       237,108       118,360  
Total   $ 959,098     $ 986,879     $ 782,594  

 

    International
Opportunities Fund		     Mid Cap Quality Value
Fund		     Emerging Markets ex
China Fund		  
4/30/2025   $ 374,446     $ -     $ -  
12/31/2025     234,885       111,044       16,970  
12/31/2026     256,598       276,176       322,072  
12/31/2027     125,475       131,094       151,348  
Total   $ 991,404     $ 518,314     $ 490,390  

 

  Quality Dividend Growth
Fund		  
12/31/2026   $ 100,145  
12/31/2027     119,329  
Total   $ 219,474  

 

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 six months ended June 30, 2024, are reported on the Statements of Operations. 

 96 

 

WCM Funds

NOTES TO FINANCIAL STATEMENTS - Continued

June 30, 2024 (Unaudited)

 

Natixis Distribution, LLC, an affiliate of the Advisor, 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 six months ended June 30, 2024, the Funds’ allocated fees incurred to 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 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 are adjusted for market value changes in the invested Fund and remains a liability to the Fund until distributed in accordance with the Plan. The Trustees Deferred compensation liability under the Plan constitutes a general unsecured obligation of the Funds and are 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 six months ended June 30, 2024, are reported on the Statements of Operations.

 

Note 4 – Federal Income Taxes

At June 30, 2024, gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes were as follows:

 

    International Growth Fund     Emerging Markets Fund     Global Growth Fund  
Cost of investments   $ 13,956,177,487     $ 922,711,246     $ 380,304,539  
                         
Gross unrealized appreciation   $ 5,677,131,621     $ 182,808,977     $ 123,993,702  
Gross unrealized depreciation     (599,768,490 )     (100,414,082 )     (9,413,302 )
Net unrealized appreciation (depreciation) on investments   $ 5,077,363,131     $ 82,394,895     $ 114,580,400  

 97 

 

WCM Funds

NOTES TO FINANCIAL STATEMENTS - Continued

June 30, 2024 (Unaudited)

 

    International Small Cap
Growth Fund		     Small Cap Growth Fund     SMID Quality Value Fund  
Cost of investments   $ 283,286,718     $ 37,618,083     $ 50,711,922  
                         
Gross unrealized appreciation   $ 42,652,377     $ 5,973,682     $ 22,203,437  
Gross unrealized depreciation     (29,784,491 )     (3,973,064 )     (1,380,144 )
Net unrealized appreciation (depreciation) on investments   $ 12,867,886     $ 2,000,618     $ 20,823,293  

 

    China Quality Growth Fund     Developing World Equity
Fund		     International Equity Fund  
Cost of investments   $ 3,007,328     $ 1,724,041     $ 81,458,751  
                         
Gross unrealized appreciation   $ 134,344     $ 217,800     $ 9,659,791  
Gross unrealized depreciation     (551,718 )     (153,878 )     (3,323,537 )
Net unrealized appreciation (depreciation) on investments   $ (417,374 )   $ 63,922     $ 6,336,254  

 

    International Value Fund     International Opportunities
Fund		     Mid Cap Quality Value Fund  
Cost of investments   $ 8,297,931     $ 36,346,806     $ 849,225  
                         
Gross unrealized appreciation   $ 1,745,737     $ 6,893,132     $ 200,911  
Gross unrealized depreciation     (1,027,811 )     (2,609,612 )     (16,564 )
Net unrealized appreciation (depreciation) on investments   $ 717,926     $ 4,283,520     $ 184,347  

 98 

 

WCM Funds

NOTES TO FINANCIAL STATEMENTS - Continued

June 30, 2024 (Unaudited)

 

    Emerging Markets ex China
Fund		     Quality Dividend Growth
Fund		  
Cost of investments   $ 6,327,878     $ 7,350,314  
                 
Gross unrealized appreciation   $ 1,388,769     $ 438,652  
Gross unrealized depreciation     (214,031 )     (202,253 )
Net unrealized appreciation (depreciation) on investments   $ 1,174,738     $ 236,399  

 

The differences between cost amounts for financial statement and federal income tax purposes are due primarily to wash sales and PFIC’s.

 

As of December 31, 2023, the components of accumulated earnings/(deficit) on a tax basis were as follows:

 

    International
Growth Fund		     Emerging
Markets Fund		     Global Growth
Fund		  
Undistributed ordinary income   $ 2,858,684     $ -     $ 36,823  
Undistributed long-term capital gains     423,117,291       -       -  
Tax accumulated earnings     425,975,975       -       36,823  
Accumulated capital and other losses     -       (537,398,157 )     (15,480,232 )
Unrealized appreciation (depreciation) on foreign currency     1,664,489       (1,094,824 )     2,465  
Unrealized appreciation (depreciation) on investments     4,351,323,131       (41,981,948 )     63,424,687  
Deferred compensation     (234,141 )     (28,408 )     (15,136 )
Total accumulated earnings/(deficit)   $ 4,778,729,454     $ (580,503,337 )   $ 47,968,607  

 99 

 

WCM Funds

NOTES TO FINANCIAL STATEMENTS - Continued

June 30, 2024 (Unaudited)

 

    International
Small Cap
Growth Fund		     Small Cap
Growth Fund		     SMID Quality
Value Fund		  
Undistributed ordinary income   $ 2,443,725     $ -     $ -  
Undistributed long-term capital gains     -       -       -  
Tax accumulated earnings     2,443,725       -       -  
Accumulated capital and other losses     (140,986,597 )     (4,729,310 )     (2,071,200 )
Unrealized appreciation (depreciation) on foreign currency     11,893       -       -  
Unrealized appreciation (depreciation) on investments     13,651,678       4,744,458       33,081,381  
Deferred compensation     (15,565 )     (7,652 )     (8,542 )
Unrealized Non-U.S. Taxes     -       -       -  
Total accumulated earnings/(deficit)   $ (124,894,866 )   $ 7,496     $ $31,001,639  

 

    China Quality
Growth Fund		     Developing
World Equity
Fund		     International
Equity Fund		  
Undistributed ordinary income   $ 6,699     $ 1,485     $ 876,521  
Undistributed long-term capital gains     -       -       403,939  
Tax accumulated earnings     6,699       1,485       1,280,460  
Accumulated capital and other losses     (4,506,466 )     (215,846 )     -  
Unrealized appreciation (depreciation) on foreign currency     5,379       (1,698 )     135  
Unrealized appreciation (depreciation) on investments     (1,028,239 )     51,908       8,200,782  
Deferred compensation     (6,467 )     (6,405 )     (6,854 )
Total accumulated earnings/(deficit)   $ (5,529,094 )   $ (170,556 )   $ 9,474,523  

 100 

 

WCM Funds

NOTES TO FINANCIAL STATEMENTS - Continued

June 30, 2024 (Unaudited)

 

    International
Value Fund		     International
Opportunities
Fund		     Mid Cap Quality
Value Fund		  
Undistributed ordinary income   $ 42,505     $ 192,275     $ 2,064  
Undistributed long-term capital gains     -       -       4,698  
Tax accumulated earnings     42,505       192,275       6,762  
Accumulated capital and other losses     (3,084,032 )     (6,583,140 )     -  
Unrealized appreciation (depreciation) on foreign currency     573       1,070       -  
Unrealized appreciation (depreciation) on investments     714,476       4,067,478       156,875  
Deferred compensation     (6,262 )     (5,973 )     (4,132 )
Total accumulated earnings/(deficit)   $ (2,332,740 )   $ (2,328,290 )   $ 159,505  

 

    Emerging
Markets ex
China Fund		     Quality
Dividend
Growth Fund		  
Undistributed ordinary income   $ 16,279     $ 4,696  
Undistributed long-term capital gains     -       -  
Tax accumulated earnings     16,279       4,696  
Accumulated capital and other losses     -       (1,823 )
Unrealized appreciation (depreciation) on foreign currency     68       -  
Unrealized appreciation (depreciation) on investments     731,356       112,448  
Deferred compensation     (3,479 )     (1,010 )
Unrealized Non-U.S. Taxes     (8,205 )     -  
Total accumulated earnings   $ 736,019     $ 114,311  

 

The tax character of the distributions paid during the periods ended December 31, 2023, December 31, 2022, and April 30, 2022, for the Funds were as follows:

 

    International Growth Fund  
Distributions paid from:   2023     2022     2022  
Ordinary Income   $ -     $ -     $ -  
Net long-term capital gains     114,405,769       17,200,917       1,280,983,868  
Total distributions paid   $ 114,405,769     $ 17,200,917     $ 1,280,983,868  

 101 

 

WCM Funds

NOTES TO FINANCIAL STATEMENTS - Continued

June 30, 2024 (Unaudited)

 

    Emerging Markets Fund  
Distributions paid from:   2023     2022     2022  
Ordinary Income   $ 5,346,125     $ 6,540,239     $ 67,237,247  
Net long-term capital gains     -       -       35,625,081  
Total distributions paid   $ 5,346,125     $ 6,540,239     $ 102,862,328  

 

    Global Growth Fund  
Distributions paid from:   2023     2022     2022  
Ordinary Income   $ -     $ -     $ 6,694,647  
Net long-term capital gains     -       10,654,629       48,945,689  
Total distributions paid   $ -     $ 10,654,629     $ 55,640,336  

 

    International Small Cap Growth Fund  
Distributions paid from:   2023     2022     2022  
Ordinary Income   $ -     $ -     $ 24,827,933  
Net long-term capital gains     -       -       61,120,694  
Total distributions paid   $ -     $ -     $ 85,948,627  

 

    Small Cap Growth Fund  
Distributions paid from:   2023     2022     2022  
Ordinary Income   $ -     $ -     $ 1,546,154  
Net long-term capital gains     -       59,794       3,105,784  
Total distributions paid   $ -     $ 59,794     $ 4,651,938  

 

    SMID Quality Value Fund  
Distributions paid from:   2023     2022     2022  
Ordinary Income   $ -     $ 202,517     $ 3,645,341  
Net long-term capital gains     1,133,783       1,779,776       3,099,062  
Total distributions paid   $ 1,133,783     $ 1,982,293     $ 6,744,403  

 

    China Quality Growth Fund  
Distributions paid from:   2023     2022     2022  
Ordinary Income   $ 48,990     $ 21,212     $ 906,564  
Net long-term capital gains     -       -       341,817  
Total distributions paid   $ 48,990     $ 21,212     $ 1,248,381  

 102 

 

WCM Funds

NOTES TO FINANCIAL STATEMENTS - Continued

June 30, 2024 (Unaudited)

 

    Developing World Equity Fund  
Distributions paid from:   2023     2022     2022  
Ordinary Income   $ 28,943     $ 24,934     $ 50,590  
Net long-term capital gains     -       -       46,248  
Total distributions paid   $ 28,943     $ 24,934     $ 96,838  

 

    International Equity Fund  
Distributions paid from:   2023     2022     2022  
Ordinary Income   $ 2,504,825     $ 12,735     $ 29,788  
Net long-term capital gains     251,598       4,666       88,481  
Total distributions paid   $ 2,756,423     $ 17,401     $ 118,269  

 

    International Value Fund  
Distributions paid from:   2023     2022     2022  
Ordinary Income   $ 104,566     $ 105,728     $ 3,064  
Net long-term capital gains     -       -       -  
Total distributions paid   $ 104,566     $ 105,728     $ 3,604  

 

    International Opportunities Fund  
Distributions paid from:   2023     2022     2022  
Ordinary Income   $ 164,959     $ -     $ 19,036  
Net long-term capital gains     -       -       -  
Total distributions paid   $ 164,959     $ -     $ 19,036  

 

    Mid Cap Quality Value Fund  
Distributions paid from:   2023     2022  
Ordinary Income   $ 14,977     $ 470  
Net long-term capital gains     1,289       -  
Total distributions paid   $ 16,266     $ 470  

 

    Emerging Markets Ex China Fund  
Distributions paid from:   2023     2022  
Ordinary Income   $ 15,870     $ -  
Net long-term capital gains     -       -  
Total distributions paid   $ 15,870     $ -  

 103 

 

WCM Funds

NOTES TO FINANCIAL STATEMENTS - Continued

June 30, 2024 (Unaudited)

 

 

Quality Dividend

Growth Fund

  
Distributions paid from:   2023  
Ordinary Income   $ 4,032  
Net long-term capital gains     -  
Total distributions paid   $ 4,032  

 

At December 31, 2023, the below Funds had an accumulated capital loss carry forward as follows:

 

    Short-term Capital Loss
Carryforward		     Long-term Capital Loss
Carryforward		  
Emerging Markets Fund   $ 98,596,371     $ 438,801,786  
Global Growth Fund     15,480,232       -  
International Small Cap Growth Fund     72,184,213       68,802,384  
Small Cap Growth Fund     656,593       4,072,717  
SMID Quality Value Fund     304,493       1,766,707  
China Quality Growth Fund     1,531,285       2,975,181  
Developing World Equity Fund     60,932       154,914  
International Value Fund     1,081,697       2,002,335  
International Opportunities Fund     5,118,768       1,464,372  
Quality Dividend Growth Fund     1,823       -  

 

The International Growth Fund, International Equity Fund, Mid Cap Quality Value Fund, and Emerging Markets ex China Fund did not have accumulated capital loss carryforwards. To the extent that a Fund may realize future net capital gains, those gains will be offset by any of its unused capital loss carryforward. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations.

 

The International Growth Fund utilized $268,462,293 of capital loss carryforward for the tax year ended December 31, 2023.

 

The Global Growth Fund utilized $2,538,688 of capital loss carryforward for the tax year ended December 31, 2023.

 

The International Opportunities Fund utilized $332,739 of capital loss carryforward for the tax year ended December 31, 2023.

 

The Mid Cap Quality Value Fund utilized $1,293 of capital loss carryforward for the tax year ended December 31, 2023.

 

The International Equity Fund utilized $61,517 of capital loss carryforward for the tax year ended December 31, 2023.

 104 

 

WCM Funds

NOTES TO FINANCIAL STATEMENTS - Continued

June 30, 2024 (Unaudited)

 

As of December 31, 2023, the Funds did not have qualified Late-Year Losses, or Post October losses.

 

Note 5 – Redemption Fee

Effective May 1, 2019, the International Growth, Emerging Markets, Global Growth, and International Small Cap Growth Funds no longer charge a redemption fee.

 

Note 6 – Investment Transactions

For the six months ended June 30, 2024, purchases and sales of investments, excluding short-term investments, futures contracts, options contracts and securities sold short, were as follows:

 

    Purchases     Sales  
International Growth Fund   $ 3,491,146,417     $ 4,029,817,409  
Emerging Markets Fund     349,554,766       591,857,152  
Global Growth Fund     100,008,395       110,132,204  
International Small Cap Growth Fund     131,225,633       149,605,946  
Small Cap Growth Fund     13,581,129       14,568,123  
SMID Quality Value Fund     3,844,585       75,406,873  
China Quality Growth Fund     892,934       2,308,947  
Developing World Equity Fund     483,840       875,495  
International Equity Fund     20,001,972       18,454,294  
International Value Fund     2,143,563       4,699,780  
International Opportunities Fund     13,571,188       10,561,268  
Mid Cap Quality Value Fund     123,166       72,043  
Emerging Markets ex China Fund     2,170,661       2,050,640  
Quality Dividend Growth Fund     1,236,250       322,662  

 

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.

 

For the six months ended June 30, 2024, the Funds’ shareholder servicing fees incurred are disclosed on the Statements of Operations.

 

Note 8 – 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 each Fund’s average daily net assets attributable to Investor Class shares, payable to the Distributor. The Institutional Class shares do not pay any distribution fees. 

 105 

 

WCM Funds

NOTES TO FINANCIAL STATEMENTS - Continued

June 30, 2024 (Unaudited)

 

For the six months ended June 30, 2024, distribution fees incurred by each Fund’s Investor Class shares are disclosed on the Statements of Operations.

 

Note 9 – 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 10 – 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.

 

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 Funds have 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 Funds’ 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 June 30, 2024, in valuing the Funds’ assets carried at fair value: 

 106 

 

WCM Funds

NOTES TO FINANCIAL STATEMENTS - Continued

June 30, 2024 (Unaudited)

 

International Growth   Level 1     Level 2*     Level 3**     Total  
Investments                                
Common Stock   $ 18,631,127,221     $ -     $ -     $ 18,631,127,221  
Bank Deposit Investments     402,413,397       -       -       402,413,397  
Total Investments   $ 19,033,540,618     $ -     $ -     $ 19,033,540,618  

 

Emerging Markets Fund   Level 1     Level 2*     Level 3^     Total  
Investments                        
Common Stock                        
Argentina   $ 28,116,615     $ -     $ -     $ 28,116,615  
Brazil     126,754,936       -       -       126,754,936  
Canada     40,937,232       -       -       40,937,232  
China     96,318,875       -       -       96,318,875  
Hong Kong     33,324,350       -       -       33,324,350  
India     137,159,403       -       -       137,159,403  
Indonesia     37,132,289       -       -       37,132,289  
Kazakhstan     12,626,467       -       -       12,626,467  
Mexico     43,701,069       -       -       43,701,069  
Peru     22,057,844       -       -       22,057,844  
Poland     26,280,225       -       -       26,280,225  
Russia     -       -       0       0  
Saudi Arabia     21,075,082       -       -       21,075,082  
Singapore     49,301,490       -       -       49,301,490  
South Africa     73,401,118       -       -       73,401,118  
South Korea     54,140,649       -       -       54,140,649  
Taiwan     187,145,103       -       -       187,145,103  
Rights                                
Brazil     35,912       -       -       35,912  
Short-Term Investments     15,597,482       -       -       15,597,482  
Total Investments   $ 1,005,106,141     $ -     $ 0     $ 1,005,106,141  

 

Global Growth Fund   Level 1     Level 2*     Level 3**     Total  
Investments                        
Common Stocks1   $ 485,208,359     $ -     $ -     $ 485,208,359  
Short-Term Investments     9,676,580       -       -       9,676,580  
Total Investments   $ 494,884,939     $ -     $ -     $ 494,884,939  

 107 

 

WCM Funds

NOTES TO FINANCIAL STATEMENTS - Continued

June 30, 2024 (Unaudited)

 

International Small Cap

Growth Fund

   Level 1     Level 2*     Level 3**     Total  
Investments                        
Common Stocks1   $ 291,547,299     $ -     $ -     $ 291,547,299  
Short-Term Investments     4,607,305       -       -       4,607,305  
Total Investments   $ 296,154,604     $ -     $ -     $ 296,154,604  

 

Small Cap Growth Fund   Level 1     Level 2*     Level 3**     Total  
Investments                        
Common Stocks1   $ 39,249,490     $ -     $ -     $ 39,249,490  
Short-Term Investments     368,211       -       -       368,211  
Total Investments   $ 39,617,701     $ -     $ -     $ 39,617,701  

 

SMID Quality Value Fund   Level 1     Level 2*     Level 3**     Total  
Investments                        
Common Stocks1   $ 69,684,028     $ -     $ -     $ 69,684,028  
Short-Term Investments     1,851,187       -       -       1,851,187  
Total Investments   $ 71,535,215     $ -     $ -     $ 71,535,215  

 

China Quality Growth Fund   Level 1     Level 2*     Level 3**     Total  
Investments                        
Common Stocks1   $ 2,479,838     $ -     $ -     $ 2,479,838  
Bank Deposit Investments     110,116       -       -       110,116  
Total Investments   $ 2,589,954     $ -     $ -     $ 2,589,954  

 

Developing World Equity   Level 1     Level 2*     Level 3**     Total  
Investments                        
Common Stocks1   $ 1,740,360     $ -     $ -     $ 1,740,360  
Bank Deposit Investments     47,603       -       -       47,603  
Total Investments   $ 1,787,963     $ -     $ -     $ 1,787,963  

 

International Equity Fund   Level 1     Level 2*     Level 3**     Total  
Investments                        
Common Stocks1   $ 83,731,687     $ -     $ -     $ 83,731,687  
Short-Term Investments     4,063,318       -       -       4,063,318  
Total Investments   $ 87,795,005     $ -     $ -     $ 87,795,005  
 108 

 

WCM Funds

NOTES TO FINANCIAL STATEMENTS - Continued

June 30, 2024 (Unaudited)

 

International Value Fund   Level 1     Level 2*     Level 3^     Total  
Investments                        
Common Stock                        
Belgium   $ 379,506     $ -     $ -     $ 379,506  
Brazil     144,368       -       -       144,368  
Canada     1,119,530       -       -       1,119,530  
China     306,687       -       -       306,687  
France     298,643       -       -       298,643  
Germany     1,022,452       -       -       1,022,452  
India     380,426       -       -       380,426  
Indonesia     133,704       -       -       133,704  
Ireland     395,660       -       -       395,660  
Israel     133,277       -       -       133,277  
Italy     118,386       -       -       118,386  
Japan     663,397       -       -       663,397  
Kazakhstan     193,515       -       -       193,515  
Mexico     280,692       -       -       280,692  
Netherlands     160,280       -       -       160,280  
Russia     -       -       0       0  
Spain     261,531       -       -       261,531  
Sweden     297,429       -       -       297,429  
Switzerland     612,523       -       -       612,523  
Taiwan     457,120       -       -       457,120  
United Kingdom     1,297,678       -       -       1,297,678  
United States     139,653       -       -       139,653  
Short-Term Investments     219,400       -       -       219,400  
Total Investments   $ 9,015,857     $ -     $ 0     $ 9,015,857  

 

International Opportunities

Fund

   Level 1     Level 2*     Level 3^     Total  
Investments                        
Common Stock   $ 39,149,768     $ -     $ -     $ 39,149,768  
Warrants                                
Canada     -       -       0       0  
Short-Term Investments     1,480,558       -       -       1,480,558  
Total Investments   $ 40,630,326     $ -     $ 0     $ 40,630,326  

 

Mid Cap Quality Value
Fund		   Level 1     Level 2*     Level 3**     Total  
Investments                        
Common Stocks1   $ 997,854     $ -     $ -     $ 997,854  
Bank Deposit Investments     35,718       -       -       35,718  
Total Investments   $ 1,033,572     $ -     $ -     $ 1,033,572  

 109 

 

WCM Funds

NOTES TO FINANCIAL STATEMENTS - Continued

June 30, 2024 (Unaudited)

 

Emerging Markets ex China Fund   Level 1     Level 2*     Level 3**     Total  
Investments                        
Common Stocks1   $ 7,175,613     $ -     $ -     $ 7,175,613  
Rights     246       -       -       246  
Bank Deposit Investments     326,757       -       -       326,757  
Total Investments   $ 7,502,616     $ -     $ -     $ 7,502,616  

 

Quality Dividend Growth

Fund

   Level 1     Level 2*     Level 3**     Total  
Investments                        
Common Stocks1   $ 6,954,340     $ -     $ -     $ 6,954,340  
Bank Deposit Investments     632,373       -       -       632,373  
Total Investments   $ 7,586,713     $ -     $ -     $ 7,586,713  

 

^ The Funds held a security valued at zero at period end.
* The Funds did not hold any Level 2 securities at period end.
** The Funds did not hold any Level 3 securities at period end.
1 All common stocks held in the Funds are Level 1 securities. For a detailed break-out of common stocks by country or sector, please refer to the Schedule of Investments.

 

The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining value:

 

    Emerging Markets
Fund		     International
Opportunities Fund		  
    Common Stocks     Common Stocks  
Balance as of December 31, 2023   $ -     $ -  
Transfers into Level 3(1)     -       -  
Transfers out of Level 3     -       -  
Total gains or losses for the period                
Realized loss included in earnings (or changes in net assets)     (481,850 )     (44,557,988 )
Unrealized appreciation (depreciation) included in earnings     583,050          
(or changes in net assets)             53,369,010  
Included in other comprehensive income     -       -  
Net purchases     -       -  
Net sales     8,811,022       (101,200 )
Balance as of June 30, 2024   $ -     $  
                 
Change in unrealized gains or losses for the period included in earnings (or changes in net assets) for assets held at the end of the reporting period   $ -     $ -  

 110 

 

WCM Funds

NOTES TO FINANCIAL STATEMENTS - Continued

June 30, 2024 (Unaudited)

 

The International Value Fund held Common Stock, and the International Opportunities Fund held warrants, with $0 market value at the beginning and ending of period with no activity during the year.

 

The following table presents additional quantitative information about valuation methodologies and inputs used for investments that are measured at fair value and categorized within Level 3 as of June 30, 2024:

 

Fund   Asset
Class		   Fair Value
at
June 30,
2024		     Valuation
Technique(s)		   Unobservable
Input		   Range
of
Input		   Weighted
Average		  

Impact to

Valuation from

an Increase in

Input(1)

Emerging Markets Fund   Common Stocks   $ -     Market Approach   Liquidity Discount   100%   N/A   Decrease
International Value Fund   Common Stocks   $ -     Market Approach   Liquidity Discount   100%   N/A   Decrease
International Opportunities Fund   Warrants   $ -     Market Approach   Liquidity Discount   100%   N/A   Decrease

 

(1) This column represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect.

 

Note 11 - Investments by Other Registered Investment Companies

For purposes of the 1940 Act, the Focused International Growth Fund and Focused Emerging Markets Fund are 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 – Market Disruption and Geopolitical Risks

Certain local, regional or global events such as war, acts of terrorism, the spread of infectious illnesses and/or other public health issues, financial institution instability or other events may have a significant impact on a security or instrument. These types of events and other like them are collectively referred to as “Market Disruptions and Geopolitical Risks” and they may have adverse impacts on 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. Some of the impacts noted in recent times include but are not limited to embargos, political actions, supply chain disruptions, bank failures, restrictions to investment and/or monetary movement including the forced selling of securities or the inability to participate impacted markets. The duration of these events 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 “Market Disruptions and Geopolitical Risks” on the financial performance of the Fund’s investments is not reasonably estimable at this time. Management is actively monitoring these events. 

 111 

 

WCM Funds

NOTES TO FINANCIAL STATEMENTS - Continued

June 30, 2024 (Unaudited)

 

Note 13 – New Accounting Pronouncements and Regulatory Updates

Effective January 24, 2023, the SEC adopted rule and form amendments to require mutual funds and exchange-traded funds (ETFs) to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information deemed important for retail investors to assess and monitor their fund investments. Other information, including financial statements, will no longer appear in the funds’ streamlined shareholder reports but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. The Funds have adopted procedures in accordance with the SEC’s rules and form amendments.

 

Note 14 - Reorganizations

On April 29, 2024, based on the recommendation of WCM Investment Management, LLC (“WCM”), the Advisor of the WCM Focused Global Growth Fund, WCM Developing World Equity Fund and WCM International Equity Fund (each, an “Acquired Fund”), the Board of Trustees of Investment Managers Series Trust (the “Board”) has approved the reorganization of each Acquired Fund into a corresponding newly created series (each, an “Acquiring Fund”) of First Trust Series Fund and First Trust Exchange-Traded Fund, respectively, as noted in the table below (each, a “Reorganization”). The Reorganization of each Acquired Fund is subject to approval by its shareholders.

 

Acquired Fund   Acquiring Fund  
WCM Focused Global Growth Fund >   First Trust WCM Focused Global Growth Fund  
WCM Developing World Equity Fund >  First Trust WCM Developing World Equity ETF  
WCM International Equity Fund >  First Trust WCM International Equity ETF  

 

Each Reorganization will occur pursuant to an Agreement and Plan of Reorganization (the “Plan”). The Plan provides for each Fund to transfer all of its assets to the Acquiring Fund in return for shares of the Acquiring Fund and cash in lieu of fractional Acquiring Fund shares (if any) and the Acquiring Fund’s assumption of the Fund’s liabilities. Each shareholder of the Fund will receive shares of the Acquiring Fund equal to the value of the shares of the Fund owned by the shareholder prior to the Reorganization. The Reorganization is not generally expected to result in the recognition of gain or loss by the Fund or its shareholders for U.S. federal income tax purposes (except with respect to cash received by shareholders in lieu of fractional shares, if any). WCM and First Trust Advisors L.P. will bear the costs related to the Reorganization.

 

Each Acquiring Fund has an identical investment objective, investment strategy and fundamental investment restrictions as the Fund. Following the Reorganizations, First Trust Advisors L.P. will serve as investment advisor to each Acquiring Fund, and WCM will serve as investment sub-advisor to each Acquiring Fund. In addition, each Acquiring Fund will have the same portfolio managers as the corresponding Acquired Fund.

 

The Board will call a shareholder meeting at which shareholders of the Acquired Fund will be asked to consider and vote on the Plan with respect to the Acquired Fund. If the required shareholder approval for the Reorganization of the Acquired Fund is obtained, the Reorganization of the Acquired Fund is currently expected to take effect in the fourth quarter of 2024.

 

The Board has approved the consolidation of the Investor Class shares of the WCM Developing World Equity Fund and WCM International Equity Fund, respectively, into each Acquired Fund’s existing Institutional Class shares. The consolidation of the Investor Class shares into the existing Institutional Class shares of the WCM Developing World Equity Fund and WCM International Equity Fund, respectively, will occur prior to the Reorganization. Each Acquired Fund’s Institutional Class shares have a similar fee structure as the Investor Class shares, except unlike Investor Class shares, Institutional Class shares do not pay Rule 12b-1 distribution fees. There will be no changes to the fee structure of the WCM Developing World Equity Fund’s and WCM International Equity Fund’s Institutional Class shares. As of the effective date, all references in the Prospectus and the SAI to the Investor Class shares of the WCM Developing World Equity Fund and WCM International Equity Fund are deleted in their entirety. 

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WCM Funds

NOTES TO FINANCIAL STATEMENTS - Continued

June 30, 2024 (Unaudited)

 

Note 15 – 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.

 

Effective July 1, 2024, the Advisor has contractually agreed to reduce the limit on the total annual fund operating expenses of the WCM Focused International Value Fund from 1.50% to 1.10% and 1.25% to 0.85% of the average daily net assets of the Fund’s Investor Class and Institutional Class shares, respectively.

 

Effective September 3, 2024, First Trust Portfolios L.P. will serve as the Funds' distributor.

 

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

 113 

 

 

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

 

Not applicable.

 

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

 

Not applicable.

 

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

 

This information is included in Item 7, as part of the financial statements.

 

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contact.

 

Not applicable. 

 114 

 

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

 

Not applicable to open-end investment companies.

 

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

 

Not applicable to open-end investment companies.

 

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

 

Not applicable to open-end investment companies.

 

Item 15. Submission of Matters to a Vote of Security Holders.

 

The registrant has not made any material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees.

 

Item 16. Controls and Procedures.

 

(a) The Registrant’s Principal Executive Officer and Principal Financial Officer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.

 

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

 

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

 

Not applicable to open-end investment companies.

 

Item 18. Recovery of Erroneously Awarded Compensation.

 

(a) Not applicable.

 

(b) Not applicable.

 

Item 19. Exhibits.

 

(a) (1) Any code of ethics or amendment thereto, that is subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Not Applicable.

 

(a) (2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed. Instruction to paragraph (a)(2). – Not Applicable.

 

(a) (3) A separate certification for each principal executive and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)), Filed herewith.

 

(b) Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Filed herewith.
  

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

(Registrant) Investment Managers Series Trust  
     
By (Signature and Title) /s/ Maureen Quill  
  Maureen Quill, President and Principal Executive Officer  
     
Date 9/9/2024  

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By (Signature and Title) /s/ Maureen Quill  
  Maureen Quill, President and Principal Executive Officer  
     
Date 9/9/2024  
     
By (Signature and Title) /s/ Rita Dam  
  Rita Dam, Treasurer and Principal Financial Officer  
     
Date 9/9/2024