WCM Focused International Value Fund
Investor Class Shares – WLIVX
Institutional Class Shares – WCMVX
A series of
Supplement dated June 12, 2024, to the
Prospectus and Statement of Additional Information (“SAI”)
dated
Effective
The “Fees and Expenses of the Fund” section beginning on page 64 of the Prospectus is deleted in its entirety and replaced with the following:
This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.
Investor Class |
Institutional Class Shares |
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Shareholder Fees (fees paid directly from your investment) |
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Maximum sales charge (load) imposed on purchases | ||||||||
Maximum deferred sales charge (load) | ||||||||
Wire fee | $ |
$ |
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Overnight check delivery fee | $ |
$ |
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Retirement account fees (annual maintenance fee) | $ |
$ |
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Annual Fund Operating Expenses1 (expenses that you pay each year as a percentage of the value of your investment) |
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Management fees | ||||||||
Distribution (Rule 12b-1) fee | ||||||||
Other expenses | ||||||||
Shareholder service fee | ||||||||
Tax reclaim fees | ||||||||
All other expenses | ||||||||
Total annual fund operating expenses | ||||||||
Fees waived and/or expenses reimbursed2 | ( |
( |
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Total annual fund operating expenses after waiving fees and/or reimbursing expenses2 | ||||||||
1 |
2 |
This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The example reflects the Fund’s contractual fee waiver and/or expense reimbursement only for the term of the contractual fee waiver and/or expense reimbursement.
Although your actual costs may be higher or lower, based on these assumptions your costs would be:
One Year | Three Years | Five Years | Ten Years | |
Investor Class | $ |
$ |
$ |
$ |
Institutional Class | $ |
$ |
$ |
$ |
The table under the “Fund Expenses” heading on page 138 of the Prospectus and page B-42 of the SAI is deleted in its entirety and replaced with the following:
Investor Class |
Institutional Class | |
WCM Focused International Growth Fund | 1.50% | 1.25% |
WCM Focused Emerging Markets Fund | 1.50% | 1.25% |
WCM Focused Global Growth Fund | 1.30% | 1.05% |
WCM International Small Cap Growth Fund | N/A | 1.25% |
WCM Small Cap Growth Fund | 1.24% | 0.99% |
WCM SMID Quality Value Fund | 1.10% | 0.85% |
WCM China Quality Growth Fund | 1.50% | 1.25% |
WCM Developing World Equity Fund(1) | 1.20% | 0.95% |
WCM International Equity Fund(2) | 1.10% | 0.85% |
WCM Focused International Value Fund(3) | 1.10% | 0.85% |
WCM Focused International Opportunities Fund | 1.50% | 1.25% |
WCM Mid Cap Quality Value Fund | 1.25% | 1.00% |
WCM Focused Emerging Markets ex China Fund | 1.50% | 1.25% |
WCM Quality Dividend Growth Fund | 1.24% | 0.99% |
(1) | With respect to the WCM Developing World Equity Fund, effective October 1, 2023, the Advisor agreed to reduce the expense caps from 1.50% and 1.25% to 1.20% and 0.95% of the average daily net assets of the Fund’s Investor Class and Institutional Class shares, respectively. |
(2) | With respect to the WCM International Equity Fund, effective October 1, 2023, the Advisor agreed to reduce the expense caps from 1.35% and 1.10% to 1.10% and 0.85% of the average daily net assets of the Fund’s Investor Class and Institutional Class shares, respectively. |
(3) | With respect to the WCM Focused International Value Fund, effective July 1, 2024, the Advisor agreed to reduce the expense caps from 1.50% and 1.25% to 1.10% and 0.85% of the average daily net assets of the Fund’s Investor Class and Institutional Class shares, respectively. |
As of the Effective Date, all additional references in the Prospectus and SAI to the expense limitation arrangement with respect to the WCM Focused International Value Fund are revised as indicated above.
Please file this Supplement with your records.