UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number
811-21719
(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:
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:
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
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) |
$ |
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Total advisory fee paid/(reimbursed) | $( |
| Portfolio turnover rate as of the end of the reporting period | |
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. | |
| Prosus N.V. - ADR | |
| Shenzhou International Group Holdings Ltd. | |
| Fuyao Glass Industry Group Co., Ltd. - Class H | |
| Kweichow Moutai Co., Ltd. - Class A | |
| Warom Technology, Inc. Co. - Class A | |
| Qingdao Haier Biomedical Co., Ltd. - Class A | |
| AIA Group Ltd. | |
| MediaTek, Inc. | |
| NARI Technology Co., Ltd. - Class A |
Asset Allocation
Country Allocation
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.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
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) |
$ |
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Total advisory fee paid/(reimbursed) | $( |
| Portfolio turnover rate as of the end of the reporting period | |
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. | |
| Prosus N.V. - ADR | |
| Shenzhou International Group Holdings Ltd. | |
| Fuyao Glass Industry Group Co., Ltd. - Class H | |
| Kweichow Moutai Co., Ltd. - Class A | |
| Warom Technology, Inc. Co. - Class A | |
| Qingdao Haier Biomedical Co., Ltd. - Class A | |
| AIA Group Ltd. | |
| MediaTek, Inc. | |
| NARI Technology Co., Ltd. - Class A |
Asset Allocation
Country Allocation
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.
Equity Fund
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
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) |
$ |
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Total advisory fee paid/(reimbursed) | $( |
| Portfolio turnover rate as of the end of the reporting period | |
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. | |
| Samsung Electronics Co., Ltd. | |
| United Overseas Bank Ltd. | |
| HDFC Bank Ltd. - ADR | |
| AIA Group Ltd. | |
| Bid Corp. Ltd. | |
| Tencent Holdings Ltd. | |
| MercadoLibre, Inc. | |
| TOTVS S.A. | |
| Baker Hughes Co. |
Asset Allocation
Country Allocation
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.
Equity Fund
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
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) |
$ |
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Total advisory fee paid/(reimbursed) | $( |
| Portfolio turnover rate as of the end of the reporting period | |
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. | |
| Samsung Electronics Co., Ltd. | |
| United Overseas Bank Ltd. | |
| HDFC Bank Ltd. - ADR | |
| AIA Group Ltd. | |
| Bid Corp. Ltd. | |
| Tencent Holdings Ltd. | |
| MercadoLibre, Inc. | |
| TOTVS S.A. | |
| Baker Hughes Co. |
Asset Allocation
Country Allocation
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.
Emerging Markets ex China Fund
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
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) |
$ |
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Total advisory fee paid/(reimbursed) | $( |
| Portfolio turnover rate as of the end of the reporting period | |
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. | |
| SK Hynix, Inc. | |
| Celestica, Inc. | |
| NU Holdings Ltd. - Class A | |
| Sea Ltd. - ADR | |
| Bupa Arabia for Cooperative Insurance Co. | |
| Aldrees Petroleum and Transport Services Co. | |
| ICICI Bank Ltd. | |
| InPost S.A. | |
| Coupang, Inc. |
Asset Allocation
Country Allocation
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.
Emerging Markets ex China Fund
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
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) |
$ |
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Total advisory fee paid/(reimbursed) | $( |
| Portfolio turnover rate as of the end of the reporting period | |
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. | |
| SK Hynix, Inc. | |
| Celestica, Inc. | |
| NU Holdings Ltd. - Class A | |
| Sea Ltd. - ADR | |
| Bupa Arabia for Cooperative Insurance Co. | |
| Aldrees Petroleum and Transport Services Co. | |
| ICICI Bank Ltd. | |
| InPost S.A. | |
| Coupang, Inc. |
Asset Allocation
Country Allocation
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.
Emerging Markets Fund
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
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) |
$ |
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Total advisory fee paid/(reimbursed) | $ |
| Portfolio turnover rate as of the end of the reporting period | |
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. | |
| Naspers Ltd. - N Shares | |
| NU Holdings Ltd. - Class A | |
| Celestica, Inc. | |
| SK Hynix, Inc. | |
| ICICI Bank Ltd. | |
| Sea Ltd. - ADR | |
| Jentech Precision Industrial Co., Ltd. | |
| Bharat Electronics Ltd. | |
| MediaTek, Inc. |
Asset Allocation
Country Allocation
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.
Emerging Markets Fund
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
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) |
$ |
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Total advisory fee paid/(reimbursed) | $ |
| Portfolio turnover rate as of the end of the reporting period | |
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. | |
| Naspers Ltd. - N Shares | |
| NU Holdings Ltd. - Class A | |
| Celestica, Inc. | |
| SK Hynix, Inc. | |
| ICICI Bank Ltd. | |
| Sea Ltd. - ADR | |
| Jentech Precision Industrial Co., Ltd. | |
| Bharat Electronics Ltd. | |
| MediaTek, Inc. |
Asset Allocation
Country Allocation
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.
Global Growth Fund
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
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) |
$ |
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Total advisory fee paid/(reimbursed) | $ |
| Portfolio turnover rate as of the end of the reporting period | |
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 | |
| Amazon.com, Inc. | |
| 3i Group PLC | |
| General Electric Co. | |
| Microsoft Corp. | |
| Taiwan Semiconductor Manufacturing Co., Ltd. | |
| NVIDIA Corp. | |
| AppLovin Corp. - Class A | |
| Datadog, Inc. | |
| Arthur J. Gallagher & Co. |
Asset Allocation
Country Allocation
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.
Global Growth Fund
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
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) |
$ |
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Total advisory fee paid/(reimbursed) | $ |
| Portfolio turnover rate as of the end of the reporting period | |
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 | |
| Amazon.com, Inc. | |
| 3i Group PLC | |
| General Electric Co. | |
| Microsoft Corp. | |
| Taiwan Semiconductor Manufacturing Co., Ltd. | |
| NVIDIA Corp. | |
| AppLovin Corp. - Class A | |
| Datadog, Inc. | |
| Arthur J. Gallagher & Co. |
Asset Allocation
Country Allocation
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.
International Growth Fund
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
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) |
$ |
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Total advisory fee paid/(reimbursed) | $ |
| Portfolio turnover rate as of the end of the reporting period | |
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 | |
| ICON PLC | |
| Ferrari N.V. | |
| ASM International N.V. | |
| Taiwan Semiconductor Manufacturing Co., Ltd. | |
| Canadian Pacific Kansas City Ltd. | |
| AstraZeneca PLC | |
| Safran S.A. | |
| ASML Holding N.V. | |
| BAE Systems PLC |
Asset Allocation
Country Allocation
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.
International Growth Fund
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
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) |
$ |
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Total advisory fee paid/(reimbursed) | $ |
| Portfolio turnover rate as of the end of the reporting period | |
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 | |
| ICON PLC | |
| Ferrari N.V. | |
| ASM International N.V. | |
| Taiwan Semiconductor Manufacturing Co., Ltd. | |
| Canadian Pacific Kansas City Ltd. | |
| AstraZeneca PLC | |
| Safran S.A. | |
| ASML Holding N.V. | |
| BAE Systems PLC |
Asset Allocation
Country Allocation
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.
International Opportunities Fund
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
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) |
$ |
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Total advisory fee paid/(reimbursed) | $ |
| Portfolio turnover rate as of the end of the reporting period | |
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 | |
| Saab A.B. - Class B | |
| ASM International N.V. | |
| Scout24 S.E. | |
| Novo Nordisk A/S - Class B | |
| Puig Brands S.A. - Class B | |
| NU Holdings Ltd. - Class A | |
| Celestica, Inc. | |
| Elastic N.V. | |
| D'ieteren Group |
Asset Allocation
Country Allocation
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.
International Opportunities Fund
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
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) |
$ |
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Total advisory fee paid/(reimbursed) | $ |
| Portfolio turnover rate as of the end of the reporting period | |
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 | |
| Saab A.B. - Class B | |
| ASM International N.V. | |
| Scout24 S.E. | |
| Novo Nordisk A/S - Class B | |
| Puig Brands S.A. - Class B | |
| NU Holdings Ltd. - Class A | |
| Celestica, Inc. | |
| Elastic N.V. | |
| D'ieteren Group |
Asset Allocation
Country Allocation
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.
International Value Fund
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
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) |
$ |
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Total advisory fee paid/(reimbursed) | $( |
| Portfolio turnover rate as of the end of the reporting period | |
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 | |
| Rolls-Royce Holdings PLC | |
| Celestica, Inc. | |
| UBS Group A.G. | |
| Muenchener Rueckversicherungs-Gesellschaft A.G. in Muenchen | |
| D'ieteren Group | |
| Puig Brands S.A. - Class B | |
| Canadian Natural Resources Ltd. | |
| ICON PLC | |
| Deutsche Telekom A.G. |
Asset Allocation
Country Allocation
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.
International Value Fund
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
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) |
$ |
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Total advisory fee paid/(reimbursed) | $( |
| Portfolio turnover rate as of the end of the reporting period | |
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 | |
| Rolls-Royce Holdings PLC | |
| Celestica, Inc. | |
| UBS Group A.G. | |
| Muenchener Rueckversicherungs-Gesellschaft A.G. in Muenchen | |
| D'ieteren Group | |
| Puig Brands S.A. - Class B | |
| Canadian Natural Resources Ltd. | |
| ICON PLC | |
| Deutsche Telekom A.G. |
Asset Allocation
Country Allocation
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-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.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
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) |
$ |
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Total advisory fee paid/(reimbursed) | $ |
| Portfolio turnover rate as of the end of the reporting period | |
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 | |
| United Overseas Bank Ltd. | |
| Canadian National Railway Co. | |
| Iberdrola S.A. | |
| Compass Group PLC | |
| London Stock Exchange Group PLC | |
| HDFC Bank Ltd. - ADR | |
| Baker Hughes Co. | |
| Samsung Electronics Co., Ltd. | |
| Haleon PLC |
Asset Allocation
Country Allocation
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.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
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) |
$ |
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Total advisory fee paid/(reimbursed) | $ |
| Portfolio turnover rate as of the end of the reporting period | |
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 | |
| United Overseas Bank Ltd. | |
| Canadian National Railway Co. | |
| Iberdrola S.A. | |
| Compass Group PLC | |
| London Stock Exchange Group PLC | |
| HDFC Bank Ltd. - ADR | |
| Baker Hughes Co. | |
| Samsung Electronics Co., Ltd. | |
| Haleon PLC |
Asset Allocation
Country Allocation
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.
Small Cap Growth Fund
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
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) |
$ |
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Total advisory fee paid/(reimbursed) | $ |
| Portfolio turnover rate as of the end of the reporting period | |
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. | |
| Integral Corp. | |
| Exosens SAS | |
| Celestica, Inc. | |
| InPost S.A. | |
| Money Forward, Inc. | |
| Schibsted A.S.A. - Class A | |
| Kyoto Financial Group, Inc. | |
| M&A Research Institute Holdings, Inc. | |
| Baltic Classifieds Group PLC |
Asset Allocation
Country Allocation
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.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
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) |
$ |
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Total advisory fee paid/(reimbursed) | $( |
| Portfolio turnover rate as of the end of the reporting period | |
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 | |
| Brown & Brown, Inc. | |
| Entegris, Inc. | |
| Element Solutions, Inc. | |
| CDW Corp. | |
| Booz Allen Hamilton Holding Corp. | |
| Molina Healthcare, Inc. | |
| PTC, Inc. | |
| Jones Lang LaSalle, Inc. | |
| Masco Corp. |
Asset Allocation
Sector Allocation
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.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
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) |
$ |
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Total advisory fee paid/(reimbursed) | $( |
| Portfolio turnover rate as of the end of the reporting period | |
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 | |
| Brown & Brown, Inc. | |
| Entegris, Inc. | |
| Element Solutions, Inc. | |
| CDW Corp. | |
| Booz Allen Hamilton Holding Corp. | |
| Molina Healthcare, Inc. | |
| PTC, Inc. | |
| Jones Lang LaSalle, Inc. | |
| Masco Corp. |
Asset Allocation
Sector Allocation
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.
Dividend Growth Fund
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
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) |
$ |
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Total advisory fee paid/(reimbursed) | $( |
| Portfolio turnover rate as of the end of the reporting period | |
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 | |
| General Dynamics Corp. | |
| Amgen, Inc. | |
| Entergy Corp. | |
| Microsoft Corp. | |
| JPMorgan Chase & Co. | |
| Verizon Communications, Inc. | |
| Texas Instruments, Inc. | |
| Exxon Mobil Corp. | |
| Cullen/Frost Bankers, Inc. |
Asset Allocation
Sector Allocation
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.
Dividend Growth Fund
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
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) |
$ |
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Total advisory fee paid/(reimbursed) | $( |
| Portfolio turnover rate as of the end of the reporting period | |
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 | |
| General Dynamics Corp. | |
| Amgen, Inc. | |
| Entergy Corp. | |
| Microsoft Corp. | |
| JPMorgan Chase & Co. | |
| Verizon Communications, Inc. | |
| Texas Instruments, Inc. | |
| Exxon Mobil Corp. | |
| Cullen/Frost Bankers, Inc. |
Asset Allocation
Sector Allocation
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.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
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) |
$ |
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Total advisory fee paid/(reimbursed) | $ |
| Portfolio turnover rate as of the end of the reporting period | |
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. | |
| Applied Industrial Technologies, Inc. | |
| Casella Waste Systems, Inc. - Class A | |
| Appfolio, Inc. - Class A | |
| MACOM Technology Solutions Holdings, Inc. | |
| Rambus, Inc. | |
| Tetra Tech, Inc. | |
| WEX, Inc. | |
| ACI Worldwide, Inc. | |
| John Bean Technologies Corp. |
Asset Allocation
Sector Allocation
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.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
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) |
$ |
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Total advisory fee paid/(reimbursed) | $ |
| Portfolio turnover rate as of the end of the reporting period | |
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. | |
| Applied Industrial Technologies, Inc. | |
| Casella Waste Systems, Inc. - Class A | |
| Appfolio, Inc. - Class A | |
| MACOM Technology Solutions Holdings, Inc. | |
| Rambus, Inc. | |
| Tetra Tech, Inc. | |
| WEX, Inc. | |
| ACI Worldwide, Inc. | |
| John Bean Technologies Corp. |
Asset Allocation
Sector Allocation
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.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
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) |
$ |
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Total advisory fee paid/(reimbursed) | $ |
| Portfolio turnover rate as of the end of the reporting period | |
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 | |
| EMCOR Group, Inc. | |
| Brown & Brown, Inc. | |
| Element Solutions, Inc. | |
| Verra Mobility Corp. | |
| Entegris, Inc. | |
| API Group Corp. | |
| Jones Lang LaSalle, Inc. | |
| Booz Allen Hamilton Holding Corp. | |
| MKS Instruments, Inc. |
Asset Allocation
Sector Allocation
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.
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
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) |
$ |
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
| Fund net assets | $ |
| Total number of portfolio holdings | |
| Total advisory fee paid/(reimbursed) | $ |
| Portfolio turnover rate as of the end of the reporting period | |
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 | |
| EMCOR Group, Inc. | |
| Brown & Brown, Inc. | |
| Element Solutions, Inc. | |
| Verra Mobility Corp. | |
| Entegris, Inc. | |
| API Group Corp. | |
| Jones Lang LaSalle, Inc. | |
| Booz Allen Hamilton Holding Corp. | |
| MKS Instruments, Inc. |
Asset Allocation
Sector Allocation
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
|
WCM Developing World Equity Fund Investor Class Shares – WCMUX Institutional Class Shares – WCMDX
| |
|
WCM Focused Emerging Markets
Fund 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
| |
|
WCM International Small Cap Growth Fund
|
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 |
WCM Focused Emerging |
WCM Focused Global |
||||||||||
| 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 |
WCM Small Cap Growth |
WCM SMID Quality Value |
||||||||||
| 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 |
WCM Developing World |
WCM International Equity |
||||||||||
| 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 |
WCM Focused International |
WCM Mid Cap Quality Value |
||||||||||
| 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 |
WCM Quality Dividend |
|||||||
| 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 |
WCM Focused Emerging |
WCM Focused Global |
||||||||||
| 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 |
WCM Small Cap Growth |
WCM SMID Quality Value |
||||||||||
| 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 |
WCM Developing World |
WCM International Equity |
||||||||||
| 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 |
WCM Focused International |
WCM Mid Cap Quality Value |
||||||||||
| 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 |
WCM Quality Dividend |
|||||||
| 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 2019* |
||||||||||||||||||||
| (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 2019* |
||||||||||||||||||||
| (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 2019* |
||||||||||||||||||||
| (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 2019* |
||||||||||||||||||||
| (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 2020* |
||||||||||||||||||||
| (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 2020* |
||||||||||||||||||||
| (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 2020* |
||||||||||||||||||||
| (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 2020* |
||||||||||||||||||||
| (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 2020* |
||||||||||||||||||||
| (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 2020* |
||||||||||||||||||||
| (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 2020* |
||||||||||||||||
| (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 2020* |
||||||||||||||||
| (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 2021* |
||||||||||||||||
| (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 2021* |
||||||||||||||||
| (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 2022* |
||||||||||
| (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 2022* |
||||||||||
| (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.
| 112 |
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 |