# EDGAR Filing Document

**Accession Number:** 0001318342
**File Stem:** 0001398344-23-000426
**Filing Date:** 2023-1
**Character Count:** 385497
**Document Hash:** 72e7139baa6d8dee81e0426af2cec0f1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-23-000426.hdr.sgml**: 20230109

**ACCESSION NUMBER**: 0001398344-23-000426

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20221031

**FILED AS OF DATE**: 20230109

**DATE AS OF CHANGE**: 20230109

**EFFECTIVENESS DATE**: 20230109

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Investment Managers Series Trust
- **CENTRAL INDEX KEY:** 0001318342
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21719
- **FILM NUMBER:** 23517622

**BUSINESS ADDRESS:**
- **STREET 1:** 235 WEST GALENA STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53212
- **BUSINESS PHONE:** 626-914-4141

**MAIL ADDRESS:**
- **STREET 1:** 235 WEST GALENA STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53212

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Claymore Trust
- **DATE OF NAME CHANGE:** 20050603

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Claymore Equity Trust
- **DATE OF NAME CHANGE:** 20050218

## Series and Classes Contracts Data

### WCM Focused International Growth Fund (Series ID: S000032897)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000101539 | Institutional Class | WCMIX           |
| C000104483 | Investor Class      | WCMRX           |

### WCM Focused Emerging Markets Fund (Series ID: S000041213)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000127811 | Institutional Class | WCMEX           |
| C000127812 | Investor Class      | WFEMX           |

### WCM Focused Global Growth Fund (Series ID: S000041214)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000127813 | Institutional Class | WCMGX           |
| C000127814 | Investor Class      | WFGGX           |

### WCM International Small Cap Growth Fund (Series ID: S000051068)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000160892 | Institutional Class Shares | WCMSX           |

### WCM SMID Quality Value Fund (Series ID: S000066861)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000215233 | Investor Class Shares      | WCMJX           |
| C000215234 | Institutional Class Shares | WCMFX           |

### WCM Small Cap Growth Fund (Series ID: S000066862)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000215235 | Institutional Class Shares | WCMLX           |
| C000215236 | Investor Class Shares      | WCMNX           |

### WCM China Quality Growth Fund (Series ID: S000068293)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000218621 | Investor Class Shares      | WCQGX           |
| C000218622 | Institutional Class Shares | WCMCX           |

### WCM Developing World Equity Fund (Series ID: S000068294)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000218623 | Investor Class Shares      | WCMUX           |
| C000218624 | Institutional Class Shares | WCMDX           |

### WCM International Equity Fund (Series ID: S000068295)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000218625 | Investor Class Shares      | WESGX           |
| C000218626 | Institutional Class Shares | WCMMX           |

### WCM Focused International Value Fund (Series ID: S000068910)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000220167 | Institutional Class Shares | WCMVX           |
| C000220168 | Investor Class Shares      | WLIVX           |

### WCM Focused International Opportunities Fund (Series ID: S000071190)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000225976 | Investor Class Shares      | WCFOX           |
| C000225977 | Institutional Class Shares | WCMOX           |

### WCM International Long-Term Growth Fund (Series ID: S000071191)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000225978 | Institutional Class Shares | WCMTX           |
| C000225979 | Investor Class Shares      | WILGX           |

### WCM Mid Cap Quality Value Fund (Series ID: S000077072)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000237215 | Institutional Class Shares | WCMAX           |
| C000237216 | Investor Class Shares      | WMIDX           |

UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **<u>811-21719</u>**

**<u>INVESTMENT MANAGERS SERIES TRUST</u>**<br> (Exact name of registrant as specified in charter)

**235 W. Galena Street**

**<u>Milwaukee, WI 53212</u>**<br> (Address of principal executive offices) (Zip code)

**Diane J. Drake**

**Mutual Fund Administration, LLC**

**2220 E. Route 66, Suite 226**

**<u>Glendora, CA 91740</u>**

(Name and address of agent for service)

**<u>(626) 385-5777</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>April 30</u>**

Date of reporting period: **<u>October 31, 2022</u>**

**<u>Item 1. Report to Stockholders.</u>**

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:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**WCM Focused International Growth Fund**<br> Investor Class Shares – WCMRX<br> Institutional Class Shares – WCMIX<br>| &nbsp;&nbsp;**WCM China Quality Growth Fund** <br> Investor Class Shares – WCQGX <br> Institutional Class Shares – WCMCX<br>|
| &nbsp;&nbsp;**WCM Focused Emerging Markets Fund**<br> Investor Class Shares – WFEMX <br> Institutional Class Shares – WCMEX<br>| &nbsp;&nbsp;**WCM Developing World Equity *Fund (formerly, WCM Sustainable Developing World Fund)*** <br> Investor Class Shares – WCMUX <br> Institutional Class Shares – WCMDX<br>|
| &nbsp;&nbsp;**WCM Focused Global Growth Fund** <br> Investor Class Shares – WFGGX <br> Institutional Class Shares – WCMGX<br>| &nbsp;&nbsp;**WCM International Equity Fund *(formerly, WCM Sustainable International Fund)*** <br> Investor Class Shares – WESGX <br> Institutional Class Shares – WCMMX<br>|
| &nbsp;&nbsp;**WCM International Small Cap Growth Fund**<br> Institutional Class Shares – WCMSX<br>| &nbsp;&nbsp;**WCM Focused International Value Fund** <br> Investor Class Shares – WLIVX<br> Institutional Class Shares – WCMVX<br>|
| &nbsp;&nbsp;**WCM Small Cap Growth Fund** <br> Investor Class Shares – WCMNX <br> Institutional Class Shares – WCMLX<br>| &nbsp;&nbsp;**WCM Focused International Opportunities Fund** <br> Investor Class Shares – WCFOX <br> Institutional Class Shares – WCMOX<br>|
| &nbsp;&nbsp;**WCM Focused Small Cap Fund** <br> Investor Class Shares – WCMJX <br> Institutional Class Shares – WCMFX<br>| &nbsp;&nbsp;**WCM International Long-Term Growth Fund** <br> Investor Class Shares – WILGX <br> Institutional Class Shares – WCMTX<br>**WCM Focused Mid Cap Fund** <br> Investor Class Shares – WMIDX <br> Institutional Class Shares – WCMAX  |

---

**SEMI-ANNUAL REPORT**

**OCTOBER 31, 2022**

**WCM Funds**

*Each a series of Investment Managers Series Trust*

**Table of Contents**

---

| | |
|:---|:---|
| Schedules of Investments | 1 |
| Statements of Assets and Liabilities | 50 |
| Statements of Operations | 55 |
| Statements of Changes in Net Assets | 60 |
| Financial Highlights | 73 |
| Notes to Financial Statements | 98 |
| Supplemental Information | 126 |
| Fund Performance | 128 |
| Expense Examples | 141 |

---

*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 Prospectus.*

www.wcminvestfunds.com

**WCM Focused International Growth Fund**

**SCHEDULE OF INVESTMENTS**

**As of October 31, 2022 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS — 98.8%** |  |
|  | **AUSTRALIA — 5.6%** |  |
| 1991711 | Atlassian Corp. - Class A\* | $403779571 |
| 2694448 | CSL Ltd. | 482333940 |
|  |  | **886113511** |
|  | **CANADA — 10.7%** |  |
| 11040773 | Canadian Pacific Railway Ltd. | 822427181 |
| 1654304 | Lululemon Athletica, Inc.\* | 544332188 |
| 2415566 | Waste Connections, Inc. | 318637311 |
|  |  | **1685396680** |
|  | **CHINA — 2.2%** |  |
| 39128624 | Li Ning Co., Ltd. | 202407895 |
| 20124863 | Shenzhou International Group Holdings Ltd. | 139725983 |
|  |  | **342133878** |
|  | **DENMARK — 5.2%** |  |
| 1546278 | DSV A/S | 208945887 |
| 5679085 | Novo Nordisk A/S - Class B | 617494043 |
|  |  | **826439930** |
|  | **FRANCE — 7.9%** |  |
| 926478 | LVMH Moet Hennessy Louis Vuitton S.E. | 584596906 |
| 1990190 | Pernod Ricard S.A. | 349297324 |
| 2514025 | Schneider Electric S.E. | 317911244 |
|  |  | **1251805474** |
|  | **HONG KONG — 2.9%** |  |
| 59663615 | AIA Group Ltd. | **451936853** |
|  | **IRELAND — 16.7%** |  |
| 2110653 | Accenture PLC - Class A | 599214387 |
| 2163774 | Aon PLC - Class A | 609080743 |
| 16771390 | Experian PLC | 534755386 |
| 2456310 | ICON PLC\* | 485956370 |
| 2319353 | STERIS PLC | 400273941 |
|  |  | **2629280827** |
|  | **ITALY — 3.4%** |  |
| 2749623 | Ferrari N.V. | **542050988** |
|  | **JAPAN — 5.3%** |  |
| 1155254 | Keyence Corp. | 435606204 |
| 2863020 | Lasertec Corp. | 402285619 |
|  |  | **837891823** |

---

**WCM Focused International Growth Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of October 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **NETHERLANDS — 8.0%** |  |
| 321022 | Adyen N.V.\* | $458286172 |
| 1236633 | ASM International N.V. | 273564875 |
| 1132052 | ASML Holding N.V. | 534804006 |
|  |  | **1266655053** |
|  | **SPAIN — 2.3%** |  |
| 6930394 | Amadeus IT Group S.A.\* | **361453024** |
|  | **SWEDEN — 4.4%** |  |
| 22599295 | Atlas Copco A.B. - A Shares | 241207950 |
| 4812643 | Evolution A.B. | 448936400 |
|  |  | **690144350** |
|  | **SWITZERLAND — 12.8%** |  |
| 7654977 | Alcon, Inc. | 466053102 |
| 504468 | Lonza Group A.G. | 259679210 |
| 275481 | Mettler-Toledo International, Inc.\* | 348464181 |
| 4421231 | Nestle S.A. | 481266050 |
| 2059853 | Sika A.G. | 464423829 |
|  |  | **2019886372** |
|  | **UNITED KINGDOM — 4.9%** |  |
| 4083622 | AstraZeneca PLC | 479135771 |
| 2662236 | Ferguson PLC | 290337291 |
|  |  | **769473062** |
|  | **UNITED STATES — 6.5%** |  |
| 1425773 | EPAM Systems, Inc.\* | 499020550 |
| 2378829 | ResMed, Inc. | 532120259 |
|  |  | **1031140809** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;**(Cost $14,252,869,585)** | **15591802634** |

---

**WCM Focused International Growth Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of October 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **SHORT-TERM INVESTMENTS — 1.1%** |  |
| $183027676 | UMB Bank Demand Deposit, 2.96%<sup>1</sup> | $183027676 |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $183,027,676) | **183027676** |
|  | **TOTAL INVESTMENTS — 99.9%** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $14,435,897,261) | **15774830310** |
|  | Other Assets in Excess of Liabilities — 0.1% | 11702096 |
|  | **TOTAL NET ASSETS — 100.0%** | $**15786532406** |

---

PLC – Public Limited Company

<sup>\*</sup> Non-income producing security. <br> <sup>1</sup> The rate is the annualized seven-day yield at period end.

*See accompanying Notes to Financial Statements.*

**WCM Focused International Growth Fund**

**SUMMARY OF INVESTMENTS**

**As of October 31, 2022 (Unaudited)**

---

| | |
|:---|:---|
| Security Type/Sector | Percent of Total<br> Net Assets |
| Common Stocks |  |
| &nbsp;&nbsp;&nbsp;Health Care | 25.8% |
| &nbsp;&nbsp;&nbsp;Technology | 25.8% |
| &nbsp;&nbsp;&nbsp;Industrials | 16.7% |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 15.6% |
| &nbsp;&nbsp;&nbsp;Financials | 6.7% |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 5.3% |
| &nbsp;&nbsp;&nbsp;Materials | 2.9% |
| **Total Common Stocks** | **98.8%** |
| Short-Term Investments | 1.1% |
| **Total Investments** | **99.9%** |
| Other Assets in Excess of Liabilities | 0.1% |
| **Total Net Assets** | **100.0%** |

---

*See accompanying Notes to Financial Statements.*

**WCM Focused Emerging Markets Fund**

**SCHEDULE OF INVESTMENTS**

**As of October 31, 2022 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS — 93.0%** |  |
|  | **ARGENTINA — 2.3%** |  |
| 162879 | Globant S.A.\* | $**30732010** |
|  | **BRAZIL — 2.9%** |  |
| 26225791 | Hapvida Participacoes e Investimentos S/A | **39601426** |
|  | **CHINA — 25.0%** |  |
| 5321461 | Angel Yeast Co., Ltd. - Class A | 26463963 |
| 480051 | Beijing Huafeng Test & Control Technology Co., Ltd. - Class A | 17440275 |
| 11918330 | China Mengniu Dairy Co., Ltd.\* | 38152108 |
| 842708 | Eastroc Beverage Group Co., Ltd. - Class A | 17901454 |
| 91900 | Kweichow Moutai Co., Ltd. - Class A | 17034033 |
| 5621000 | Li Ning Co., Ltd. | 29076790 |
| 1531312 | Qingdao Haier Biomedical Co., Ltd. - Class A | 16191192 |
| 6608895 | Shenzhen H&T Intelligent Control Co., Ltd. - Class A | 13392823 |
| 4358520 | Shenzhou International Group Holdings Ltd. | 30261000 |
| 1256860 | Silergy Corp. | 14493725 |
| 1225034 | Tencent Holdings Ltd. | 32189755 |
| 3691902 | WuXi AppTec Co., Ltd. - Class H | 29631868 |
| 1377124 | Xiamen Faratronic Co., Ltd. - Class A | 33338926 |
| 1408289 | ZTO Express Cayman, Inc. - ADR | 23786001 |
|  |  | **339353913** |
|  | **CYPRUS — 0.0%** |  |
| 358615 | TCS Group Holding PLC - GDR<sup>\*</sup>,<sup>1</sup> | **—** |
|  | **HONG KONG — 7.7%** |  |
| 6070646 | AIA Group Ltd. | 45983614 |
| 12465000 | China Overseas Property Holdings Ltd. | 7844993 |
| 437100 | Hong Kong Exchanges & Clearing Ltd. | 11602141 |
| 4076885 | Techtronic Industries Co., Ltd. | 38602825 |
|  |  | **104033573** |
|  | **INDIA — 20.1%** |  |
| 1023094 | Divi's Laboratories Ltd. | 44627665 |
| 2207991 | HDFC Bank Ltd. | 40071630 |
| 2607709 | Kotak Mahindra Bank Ltd. | 60042785 |
| 568757 | PI Industries Ltd. | 22279968 |
| 1664597 | Star Health & Allied Insurance Co., Ltd.\* | 14350516 |
| 745173 | Tata Consultancy Services Ltd. | 28757768 |
| 727021 | WNS Holdings Ltd. - ADR\* | 62581968 |
|  |  | **272712300** |

---

**WCM Focused Emerging Markets Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of October 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **INDONESIA — 2.8%** |  |
| 67525675 | Bank Central Asia Tbk P.T. | $**38170746** |
|  | **MEXICO — 8.6%** |  |
| 4700376 | Grupo Aeroportuario del Centro Norte S.A.B. de C.V. | 37445483 |
| 169548 | Grupo Aeroportuario del Sureste S.A.B. de C.V. - ADR | 39575894 |
| 10325189 | Wal-Mart de Mexico S.A.B. de C.V. | 39882234 |
|  |  | **116903611** |
|  | **NETHERLANDS — 1.4%** |  |
| 360204 | BE Semiconductor Industries N.V. | **18357554** |
|  | **POLAND — 2.5%** |  |
| 508115 | Dino Polska S.A.\* | **33165857** |
|  | **RUSSIA — 0.0%** |  |
| 15336645 | Moscow Exchange MICEX-RTS PJSC<sup>\*,1</sup> |  |
| 801002 | Yandex N.V. - Class A\*,<sup>1</sup> |  |
|  |  | **—** |
|  | **SOUTH AFRICA — 2.1%** |  |
| 275428 | Capitec Bank Holdings Ltd. | **28519633** |
|  | **SOUTH KOREA — 1.9%** |  |
| 772872 | Coupang, Inc.\* | 13347500 |
| 108874 | NAVER Corp. | 12914451 |
|  |  | **26261951** |
|  | **TAIWAN — 9.0%** |  |
| 880629 | Airtac International Group | 20151825 |
| 8483000 | Taiwan Semiconductor Manufacturing Co., Ltd. | 101984391 |
|  |  | **122136216** |
|  | **THAILAND — 2.0%** |  |
| 235581 | Fabrinet\* | **26950466** |
|  | **UNITED KINGDOM — 1.8%** |  |
| 144592 | Endava PLC - ADR\* | 11023694 |
| 671415 | Wizz Air Holdings PLC\* | 13161736 |
|  |  | **24185430** |
|  | **UNITED STATES — 2.9%** |  |
| 91086 | EPAM Systems, Inc.\* | 31880100 |

---

**WCM Focused Emerging Markets Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of October 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **UNITED STATES (Continued)** |  |
| 513359 | Freshworks, Inc. - Class A\* | $6976549 |
|  |  | **38856649** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $1,758,546,406) | **1259941335** |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  |  |
|  | **SHORT-TERM INVESTMENTS — 7.4%** |  |
| $99953865 | UMB Bank Demand Deposit, 2.96%<sup>2</sup> | 99953865 |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $99,953,865) | **99953865** |
|  | **TOTAL INVESTMENTS — 100.4%** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $1,858,500,271) | **1359895200** |
|  | Liabilities in Excess of Other Assets — (0.4)% | (4920281) |
|  | **TOTAL NET ASSETS — 100.0%** | $**1354974919** |

---

---

| |
|:---|
| ADR – American Depository Receipt |
| GDR – Global Depository Receipt |
| PJSC – Public Joint Stock Company |
| PLC – Public Limited Company |

---

\* Non-income producing security.

<sup>1</sup> Level 3 securities fair valued under procedures established by the Board of Trustees, represents 0.00% of Total Net Assets. The total value of these securities is $0.

<sup>2</sup> The rate is the annualized seven-day yield at period end.

*See accompanying Notes to Financial Statements.*

**WCM Focused Emerging Markets Fund**

**SUMMARY OF INVESTMENTS**

**As of October 31, 2022 (Unaudited)**

---

| | |
|:---|:---|
| Security Type/Sector | Percent of Total<br> Net Assets |
| Common Stocks |  |
| &nbsp;&nbsp;&nbsp;Technology | 29.4% |
| &nbsp;&nbsp;&nbsp;Financials | 17.6% |
| &nbsp;&nbsp;&nbsp;Industrials | 12.8% |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 12.7% |
| &nbsp;&nbsp;&nbsp;Health Care | 9.6% |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 5.4% |
| &nbsp;&nbsp;&nbsp;Communications | 3.3% |
| &nbsp;&nbsp;&nbsp;Materials | 1.6% |
| &nbsp;&nbsp;&nbsp;Real Estate | 0.6% |
| **Total Common Stocks** | **93.0%** |
| Short-Term Investments | 7.4% |
| **Total Investments** | **100.4%** |
| Liabilities in Excess of Other Assets | (0.4)% |
| **Total Net Assets** | **100.0%** |

---

*See accompanying Notes to Financial Statements.*

**WCM Focused Global Growth Fund**

**SCHEDULE OF INVESTMENTS**

**As of October 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS — 96.0%** |  |
|  | **AUSTRALIA — 1.6%** |  |
| 26409 | Atlassian Corp. - Class A\* | $**5353897** |
|  | **CANADA — 5.4%** |  |
| 93293 | Canadian Pacific Railway Ltd. | 6949396 |
| 81429 | Waste Connections, Inc. | 10741299 |
|  |  | **17690695** |
|  | **DENMARK — 3.1%** |  |
| 93367 | Novo Nordisk A/S - Class B | **10151911** |
|  | **FRANCE — 4.9%** |  |
| 14737 | LVMH Moet Hennessy Louis Vuitton S.E. | 9298876 |
| 39865 | Pernod Ricard S.A. | 6996688 |
|  |  | **16295564** |
|  | **HONG KONG — 1.6%** |  |
| 711617 | AIA Group Ltd. | **5390319** |
|  | **ITALY — 2.1%** |  |
| 35020 | Ferrari N.V. | **6903719** |
|  | **NETHERLANDS — 1.8%** |  |
| 4058 | Adyen N.V.\* | **5793140** |
|  | **SWEDEN — 3.6%** |  |
| 615295 | Atlas Copco A.B. - A Shares | 6567198 |
| 57668 | Evolution A.B. | 5379428 |
|  |  | **11946626** |
|  | **SWITZERLAND — 4.3%** |  |
| 86455 | Alcon, Inc. | 5263585 |
| 7068 | Mettler-Toledo International, Inc.\* | 8940525 |
|  |  | **14204110** |
|  | **UNITED STATES — 67.6%** |  |
| 78147 | Amazon.com, Inc.\* | 8005379 |
| 186604 | Amphenol Corp. - Class A | 14150181 |
| 61664 | Arthur J. Gallagher & Co. | 11536101 |
| 34603 | Bill.com Holdings, Inc.\* | 4614656 |
| 12618 | Costco Wholesale Corp. | 6327927 |
| 56252 | Datadog, Inc.\* | 4528848 |
| 73638 | Entegris, Inc. | 5842439 |
| 106358 | Floor & Decor Holdings, Inc. - Class A\* | 7803486 |

---

**WCM Focused Global Growth Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of October 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **UNITED STATES (Continued)** |  |
| 144440 | Graco, Inc. | $10050135 |
| 63903 | HEICO Corp. - Class A | 8134852 |
| 20480 | Lam Research Corp. | 8289894 |
| 56246 | LPL Financial Holdings, Inc. | 14379290 |
| 21478 | McKesson Corp. | 8362889 |
| 33547 | Microsoft Corp. | 7787265 |
| 19121 | MSCI, Inc. | 8965072 |
| 36445 | Old Dominion Freight Line, Inc. | 10007797 |
| 16200 | Procore Technologies, Inc.\* | 885492 |
| 33932 | Repligen Corp.\* | 6192251 |
| 11032 | ServiceNow, Inc.\* | 4641604 |
| 34442 | Snowflake, Inc. - Class A\* | 5521053 |
| 46940 | Stryker Corp. | 10760526 |
| 29476 | Thermo Fisher Scientific, Inc. | 15149780 |
| 27796 | Union Pacific Corp. | 5479703 |
| 28546 | UnitedHealth Group, Inc. | 15847312 |
| 59242 | Visa, Inc. - Class A | 12272573 |
| 29798 | West Pharmaceutical Services, Inc. | 6856520 |
|  |  | **222393025** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $327,139,585) | **316123006** |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  |  |
|  | **SHORT-TERM INVESTMENTS — 4.1%** |  |
| $13299417 | UMB Bank Demand Deposit, 2.96%<sup>1</sup> | 13299417 |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $13,299,417) | **13299417** |
|  | **TOTAL INVESTMENTS — 100.1%** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $340,439,002) | **329422423** |
|  | Liabilities in Excess of Other Assets — (0.1)% | (253763) |
|  | **TOTAL NET ASSETS — 100.0%** | $**329168660** |

---

\* Non-income producing security. <br> <sup>1</sup> The rate is the annualized seven-day yield at period end.

*See accompanying Notes to Financial Statements.*

**WCM Focused Global Growth Fund**

**SUMMARY OF INVESTMENTS**

**As of October 31, 2022 (Unaudited)**

---

| | |
|:---|:---|
| Security Type/Sector | Percent of Total<br> Net Assets |
| Common Stocks |  |
| &nbsp;&nbsp;&nbsp;Health Care | 26.6% |
| &nbsp;&nbsp;&nbsp;Technology | 22.6% |
| &nbsp;&nbsp;&nbsp;Industrials | 21.9% |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 11.4% |
| &nbsp;&nbsp;&nbsp;Financials | 9.5% |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 4.0% |
| **Total Common Stocks** | **96.0%** |
| Short-Term Investments | 4.1% |
| **Total Investments** | **100.1%** |
| Liabilities in Excess of Other Assets | (0.1)% |
| **Total Net Assets** | **100.0%** |

---

*See accompanying Notes to Financial Statements.*

**WCM International Small Cap Growth Fund**

**SCHEDULE OF INVESTMENTS**

**As of October 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS — 95.1%** |  |
|  | **ARGENTINA — 2.1%** |  |
| 35139 | Globant S.A.\* | $**6630026** |
|  | **AUSTRALIA — 3.7%** |  |
| 410925 | HUB24 Ltd. | 6662720 |
| 337412 | Lovisa Holdings Ltd. | 5252849 |
|  |  | **11915569** |
|  | **BELGIUM — 1.6%** |  |
| 31168 | D'ieteren Group | **5187182** |
|  | **BRAZIL — 4.2%** |  |
| 512679 | CI&T, Inc. - Class A\* | 4203968 |
| 1103210 | Grupo SBF S.A. | 4045068 |
| 1670810 | Vamos Locacao de Caminhoes Maquinas e Equipamentos S.A. | 5214104 |
|  |  | **13463140** |
|  | **CANADA — 2.5%** |  |
| 44595 | Cargojet, Inc. | 4346899 |
| 52615 | Descartes Systems Group, Inc.\* | 3630219 |
|  |  | **7977118** |
|  | **CHINA — 2.4%** |  |
| 307000 | Silergy Corp. | 3540230 |
| 166600 | Xiamen Faratronic Co., Ltd. - Class A | 4033235 |
|  |  | **7573465** |
|  | **DENMARK — 3.5%** |  |
| 321636 | ALK-Abello A/S\* | 5317886 |
| 104724 | Royal Unibrew A/S | 5982274 |
|  |  | **11300160** |
|  | **FAROE ISLANDS — 1.7%** |  |
| 107734 | Bakkafrost P/F | **5388601** |
|  | **FRANCE — 4.1%** |  |
| 59970 | Gaztransport Et Technigaz S.A. | 6976759 |
| 48432 | SOITEC\* | 6201397 |
|  |  | **13178156** |
|  | **GERMANY — 6.1%** |  |
| 140156 | Eckert & Ziegler Strahlen- und Medizintechnik A.G. | 5540837 |
| 27874 | Hypoport S.E.\* | 2722581 |
| 140859 | Puma S.E. | 6227432 |

---

**WCM International Small Cap Growth Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of October 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **GERMANY (Continued)** |  |
| 99525 | Scout24 S.E. | $5100108 |
|  |  | **19590958** |
|  | **INDIA — 3.7%** |  |
| 107518 | Computer Age Management Services Ltd. | 3314210 |
| 581851 | Syngene International Ltd. | 4439549 |
| 46635 | WNS Holdings Ltd. - ADR\* | 4014341 |
|  |  | **11768100** |
|  | **ISRAEL — 0.9%** |  |
| 278573 | Maytronics Ltd. | **3003679** |
|  | **ITALY — 4.5%** |  |
| 586986 | Ariston Holding N.V. | 5010931 |
| 243899 | Stevanato Group S.p.A. | 4107259 |
| 750509 | Technoprobe S.p.A.\* | 5161224 |
|  |  | **14279414** |
|  | **JAPAN — 17.5%** |  |
| 358200 | BayCurrent Consulting, Inc. | 10050088 |
| 70200 | GMO Payment Gateway, Inc. | 5047790 |
| 353060 | Japan Elevator Service Holdings Co., Ltd. | 4164507 |
| 157800 | Jeol Ltd. | 5774404 |
| 225540 | Kobe Bussan Co., Ltd. | 4892101 |
| 403600 | Nihon M&A Center Holdings, Inc. | 4554144 |
| 423300 | Rakus Co., Ltd. | 4701343 |
| 61700 | SHIFT, Inc.\* | 9634118 |
| 102300 | Visional, Inc.\* | 6953836 |
|  |  | **55772331** |
|  | **MEXICO — 3.1%** |  |
| 720608 | Controladora Vuela Cia de Aviacion S.A.B. de C.V. - ADR\* | 6038695 |
| 974000 | Qualitas Controladora S.A.B. de C.V. | 3827078 |
|  |  | **9865773** |
|  | **NETHERLANDS — 1.5%** |  |
| 76999 | Elastic N.V.\* | **4924086** |
|  | **NORWAY — 2.7%** |  |
| 4502474 | AutoStore Holdings Ltd.\* | **8509235** |
|  | **POLAND — 1.1%** |  |
| 55620 | Dino Polska S.A.\* | **3630448** |

---

**WCM International Small Cap Growth Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of October 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **RUSSIA — 0.0%** |  |
| 781116 | Cian PLC - ADR<sup>\*</sup>,<sup>1</sup> | $— |
| 125247 | HeadHunter Group PLC - ADR<sup>1</sup> |  |
|  | **SWEDEN — 9.0%** |  |
| 250905 | Avanza Bank Holding A.B. | 5004811 |
| 370488 | Hemnet Group A.B. | 4602756 |
| 458871 | Nordnet A.B. publ | 5684416 |
| 154985 | Sdiptech A.B. - Class B\* | 2988414 |
| 917173 | SwedenCare A.B. | 3157523 |
| 204690 | Thule Group A.B. | 4032518 |
| 87927 | Vitec Software Group A.B. | 3226315 |
|  |  | **28696753** |
|  | **SWITZERLAND — 7.1%** |  |
| 88406 | Bachem Holding A.G. | 6338933 |
| 693411 | Global Blue Group Holding A.G.\* | 2905392 |
| 324903 | Medmix A.G.<sup>2</sup> | 5719383 |
| 127353 | PolyPeptide Group A.G.<sup>\*</sup>,<sup>2</sup> | 3702813 |
| 6915 | Siegfried Holding A.G.\* | 4116142 |
|  |  | **22782663** |
|  | **TAIWAN — 2.1%** |  |
| 436000 | Sinbon Electronics Co., Ltd. | 3385802 |
| 451700 | Universal Vision Biotechnology Co., Ltd. | 3454752 |
|  |  | **6840554** |
|  | **UNITED ARAB EMIRATES — 1.4%** |  |
| 1160624 | Network International Holdings PLC\* | **4325720** |
|  | **UNITED KINGDOM — 5.8%** |  |
| 2808655 | Baltic Classifieds Group PLC | 4483541 |
| 169725 | Diploma PLC | 4827430 |
| 75541 | Endava PLC - ADR\* | 5759246 |
| 167799 | Wizz Air Holdings PLC\* | 3289361 |
|  |  | **18359578** |
|  | **URUGUAY — 1.2%** |  |
| 168219 | Dlocal Ltd./Uruguay\* | **3751284** |

---

**WCM International Small Cap Growth Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of October 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **VIETNAM — 1.6%** |  |
| 1631700 | FPT Corp. | $**4965009** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $379,983,872) | **303679002** |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  |  |
|  | **SHORT-TERM INVESTMENTS — 5.5%** |  |
| $17615345 | UMB Bank Demand Deposit, 2.96%<sup>3</sup> | 17615345 |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $17,615,345) | **17615345** |
|  | **TOTAL INVESTMENTS — 100.6%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $397,599,217) | **321294347** |
|  | Liabilities in Excess of Other Assets — (0.6)% | (1951413) |
|  | **TOTAL NET ASSETS — 100.0%** | $**319342934** |

---

ADR – American Depository Receipt

PLC – Public Limited Company

<sup>\*</sup> Non-income producing security.

<sup>1</sup> Level 3 securities fair valued under procedures established by the Board of Trustees, represents 0.00% of Total Net Assets. The total value of these securities is $0.

<sup>2</sup> Restricted security - Investments in securities not registered under the Securities Act of 1933, excluding 144A securities. At October 31, 2022, the value of these restricted securities amounted to $9,422,196 or 2.95% of net assets. These restricted securities have not been deemed illiquid.

<sup>3</sup> The rate is the annualized seven-day yield at period end.

*See accompanying Notes to Financial Statements.* 

**WCM International Small Cap Growth Fund**

**SUMMARY OF INVESTMENTS**

**As of October 31, 2022 (Unaudited)**

---

| | |
|:---|:---|
| Security Type/Sector | Percent of Total<br> Net Assets |
| Common Stocks |  |
| &nbsp;&nbsp;&nbsp;Technology | 37.0% |
| &nbsp;&nbsp;&nbsp;Health Care | 15.2% |
| &nbsp;&nbsp;&nbsp;Industrials | 13.4% |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 9.7% |
| &nbsp;&nbsp;&nbsp;Financials | 7.0% |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 6.2% |
| &nbsp;&nbsp;&nbsp;Communications | 4.4% |
| &nbsp;&nbsp;&nbsp;Energy | 2.2% |
| **Total Common Stocks** | **95.1%** |
| Short-Term Investments | 5.5% |
| **Total Investments** | **100.6%** |
| Liabilities in Excess of Other Assets | (0.6)% |
| **Total Net Assets** | **100.0%** |

---

*See accompanying Notes to Financial Statements.* 

**WCM Small Cap Growth Fund**

**SCHEDULE OF INVESTMENTS**

**As of October 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS — 94.6%** |  |
|  | **COMMUNICATIONS — 1.2%** |  |
| 8879 | IAC, Inc.\* | $**432230** |
|  | **CONSUMER DISCRETIONARY — 13.6%** |  |
| 9341 | Boot Barn Holdings, Inc.\* | 530569 |
| 14370 | Caesars Entertainment, Inc.\* | 628400 |
| 31480 | Clarus Corp. | 381223 |
| 6314 | Fox Factory Holding Corp.\* | 554685 |
| 11412 | Planet Fitness, Inc. - Class A\* | 747257 |
| 7141 | Texas Roadhouse, Inc. | 706602 |
| 30261 | Topgolf Callaway Brands Corp.\* | 566486 |
| 5283 | Wingstop, Inc. | 836774 |
|  |  | **4951996** |
|  | **CONSUMER STAPLES — 6.2%** |  |
| 3234 | Casey's General Stores, Inc. | 752584 |
| 5010 | Five Below, Inc.\* | 733214 |
| 14708 | Performance Food Group Co.\* | 765404 |
|  |  | **2251202** |
|  | **ENERGY — 3.3%** |  |
| 11874 | Matador Resources Co. | 789027 |
| 40175 | Permian Resources Corp.\* | 392510 |
|  |  | **1181537** |
|  | **FINANCIALS — 4.1%** |  |
| 8306 | Pinnacle Financial Partners, Inc. | 689315 |
| 5610 | Primerica, Inc. | 811767 |
|  |  | **1501082** |
|  | **HEALTH CARE — 19.8%** |  |
| 33703 | AdaptHealth Corp.\* | 768428 |
| 4471 | Arrowhead Pharmaceuticals, Inc.\* | 155636 |
| 9834 | AtriCure, Inc.\* | 414208 |
| 7140 | Axsome Therapeutics, Inc.\* | 322371 |
| 7723 | Azenta, Inc. | 342901 |
| 18828 | Bridgebio Pharma, Inc.\* | 196376 |
| 10065 | Fate Therapeutics, Inc.\* | 210560 |
| 14522 | Insmed, Inc.\* | 251521 |
| 24749 | NanoString Technologies, Inc.\* | 258875 |
| 7067 | Natera, Inc.\* | 331866 |
| 13426 | NuVasive, Inc.\* | 592489 |
| 3312 | Penumbra, Inc.\* | 567909 |
| 2611 | Repligen Corp.\* | 476481 |
| 21725 | Rocket Pharmaceuticals, Inc.\* | 405389 |

---

**WCM Small Cap Growth Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of October 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **HEALTH CARE (Continued)** |  |
| 2460 | Shockwave Medical, Inc.\* | $721149 |
| 19971 | Surgery Partners, Inc.\* | 543011 |
| 7746 | Tandem Diabetes Care, Inc.\* | 434938 |
| 4723 | Ultragenyx Pharmaceutical, Inc.\* | 191093 |
|  |  | **7185201** |
|  | **INDUSTRIALS — 13.7%** |  |
| 5030 | Axon Enterprise, Inc.\* | 731563 |
| 14641 | CryoPort, Inc.\* | 406434 |
| 6152 | John Bean Technologies Corp. | 561062 |
| 11094 | Mercury Systems, Inc.\* | 536950 |
| 3282 | Saia, Inc.\* | 652658 |
| 5350 | Tetra Tech, Inc. | 755848 |
| 8807 | Timken Co. | 627851 |
| 16903 | WillScot Mobile Mini Holdings Corp.\* | 718885 |
|  |  | **4991251** |
|  | **MATERIALS — 6.2%** |  |
| 17754 | Avient Corp. | 612336 |
| 9179 | Ingevity Corp.\* | 617471 |
| 7335 | Trex Co., Inc.\* | 352740 |
| 9173 | UFP Industries, Inc. | 653393 |
|  |  | **2235940** |
|  | **REAL ESTATE — 1.7%** |  |
| 11229 | Rexford Industrial Realty, Inc. - REIT | **620739** |
|  | **TECHNOLOGY — 24.8%** |  |
| 23097 | ACI Worldwide, Inc.\* | 561950 |
| 3785 | Bill.com Holdings, Inc.\* | 504768 |
| 8466 | Blackline, Inc.\* | 474096 |
| 6149 | Euronet Worldwide, Inc.\* | 516577 |
| 10591 | Five9, Inc.\* | 638214 |
| 30738 | Health Catalyst, Inc.\* | 271109 |
| 10694 | MACOM Technology Solutions Holdings, Inc.\* | 618862 |
| 10424 | Procore Technologies, Inc.\* | 569776 |
| 5098 | Science Applications International Corp. | 552317 |
| 9327 | Semtech Corp.\* | 258265 |
| 12830 | Shift4 Payments, Inc. - Class A\* | 589795 |
| 18931 | Smartsheet, Inc. - Class A\* | 661070 |
| 9490 | Sprout Social, Inc. - Class A\* | 572532 |
| 5496 | SPS Commerce, Inc.\* | 695354 |
| 4896 | WEX, Inc.\* | 803629 |

---

**WCM Small Cap Growth Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of October 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **TECHNOLOGY (Continued)** |  |
| 8157 | WNS Holdings Ltd. - ADR\* | $702155 |
|  |  | **8990469** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $35,915,638) | **34341647** |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  |  |
|  | **SHORT-TERM INVESTMENTS — 3.0%** |  |
| $1069851 | UMB Bank Demand Deposit, 2.96%<sup>1</sup> | 1069851 |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,069,851) | **1069851** |
|  | **TOTAL INVESTMENTS — 97.6%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $36,985,489) | **35411498** |
|  | Other Assets in Excess of Liabilities — 2.4% | 874127 |
|  | **Net Assets — 100.0%** | $**36285625** |

---

ADR – American Depository Receipt

REIT – Real Estate Investment Trust

<sup>\*</sup> Non-income producing security. <br> <sup>1</sup> The rate is the annualized seven-day yield at period end.

*See accompanying Notes to Financial Statements.* 

**WCM Small Cap Growth Fund**

**SUMMARY OF INVESTMENTS**

**As of October 31, 2022 (Unaudited)**

---

| | |
|:---|:---|
| Security Type/Sector | Percent of Total<br> Net Assets |
| Common Stocks |  |
| &nbsp;&nbsp;&nbsp;Technology | 24.8% |
| &nbsp;&nbsp;&nbsp;Health Care | 19.8% |
| &nbsp;&nbsp;&nbsp;Industrials | 13.7% |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 13.6% |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 6.2% |
| &nbsp;&nbsp;&nbsp;Materials | 6.2% |
| &nbsp;&nbsp;&nbsp;Financials | 4.1% |
| &nbsp;&nbsp;&nbsp;Energy | 3.3% |
| &nbsp;&nbsp;&nbsp;Real Estate | 1.7% |
| &nbsp;&nbsp;&nbsp;Communications | 1.2% |
| **Total Common Stocks** | **94.6%** |
| Short-Term Investments | 3.0% |
| **Total Investments** | **97.6%** |
| Other Assets in Excess of Liabilities | 2.4% |
| **Total Net Assets** | **100.0%** |

---

*See accompanying Notes to Financial Statements.*

**WCM Focused Small Cap Fund**

**SCHEDULE OF INVESTMENTS**

**As of October 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS — 91.1%** |  |
|  | **CONSUMER DISCRETIONARY — 24.2%** |  |
| 59428 | American Woodmark Corp.\* | $2695060 |
| 34223 | America's Car-Mart, Inc.\* | 2339484 |
| 79086 | AZEK Co., Inc.\* | 1384796 |
| 58600 | Beacon Roofing Supply, Inc.\* | 3302110 |
| 37947 | Dorman Products, Inc.\* | 3097234 |
| 101456 | ePlus, Inc.\* | 4942936 |
| 241800 | Leslie's, Inc.\* | 3394872 |
| 38687 | Wyndham Hotels & Resorts, Inc. | 2937504 |
|  |  | **24093996** |
|  | **CONSUMER STAPLES — 12.6%** |  |
| 111408 | Grocery Outlet Holding Corp.\* | 3851375 |
| 47390 | Inter Parfums, Inc. | 3832903 |
| 11672 | Lancaster Colony Corp. | 2104228 |
| 48600 | Ollie's Bargain Outlet Holdings, Inc.\* | 2721600 |
|  |  | **12510106** |
|  | **FINANCIALS — 10.2%** |  |
| 16492 | Enstar Group Ltd.\* | 3306976 |
| 115936 | Focus Financial Partners, Inc. - Class A\* | 4033414 |
| 16262 | Virtus Investment Partners, Inc. | 2788770 |
|  |  | **10129160** |
|  | **HEALTH CARE — 10.1%** |  |
| 66725 | Addus HomeCare Corp.\* | 6833975 |
| 21600 | ICU Medical, Inc.\* | 3205656 |
|  |  | **10039631** |
|  | **INDUSTRIALS — 18.9%** |  |
| 55300 | API Group Corp.\* | 911897 |
| 19900 | Crane Holdings Co. | 1996766 |
| 11200 | CSW Industrials, Inc. | 1443904 |
| 30187 | EMCOR Group, Inc. | 4259386 |
| 91200 | Hayward Holdings, Inc.\* | 843600 |
| 236900 | Hillman Solutions Corp.\* | 1850189 |
| 19916 | Landstar System, Inc. | 3111277 |
| 46800 | SP Plus Corp.\* | 1733004 |
| 14627 | UniFirst Corp. | 2691514 |
|  |  | **18841537** |
|  | **MATERIALS — 4.1%** |  |
| 238204 | Element Solutions, Inc. | **4097109** |

---

**WCM Focused Small Cap Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of October 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **REAL ESTATE — 2.6%** |  |
| 227047 | Cushman & Wakefield PLC\* | $**2622393** |
|  | **TECHNOLOGY — 8.4%** |  |
| 315800 | E2open Parent Holdings, Inc.\* | 1841114 |
| 92600 | MeridianLink, Inc.\* | 1666800 |
| 40000 | Thoughtworks Holding, Inc.\* | 384400 |
| 261189 | Verra Mobility Corp.\* | 4458496 |
|  |  | **8350810** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $87,893,636) | **90684742** |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  |  |
|  | **SHORT-TERM INVESTMENTS — 9.0%** |  |
| $8939182 | UMB Bank Demand Deposit, 2.96%<sup>1</sup> | 8939182 |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $8,939,182) | **8939182** |
|  | **TOTAL INVESTMENTS — 100.1%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $96,832,818) | **99623924** |
|  | Liabilities in Excess of Other Assets — (0.1)% | (61970) |
|  | **Net Assets — 100.0%** | $**99561954** |

---

PLC – Public Limited Company

<sup>\*</sup> Non-income producing security. <br> <sup>1</sup> The rate is the annualized seven-day yield at period end.

*See accompanying Notes to Financial Statements.*

**WCM Focused Small Cap Fund**

**SUMMARY OF INVESTMENTS**

**As of October 31, 2022 (Unaudited)**

---

| | |
|:---|:---|
| Security Type/Sector | Percent of Total<br> Net Assets |
| Common Stocks |  |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 24.2% |
| &nbsp;&nbsp;&nbsp;Industrials | 18.9% |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 12.6% |
| &nbsp;&nbsp;&nbsp;Financials | 10.2% |
| &nbsp;&nbsp;&nbsp;Health Care | 10.1% |
| &nbsp;&nbsp;&nbsp;Technology | 8.4% |
| &nbsp;&nbsp;&nbsp;Materials | 4.1% |
| &nbsp;&nbsp;&nbsp;Real Estate | 2.6% |
| **Total Common Stocks** | **91.1%** |
| Short-Term Investments | 9.0% |
| **Total Investments** | **100.1%** |
| Liabilities in Excess of Other Assets | (0.1)% |
| **Total Net Assets** | **100.0%** |

---

*See accompanying Notes to Financial Statements.*

**WCM China Quality Growth Fund**

**SCHEDULE OF INVESTMENTS**

**As of October 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS — 103.3%** |  |
|  | **CHINA — 79.2%** |  |
| 7000 | Acrobiosystems Co., Ltd. - Class A | $109057 |
| 63900 | Angel Yeast Co., Ltd. - Class A | 317779 |
| 19880 | Asymchem Laboratories Tianjin Co., Ltd. - Class H | 212970 |
| 3283 | Beijing Huafeng Test & Control Technology Co., Ltd. - Class A | 119259 |
| 32289 | Beijing United Information Technology Co., Ltd. - Class A | 549311 |
| 6300 | Changzhou Xingyu Automotive Lighting Systems Co., Ltd. - Class A | 105832 |
| 136500 | China Mengniu Dairy Co., Ltd.\* | 436954 |
| 4931 | Eastroc Beverage Group Co., Ltd. - Class A | 104748 |
| 33040 | Hongfa Technology Co., Ltd. - Class A | 155757 |
| 21467 | Huali Industrial Group Co., Ltd. - Class A | 119417 |
| 31644 | Hundsun Technologies, Inc. - Class A | 181220 |
| 1600 | Kweichow Moutai Co., Ltd. - Class A | 296566 |
| 47000 | Li Ning Co., Ltd. | 243126 |
| 3513 | Pinduoduo, Inc. - ADR\* | 192618 |
| 37200 | Ping An Insurance Group Co. of China Ltd. - Class H | 148925 |
| 25101 | Qingdao Haier Biomedical Co., Ltd. - Class A | 265403 |
| 35084 | Qingdao Hiron Commercial Cold Chain Co., Ltd. - Class A | 131801 |
| 15800 | Rianlon Corp. - Class A | 133487 |
| 32600 | Shandong Sinocera Functional Material Co., Ltd. - Class A | 103185 |
| 79900 | Shenzhen H&T Intelligent Control Co., Ltd. - Class A | 161916 |
| 44200 | Shenzhou International Group Holdings Ltd. | 306879 |
| 6880 | Silergy Corp. | 79338 |
| 17950 | Tencent Holdings Ltd. | 471665 |
| 30964 | WuXi AppTec Co., Ltd. - Class H | 248523 |
| 9800 | Xiamen Faratronic Co., Ltd. - Class A | 237249 |
| 6400 | Xi'an Sinofuse Electric Co., Ltd. | 139737 |
| 59100 | Zhejiang Jiemei Electronic & Technology Co., Ltd. - Class A | 181820 |
| 10 | Zhejiang Sanhua Intelligent Controls Co., Ltd. - Class A | 29 |
| 13651 | ZTO Express Cayman, Inc. - ADR | 230565 |
|  |  | **5985136** |
|  | **HONG KONG — 16.5%** |  |
| 71551 | AIA Group Ltd. | 541981 |
| 405000 | China Overseas Property Holdings Ltd. | 254891 |
| 3700 | Hong Kong Exchanges & Clearing Ltd. | 98211 |
| 37200 | Techtronic Industries Co., Ltd. | 352236 |
|  |  | **1247319** |
|  | **TAIWAN — 7.6%** |  |
| 8104 | Airtac International Group | 185447 |

---

**WCM China Quality Growth Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of October 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **TAIWAN (Continued)** |  |
| 50000 | Sinbon Electronics Co., Ltd. | $388280 |
|  |  | **573727** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $11,689,467) | **7806182** |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  |  |
|  | **SHORT-TERM INVESTMENTS — 3.9%** |  |
| $293934 | UMB Bank Demand Deposit, 2.96%<sup>1</sup> | 293934 |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $293,934) | **293934** |
|  | **TOTAL INVESTMENTS — 107.2%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $11,983,401) | **8100116** |
|  | Liabilities in Excess of Other Assets — (7.2)% | (547279) |
|  | **TOTAL NET ASSETS — 100.0%** | $**7552837** |

---

ADR – American Depository Receipt

<sup>\*</sup> Non-income producing security. <br> <sup>1</sup> The rate is the annualized seven-day yield at period end.

*See accompanying Notes to Financial Statements.*

**WCM China Quality Growth Fund**

**SUMMARY OF INVESTMENTS**

**As of October 31, 2022 (Unaudited)**

---

| | |
|:---|:---|
| Security Type/Sector | Percent of Total<br> Net Assets |
| Common Stocks |  |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 20.1% |
| &nbsp;&nbsp;&nbsp;Industrials | 15.8% |
| &nbsp;&nbsp;&nbsp;Technology | 15.5% |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 15.3% |
| &nbsp;&nbsp;&nbsp;Health Care | 11.1% |
| &nbsp;&nbsp;&nbsp;Financials | 10.4% |
| &nbsp;&nbsp;&nbsp;Communications | 6.2% |
| &nbsp;&nbsp;&nbsp;Materials | 5.5% |
| &nbsp;&nbsp;&nbsp;Real Estate | 3.4% |
| **Total Common Stocks** | **103.3%** |
| Short-Term Investments | 3.9% |
| **Total Investments** | **107.2%** |
| Liabilities in Excess of Other Assets | (7.2)% |
| **Total Net Assets** | **100.0%** |

---

*See accompanying Notes to Financial Statements.*

**WCM Developing World Equity Fund**

**SCHEDULE OF INVESTMENTS**

**As of October 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS — 95.8%** |  |
|  | **ARGENTINA — 2.7%** |  |
| 75 | MercadoLibre, Inc.\* | $**67621** |
|  | **BRAZIL — 2.4%** |  |
| 39200 | Hapvida Participacoes e Investimentos S/A | **59193** |
|  | **CANADA — 3.1%** |  |
| 1980 | First Quantum Minerals Ltd. | 34923 |
| 5910 | Ivanhoe Mines Ltd. - Class A\* | 40994 |
|  |  | **75917** |
|  | **CHINA — 10.9%** |  |
| 5000 | Glodon Co., Ltd. - Class A | 33883 |
| 2145 | JD.com, Inc. - Class A | 39061 |
| 900 | Shenzhen Mindray Bio-Medical Electronics Co., Ltd. - Class A | 40232 |
| 8100 | Shenzhou International Group Holdings Ltd. | 56238 |
| 2900 | Tencent Holdings Ltd. | 76202 |
| 3000 | WuXi AppTec Co., Ltd. - Class H | 24079 |
|  |  | **269695** |
|  | **DENMARK — 0.8%** |  |
| 1045 | Vestas Wind Systems A/S | **20601** |
|  | **HONG KONG — 7.6%** |  |
| 17014 | AIA Group Ltd. | 128877 |
| 2200 | Hong Kong Exchanges & Clearing Ltd. | 58395 |
|  |  | **187272** |
|  | **INDIA — 10.2%** |  |
| 1780 | HDFC Bank Ltd. - ADR | 110912 |
| 3398 | ICICI Bank Ltd. - ADR | 74892 |
| 1740 | Tata Consultancy Services Ltd. | 67150 |
|  |  | **252954** |
|  | **INDONESIA — 5.9%** |  |
| 22930 | Bank Central Asia Tbk P.T. | 12962 |
| 471932 | Telkom Indonesia Persero Tbk P.T. | 132542 |
|  |  | **145504** |
|  | **MEXICO — 6.2%** |  |
| 5900 | Grupo Aeroportuario del Pacifico S.A.B. de C.V. - Class B | 91390 |
| 30070 | Megacable Holdings S.A.B. de C.V. | 63151 |
|  |  | **154541** |

---

**WCM Developing World Equity Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of October 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **NETHERLANDS — 2.2%** |  |
| 39 | Adyen N.V.\* | $**55676** |
|  | **PERU — 4.2%** |  |
| 710 | Credicorp Ltd. | **103916** |
|  | **SINGAPORE — 4.7%** |  |
| 5877 | United Overseas Bank Ltd. | **115300** |
|  | **SOUTH AFRICA — 3.0%** |  |
| 4623 | Bid Corp. Ltd. | **74386** |
|  | **SOUTH KOREA — 1.9%** |  |
| 2702 | Coupang, Inc.\* | **46663** |
|  | **SWEDEN — 4.2%** |  |
| 6590 | Sandvik A.B. | **102980** |
|  | **TAIWAN — 7.4%** |  |
| 9000 | Feng TAY Enterprise Co., Ltd. | 44697 |
| 2230 | Taiwan Semiconductor Manufacturing Co., Ltd. - ADR | 137256 |
|  |  | **181953** |
|  | **UNITED KINGDOM — 7.4%** |  |
| 820 | AstraZeneca PLC | 96211 |
| 732 | Endava PLC - ADR\* | 55808 |
| 1587 | Wizz Air Holdings PLC\* | 31110 |
|  |  | **183129** |
|  | **UNITED STATES — 7.3%** |  |
| 175 | American Tower Corp. - REIT | 36258 |
| 3231 | Baker Hughes Co. | 89370 |
| 166 | Mastercard, Inc. - Class A | 54478 |
|  |  | **180106** |
|  | **VIETNAM — 3.7%** |  |
| 28674 | Vietnam Dairy Products JSC | **90508** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $2,883,694) | **2367915** |

---

**WCM Developing World Equity Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of October 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **SHORT-TERM INVESTMENTS — 4.1%** |  |
| $102655 | UMB Bank Demand Deposit, 2.96%<sup>1</sup> | $102655 |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $102,655) | **102655** |
|  | **TOTAL INVESTMENTS — 99.9%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $2,986,349) | **2470570** |
|  | Other Assets in Excess of Liabilities — 0.1% | 1576 |
|  | **TOTAL NET ASSETS — 100.0%** | $**2472146** |

---

---

| |
|:---|
| ADR – American Depository Receipt |
| JSC – Joint Stock Company |
| PLC – Public Limited Company |
| REIT – Real Estate Investment Trust |

---

<sup>\*</sup> Non-income producing security. <br> <sup>1</sup> The rate is the annualized seven-day yield at period end.

*See accompanying Notes to Financial Statements.*

**WCM Developing World Equity Fund**

**SUMMARY OF INVESTMENTS**

**As of October 31, 2022 (Unaudited)**

---

| | |
|:---|:---|
| Security Type/Sector | Percent of Total<br> Net Assets |
| Common Stocks |  |
| &nbsp;&nbsp;Financials | 24.5% |
| &nbsp;&nbsp;Technology | 16.3% |
| &nbsp;&nbsp;Communications | 11.0% |
| &nbsp;&nbsp;Consumer Discretionary | 10.3% |
| &nbsp;&nbsp;Industrials | 9.1% |
| &nbsp;&nbsp;Health Care | 8.9% |
| &nbsp;&nbsp;Consumer Staples | 6.7% |
| &nbsp;&nbsp;Energy | 4.4% |
| &nbsp;&nbsp;Materials | 3.1% |
| &nbsp;&nbsp;Real Estate | 1.5% |
| **Total Common Stocks** | **95.8%** |
| Short-Term Investments | 4.1% |
| **Total Investments** | **99.9%** |
| Other Assets in Excess of Liabilities | 0.1% |
| **Total Net Assets** | **100.0%** |

---

*See accompanying Notes to Financial Statements.*

**WCM International Equity Fund**

**SCHEDULE OF INVESTMENTS**

**As of October 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS — 97.9%** |  |
|  | **ARGENTINA — 0.9%** |  |
| 270 | MercadoLibre, Inc.\* | $**243437** |
|  | **CANADA — 7.6%** |  |
| 6420 | Canadian National Railway Co. | 760561 |
| 13370 | First Quantum Minerals Ltd. | 235820 |
| 2330 | Intact Financial Corp. | 354032 |
| 46620 | Ivanhoe Mines Ltd. - Class A\* | 323370 |
| 8310 | Shopify, Inc. - Class A\* | 284451 |
|  |  | **1958234** |
|  | **DENMARK — 4.5%** |  |
| 8610 | Novo Nordisk A/S - Class B | 936176 |
| 11320 | Vestas Wind Systems A/S | 223159 |
|  |  | **1159335** |
|  | **FRANCE — 2.4%** |  |
| 5600 | Airbus S.E. | **605935** |
|  | **GERMANY — 2.1%** |  |
| 5450 | adidas A.G. | **531997** |
|  | **HONG KONG — 3.3%** |  |
| 111680 | AIA Group Ltd. | **845948** |
|  | **INDIA — 4.2%** |  |
| 17440 | HDFC Bank Ltd. - ADR | **1086686** |
|  | **INDONESIA — 1.7%** |  |
| 1579400 | Telkom Indonesia Persero Tbk P.T. | **443576** |
|  | **IRELAND — 7.9%** |  |
| 2700 | Accenture PLC - Class A | 766530 |
| 4520 | Aon PLC - Class A | 1272335 |
|  |  | **2038865** |
|  | **JAPAN — 2.9%** |  |
| 2449 | Cosmos Pharmaceutical Corp. | 236854 |
| 3320 | Daikin Industries Ltd. | 497294 |
|  |  | **734148** |
|  | **MEXICO — 3.7%** |  |
| 35210 | Grupo Aeroportuario del Pacifico S.A.B. de C.V. - Class B | 545397 |

---

**WCM International Equity Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of October 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **MEXICO (Continued)** |  |
| 190000 | Megacable Holdings S.A.B. de C.V. | $399026 |
|  |  | **944423** |
|  | **NETHERLANDS — 3.7%** |  |
| 500 | Adyen N.V.\* | 713793 |
| 520 | ASML Holding N.V. | 245658 |
|  |  | **959451** |
|  | **PERU — 3.4%** |  |
| 6040 | Credicorp Ltd. | **884014** |
|  | **SINGAPORE — 4.9%** |  |
| 63913 | United Overseas Bank Ltd. | **1253898** |
|  | **SOUTH KOREA — 1.4%** |  |
| 20320 | Coupang, Inc.\* | **350926** |
|  | **SPAIN — 4.4%** |  |
| 110600 | Iberdrola S.A. | **1124712** |
|  | **SWEDEN — 4.0%** |  |
| 64890 | Sandvik A.B. | **1014020** |
|  | **SWITZERLAND — 2.1%** |  |
| 8730 | Alcon, Inc. | **529736** |
|  | **TAIWAN — 3.4%** |  |
| 76000 | Feng TAY Enterprise Co., Ltd. | 377437 |
| 8170 | Taiwan Semiconductor Manufacturing Co., Ltd. - ADR | 502864 |
|  |  | **880301** |
|  | **UNITED KINGDOM — 15.1%** |  |
| 19340 | AstraZeneca PLC - ADR | 1137385 |
| 37740 | Compass Group PLC | 794864 |
| 7550 | Endava PLC - ADR\* | 575612 |
| 7150 | London Stock Exchange Group PLC | 619771 |
| 32820 | Persimmon PLC | 491111 |
| 5620 | Unilever PLC - ADR | 255766 |
|  |  | **3874509** |
|  | **UNITED STATES — 14.3%** |  |
| 1260 | American Tower Corp. - REIT | 261059 |
| 33560 | Baker Hughes Co. | 928270 |

---

**WCM International Equity Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of October 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **UNITED STATES (Continued)** |  |
| 9230 | Crown Holdings, Inc. | $633086 |
| 8120 | International Flavors & Fragrances, Inc. | 792593 |
| 3200 | Mastercard, Inc. - Class A | 1050176 |
|  |  | **3665184** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $24,839,783) | **25129335** |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  |  |
|  | **SHORT-TERM INVESTMENTS — 2.1%** |  |
| $543156 | UMB Bank Demand Deposit, 2.96%<sup>1</sup> | 543156 |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $543,156) | **543156** |
|  | **TOTAL INVESTMENTS — 100.0%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $25,382,939) | **25672491** |
|  | Liabilities in Excess of Other Assets — (0.0)% | (10368) |
|  | **TOTAL NET ASSETS — 100.0%** | $**25662123** |

---

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

<sup>\*</sup> Non-income producing security. <br> <sup>1</sup> The rate is the annualized seven-day yield at period end.

*See accompanying Notes to Financial Statements.*

**WCM International Equity Fund**

**SUMMARY OF INVESTMENTS**

**As of October 31, 2022 (Unaudited)**

---

| | |
|:---|:---|
| Security Type/Sector | Percent of Total<br> Net Assets |
| Common Stocks |  |
| &nbsp;&nbsp;Financials | 24.6% |
| &nbsp;&nbsp;Industrials | 16.4% |
| &nbsp;&nbsp;Technology | 16.1% |
| &nbsp;&nbsp;Health Care | 10.2% |
| &nbsp;&nbsp;Consumer Discretionary | 7.8% |
| &nbsp;&nbsp;Materials | 7.7% |
| &nbsp;&nbsp;Energy | 4.5% |
| &nbsp;&nbsp;Utilities | 4.4% |
| &nbsp;&nbsp;Communications | 3.3% |
| &nbsp;&nbsp;Consumer Staples | 1.9% |
| &nbsp;&nbsp;Real Estate | 1.0% |
| **Total Common Stocks** | **97.9%** |
| Short-Term Investments | 2.1% |
| **Total Investments** | **100.0%** |
| Liabilities in Excess of Other Assets | (0.0)% |
| **Total Net Assets** | **100.0%** |

---

*See accompanying Notes to Financial Statements.*

**WCM Focused International Value Fund**

**SCHEDULE OF INVESTMENTS**

**As of October 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS — 96.7%** |  |
|  | **BELGIUM — 6.7%** |  |
| 5780 | D'ieteren Group | $961945 |
| 4690 | KBC Group N.V. | 235041 |
|  |  | **1196986** |
|  | **CANADA — 12.5%** |  |
| 6840 | Bank of Nova Scotia | 330509 |
| 13420 | Brookfield Asset Management, Inc. - Class A | 531566 |
| 18930 | CAE, Inc.\* | 361374 |
| 6800 | Canadian Natural Resources Ltd. | 407592 |
| 4770 | CGI, Inc.\* | 383842 |
| 7320 | Open Text Corp. | 211914 |
|  |  | **2226797** |
|  | **CHINA — 2.1%** |  |
| 1800 | Baidu, Inc. - ADR\* | 137826 |
| 72000 | China Mengniu Dairy Co., Ltd.\* | 230481 |
|  |  | **368307** |
|  | **FRANCE — 1.8%** |  |
| 2000 | Capgemini S.E. | **327778** |
|  | **GERMANY — 2.9%** |  |
| 3200 | Merck KGaA | **521483** |
|  | **HONG KONG — 2.6%** |  |
| 32970 | AIA Group Ltd. | 249740 |
| 22940 | Techtronic Industries Co., Ltd. | 217212 |
|  |  | **466952** |
|  | **INDIA — 7.0%** |  |
| 36100 | ICICI Bank Ltd. - ADR | 795644 |
| 7530 | Reliance Industries Ltd. - GDR | 459990 |
|  |  | **1255634** |
|  | **IRELAND — 5.1%** |  |
| 2360 | ICON PLC\* | 466903 |
| 2780 | Trane Technologies PLC | 443771 |
|  |  | **910674** |
|  | **ISRAEL — 3.8%** |  |
| 72020 | Israel Discount Bank Ltd. - Class A | 409507 |
| 1420 | Nice Ltd. - ADR\* | 269644 |
|  |  | **679151** |

---

**WCM Focused International Value Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of October 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **JAPAN — 17.0%** |  |
| 4900 | Advantest Corp. | $257944 |
| 8300 | Bandai Namco Holdings, Inc. | 548654 |
| 12100 | FUJIFILM Holdings Corp. | 553574 |
| 11500 | Recruit Holdings Co., Ltd. | 353868 |
| 7150 | Sony Group Corp. - ADR | 482411 |
| 13300 | Square Enix Holdings Co., Ltd. | 593473 |
| 900 | Tokyo Electron Ltd. | 236787 |
|  |  | **3026711** |
|  | **MEXICO — 4.2%** |  |
| 22950 | Controladora Vuela Cia de Aviacion S.A.B. de C.V. - ADR\* | 192321 |
| 69310 | Grupo Financiero Banorte S.A.B. de C.V. - Class O | 563386 |
|  |  | **755707** |
|  | **NETHERLANDS — 1.1%** |  |
| 1650 | Koninklijke DSM N.V. | **194088** |
|  | **NORWAY — 1.1%** |  |
| 12620 | Mowi A.S.A. | **188362** |
|  | **RUSSIA — 0.0%** |  |
| 8120 | HeadHunter Group PLC - ADR<sup>1</sup> |  |
| 34600 | Sberbank of Russia PJSC - ADR<sup>\*</sup>,<sup>1</sup> |  |
|  | **SINGAPORE — 1.7%** |  |
| 7460 | Kulicke & Soffa Industries, Inc. | **312872** |
|  | **SWEDEN — 4.8%** |  |
| 25840 | Atlas Copco A.B. - A Shares | 275797 |
| 15030 | Getinge A.B. - B Shares | 305004 |
| 17700 | Sandvik A.B. | 276593 |
|  |  | **857394** |
|  | **SWITZERLAND — 9.7%** |  |
| 2460 | Chubb Ltd. | 528629 |
| 98500 | Glencore PLC | 564703 |
| 1000 | Roche Holding A.G. | 331782 |
| 2500 | TE Connectivity Ltd. | 305575 |
|  |  | **1730689** |
|  | **TAIWAN — 1.3%** |  |
| 3750 | Taiwan Semiconductor Manufacturing Co., Ltd. - ADR | **230812** |

---

**WCM Focused International Value Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of October 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **THAILAND — 2.8%** |  |
| 4300 | Fabrinet\* | $**491920** |
|  | **UNITED ARAB EMIRATES — 2.2%** |  |
| 106000 | Network International Holdings PLC\* | **395069** |
|  | **UNITED KINGDOM — 2.7%** |  |
| 17910 | RELX PLC - ADR | **482854** |
|  | **UNITED STATES — 3.6%** |  |
| 1910 | Helen of Troy Ltd.\* | 180724 |
| 9000 | Schlumberger N.V. | 468270 |
|  |  | **648994** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $21,976,554) | **17269234** |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  |  |
|  | **SHORT-TERM INVESTMENTS — 3.2%** |  |
| $561888 | UMB Bank Demand Deposit, 2.96%<sup>2</sup> | 561888 |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $561,888) | **561888** |
|  | **TOTAL INVESTMENTS — 99.9%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $22,538,442) | **17831122** |
|  | Other Assets in Excess of Liabilities — 0.1% | 21323 |
|  | **TOTAL NET ASSETS — 100.0%** | $**17852445** |

---

---

| |
|:---|
| ADR – American Depository Receipt |
| GDR – Global Depository Receipt |
| PJSC – Public Joint Stock Company |
| PLC – Public Limited Company |

---

<sup>\*</sup> Non-income producing security.

<sup>1</sup> Level 3 securities fair valued under procedures established by the Board of Trustees, represents 0.00% of Total Net Assets. The total value of these securities is $0.

<sup>2</sup> The rate is the annualized seven-day yield at period end.

*See accompanying Notes to Financial Statements.*

**WCM Focused International Value Fund**

**SUMMARY OF INVESTMENTS**

**As of October 31, 2022 (Unaudited)**

---

| | |
|:---|:---|
| Security Type/Sector | Percent of Total<br> Net Assets |
| Common Stocks |  |
| &nbsp;&nbsp;Technology | 26.0% |
| &nbsp;&nbsp;Financials | 20.4% |
| &nbsp;&nbsp;Industrials | 13.6% |
| &nbsp;&nbsp;Health Care | 9.1% |
| &nbsp;&nbsp;Energy | 7.5% |
| &nbsp;&nbsp;Communications | 7.2% |
| &nbsp;&nbsp;Consumer Discretionary | 5.4% |
| &nbsp;&nbsp;Materials | 4.2% |
| &nbsp;&nbsp;Consumer Staples | 3.3% |
| **Total Common Stocks** | **96.7%** |
| Short-Term Investments | 3.2% |
| **Total Investments** | **99.9%** |
| Other Assets in Excess of Liabilities | 0.1% |
| **Total Net Assets** | **100.0%** |

---

*See accompanying Notes to Financial Statements.*

**WCM Focused International Opportunities Fund**

**SCHEDULE OF INVESTMENTS**

**As of October 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS — 118.0%** |  |
|  | **ARGENTINA — 3.1%** |  |
| 3320 | Globant S.A.\* | $**626418** |
|  | **BELGIUM — 4.6%** |  |
| 5580 | D'ieteren Group | **928660** |
|  | **BRAZIL — 2.9%** |  |
| 386100 | Hapvida Participacoes e Investimentos S/A | **583018** |
|  | **CANADA — 2.8%** |  |
| 390 | Constellation Software, Inc. | **563900** |
|  | **CHINA — 6.2%** |  |
| 113650 | China Mengniu Dairy Co., Ltd.\* | 363808 |
| 86500 | Li Ning Co., Ltd. | 447455 |
| 65100 | Shenzhou International Group Holdings Ltd. | 451986 |
|  |  | **1263249** |
|  | **CYPRUS — 0.0%** |  |
| 3700 | TCS Group Holding PLC - GDR<sup>\*,1</sup> |  |
|  | **FRANCE — 10.0%** |  |
| 14820 | Edenred | 759758 |
| 5140 | Gaztransport Et Technigaz S.A. | 597975 |
| 2480 | Teleperformance | 664459 |
|  |  | **2022192** |
|  | **GERMANY — 4.5%** |  |
| 2850 | MTU Aero Engines A.G. | 510026 |
| 8880 | Puma S.E. | 392588 |
|  |  | **902614** |
|  | **HONG KONG — 2.3%** |  |
| 48350 | Techtronic Industries Co., Ltd. | **457812** |
|  | **INDIA — 2.3%** |  |
| 10680 | Divi's Laboratories Ltd. | **465865** |
|  | **IRELAND — 11.7%** |  |
| 4270 | Flutter Entertainment PLC\* | 565946 |
| 2320 | ICON PLC\* | 458989 |
| 7340 | Ryanair Holdings PLC - ADR\* | 505653 |
| 4859 | STERIS PLC | 838566 |
|  |  | **2369154** |

---

**WCM Focused International Opportunities Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of October 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **ITALY — 10.2%** |  |
| 14990 | Amplifon S.p.A. | $372408 |
| 59910 | Davide Campari-Milano N.V. | 538006 |
| 14550 | Moncler S.p.A. | 627742 |
| 31190 | Stevanato Group S.p.A. | 525240 |
|  |  | **2063396** |
|  | **JAPAN — 21.6%** |  |
| 31070 | BayCurrent Consulting, Inc. | 871737 |
| 2528 | Disco Corp. | 604649 |
| 8228 | GMO Payment Gateway, Inc. | 591641 |
| 27100 | Kobe Bussan Co., Ltd. | 587816 |
| 6610 | Lasertec Corp. | 928777 |
| 20400 | MonotaRO Co., Ltd. | 309669 |
| 42500 | Nihon M&A Center Holdings, Inc. | 479562 |
|  |  | **4373851** |
|  | **NETHERLANDS — 8.2%** |  |
| 2580 | ASM International N.V. | 570741 |
| 9400 | Elastic N.V.\* | 601130 |
| 7680 | Euronext N.V. | 487436 |
|  |  | **1659307** |
|  | **NORWAY — 3.0%** |  |
| 326660 | AutoStore Holdings Ltd.\* | **617355** |
|  | **POLAND — 2.4%** |  |
| 7460 | Dino Polska S.A.\* | **486932** |
|  | **RUSSIA — 0.0%** |  |
| 9200 | Yandex N.V. - Class A<sup>\*,1</sup> |  |
|  | **SPAIN — 2.7%** |  |
| 10670 | Amadeus IT Group S.A.\* | **556491** |
|  | **SWEDEN — 9.4%** |  |
| 9570 | Evolution A.B. | 892715 |
| 22500 | Lifco A.B. - B Shares | 325121 |
| 86314 | Nibe Industrier A.B. - B Shares | 688508 |
|  |  | **1906344** |
|  | **SWITZERLAND — 4.9%** |  |
| 7850 | Bachem Holding A.G. | 562865 |

---

**WCM Focused International Opportunities Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of October 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **SWITZERLAND (Continued)** |  |
| 4440 | Straumann Holding A.G. | $422539 |
|  |  | **985404** |
|  | **UNITED KINGDOM — 5.2%** |  |
| 22820 | Halma PLC | 553364 |
| 84600 | Howden Joinery Group PLC | 498345 |
|  |  | **1051709** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $29,640,762) | **23883671** |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  |  |
|  | **SHORT-TERM INVESTMENTS — 9.7%** |  |
| $1950775 | UMB Bank Demand Deposit, 2.96%<sup>2</sup> | 1950775 |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,950,775) | **1950775** |
|  | **TOTAL INVESTMENTS — 127.7%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $31,591,537) | **25834446** |
|  | Liabilities in Excess of Other Assets — (27.7)% | (5600650) |
|  | **TOTAL NET ASSETS — 100.0%** | $**20233796** |

---

ADR – American Depository Receipt <br> GDR – Global Depository Receipt <br> PLC – Public Limited Company

<sup>\*</sup> Non-income producing security.

<sup>1</sup> Level 3 securities fair valued under procedures established by the Board of Trustees, represents 0.00% of Total Net Assets. The total value of these securities is $0.

<sup>2</sup> The rate is the annualized seven-day yield at period end.

*See accompanying Notes to Financial Statements.*

**WCM Focused International Opportunities Fund**

**SUMMARY OF INVESTMENTS**

**As of October 31, 2022 (Unaudited)**

---

| | |
|:---|:---|
| Security Type/Sector | Percent of Total<br> Net Assets |
| Common Stocks |  |
| &nbsp;&nbsp;Technology | 32.6% |
| &nbsp;&nbsp;Consumer Discretionary | 25.3% |
| &nbsp;&nbsp;Health Care | 22.5% |
| &nbsp;&nbsp;Industrials | 20.1% |
| &nbsp;&nbsp;Consumer Staples | 9.8% |
| &nbsp;&nbsp;Financials | 4.8% |
| &nbsp;&nbsp;Energy | 2.9% |
| &nbsp;&nbsp;Communications | 0.0% |
| **Total Common Stocks** | **118.0%** |
| Short-Term Investments | 9.7% |
| **Total Investments** | **127.7%** |
| Liabilities in Excess of Other Assets | (27.7)% |
| **Total Net Assets** | **100.0%** |

---

*See accompanying Notes to Financial Statements.*

**WCM International Long-Term Growth Fund**

**SCHEDULE OF INVESTMENTS**

**As of October 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS — 93.0%** |  |
|  | **ARGENTINA — 3.6%** |  |
| 115 | MercadoLibre, Inc.\* | $**103686** |
|  | **AUSTRALIA — 4.4%** |  |
| 625 | Atlassian Corp. - Class A\* | **126706** |
|  | **CANADA — 8.2%** |  |
| 1135 | Canadian Pacific Railway Ltd. | 84546 |
| 370 | Lululemon Athletica, Inc.\* | 121745 |
| 875 | Shopify, Inc. - Class A\* | 29951 |
|  |  | **236242** |
|  | **CHINA — 6.7%** |  |
| 11500 | Li Ning Co., Ltd. | 59488 |
| 2800 | Meituan - Class B\* | 44829 |
| 6200 | WuXi AppTec Co., Ltd. - Class H | 49763 |
| 8500 | Wuxi Biologics Cayman, Inc.\* | 38247 |
|  |  | **192327** |
|  | **CYPRUS — 0.0%** |  |
| 550 | TCS Group Holding PLC - GDR<sup>\*,1</sup> |  |
|  | **FRANCE — 9.8%** |  |
| 505 | Gaztransport Et Technigaz S.A. | 58751 |
| 95 | Hermes International | 122965 |
| 160 | LVMH Moet Hennessy Louis Vuitton S.E. | 100958 |
|  |  | **282674** |
|  | **GERMANY — 6.1%** |  |
| 755 | Carl Zeiss Meditec A.G. | 91386 |
| 235 | Sartorius A.G. | 82858 |
|  |  | **174244** |
|  | **HONG KONG — 3.1%** |  |
| 9450 | Techtronic Industries Co., Ltd. | **89479** |
|  | **INDIA — 3.1%** |  |
| 1410 | HDFC Bank Ltd. - ADR | **87857** |
|  | **INDONESIA — 3.0%** |  |
| 149750 | Bank Central Asia Tbk P.T. | **84650** |
|  | **ITALY — 4.8%** |  |
| 7430 | Davide Campari-Milano N.V. | 66723 |

---

**WCM International Long-Term Growth Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of October 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **ITALY (Continued)** |  |
| 1620 | Moncler S.p.A. | $69893 |
|  |  | **136616** |
|  | **JAPAN — 2.4%** |  |
| 180 | Keyence Corp. | **67872** |
|  | **NETHERLANDS — 11.9%** |  |
| 87 | Adyen N.V.\* | 124200 |
| 485 | ASM International N.V. | 107292 |
| 230 | ASML Holding N.V. | 108657 |
|  |  | **340149** |
|  | **NORWAY — 1.4%** |  |
| 21670 | AutoStore Holdings Ltd.\* | **40954** |
|  | **RUSSIA — 0.0%** |  |
| 885 | Yandex N.V. - Class A<sup>\*</sup>,<sup>1</sup> |  |
|  | **SWEDEN — 4.7%** |  |
| 435 | Evolution A.B. | 40578 |
| 11960 | Nibe Industrier A.B. - B Shares | 95402 |
|  |  | **135980** |
|  | **SWITZERLAND — 11.3%** |  |
| 12050 | Glencore PLC | 69083 |
| 160 | Lonza Group A.G. | 82362 |
| 865 | Straumann Holding A.G. | 82319 |
| 400 | VAT Group A.G. | 91316 |
|  |  | **325080** |
|  | **TAIWAN — 2.2%** |  |
| 1025 | Taiwan Semiconductor Manufacturing Co., Ltd. - ADR | **63089** |
|  | **UNITED KINGDOM — 2.8%** |  |
| 645 | Spirax-Sarco Engineering PLC | **79485** |
|  | **UNITED STATES — 3.5%** |  |
| 290 | EPAM Systems, Inc.\* | **101500** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $3,383,414) | **2668590** |

---

**WCM International Long-Term Growth Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of October 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **SHORT-TERM INVESTMENTS — 6.5%** |  |
| $186507 | UMB Bank Demand Deposit, 2.96%<sup>2</sup> | $186507 |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $186,507) | **186507** |
|  | **TOTAL INVESTMENTS — 99.5%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $3,569,921) | **2855097** |
|  | Other Assets in Excess of Liabilities — 0.5% | 15406 |
|  | **TOTAL NET ASSETS — 100.0%** | $**2870503** |

---

ADR – American Depository Receipt <br> GDR – Global Depository Receipt <br> PLC – Public Limited Company

<sup>\*</sup> Non-income producing security.

<sup>1</sup> Level 3 securities fair valued under procedures established by the Board of Trustees, represents 0.00% of Total Net Assets. The total value of these securities is $0.

<sup>2</sup> The rate is the annualized seven-day yield at period end.

*See accompanying Notes to Financial Statements.*

**WCM International Long-Term Growth Fund**

**SUMMARY OF INVESTMENTS**

**As of October 31, 2022 (Unaudited)**

---

| | |
|:---|:---|
| Security Type/Sector | Percent of Total<br> Net Assets |
| Common Stocks |  |
| &nbsp;&nbsp;Technology | 24.5% |
| &nbsp;&nbsp;Consumer Discretionary | 21.6% |
| &nbsp;&nbsp;Industrials | 17.7% |
| &nbsp;&nbsp;Health Care | 14.9% |
| &nbsp;&nbsp;Financials | 6.0% |
| &nbsp;&nbsp;Materials | 2.4% |
| &nbsp;&nbsp;Consumer Staples | 2.3% |
| &nbsp;&nbsp;Energy | 2.0% |
| &nbsp;&nbsp;Communications | 1.6% |
| **Total Common Stocks** | **93.0%** |
| Short-Term Investments | 6.5% |
| **Total Investments** | **99.5%** |
| Other Assets in Excess of Liabilities | 0.5% |
| **Total Net Assets** | **100.0%** |

---

*See accompanying Notes to Financial Statements.*

**WCM Focused Mid Cap Fund**

**SCHEDULE OF INVESTMENTS**

**As of October 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS — 92.8%** |  |
|  | **COMMUNICATIONS — 4.6%** |  |
| 322 | GoDaddy, Inc.\* | $**25889** |
|  | **CONSUMER DISCRETIONARY — 8.9%** |  |
| 282 | CarMax, Inc.\* | 17769 |
| 371 | Masco Corp. | 17166 |
| 471 | YETI Holdings, Inc.\* | 15110 |
|  |  | **50045** |
|  | **CONSUMER STAPLES — 2.9%** |  |
| 287 | Ollie's Bargain Outlet Holdings, Inc.\* | **16072** |
|  | **FINANCIALS — 11.6%** |  |
| 461 | Brown & Brown, Inc. | 27103 |
| 599 | Focus Financial Partners, Inc. - Class A\* | 20839 |
| 14 | Markel Corp.\* | 16886 |
|  |  | **64828** |
|  | **HEALTH CARE — 6.9%** |  |
| 39 | Chemed Corp. | 18208 |
| 183 | Zimmer Biomet Holdings, Inc. | 20743 |
|  |  | **38951** |
|  | **INDUSTRIALS — 18.9%** |  |
| 329 | Graco, Inc. | 22892 |
| 43 | IDEX Corp. | 9559 |
| 125 | Landstar System, Inc. | 19527 |
| 147 | Lincoln Electric Holdings, Inc. | 20874 |
| 428 | R1 RCM, Inc.\* | 7558 |
| 38 | Rockwell Automation, Inc. | 9701 |
| 59 | Watsco, Inc. | 15987 |
|  |  | **106098** |
|  | **MATERIALS — 13.3%** |  |
| 133 | Ashland, Inc. | 13955 |
| 79 | Carlisle Cos., Inc. | 18865 |
| 1186 | Element Solutions, Inc. | 20399 |
| 79 | FMC Corp. | 9393 |
| 254 | Trex Co., Inc.\* | 12215 |
|  |  | **74827** |
|  | **REAL ESTATE — 5.9%** |  |
| 194 | CBRE Group, Inc. - Class A\* | 13762 |
| 123 | Jones Lang LaSalle, Inc.\* | 19568 |
|  |  | **33330** |

---

**WCM Focused Mid Cap Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of October 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **TECHNOLOGY — 19.8%** |  |
| 244 | Booz Allen Hamilton Holding Corp. | $26559 |
| 144 | CDW Corp. | 24885 |
| 94 | Entegris, Inc. | 7458 |
| 175 | MKS Instruments, Inc. | 14376 |
| 155 | PTC, Inc.\* | 18264 |
| 69 | Zebra Technologies Corp. - Class A\* | 19542 |
|  |  | **111084** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $541,481) | **521124** |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  |  |
|  | **SHORT-TERM INVESTMENTS — 6.7%** |  |
| $37883 | UMB Bank Demand Deposit, 2.96%<sup>1</sup> | 37883 |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $37,883) | **37883** |
|  | **TOTAL INVESTMENTS — 99.5%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $579,364) | **559007** |
|  | Other Assets in Excess of Liabilities — 0.5% | 2620 |
|  | **Net Assets — 100.0%** | $**561627** |

---

<sup>\*</sup> Non-income producing security. <br> <sup>1</sup> The rate is the annualized seven-day yield at period end.

*See accompanying Notes to Financial Statements.*

**WCM Focused Mid Cap Fund**

**SUMMARY OF INVESTMENTS**

**As of October 31, 2022 (Unaudited)**

---

| | |
|:---|:---|
| Security Type/Sector | Percent of Total<br> Net Assets |
| Common Stocks |  |
| &nbsp;&nbsp;Technology | 19.8% |
| &nbsp;&nbsp;Industrials | 18.9% |
| &nbsp;&nbsp;Materials | 13.3% |
| &nbsp;&nbsp;Financials | 11.6% |
| &nbsp;&nbsp;Consumer Discretionary | 8.9% |
| &nbsp;&nbsp;Health Care | 6.9% |
| &nbsp;&nbsp;Real Estate | 5.9% |
| &nbsp;&nbsp;Communications | 4.6% |
| &nbsp;&nbsp;Consumer Staples | 2.9% |
| **Total Common Stocks** | **92.8%** |
| Short-Term Investments | 6.7% |
| **Total Investments** | **99.5%** |
| Other Assets in Excess of Liabilities | 0.5% |
| **Total Net Assets** | **100.0%** |

---

*See accompanying Notes to Financial Statements.*

**STATEMENTS OF ASSETS AND LIABILITIES**

**As of October 31, 2022 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **WCM Focused International**<br>**Growth Fund** | **WCM Focused<br> Emerging**<br> **Markets Fund** | **WCM Focused<br> Global**<br> **Growth Fund** |
| **Assets:** | | | |
| &nbsp;&nbsp;&nbsp;Investments, at cost | $14435897261 | $1858500271 | $340439002 |
| &nbsp;&nbsp;&nbsp;Foreign currency, at cost | - | 1664046 | - |
| &nbsp;&nbsp;&nbsp;Investments, at value | $15774830310 | $1359895200 | $329422423 |
| &nbsp;&nbsp;&nbsp;Foreign currency, at value |  | 1641837 |  |
| &nbsp;&nbsp;&nbsp;Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 15053533 | 10201669 | 289472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reclaims receivable | 23713386 |  | 93837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest | 10271391 | 294086 | 75891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from Advisor |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offering costs |  |  |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 8957 | 67974 | 34622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 15823877577 | 1372100766 | 329916245 |
| **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities purchased |  | 2003262 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed | 17528679 | 12376363 | 313864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 11172545 | 1017146 | 192523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 7) | 860114 | 657122 | 49915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution fees (Note 8) | 154692 | 23842 | 2955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund administration fees | 5661416 | 151638 | 47404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund accounting fees | 522826 | 75513 | 43106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 125910 | 76217 | 21010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custody fees | 664674 | 650332 | 36887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder reporting fees | 226094 | 27654 | 1259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' deferred compensation (Note 3) | 98844 | 12829 | 8050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 16339 | 2982 | 2081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auditing fees | 9660 | 9660 | 9660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 3038 | 7643 | 4076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 1193 | 894 | 2532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offering costs - Advisor |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-U.S. Taxes |  |  |  |
| &nbsp;&nbsp;&nbsp;Accrued other expenses | 299147 | 32750 | 12263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 37345171 | 17125847 | 747585 |
| **Net Assets** | $**15786532406** | $**1354974919** | $**329168660** |
| **Components of Net Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized)  | 14477875944 | 2139931244 | 345390368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings (accumulated deficit) | 1308656462 | (784956325) | (16221708) |
| **Net Assets** | $**15786532406** | $**1354974919** | $**329168660** |
| **Maximum Offering Price per Share:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $740285878 | $120228201 | $14189753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding | 40609209 | 10599943 | 805729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | $18.23 | $11.34 | $17.61 |
| &nbsp;&nbsp;&nbsp;Institutional Class: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $15046246528 | $1234746718 | $314978907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding | 816294872 | 107482868 | 17493057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | $18.43 | $11.49 | $18.01 |

---

 

*See accompanying Notes to Financial Statements.*

**STATEMENTS OF ASSETS AND LIABILITIES - Continued**

**As of October 31, 2022 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **WCM International**<br> **Small Cap<br> Growth Fund** | **WCM Small Cap** <br> **Growth Fund** | **WCM Focused** <br> **Small Cap Fund** |
| **Assets:** | | | |
| &nbsp;&nbsp;&nbsp;Investments, at cost | $397599217 | $36985489 | $96832818 |
| &nbsp;&nbsp;&nbsp;Foreign currency, at cost | 68748 | - | - |
| &nbsp;&nbsp;&nbsp;Investments, at value | $321294347 | $35411498 | $99623924 |
| &nbsp;&nbsp;&nbsp;Foreign currency, at value | 66092 |  |  |
| &nbsp;&nbsp;&nbsp;Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 12827 | 901455 | 14955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reclaims receivable | 274536 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest | 187806 | 3565 | 46828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from Advisor |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offering costs |  |  |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 12068 | 28618 | 16877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 321847676 | 36345136 | 99702584 |
| **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities purchased | 286366 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed | 1443606 |  | 19395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 200065 | 2041 | 47061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 7) | 185653 | 5607 | 4910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution fees (Note 8) |  | 16 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund administration fees | 61134 | 10045 | 18636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund accounting fees | 23726 | 7782 | 4522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 29789 | 5203 | 5395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custody fees | 109063 | 4794 | 4819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder reporting fees | 27463 | 1972 | 2198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' deferred compensation (Note 3) | 8415 | 3228 | 3456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 1645 | 1606 | 2856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auditing fees | 9451 | 9437 | 9660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 2585 | 3052 | 7627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 215 | 195 | 696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offering costs - Advisor |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-U.S. Taxes | 93490 |  |  |
| &nbsp;&nbsp;&nbsp;Accrued other expenses | 22076 | 4533 | 9366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 2504742 | 59511 | 140630 |
| **Net Assets** | $**319342934** | $**36285625** | $**99561954** |
| **Components of Net Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized)  | 519618625 | 41874445 | 94793637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings (accumulated deficit) | (200275691) | (5588820) | 4768317 |
| **Net Assets** | $**319342934** | $**36285625** | $**99561954** |
| **Maximum Offering Price per Share:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $- | $76589 | $193814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding | - | 7238 | 19533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | $- | $10.58 | $9.92 |
| &nbsp;&nbsp;&nbsp;Institutional Class: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $319342934 | $36209036 | $99368140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding | 20282914 | 3396081 | 9924024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | $15.74 | $10.66 | $10.01 |

---

 

*See accompanying Notes to Financial Statements.*

**STATEMENTS OF ASSETS AND LIABILITIES - Continued**

**As of October 31, 2022 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **WCM China Quality Growth Fund** | **WCM Developing World**<br> **Equity Fund** | **WCM International Equity Fund** |
| **Assets:** | | | |
| &nbsp;&nbsp;&nbsp;Investments, at cost | $11983401 | $2986349 | $25382939 |
| &nbsp;&nbsp;&nbsp;Foreign currency, at cost | 39032 | 636 | 1543 |
| &nbsp;&nbsp;&nbsp;Investments, at value | $8100116 | $2470570 | $25672491 |
| &nbsp;&nbsp;&nbsp;Foreign currency, at value | 38040 | 600 | 1429 |
| &nbsp;&nbsp;&nbsp;Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold |  | 13860 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reclaims receivable |  |  | 649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest | 729 | 494 | 9436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from Advisor | 16487 | 23668 | 10469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offering costs |  |  |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 7255 | 29423 | 26071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 8162627 | 2538615 | 25720545 |
| **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities purchased | 16685 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed | 481819 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 7) | 9604 | 433 | 976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution fees (Note 8) | 27 | 22 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund administration fees | 15096 | 11215 | 7164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund accounting fees | 15870 | 13748 | 11361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 10320 | 7486 | 5978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custody fees | 23568 | 6384 | 6479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder reporting fees | 6349 | 453 | 4064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' deferred compensation (Note 3) | 2379 | 2349 | 2353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 2064 | 2666 | 2636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auditing fees | 9660 | 9659 | 9658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 10095 | 7270 | 3969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 1630 | 2438 | 1628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offering costs - Advisor |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-U.S. Taxes |  |  |  |
| &nbsp;&nbsp;&nbsp;Accrued other expenses | 4624 | 2346 | 2113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 609790 | 66469 | 58422 |
| **Net Assets** | $**7552837** | $**2472146** | $**25662123** |
| **Components of Net Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized)  | 13805276 | 3048809 | 25417827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings (accumulated deficit) | (6252439) | (576663) | 244296 |
| **Net Assets** | $**7552837** | $**2472146** | $**25662123** |
| **Maximum Offering Price per Share:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $116215 | $132790 | $213760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding | 13484 | 12170 | 17788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | $8.62 | $10.91 | $12.02 |
| &nbsp;&nbsp;&nbsp;Institutional Class: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $7436622 | $2339356 | $25448363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding | 856901 | 213210 | 2108955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | $8.68 | $10.97 | $12.07 |

---

 

*See accompanying Notes to Financial Statements.*

**STATEMENTS OF ASSETS AND LIABILITIES - Continued**

**As of October 31, 2022 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **WCM Focused International**<br> **Value Fund** | **WCM Focused International**<br> **Opportunities Fund** | **WCM International**<br> **Long-Term <br> Growth Fund** |
| **Assets:** | | | |
| &nbsp;&nbsp;&nbsp;Investments, at cost | $22538442 | $31591537 | $3569921 |
| &nbsp;&nbsp;&nbsp;Foreign currency, at cost | - | - | - |
| &nbsp;&nbsp;&nbsp;Investments, at value | $17831122 | $25834446 | $2855097 |
| &nbsp;&nbsp;&nbsp;Foreign currency, at value |  |  |  |
| &nbsp;&nbsp;&nbsp;Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 40000 | 35599 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reclaims receivable | 14511 | 8571 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest | 15281 | 23351 | 883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from Advisor | 8235 | 8589 | 22555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offering costs |  |  |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 20135 | 3063 | 54768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 17929284 | 25913619 | 2933534 |
| **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities purchased |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed |  | 5562066 | 4239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 7) | 5820 | 13674 | 1176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution fees (Note 8) | 10 | 14 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund administration fees | 10610 | 9200 | 8718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund accounting fees | 12524 | 17454 | 21274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 7225 | 9119 | 4469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custody fees | 10190 | 23319 | 9187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder reporting fees | 2462 | 5518 | 613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' deferred compensation (Note 3) | 2174 | 1813 | 1426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 1992 | 3220 | 1776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auditing fees | 9660 | 17215 | 8223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 7353 | 9136 | 486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 1426 | 3308 | 387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offering costs - Advisor |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-U.S. Taxes |  |  |  |
| &nbsp;&nbsp;&nbsp;Accrued other expenses | 5393 | 4767 | 1056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 76839 | 5679823 | 63031 |
| **Net Assets** | $**17852445** | $**20233796** | $**2870503** |
| **Components of Net Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized)  | 23261074 | 32002585 | 4011280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings (accumulated deficit) | (5408629) | (11768789) | (1140777) |
| **Net Assets** | $**17852445** | $**20233796** | $**2870503** |
| **Maximum Offering Price per Share:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $44692 | $62135 | $5462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding | 4191 | 9029 | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | $10.66 | $6.88 | $5.46 |
| &nbsp;&nbsp;&nbsp;Institutional Class: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $17807753 | $20171661 | $2865041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding | 1661094 | 2917892 | 523322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | $10.72 | $6.91 | $5.48<sup>1</sup> |

---

<sup>1</sup> Net asset value is calculated based on unrounded net assets and shares outstanding.

 

*See accompanying Notes to Financial Statements.*

**STATEMENTS OF ASSETS AND LIABILITIES - Continued**

**As of October 31, 2022 (Unaudited)**

---

| | |
|:---|:---|
|  | **WCM Focused<br> Mid Cap Fund**  |
| **Assets:** | |
| &nbsp;&nbsp;&nbsp;Investments, at cost | $579364 |
| &nbsp;&nbsp;&nbsp;Foreign currency, at cost | - |
| &nbsp;&nbsp;&nbsp;Investments, at value | $559007 |
| &nbsp;&nbsp;&nbsp;Foreign currency, at value |  |
| &nbsp;&nbsp;&nbsp;Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reclaims receivable |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from Advisor | 20906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offering costs | 8880 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 31171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 620119 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities purchased |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 7) | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution fees (Note 8) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund administration fees | 1957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund accounting fees | 2091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custody fees | 1372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder reporting fees | 352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' deferred compensation (Note 3) | 406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auditing fees | 5507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 1324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offering costs - Advisor | 43691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-U.S. Taxes |  |
| &nbsp;&nbsp;&nbsp;Accrued other expenses | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 58492 |
| **Net Assets** | $**561627** |
| **Components of Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized) | 587236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings (accumulated deficit) | (25609) |
| **Net Assets** | $**561627** |
| **Maximum Offering Price per Share:** |  |
| &nbsp;&nbsp;&nbsp;Investor Class: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $9166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | $9.17 |
| &nbsp;&nbsp;&nbsp;Institutional Class: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $552461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding | 60233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | $9.17 |

---

 

*See accompanying Notes to Financial Statements.*

**STATEMENTS OF OPERATIONS**

**For the Six Months/Period Ended October 31, 2022 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **WCM Focused International**<br> **Growth Fund** | **WCM Focused<br> Emerging**<br> **Markets Fund** | **WCM Focused<br> Global**<br> **Growth Fund** |
| **Investment Income:** | | | |
| &nbsp;&nbsp;&nbsp;Dividends (net of foreign withholding taxes of $7,246,848, $1,500,887 and $74,705, respectively) | $89168207 | $13796629 | $1365068 |
| &nbsp;&nbsp;&nbsp;Interest | 3075686 | 701000 | 139693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 92243893 | 14497629 | 1504761 |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Advisory fees | 74989165 | 8013320 | 1507224 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 7) | 8516544 | 1078518 | 182859 |
| &nbsp;&nbsp;&nbsp;Distribution fees (Note 8) | 1102422 | 130935 | 19102 |
| &nbsp;&nbsp;&nbsp;Fund administration fees | 8982580 | 494121 | 159804 |
| &nbsp;&nbsp;&nbsp;Fund accounting fees | 1079013 | 155845 | 82201 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 405574 | 144619 | 40079 |
| &nbsp;&nbsp;&nbsp;Custody fees | 1145420 | 1027448 | 56110 |
| &nbsp;&nbsp;&nbsp;Shareholder reporting fees | 288381 | 68822 | 15086 |
| &nbsp;&nbsp;&nbsp;Registration fees | 186820 | 73952 | 52915 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 157511 | 30874 | 10218 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 93353 | 12010 | 5127 |
| &nbsp;&nbsp;&nbsp;Legal fees | 32560 | 12173 | 6103 |
| &nbsp;&nbsp;&nbsp;Insurance fees | 22865 | 3566 | 2163 |
| &nbsp;&nbsp;&nbsp;Auditing fees | 9660 | 9660 | 9660 |
| &nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 2667 | 2666 | 4667 |
| &nbsp;&nbsp;&nbsp;Offering costs | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 97014535 | 11258529 | 2153318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees (waived) recovered |  | (1110945) | (272710) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expenses absorbed | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 97014535 | 10147584 | 1880608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income (loss)** | (4770642) | 4350045 | (375847) |
| **Realized and Unrealized Gain (Loss):** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (83078237) | (181545046) | (18658353) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | (1109843) | (702795) | (2852) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred non-U.S. taxes | - | (961181) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | (84188080) | (183209022) | (18661205) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on:  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (1977921020) | (145173922) | (10627827) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | (746181) | 1205 | (3010) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred non-U.S. taxes | - | 871953 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (1978667201) | (144300764) | (10630837) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (2062855281) | (327509786) | (29292042) |
| **Net Increase (Decrease) in Net Assets from Operations** | $**(2067625923)** | $**(323159741)** | $**(29667889)** |

---

 

*See accompanying Notes to Financial Statements.*

**STATEMENTS OF OPERATIONS - Continued**

**For the Six Months/Period Ended October 31, 2022 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **WCM International**<br> **Small Cap<br> Growth Fund** | **WCM Small Cap**<br> **Growth Fund** | **WCM Focused**<br> **Small Cap Fund** |
| **Investment Income:** | | | |
| &nbsp;&nbsp;&nbsp;Dividends (net of foreign withholding taxes of $270,463, $0 and $0, respectively) | $1979930 | $60945 | $233325 |
| &nbsp;&nbsp;&nbsp;Interest | 101565 | 12629 | 62903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 2081495 | 73574 | 296228 |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Advisory fees | 1940045 | 177256 | 492837 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 7) | 274714 | 20974 | 42284 |
| &nbsp;&nbsp;&nbsp;Distribution fees (Note 8) |  | 97 | 202 |
| &nbsp;&nbsp;&nbsp;Fund administration fees | 174604 | 30452 | 61744 |
| &nbsp;&nbsp;&nbsp;Fund accounting fees | 84342 | 28162 | 30256 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 45998 | 16551 | 19397 |
| &nbsp;&nbsp;&nbsp;Custody fees | 273725 | 11247 | 7165 |
| &nbsp;&nbsp;&nbsp;Shareholder reporting fees | 31020 | 7954 | 2247 |
| &nbsp;&nbsp;&nbsp;Registration fees | 44500 | 22082 | 13830 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 12017 | 4265 | 3630 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 5386 | 3624 | 3519 |
| &nbsp;&nbsp;&nbsp;Legal fees | 6902 | 5246 | 2618 |
| &nbsp;&nbsp;&nbsp;Insurance fees | 2352 | 1750 | 1799 |
| &nbsp;&nbsp;&nbsp;Auditing fees | 9652 | 9658 | 9660 |
| &nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 2665 | 2665 | 2667 |
| &nbsp;&nbsp;&nbsp;Offering costs | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 2907922 | 341983 | 693855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees (waived) recovered | (482459) | (149949) | (200815) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expenses absorbed | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 2425463 | 192034 | 493040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income (loss)** | (343968) | (118460) | (196812) |
| **Realized and Unrealized Gain (Loss):** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (97717349) | (3765880) | 1269072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | (11314) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred non-U.S. taxes | (743556) | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | (98472219) | (3765880) | 1269072 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on:  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (5997506) | 1891458 | (4584232) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | (12828) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred non-U.S. taxes | 934309 | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation)  | (5076025) | 1891458 | (4584232) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (103548244) | (1874422) | (3315160) |
| **Net Increase (Decrease) in Net Assets from Operations** | $**(103892212)** | $**(1992882)** | $**(3511972)** |

---

 

*See accompanying Notes to Financial Statements.*

**STATEMENTS OF OPERATIONS - Continued**

**For the Six Months/Period Ended October 31, 2022 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **WCM China Quality Growth Fund** | **WCM Developing World**<br> **Equity Fund** | **WCM International Equity Fund** |
| **Investment Income:** | | | |
| &nbsp;&nbsp;&nbsp;Dividends (net of foreign withholding taxes of $6,939, $2,529 and $3,276, respectively)  | $106158 | $34435 | $56893 |
| &nbsp;&nbsp;&nbsp;Interest | 4063 | 996 | 7571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 110221 | 35431 | 64464 |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Advisory fees | 52142 | 13087 | 28113 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 7) | 7821 | 1568 | 3057 |
| &nbsp;&nbsp;&nbsp;Distribution fees (Note 8) | 174 | 98 | 92 |
| &nbsp;&nbsp;&nbsp;Fund administration fees | 28762 | 30667 | 26531 |
| &nbsp;&nbsp;&nbsp;Fund accounting fees | 34306 | 32923 | 30617 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 21695 | 18672 | 17673 |
| &nbsp;&nbsp;&nbsp;Custody fees | 18583 | 12988 | 16140 |
| &nbsp;&nbsp;&nbsp;Shareholder reporting fees | 4110 | 3883 | 7573 |
| &nbsp;&nbsp;&nbsp;Registration fees | 23506 | 23597 | 21691 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 2708 | 2422 | 2507 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 3184 | 5124 | 5108 |
| &nbsp;&nbsp;&nbsp;Legal fees | 4611 | 11825 | 8087 |
| &nbsp;&nbsp;&nbsp;Insurance fees | 1727 | 1337 | 1713 |
| &nbsp;&nbsp;&nbsp;Auditing fees | 9660 | 9659 | 9658 |
| &nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 2667 | 4666 | 3665 |
| &nbsp;&nbsp;&nbsp;Offering costs | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 215656 | 172516 | 182225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees (waived) recovered | (52142) | (13087) | (28113) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expenses absorbed | (98160) | (142972) | (112675) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 65354 | 16457 | 41437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income (loss)** | 44867 | 18974 | 23027 |
| **Realized and Unrealized Gain (Loss):** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (1164327) | (42065) | (59834) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | (1939) | (501) | (381) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred non-U.S. taxes | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | (1166266) | (42566) | (60215) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on:  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (1282459) | (390640) | 370531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | (595) | 186 | (124) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred non-U.S. taxes | - | 273 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation)  | (1283054) | (390181) | 370407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (2449320) | (432747) | 310192 |
| **Net Increase (Decrease) in Net Assets from Operations** | $**(2404453)** | $**(413773)** | $**333219** |

---

 

*See accompanying Notes to Financial Statements.*

**STATEMENTS OF OPERATIONS - Continued**

**For the Six Months/Period Ended October 31, 2022 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **WCM Focused International**<br> **Value Fund** | **WCM Focused International**<br> **Opportunities Fund** | **WCM International**<br> **Long-Term Growth Fund** |
| **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends (net of foreign withholding taxes of $22,987, $18,279 and $965, respectively)  | $203483 | $156430 | $10033 |
| &nbsp;&nbsp;&nbsp;Interest | 4276 | 13534 | 1546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 207759 | 169964 | 11579 |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Advisory fees | 75374 | 139403 | 10207 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 7) | 9250 | 20748 | 1795 |
| &nbsp;&nbsp;&nbsp;Distribution fees (Note 8) | 75 | 123 | 7 |
| &nbsp;&nbsp;&nbsp;Fund administration fees | 28563 | 28056 | 30497 |
| &nbsp;&nbsp;&nbsp;Fund accounting fees | 33466 | 41335 | 39743 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 18674 | 19979 | 17474 |
| &nbsp;&nbsp;&nbsp;Custody fees | 16381 | 44649 | 20157 |
| &nbsp;&nbsp;&nbsp;Shareholder reporting fees | 2898 | 8690 | 2372 |
| &nbsp;&nbsp;&nbsp;Registration fees | 22561 | 31615 | 19813 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 3663 | 5079 | 1158 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 3144 | 4537 | 2262 |
| &nbsp;&nbsp;&nbsp;Legal fees | 5836 | 12042 | 5042 |
| &nbsp;&nbsp;&nbsp;Insurance fees | 1724 | 605 | 1667 |
| &nbsp;&nbsp;&nbsp;Auditing fees | 9660 | 4132 | 7323 |
| &nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 3667 | 5273 | 2691 |
| &nbsp;&nbsp;&nbsp;Offering costs | - | - | 4899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 234936 | 366266 | 167107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees (waived) recovered | (75374) | (139403) | (10207) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expenses absorbed | (48642) | (52486) | (141882) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 110920 | 174377 | 15018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income (loss)** | 96839 | (4413) | (3439) |
| **Realized and Unrealized Gain (Loss):** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (670050) | (4499227) | (104435) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | (2467) | 1353 | (33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred non-U.S. taxes | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | (672517) | (4497874) | (104468) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on:  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (1710481) | (210074) | (203066) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | (228) | 827 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred non-U.S. taxes | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (1710709) | (209247) | (203030) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (2383226) | (4707121) | (307498) |
| **Net Increase (Decrease) in Net Assets from Operations** | $**(2286387)** | $**(4711534)** | $**(310937)** |

---

 

*See accompanying Notes to Financial Statements.*

**STATEMENTS OF OPERATIONS - Continued**

**For the Six Months/Period Ended October 31, 2022 (Unaudited)**

---

| | |
|:---|:---|
|  | **WCM Focused**<br> **Mid Cap Fund\*** |
| **Investment Income:** | |
| &nbsp;&nbsp;&nbsp;Dividends (net of foreign withholding taxes of $0) | $625 |
| &nbsp;&nbsp;&nbsp;Interest | 321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 946 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Advisory fees | 890 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 7) | 155 |
| &nbsp;&nbsp;&nbsp;Distribution fees (Note 8) | 6 |
| &nbsp;&nbsp;&nbsp;Fund administration fees | 8634 |
| &nbsp;&nbsp;&nbsp;Fund accounting fees | 6129 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 4716 |
| &nbsp;&nbsp;&nbsp;Custody fees | 1414 |
| &nbsp;&nbsp;&nbsp;Shareholder reporting fees | 3233 |
| &nbsp;&nbsp;&nbsp;Registration fees | 11003 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 2392 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 2330 |
| &nbsp;&nbsp;&nbsp;Legal fees | 10668 |
| &nbsp;&nbsp;&nbsp;Insurance fees | 313 |
| &nbsp;&nbsp;&nbsp;Auditing fees | 5507 |
| &nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 1432 |
| &nbsp;&nbsp;&nbsp;Offering costs | 2946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 61768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees (waived) recovered | (890) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expenses absorbed | (59825) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 1053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income (loss)** | (107) |
| **Realized and Unrealized Gain (Loss):** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (5145) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred non-U.S. taxes | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | (5145) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (20357) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred non-U.S. taxes | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (20357) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (25502) |
| **Net Increase (Decrease) in Net Assets from Operations** | $**(25609)** |

---

\* Commencement of operations on July 28, 2022.

 

*See accompanying Notes to Financial Statements.*

**WCM Focused International Growth Fund**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Six Months Ended<br> October 31, 2022<br> (Unaudited)** | **For the<br> Year Ended<br> April 30, 2022** |
| **Increase (Decrease) in Net Assets from:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $(4770642) | $(115159193) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments and foreign currency transactions | (84188080) | 593986724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | (1978667201) | (5071772367) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (2067625923) | (4592944836) |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | (82734321) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | - | (1198249547) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | - | (1280983868) |
| **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 21711466 | 518278322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 1249477887 | 5873297782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | 82592645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 1094411720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (278928217) | (665394020) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (3327686472) | (5269046333) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | (2335425336) | 1634140116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | (4403051259) | (4239788588) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 20189583665 | 24429372253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $15786532406 | $20189583665 |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 1141550 | 19728497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 64916607 | 222042533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | 3033149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 39840252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (14671497) | (27769262) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (173369478) | (211447870) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in capital share transactions** | (121982818) | 45427299 |

---

 

*See accompanying Notes to Financial Statements.*

**WCM Focused Emerging Markets Fund**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Six Months Ended<br> October 31, 2022<br> (Unaudited)** | **For the<br> Year Ended<br> April 30, 2022** |
| **Increase (Decrease) in Net Assets from:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $4350045 | $(8848539) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments, foreign currency transactions and deferred non-U.S. taxes | (183209022) | (95768875) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments, foreign currency translations and deferred non-U.S. taxes | (144300764) | (570888628) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (323159741) | (675506042) |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | (2826823) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | - | (100035505) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | - | (102862328) |
| **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 215744734 | 260506831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 420388381 | 1469353271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | 2578231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 82871311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (215836345) | (145368858) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (600846221) | (1204460353) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | (180549451) | 465480433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | (503709192) | (312887937) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 1858684111 | 2171572048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $1354974919 | $1858684111 |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 17280303 | 16099076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 32080345 | 78903465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | 138095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 4391696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (16794246) | (8907137) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (45853147) | (67542974) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in capital share transactions** | (13286745) | 23082221 |

---

 

*See accompanying Notes to Financial Statements.*

**WCM Focused Global Growth Fund**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the**<br> **Six Months Ended**<br> **October 31, 2022**<br> **(Unaudited)**  | **For the<br> Year Ended<br> April 30, 2022** |
| **Increase (Decrease) in Net Assets from:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $(375847) | $(2930553) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments and foreign currency transactions | (18661205) | 28741903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | (10630837) | (126836766) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (29667889) | (101025416) |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | (2212086) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | - | (53428250) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | - | (55640336) |
| **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 1887186 | 6366794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 80621886 | 280075915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | 2212087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 53350711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (3001506) | (7873611) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (175083327) | (212504626) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | (95575761) | 121627270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | (125243650) | (35038482) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 454412310 | 489450792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $329168660 | $454412310 |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 105062 | 257604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 4408667 | 11465445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | 87469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 2067857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (165416) | (324608) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (9573970) | (9086122) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in capital share transactions** | (5225657) | 4467645 |

---

 

*See accompanying Notes to Financial Statements.*

**WCM International Small Cap Growth Fund**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Six Months Ended<br> October 31, 2022<br> (Unaudited)** | **For the<br> Year Ended<br> April 30, 2022** |
| **Increase (Decrease) in Net Assets from:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $(343968) | $(5272499) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments, foreign currency transactions and deferred non-U.S. taxes | (98472219) | 24558174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments, foreign currency translations and deferred non-U.S. taxes | (5076025) | (189687801) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (103892212) | (170402126) |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions | - | (85948627) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | - | (85948627) |
| **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional class | 31007380 | 254552436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional class |  | 85596317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional class | (141040557) | (319026110) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | (110033177) | 21122643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | (213925389) | (235228110) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 533268323 | 768496433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $319342934 | $533268323 |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional class | 1844777 | 8844760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional class |  | 3022469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional class | (7934925) | (12334192) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in capital share transactions** | (6090148) | (466963) |

---

 

*See accompanying Notes to Financial Statements.*

**WCM Small Cap Growth Fund**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Six Months Ended<br> October 31, 2022<br> (Unaudited)** | **For the<br> Year Ended<br> April 30, 2022** |
| **Increase (Decrease) in Net Assets from:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $(118460) | $(465789) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | (3765880) | 2964759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 1891458 | (15542258) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (1992882) | (13043288) |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | (8947) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | - | (4642991) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | - | (4651938) |
| **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 2200 | 39675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 11970999 | 16781334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | 8947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 4642991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (1824) | (14170) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (14209833) | (21489079) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | (2238458) | (30302) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | (4231340) | (17725528) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 40516965 | 58242493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $36285625 | $40516965 |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 201 | 2576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 1120738 | 1276872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | 640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 330227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (174) | (993) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (1377267) | (1643613) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in capital share transactions** | (256502) | (34291) |

---

 

*See accompanying Notes to Financial Statements.*

**WCM Focused Small Cap Fund**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Six Months Ended<br> October 31, 2022<br> (Unaudited)** | **For the<br> Year Ended<br> April 30, 2022** |
| **Increase (Decrease) in Net Assets from:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $(196812) | $(506679) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 1269072 | 6151683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (4584232) | (15414433) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (3511972) | (9769429) |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | (11632) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | - | (6732771) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | - | (6744403) |
| **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 41801 | 41311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 10477016 | 20185465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | 11632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 5850536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (12674) | (17470) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (6643467) | (9774983) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 3862676 | 16296491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 350704 | (217341) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 99211250 | 99428591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $99561954 | $99211250 |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 4378 | 3554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 1034490 | 1740069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | 1022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 510518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (1256) | (1492) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (654829) | (865414) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in capital share transactions** | 382783 | 1388257 |

---

 

*See accompanying Notes to Financial Statements.*

**WCM China Quality Growth Fund**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Six Months Ended<br> October 31, 2022<br> (Unaudited)** | **For the<br> Year Ended<br> April 30, 2022** |
| **Increase (Decrease) in Net Assets from:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $44867 | $(61345) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments and foreign currency transactions | (1166266) | (913731) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | (1283054) | (4354363) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (2404453) | (5329439) |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | (15604) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | - | (1232777) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | - | (1248381) |
| **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 18144 | 117302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 440403 | 6652617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | 15604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 1232777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (4680) | (85426) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (1263192) | (4369953) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | (809325) | 3562921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | (3213778) | (3014899) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 10766615 | 13781514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $7552837 | $10766615 |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 1605 | 7274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 38655 | 396078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | 994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 78172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (448) | (5743) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (126379) | (281405) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in capital share transactions** | (86567) | 195370 |

---

 

*See accompanying Notes to Financial Statements.*

**WCM Developing World Equity Fund**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Six Months Ended<br> October 31, 2022<br> (Unaudited)** | **For the<br> Year Ended<br> April 30, 2022** |
| **Increase (Decrease) in Net Assets from:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $18974 | $9991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments, foreign currency transactions and deferred non-U.S. taxes | (42566) | (1826) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments, foreign currency translations and deferred non-U.S. taxes | (390181) | (380050) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (413773) | (371885) |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | (1061) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | - | (95777) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | - | (96838) |
| **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 110298 | 15600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 25477 | 1961578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | 1061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 95777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (4209) | (162) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (47795) | (321057) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 83771 | 1752797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | (330002) | 1284074 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 2802148 | 1518074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $2472146 | $2802148 |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 9780 | 1118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 2292 | 132677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 6769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (351) | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (3921) | (23235) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in capital share transactions** | 7800 | 117393 |

---

 

*See accompanying Notes to Financial Statements.*

**WCM International Equity Fund**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Six Months Ended<br> October 31, 2022<br> (Unaudited)** | **For the<br> Year Ended<br> April 30, 2022** |
| **Increase (Decrease) in Net Assets from:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $23027 | $19437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments and foreign currency transactions | (60215) | 69985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | 370407 | (384425) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 333219 | (295003) |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | (620) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | - | (117649) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | - | (118269) |
| **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 201941 | 35420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 20483350 | 2282401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | 620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 117649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | (26166) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (111055) | (10000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 20574236 | 2399924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 20907455 | 1986652 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 4754668 | 2768016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $25662123 | $4754668 |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 16082 | 2350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 1770877 | 154992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 7812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | (1808) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (8415) | (669) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in capital share transactions** | 1778544 | 162718 |

---

 

*See accompanying Notes to Financial Statements.*

**WCM Focused International Value Fund**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Six Months Ended<br> October 31, 2022<br> (Unaudited)** | **For the<br> Year Ended<br> April 30, 2022** |
| **Increase (Decrease) in Net Assets from:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $96839 | $23158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments and foreign currency transactions | (672517) | (146571) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | (1710709) | (3453475) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (2286387) | (3576888) |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | (17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | - | (3047) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | - | (3064) |
| **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 500 | 42870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 5311686 | 19032345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 3047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (25806) | (405) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (2000901) | (1887646) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 3285479 | 17190227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 999092 | 13610275 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 16853353 | 3243078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $17852445 | $16853353 |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 46 | 3119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 450260 | 1306519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (2367) | (27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (176542) | (143658) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in capital share transactions** | 271397 | 1166151 |

---

 

*See accompanying Notes to Financial Statements.*

**WCM Focused International Opportunities Fund**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Six Months Ended<br> October 31, 2022<br> (Unaudited)** | **For the<br> Year Ended<br> April 30, 2022** |
| **Increase (Decrease) in Net Assets from:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $(4413) | $(83539) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments and foreign currency transactions | (4497874) | (1407744) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | (209247) | (5595218) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (4711534) | (7086501) |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | (89) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | - | (18947) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | - | (19036) |
| **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 61850 | 202021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 17349883 | 30809705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 18947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (75015) | (71875) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (13521560) | (3500177) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 3815158 | 27458710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | (896376) | 20353173 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 21130172 | 776999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $20233796 | $21130172 |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 8013 | 17139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 2295713 | 2817914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 1606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (10088) | (7042) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (1897400) | (370520) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in capital share transactions** | 396238 | 2459104 |

---

 

*See accompanying Notes to Financial Statements.*

**WCM International Long-Term Growth Fund**

**STATEMENT OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Six Months Ended<br> October 31, 2022<br> (Unaudited)** | **For the Period<br> September 29, 2021\***<br> **through<br> April 30, 2022<br> (Unaudited)** |
| **Increase (Decrease) in Net Assets from:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $(3439) | $(6798) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments and foreign currency transactions | (104468) | (312190) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | (203030) | (511792) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (310937) | (830780) |
| **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | 10000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 1801343 | 3216851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (83308) | (932666) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 1718035 | 2294185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 1407098 | 1463405 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 1463405 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $2870503 | $1463405 |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 306018 | 355296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (13878) | (124114) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in capital share transactions** | 292140 | 232182 |

---

\* Commencement of operations.

 

*See accompanying Notes to Financial Statements.*

**WCM Focused Mid Cap Fund**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | |
|:---|:---|
|  | **For the Period<br> July 28, 2022\* through<br> October 31, 2022<br> (Unaudited)** |
| **Increase (Decrease) in Net Assets from:** |  |
| **Operations:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $(107) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | (5145) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (20357) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (25609) |
| **Capital Transactions:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from shares sold: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 10000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 577236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 587236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 561627 |
| **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $561627 |
| **Capital Share Transactions:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 60233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in capital share transactions** | 61233 |

---

\* Commencement of operations.

 

*See accompanying Notes to Financial Statements.*

**WCM Focused International Growth Fund**

**FINANCIAL HIGHLIGHTS**

**Investor Class**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **For the Year Ended April 30,** | **For the Year Ended April 30,** | **For the Year Ended April 30,** | **For the Year Ended April 30,** | **For the Year Ended April 30,** |
|  | **For the<br> Six Months<br> Ended<br> October 31,**<br>**2022<br> (Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net asset value, beginning of period** | $20.43 | $26.00 | $17.10 | $16.51 | $15.87 | $13.84 |
| **Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | (0.03) | (0.18) | (0.14) |  | 0.03 | 0.03 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (2.17) | (4.12) | 9.39 | 0.60 | 1.15 | 2.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (2.20) | (4.30) | 9.25 | 0.60 | 1.18 | 2.07 |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  |  | (0.01) | (0.01) | (0.01) | (0.04) |
| &nbsp;&nbsp;&nbsp;From net realized gain | - | (1.27) | (0.34) | - | (0.53) | -<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | - | (1.27) | (0.35) | (0.01) | (0.54) | (0.04) |
| **Redemption fee proceeds<sup>1</sup>** | - | - | - | - | -<sup>2</sup> | -<sup>2</sup> |
| **Net asset value, end of period** | $18.23 | $20.43 | $26.00 | $17.10 | $16.51 | $15.87 |
| **Total return<sup>3</sup>** | (10.77)%<sup>4</sup> | (17.75)% | 54.28% | 3.64% | 7.99% | 14.98% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $740286 | $1106334 | $1537934 | $271693 | $200100 | $162025 |
| Ratio of expenses to average net assets | 1.34%<sup>5</sup> | 1.31% | 1.30% | 1.26% | 1.24% | 1.30% |
| Ratio of net investment income (loss) to average net assets | (0.29)%<sup>5</sup> | (0.68)% | (0.62)% | (0.01)% | 0.17% | 0.21% |
| Portfolio turnover rate | 9%<sup>4</sup> | 23% | 25% | 20% | 21% | 26% |

---

<sup>1</sup> Calculated based on average shares outstanding for the period.

<sup>2</sup> Amount represents less than $0.01 per share.

<sup>3</sup> 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.

<sup>4</sup> Not annualized.

<sup>5</sup> Annualized.

*See accompanying Notes to Financial Statements.*

**WCM Focused International Growth Fund**

**FINANCIAL HIGHLIGHTS**

**Institutional Class**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **For the Year Ended April 30,** | **For the Year Ended April 30,** | **For the Year Ended April 30,** | **For the Year Ended April 30,** | **For the Year Ended April 30,** |
|  | **For the<br> Six Months<br> Ended<br> October 31,**<br>**2022<br> (Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net asset value, beginning of period** | $20.64 | $26.18 | $17.17 | $16.58 | $15.94 | $13.89 |
| **Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> |  | (0.11) | (0.08) | 0.04 | 0.06 | 0.07 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (2.21) | (4.16) | 9.44 | 0.59 | 1.16 | 2.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (2.21) | (4.27) | 9.36 | 0.63 | 1.22 | 2.12 |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  |  | (0.01) | (0.04) | (0.05) | (0.07) |
| &nbsp;&nbsp;&nbsp;From net realized gain | - | (1.27) | (0.34) | - | (0.53) | -<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | - | (1.27) | (0.35) | (0.04) | (0.58) | (0.07) |
| **Redemption fee proceeds<sup>1</sup>** | - | - | - | - | -<sup>2</sup> | -<sup>2</sup> |
| **Net asset value, end of period** | $18.43 | $20.64 | $26.18 | $17.17 | $16.58 | $15.94 |
| **Total return<sup>3</sup>** | (10.71)%<sup>4</sup> | (17.51)% | 54.73% | 3.79% | 8.25% | 15.30% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $15046247 | $19083250 | $22891438 | $12088860 | $7420808 | $5576795 |
| Ratio of expenses to average net assets | 1.09%<sup>5</sup> | 1.06% | 1.05% | 1.04% | 1.03% | 1.05% |
| Ratio of net investment income (loss) to average net assets | (0.04)%<sup>5</sup> | (0.43)% | (0.37)% | 0.21% | 0.38% | 0.46% |
| Portfolio turnover rate | 9%<sup>4</sup> | 23% | 25% | 20% | 21% | 26% |

---

<sup>1</sup> Calculated based on average shares outstanding for the period.

<sup>2</sup> Amount represents less than $0.01 per share.

<sup>3</sup> Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

<sup>4</sup> Not annualized.

<sup>5</sup> Annualized.

*See accompanying Notes to Financial Statements.*

**WCM Focused Emerging Markets Fund**

**FINANCIAL HIGHLIGHTS**

**Investor Class**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **For the Year Ended April 30,** | **For the Year Ended April 30,** | **For the Year Ended April 30,** | **For the Year Ended April 30,** | **For the Year Ended April 30,** |
|  | **For the<br> Six Months<br> Ended<br> October 31,**<br>**2022<br> (Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net asset value, beginning of period** | $14.00 | $19.89 | $12.71 | $12.91 | $12.43 | $10.28 |
| **Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | 0.02 | (0.11) | (0.19) | (0.05) | 0.14 | 0.13 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (2.68) | (4.96) | 7.54 | (0.10) | 0.42 | 2.11 |
| &nbsp;&nbsp;&nbsp;Net increase from payment by affiliates | - | - | - | - | -<sup>2</sup> | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (2.66) | (5.07) | 7.35 | (0.15) | 0.56 | 2.24 |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  |  |  | (0.03) | (0.08) | (0.09) |
| &nbsp;&nbsp;&nbsp;From net realized gain | - | (0.82) | (0.17) | (0.02) | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | - | (0.82) | (0.17) | (0.05) | (0.08) | (0.09) |
| **Redemption fee proceeds<sup>1</sup>** | - | - | - | - | -<sup>2</sup> | -<sup>2</sup> |
| **Net asset value, end of period** | $11.34 | $14.00 | $19.89 | $12.71 | $12.91 | $12.43 |
| **Total return<sup>3</sup>** | (19.00)%<sup>4</sup> | (26.54)% | 57.93% | (1.17)% | 4.64%<sup>5</sup> | 21.87% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $120228 | $141593 | $55369 | $26583 | $6540 | $8950 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 1.64%<sup>6</sup> | 1.59% | 1.53% | 1.69% | 2.05% | 2.26% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.50%<sup>6</sup> | 1.50% | 1.50% | 1.49%<sup>7</sup> | 0.00% | 0.00% |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 0.17%<sup>6</sup> | (0.71)% | (1.07)% | (0.59)% | (0.88)% | (1.17)% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 0.31%<sup>6</sup> | (0.62)% | (1.04)% | (0.39)% | 1.17% | 1.09% |
| Portfolio turnover rate | 12%<sup>4</sup> | 39% | 35% | 23% | 48% | 47% |

---

<sup>1</sup> Calculated based on average shares outstanding for the period.

<sup>2</sup> Amount represents less than $0.01 per share.

<sup>3</sup> 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.

<sup>4</sup> Not annualized.

<sup>5</sup> The Advisor reimbursed the Fund $327 for losses from a trade error. Payments had no impact to the total return.

<sup>6</sup> Annualized.

<sup>7</sup> 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.*

**WCM Focused Emerging Markets Fund**

**FINANCIAL HIGHLIGHTS**

**Institutional Class**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **For the Year Ended April 30,** | **For the Year Ended April 30,** | **For the Year Ended April 30,** | **For the Year Ended April 30,** | **For the Year Ended April 30,** |
|  | **For the<br> Six Months<br> Ended<br> October 31,**<br>**2022<br> (Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net asset value, beginning of period** | $14.16 | $20.06 | $12.78 | $12.96 | $12.47 | $10.32 |
| **Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | 0.04 | (0.07) | (0.15) | (0.02) | 0.14 | 0.13 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (2.71) | (5.01) | 7.60 | (0.11) | 0.43 | 2.11 |
| &nbsp;&nbsp;&nbsp;Net increase from payment by affiliates | - | - | - | - | -<sup>2</sup> | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (2.67) | (5.08) | 7.45 | (0.13) | 0.57 | 2.24 |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  |  |  | (0.03) | (0.08) | (0.09) |
| &nbsp;&nbsp;&nbsp;From net realized gain | - | (0.82) | (0.17) | (0.02) | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | - | (0.82) | (0.17) | (0.05) | (0.08) | (0.09) |
| **Redemption fee proceeds<sup>1</sup>** | - | - | - | - | -<sup>2</sup> | - |
| **Net asset value, end of period** | $11.49 | $14.16 | $20.06 | $12.78 | $12.96 | $12.47 |
| **Total return<sup>3</sup>** | (18.86)%<sup>4</sup> | (26.36)% | 58.39% | (1.01)% | 4.70%<sup>5</sup> | 21.79% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $1234747 | $1717091 | $2116203 | $315868 | $50850 | $22251 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 1.39%<sup>6</sup> | 1.34% | 1.28% | 1.45% | 1.80% | 2.01% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.25%<sup>6</sup> | 1.25% | 1.25% | 1.25%<sup>7</sup> | 0.00% | 0.00% |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 0.42%<sup>6</sup> | (0.46)% | (0.82)% | (0.35)% | (0.63)% | (0.92)% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 0.56%<sup>6</sup> | (0.37)% | (0.79)% | (0.15)% | 1.17% | 1.09% |
| Portfolio turnover rate | 12%<sup>4</sup> | 39% | 35% | 23% | 48% | 47% |

---

<sup>1</sup> Calculated based on average shares outstanding for the period.

<sup>2</sup> Amount represents less than $0.01 per share.

<sup>3</sup> 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.

<sup>4</sup> Not annualized.

<sup>5</sup> The Advisor reimbursed the Fund $327 for losses from a trade error. Payments had no impact to the total return.

<sup>6</sup> Annualized.

<sup>7</sup> 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.*

**WCM Focused Global Growth Fund**

**FINANCIAL HIGHLIGHTS**

**Investor Class**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **For the Year Ended April 30,** | **For the Year Ended April 30,** | **For the Year Ended April 30,** | **For the Year Ended April 30,** | **For the Year Ended April 30,** |
|  | **For the<br> Six Months**<br> **Ended<br> October 31,**<br>**2022<br> (Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net asset value, beginning of period** | $18.93 | $25.28 | $17.39 | $16.68 | $14.96 | $13.00 |
| **Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | (0.04) | (0.19) | (0.15) | (0.05) | (0.08) | (0.04) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (1.28) | (3.52) | 8.87 | 1.08 | 2.21 | 2.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (1.32) | (3.71) | 8.72 | 1.03 | 2.13 | 2.18 |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  |  |  |  |  | (0.04) |
| &nbsp;&nbsp;&nbsp;From net realized gain | - | (2.64) | (0.83) | (0.32) | (0.41) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | - | (2.64) | (0.83) | (0.32) | (0.41) | (0.22) |
| **Redemption fee proceeds<sup>1</sup>** | - | - | - | - | -<sup>2</sup> | -<sup>2</sup> |
| **Net asset value, end of period** | $17.61 | $18.93 | $25.28 | $17.39 | $16.68 | $14.96 |
| **Total return<sup>3</sup>** | (6.97)%<sup>4</sup> | (17.30)% | 50.55% | 6.15% | 14.59% | 16.81% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $14190 | $16396 | $21378 | $8865 | $4541 | $3540 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 1.45%<sup>5</sup> | 1.40% | 1.44% | 1.50% | 1.73% | 2.29% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.30%<sup>5</sup> | 1.30% | 1.30% | 1.28%<sup>6</sup> | 1.40% | 1.40% |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (0.61)%<sup>5</sup> | (0.88)% | (0.80)% | (0.52)% | (0.83)% | (1.13)% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | (0.46)%<sup>5</sup> | (0.78)% | (0.66)% | (0.30)% | (0.50)% | (0.24)% |
| Portfolio turnover rate | 25%<sup>4</sup> | 44% | 56% | 37% | 48% | 38% |

---

<sup>1</sup> Calculated based on average shares outstanding for the period.

<sup>2</sup> Amount represents less than $0.01 per share.

<sup>3</sup> 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.

<sup>4</sup> Not annualized.

<sup>5</sup> Annualized.

<sup>6</sup> 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.*

**WCM Focused Global Growth Fund**

**FINANCIAL HIGHLIGHTS**

**Institutional Class**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **For the Year Ended April 30,** | **For the Year Ended April 30,** | **For the Year Ended April 30,** | **For the Year Ended April 30,** | **For the Year Ended April 30,** |
|  | **For the<br> Six Months**<br> **Ended<br> October 31,**<br>**2022<br> (Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net asset value, beginning of period** | $19.33 | $25.70 | $17.63 | $16.87 | $15.06 | $13.05 |
| **Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | (0.02) | (0.13) | (0.09) | (0.01) | (0.04) | -<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (1.30) | (3.60) | 8.99 | 1.09 | 2.25 | 2.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (1.32) | (3.73) | 8.90 | 1.08 | 2.21 | 2.23 |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  |  |  |  |  | (0.04) |
| &nbsp;&nbsp;&nbsp;From net realized gain | - | (2.64) | (0.83) | (0.32) | (0.41) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | - | (2.64) | (0.83) | (0.32) | (0.41) | (0.22) |
| **Redemption fee proceeds<sup>1</sup>** | - | - | - | - | 0.01 | -<sup>2</sup> |
| **Net asset value, end of period** | $18.01 | $19.33 | $25.70 | $17.63 | $16.87 | $15.06 |
| **Total return<sup>3</sup>** | (6.83)%<sup>4</sup> | (17.09)% | 50.89% | 6.38% | 15.09% | 17.13% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $314979 | $438016 | $468073 | $245101 | $93974 | $32124 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 1.20%<sup>5</sup> | 1.15% | 1.19% | 1.27% | 1.48% | 2.04% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.05%<sup>5</sup> | 1.05% | 1.05% | 1.05%<sup>6</sup> | 1.15% | 1.15% |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (0.36)%<sup>5</sup> | (0.63)% | (0.55)% | (0.29)% | (0.58)% | (0.88)% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | (0.21)%<sup>5</sup> | (0.53)% | (0.41)% | (0.07)% | (0.25)% | 0.01% |
| Portfolio turnover rate | 25%<sup>4</sup> | 44% | 56% | 37% | 48% | 38% |

---

<sup>1</sup> Calculated based on average shares outstanding for the period.

<sup>2</sup> Amount represents less than $0.01 per share.

<sup>3</sup> 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.

<sup>4</sup> Not annualized.

<sup>5</sup> Annualized.

<sup>6</sup> 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.*

**WCM International Small Cap Growth Fund**

**FINANCIAL HIGHLIGHTS**

**Institutional Class**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **For the Year Ended April 30,** | **For the Year Ended April 30,** | **For the Year Ended April 30,** | **For the Year Ended April 30,** | **For the Year Ended April 30,** |
|  | **For the<br> Six Months**<br> **Ended<br> October 31,**<br>**2022<br> (Unaudited)** | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net asset value, beginning of period** | $20.22 | $28.63 | $16.80 | $15.57 | $14.79 | $11.58 |
| **Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | (0.02) | (0.18) | (0.19) | (0.10) | (0.09) | (0.05) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (4.46) | (5.30) | 12.76 | 1.33 | 1.37 | 3.41 |
| &nbsp;&nbsp;&nbsp;Net increase from payment by affiliates | - | - | -<sup>2</sup> | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (4.48) | (5.48) | 12.57 | 1.23 | 1.28 | 3.36 |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net realized gain | - | (2.93) | (0.74) | - | (0.50) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | - | (2.93) | (0.74) | - | (0.50) | (0.15) |
| **Redemption fee proceeds<sup>1</sup>** | - | - | - | - | -<sup>2</sup> | -<sup>2</sup> |
| **Net asset value, end of period** | $15.74 | $20.22 | $28.63 | $16.80 | $15.57 | $14.79 |
| **Total return<sup>3</sup>** | (22.19)%<sup>4</sup> | (22.04)% | 75.46%<sup>5</sup> | 7.90% | 9.29% | 29.18% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $319343 | $533268 | $768496 | $86504 | $11922 | $2705 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 1.50%<sup>6</sup> | 1.34% | 1.34% | 1.79% | 4.34% | 11.35% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.25%<sup>6</sup> | 1.25% | 1.25% | 1.25%<sup>7</sup> | 1.40% | 1.40% |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (0.43)%<sup>6</sup> | (0.73)% | (0.84)% | (1.17)% | (3.55)% | (10.33)% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | (0.18)%<sup>6</sup> | (0.64)% | (0.75)% | (0.63)% | (0.61)% | (0.38)% |
| Portfolio turnover rate | 44%<sup>4</sup> | 87% | 82% | 67% | 81% | 58% |

---

<sup>1</sup> Calculated based on average shares outstanding for the period.

<sup>2</sup> Amount represents less than $0.01 per share.

<sup>3</sup> 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.

<sup>4</sup> Not annualized.

<sup>5</sup> The Advisor reimbursed the Fund $2,951 for losses from a trade error. Payment had no impact to the total return.

<sup>6</sup> Annualized.

<sup>7</sup> 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.*

**WCM Small Cap Growth Fund**

**FINANCIAL HIGHLIGHTS**

**Investor Class**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **For the Year Ended<br> April 30,** | **For the Year Ended<br> April 30,** | |
|  | **For the<br> Six Months<br> Ended<br> October 31,**<br>**2022<br> (Unaudited)** | **2022** | **2021** | **For the Period<br> October 30,**<br> **2019\*<br> through**<br>**April 30,<br>2020** |
| **Net asset value, beginning of period** | $11.00 | $15.71 | $9.27 | $10.00 |
| **Income from Investment Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | (0.05) | (0.16) | (0.16) | (0.05) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.37) | (3.28) | 6.75 | (0.68) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (0.42) | (3.44) | 6.59 | (0.73) |
| **Less Distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net realized gain | - | (1.27) | (0.15) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | - | (1.27) | (0.15) | - |
| **Net asset value, end of period** | $10.58 | $11.00 | $15.71 | $9.27 |
| **Total return<sup>2</sup>** | (3.82)%<sup>3</sup> | (23.65)% | 71.37% | (7.30)%<sup>3</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |
| Net assets, end of period (in thousands) | $77 | $79 | $78 | $31 |
| Ratio of expenses to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 2.17%<sup>4</sup> | 1.85% | 2.33% | 10.10%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.33%<sup>4,5</sup> | 1.50% | 1.50% | 1.50%<sup>4</sup> |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (1.75)%<sup>4</sup> | (1.48)% | (2.08)% | (9.69)%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | (0.91)%<sup>4</sup> | (1.13)% | (1.25)% | (1.09)%<sup>4</sup> |
| Portfolio turnover rate | 40%<sup>3</sup> | 57% | 51% | 51%<sup>3</sup> |

---

<sup>\*</sup> Commencement of operations.

<sup>1</sup> Calculated based on average shares outstanding for the period.

<sup>2</sup> 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.

<sup>3</sup> Not annualized.

<sup>4</sup> Annualized.

<sup>5</sup> 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.*

**WCM Small Cap Growth Fund**

**FINANCIAL HIGHLIGHTS**

**Institutional Class**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **For the Year Ended<br> April 30,** | **For the Year Ended<br> April 30,** | |
|  | **For the<br> Six Months<br> Ended<br> October 31,**<br>**2022<br> (Unaudited)** | **2022** | **2021** | **For the Period<br> October 30,**<br> **2019\*<br> through**<br>**April 30,<br>2020** |
| **Net asset value, beginning of period** | $11.07 | $15.77 | $9.28 | $10.00 |
| **Income from Investment Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | (0.04) | (0.12) | (0.14) | (0.04) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.37) | (3.31) | 6.78 | (0.68) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (0.41) | (3.43) | 6.64 | (0.72) |
| **Less Distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net realized gain | - | (1.27) | (0.15) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | - | (1.27) | (0.15) | - |
| **Net asset value, end of period** | $10.66 | $11.07 | $15.77 | $9.28 |
| **Total return<sup>2</sup>** | (3.70)%<sup>3</sup> | (23.49)% | 71.84% | (7.20)%<sup>3</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |
| Net assets, end of period (in thousands) | $36209 | $40438 | $58164 | $4993 |
| Ratio of expenses to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 1.92%<sup>4</sup> | 1.60% | 2.08% | 9.85%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.08%<sup>4,5</sup> | 1.25% | 1.25% | 1.25%<sup>4</sup> |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (1.50)%<sup>4</sup> | (1.23)% | (1.83)% | (9.43)%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | (0.66)%<sup>4</sup> | (0.88)% | (1.00)% | (0.83)%<sup>4</sup> |
| Portfolio turnover rate | 40%<sup>3</sup> | 57% | 51% | 51%<sup>3</sup> |

---

<sup>\*</sup> Commencement of operations.

<sup>1</sup> Calculated based on average shares outstanding for the period.

<sup>2</sup> 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.

<sup>3</sup> Not annualized.

<sup>4</sup> Annualized.

<sup>5</sup> 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.*

**WCM Focused Small Cap Fund**

**FINANCIAL HIGHLIGHTS**

**Investor Class**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **For the Year Ended<br> April 30,** | **For the Year Ended<br> April 30,** | |
|  | **For the<br> Six Months<br> Ended<br> October 31,**<br>**2022<br> (Unaudited)** | **2022** | **2021** | **For the Period<br> October 30,**<br> **2019\*<br> through**<br>**April 30,<br>2020** |
| **Net asset value, beginning of period** | $10.30 | $12.11 | $7.71 | $10.00 |
| **Income from Investment Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | (0.03) | (0.08) | (0.07) | (0.02) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.35) | (0.97) | 4.47 | (2.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (0.38) | (1.05) | 4.40 | (2.29) |
| **Less Distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net realized gain | - | (0.76) | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | - | (0.76) | - | - |
| **Net asset value, end of period** | $9.92 | $10.30 | $12.11 | $7.71 |
| **Total return<sup>2</sup>** | (3.69)%<sup>3</sup> | (9.29)% | 57.07% | (22.90)%<sup>3</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |
| Net assets, end of period (in thousands) | $194 | $169 | $161 | $27 |
| Ratio of expenses to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 1.66%<sup>4</sup> | 1.77% | 1.97% | 15.49%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.25%<sup>4</sup> | 1.25% | 1.25%<sup>5</sup> | 1.50%<sup>4</sup> |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (1.06)%<sup>4</sup> | (1.26)% | (1.43)% | (14.51)%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | (0.65)%<sup>4</sup> | (0.74)% | (0.71)% | (0.52)%<sup>4</sup> |
| Portfolio turnover rate | 12%<sup>3</sup> | 32% | 32% | 5%<sup>3</sup> |

---

<sup>\*</sup> Commencement of operations.

<sup>1</sup> Calculated based on average shares outstanding for the period.

<sup>2</sup> 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.

<sup>3</sup> Not annualized.

<sup>4</sup> Annualized.

<sup>5</sup> 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.*

**WCM Focused Small Cap Fund**

**FINANCIAL HIGHLIGHTS**

**Institutional Class**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **For the Year Ended<br> April 30,** | **For the Year Ended<br> April 30,** | |
|  | **For the<br> Six Months<br> Ended<br> October 31,**<br>**2022<br> (Unaudited)** | **2022** | **2021** | **For the Period<br> October 30,**<br> **2019\*<br> through**<br>**April 30,<br>2020** |
| **Net asset value, beginning of period** | $10.38 | $12.17 | $7.73 | $10.00 |
| **Income from Investment Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | (0.02) | (0.06) | (0.05) | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.35) | (0.97) | 4.49 | (2.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (0.37) | (1.03) | 4.44 | (2.27) |
| **Less Distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net realized gain | - | (0.76) | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | - | (0.76) | - | - |
| **Net asset value, end of period** | $10.01 | $10.38 | $12.17 | $7.73 |
| **Total return<sup>2</sup>** | (3.56)%<sup>3</sup> | (9.08)% | 57.44% | (22.70)%<sup>3</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |
| Net assets, end of period (in thousands) | $99368 | $99042 | $99267 | $4716 |
| Ratio of expenses to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 1.41%<sup>4</sup> | 1.52% | 1.72% | 15.24%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.00%<sup>4</sup> | 1.00% | 1.00%<sup>5</sup> | 1.25%<sup>4</sup> |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (0.81)%<sup>4</sup> | (1.01)% | (1.18)% | (14.26)%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | (0.40)%<sup>4</sup> | (0.49)% | (0.46)% | (0.27)%<sup>4</sup> |
| Portfolio turnover rate | 12%<sup>3</sup> | 32% | 32% | 5%<sup>3</sup> |

---

<sup>\*</sup> Commencement of operations.

<sup>1</sup> Calculated based on average shares outstanding for the period.

<sup>2</sup> 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.

<sup>3</sup> Not annualized.

<sup>4</sup> Annualized.

<sup>5</sup> 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.*

**WCM China Quality Growth Fund**

**FINANCIAL HIGHLIGHTS**

**Investor Class**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **For the Year Ended<br> April 30,** | **For the Year Ended<br> April 30,** | |
|  | **For the<br> Six Months<br> Ended<br> October 31,**<br>**2022<br> (Unaudited)** | **2022** | **2021** | **For the Period<br> March 31,**<br> **2020\*<br> through**<br>**April 30,<br>2020** |
| **Net asset value, beginning of period** | $11.19 | $18.05 | $10.65 | $10.00 |
| **Income from Investment Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | 0.03 | (0.11) | (0.17) | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (2.60) | (5.44) | 7.95 | 0.66 |
| &nbsp;&nbsp;&nbsp;Net increase from payments by affiliates | - | - | -<sup>2</sup> | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (2.57) | (5.55) | 7.78 | 0.65 |
| **Less Distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net realized gain | - | (1.31) | (0.38) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | - | (1.31) | (0.38) | - |
| **Net asset value, end of period** | $8.62 | $11.19 | $18.05 | $10.65 |
| **Total return<sup>3</sup>** | (22.97)%<sup>4</sup> | (32.83)% | 73.73%<sup>5</sup> | 6.50%<sup>4</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |
| Net assets, end of period (in thousands) | $116 | $138 | $177 | $11 |
| Ratio of expenses to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 4.39%<sup>6</sup> | 3.92% | 6.21% | 18.03%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.50%<sup>6</sup> | 1.50% | 1.50% | 1.50%<sup>6</sup> |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (2.27)%<sup>6</sup> | (3.09)% | (5.72)% | (17.69)%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 0.62%<sup>6</sup> | (0.67)% | (1.01)% | (1.16)%<sup>6</sup> |
| Portfolio turnover rate | 17%<sup>4</sup> | 56% | 57% | -%<sup>4</sup> |

---

<sup>\*</sup> Commencement of operations.

<sup>1</sup> Calculated based on average shares outstanding for the period.

<sup>2</sup> Amount represents less than $0.01 per share.

<sup>3</sup> 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.

<sup>4</sup> Not annualized.

<sup>5</sup> 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.

<sup>6</sup> Annualized.

*See accompanying Notes to Financial Statements.*

**WCM China Quality Growth Fund**

**FINANCIAL HIGHLIGHTS**

**Institutional Class**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **For the Year Ended<br> April 30,** | **For the Year Ended<br> April 30,** | |
|  | **For the<br> Six Months<br> Ended<br> October 31,**<br>**2022<br> (Unaudited)** | **2022** | **2021** | **For the Period<br> March 31,**<br> **2020\*<br> through**<br>**April 30,<br>2020** |
| **Net asset value, beginning of period** | $11.25 | $18.10 | $10.65 | $10.00 |
| **Income from Investment Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | 0.05 | (0.07) | (0.12) | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (2.62) | (5.47) | 7.95 | 0.66 |
| &nbsp;&nbsp;&nbsp;Net increase from payments by affiliates | - | - | -<sup>2</sup> | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (2.57) | (5.54) | 7.83 | 0.65 |
| **Less Distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net realized gain | - | (1.31) | (0.38) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | - | (1.31) | (0.38) | - |
| **Net asset value, end of period** | $8.68 | $11.25 | $18.10 | $10.65 |
| **Total return<sup>3</sup>** | (22.84)%<sup>4</sup> | (32.68)% | 74.20%<sup>5</sup> | 6.50%<sup>4</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |
| Net assets, end of period (in thousands) | $7437 | $10629 | $13605 | $2391 |
| Ratio of expenses to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 4.14%<sup>6</sup> | 3.67% | 5.96% | 17.78%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.25%<sup>6</sup> | 1.25% | 1.25% | 1.25%<sup>6</sup> |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (2.02)%<sup>6</sup> | (2.84)% | (5.47)% | (17.42)%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 0.87%<sup>6</sup> | (0.42)% | (0.76)% | (0.89)%<sup>6</sup> |
| Portfolio turnover rate | 17%<sup>4</sup> | 56% | 57% | -%<sup>4</sup> |

---

<sup>\*</sup> Commencement of operations.

<sup>1</sup> Calculated based on average shares outstanding for the period.

<sup>2</sup> Amount represents less than $0.01 per share.

<sup>3</sup> 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.

<sup>4</sup> Not annualized.

<sup>5</sup> 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.

<sup>6</sup> Annualized.

*See accompanying Notes to Financial Statements.*

**WCM Developing World Equity Fund**

**FINANCIAL HIGHLIGHTS**

**Investor Class**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **For the Year Ended<br> April 30,** | **For the Year Ended<br> April 30,** | |
|  | **For the<br> Six Months<br> Ended<br> October 31,**<br>**2022<br> (Unaudited)** | **2022** | **2021** | **For the Period<br> March 31,**<br> **2020\*<br> through**<br>**April 30,<br>2020** |
| **Net asset value, beginning of period** | $12.83 | $15.11 | $10.99 | $10.00 |
| **Income from Investment Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | 0.07 | 0.02 | (0.03) | 0.03 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (1.99) | (1.83) | 4.59 | 0.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (1.92) | (1.81) | 4.56 | 0.99 |
| **Less Distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  |  | (0.03) |  |
| &nbsp;&nbsp;&nbsp;From net realized gain | - | (0.47) | (0.41) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | - | (0.47) | (0.44) | - |
| **Net asset value, end of period** | $10.91 | $12.83 | $15.11 | $10.99 |
| **Total return<sup>2</sup>** | (14.96)%<sup>3</sup> | (12.24)% | 41.48% | 10.00%<sup>3</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |
| Net assets, end of period (in thousands) | $133 | $35 | $24 | $11 |
| Ratio of expenses to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 13.43%<sup>4</sup> | 13.25% | 32.13% | 71.14%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.50%<sup>4</sup> | 1.50% | 1.50% | 1.50%<sup>4</sup> |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (10.72)%<sup>4</sup> | (11.60)% | (30.87)% | (66.39)%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.21%<sup>4</sup> | 0.15% | (0.24)% | 3.25%<sup>4</sup> |
| Portfolio turnover rate | 13%<sup>3</sup> | 67% | 41% | 6%<sup>3</sup> |

---

<sup>\*</sup> Commencement of operations.

<sup>1</sup> Calculated based on average shares outstanding for the period.

<sup>2</sup> 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.

<sup>3</sup> Not annualized.

<sup>4</sup> Annualized.

*See accompanying Notes to Financial Statements.*

**WCM Developing World Equity Fund**

**FINANCIAL HIGHLIGHTS**

**Institutional Class**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **For the Year Ended<br> April 30,** | **For the Year Ended<br> April 30,** | |
|  | **For the<br> Six Months<br> Ended<br> October 31,**<br>**2022<br> (Unaudited)** | **2022** | **2021** | **For the Period<br> March 31,**<br> **2020\*<br> through**<br>**April 30,<br>2020** |
| **Net asset value, beginning of period** | $12.88 | $15.15 | $10.99 | $10.00 |
| **Income from Investment Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | 0.09 | 0.06 |  | 0.03 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (2.00) | (1.85) | 4.60 | 0.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (1.91) | (1.79) | 4.60 | 0.99 |
| **Less Distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  | (0.01) | (0.03) |  |
| &nbsp;&nbsp;&nbsp;From net realized gain | - | (0.47) | (0.41) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | - | (0.48) | (0.44) | - |
| **Net asset value, end of period** | $10.97 | $12.88 | $15.15 | $10.99 |
| **Total return<sup>2</sup>** | (14.83)%<sup>3</sup> | (12.06)% | 41.73% | 10.10%<sup>3</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |
| Net assets, end of period (in thousands) | $2339 | $2767 | $1495 | $571 |
| Ratio of expenses to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 13.18%<sup>4</sup> | 13.00% | 31.88% | 70.89%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.25%<sup>4</sup> | 1.25% | 1.25% | 1.25%<sup>4</sup> |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (10.47)%<sup>4</sup> | (11.35)% | (30.62)% | (66.08)%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.46%<sup>4</sup> | 0.40% | 0.01% | 3.56%<sup>4</sup> |
| Portfolio turnover rate | 13%<sup>3</sup> | 67% | 41% | 6%<sup>3</sup> |

---

<sup>\*</sup> Commencement of operations.

<sup>1</sup> Calculated based on average shares outstanding for the period.

<sup>2</sup> 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.

<sup>3</sup> Not annualized.

<sup>4</sup> Annualized.

*See accompanying Notes to Financial Statements.*

**WCM International Equity Fund**

**FINANCIAL HIGHLIGHTS**

**Investor Class**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **For the Year Ended<br> April 30,** | **For the Year Ended<br> April 30,** | |
|  | **For the<br> Six Months<br> Ended<br> October 31,**<br>**2022<br> (Unaudited)** | **2022** | **2021** | **For the Period<br> March 31,**<br> **2020\*<br> through**<br>**April 30,<br>2020** |
| **Net asset value, beginning of period** | $13.62 | $14.90 | $10.92 | $10.00 |
| **Income from Investment Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | 0.03 | 0.04 | (0.02) | 0.01 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (1.63) | (0.90) | 4.22 | 0.91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (1.60) | (0.86) | 4.20 | 0.92 |
| **Less Distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  | (0.01) |  |  |
| &nbsp;&nbsp;&nbsp;From net realized gain | - | (0.41) | (0.22) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | - | (0.42) | (0.22) | - |
| **Net asset value, end of period** | $12.02 | $13.62 | $14.90 | $10.92 |
| **Total return<sup>2</sup>** | (11.75)%<sup>3</sup> | (6.04)% | 38.49% | 9.30%<sup>3</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |
| Net assets, end of period (in thousands) | $214 | $23 | $17 | $11 |
| Ratio of expenses to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 5.75%<sup>4</sup> | 7.92% | 29.79% | 69.30%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.50%<sup>4</sup> | 1.50% | 1.50% | 1.50%<sup>4</sup> |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (3.80)%<sup>4</sup> | (6.17)% | (28.46)% | (66.82)%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 0.45%<sup>4</sup> | 0.25% | (0.17)% | 0.98%<sup>4</sup> |
| Portfolio turnover rate | 10%<sup>3</sup> | 59% | 19% | 9%<sup>3</sup> |

---

<sup>\*</sup> Commencement of operations.

<sup>1</sup> Calculated based on average shares outstanding for the period.

<sup>2</sup> 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.

<sup>3</sup> Not annualized.

<sup>4</sup> Annualized.

*See accompanying Notes to Financial Statements.*

**WCM International Equity Fund**

**FINANCIAL HIGHLIGHTS**

**Institutional Class**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **For the Year Ended<br> April 30,** | **For the Year Ended<br> April 30,** | |
|  | **For the<br> Six Months<br> Ended<br> October 31,**<br>**2022<br> (Unaudited)** | **2022** | **2021** | **For the Period<br> March 31,**<br> **2020\*<br> through**<br>**April 30,<br>2020** |
| **Net asset value, beginning of period** | $13.66 | $14.92 | $10.92 | $10.00 |
| **Income from Investment Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | 0.04 | 0.07 | 0.01 | 0.01 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (1.63) | (0.89) | 4.23 | 0.91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (1.59) | (0.82) | 4.24 | 0.92 |
| **Less Distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  | (0.03) | (0.02) |  |
| &nbsp;&nbsp;&nbsp;From net realized gain | - | (0.41) | (0.22) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | - | (0.44) | (0.24) | - |
| **Net asset value, end of period** | $12.07 | $13.66 | $14.92 | $10.92 |
| **Total return<sup>2</sup>** | (11.64)%<sup>3</sup> | (5.74)% | 38.83% | 9.30%<sup>3</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |
| Net assets, end of period (in thousands) | $25448 | $4731 | $2751 | $596 |
| Ratio of expenses to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 5.50%<sup>4</sup> | 7.67% | 29.54% | 69.05%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.25%<sup>4</sup> | 1.25% | 1.25% | 1.25%<sup>4</sup> |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (3.55)%<sup>4</sup> | (5.92)% | (28.21)% | (66.62)%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 0.70%<sup>4</sup> | 0.50% | 0.08% | 1.18%<sup>4</sup> |
| Portfolio turnover rate | 10%<sup>3</sup> | 59% | 19% | 9%<sup>3</sup> |

---

<sup>\*</sup> Commencement of operations.

<sup>1</sup> Calculated based on average shares outstanding for the period.

<sup>2</sup> 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.

<sup>3</sup> Not annualized.

<sup>4</sup> Annualized.

*See accompanying Notes to Financial Statements.*

**WCM Focused International Value Fund**

**FINANCIAL HIGHLIGHTS**

**Investor Class**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | |
|:---|:---|:---|:---|
|  | **For the<br> Six Months<br> Ended<br> October 31,**<br>**2022<br> (Unaudited)** | **For the**<br> **Year Ended**<br>**April 30,<br>2022** | **For the Period<br> June 29,**<br> **2020\*<br> through**<br>**April 30,<br>2021** |
| **Net asset value, beginning of period** | $12.04 | $14.22 | $10.00 |
| **Income from Investment Operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | 0.05 | -<sup>2</sup> | (0.03) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (1.43) | (2.18) | 4.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (1.38) | (2.18) | 4.22 |
| **Less Distributions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;From net realized gain | - | -<sup>2</sup> | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | - | -<sup>2</sup> | - |
| **Net asset value, end of period** | $10.66 | $12.04 | $14.22 |
| **Total return<sup>3</sup>** | (11.46)%<sup>4</sup> | (15.31)% | 42.20%<sup>4</sup> |
| **Ratios and Supplemental Data:** |  |  |  |
| Net assets, end of period (in thousands) | $45 | $78 | $49 |
| Ratio of expenses to average net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 2.90%<sup>5</sup> | 4.36% | 18.35%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.50%<sup>5</sup> | 1.50% | 1.50%<sup>5</sup> |
| Ratio of net investment income (loss) to average net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (0.56)%<sup>5</sup> | (2.86)% | (17.16)%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 0.84%<sup>5</sup> | 0.00% | (0.31)%<sup>5</sup> |
| Portfolio turnover rate | 13%<sup>4</sup> | 23% | 12%<sup>4</sup> |

---

<sup>\*</sup> Commencement of operations.

<sup>1</sup> Calculated based on average shares outstanding for the period.

<sup>2</sup> Amount represents less than $0.01 per share.

<sup>3</sup> 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.

<sup>4</sup> Not annualized.

<sup>5</sup> Annualized.

*See accompanying Notes to Financial Statements.*

**WCM Focused International Value Fund**

**FINANCIAL HIGHLIGHTS**

**Institutional Class**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | |
|:---|:---|:---|:---|
|  | **For the<br> Six Months<br> Ended<br> October 31,**<br>**2022<br> (Unaudited)** | **For the**<br> **Year Ended**<br>**April 30,<br>2022** | **For the Period<br> June 29,**<br> **2020\*<br> through**<br>**April 30,<br>2021** |
| **Net asset value, beginning of period** | $12.09 | $14.24 | $10.00 |
| **Income from Investment Operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | 0.06 | 0.04 | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (1.43) | (2.19) | 4.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (1.37) | (2.15) | 4.24 |
| **Less Distributions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  | -<sup>2</sup> |  |
| &nbsp;&nbsp;&nbsp;From net realized gain | - | -<sup>2</sup> | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | - | -<sup>2</sup> | - |
| **Net asset value, end of period** | $10.72 | $12.09 | $14.24 |
| **Total return<sup>3</sup>** | (11.33)%<sup>4</sup> | (15.07)% | 42.40%<sup>4</sup> |
| **Ratios and Supplemental Data:** |  |  |  |
| Net assets, end of period (in thousands) | $17808 | $16775 | $3194 |
| Ratio of expenses to average net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 2.65%<sup>5</sup> | 4.11% | 18.10%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.25%<sup>5</sup> | 1.25% | 1.25%<sup>5</sup> |
| Ratio of net investment income (loss) to average net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (0.31)%<sup>5</sup> | (2.61)% | (16.91)%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.09%<sup>5</sup> | 0.25% | (0.06)%<sup>5</sup> |
| Portfolio turnover rate | 13%<sup>4</sup> | 23% | 12%<sup>4</sup> |

---

<sup>\*</sup> Commencement of operations.

<sup>1</sup> Calculated based on average shares outstanding for the period.

<sup>2</sup> Amount represents less than $0.01 per share.

<sup>3</sup> 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.

<sup>4</sup> Not annualized.

<sup>5</sup> Annualized.

*See accompanying Notes to Financial Statements.*

**WCM Focused International Opportunities Fund**

**FINANCIAL HIGHLIGHTS**

**Investor Class**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | |
|:---|:---|:---|:---|
|  | **For the<br> Six Months<br> Ended<br> October 31,**<br>**2022<br> (Unaudited)** | **For the**<br> **Year Ended**<br>**April 30,<br>2022** | **For the Period<br> March 30,**<br> **2021\*<br> through**<br>**April 30,<br>2021** |
| **Net asset value, beginning of period** | $8.33 | $10.85 | $10.00 |
| **Income from Investment Operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | (0.01) | (0.11) | -<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (1.44) | (2.40) | 0.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (1.45) | (2.51) | 0.85 |
| **Less Distributions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;From net realized gain | - | (0.01) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | - | (0.01) | - |
| **Net asset value, end of period** | $6.88 | $8.33 | $10.85 |
| **Total return<sup>3</sup>** | (17.41)%<sup>4</sup> | (23.14)% | 8.50%<sup>4</sup> |
| **Ratios and Supplemental Data:** |  |  |  |
| Net assets, end of period (in thousands) | $62 | $92 | $11 |
| Ratio of expenses to average net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 2.88%<sup>5</sup> | 5.20% | 60.78%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.50%<sup>5</sup> | 1.50% | 1.50%<sup>5</sup> |
| Ratio of net investment income (loss) to average net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (1.66)%<sup>5</sup> | (4.77)% | (59.25)%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | (0.28)%<sup>5</sup> | (1.07)% | 0.03%<sup>5</sup> |
| Portfolio turnover rate | 38%<sup>4</sup> | 59% | 3%<sup>4</sup> |

---

<sup>\*</sup> Commencement of operations.

<sup>1</sup> Calculated based on average shares outstanding for the period.

<sup>2</sup> Amount represents less than $0.01 per share.

<sup>3</sup> 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.

<sup>4</sup> Not annualized.

<sup>5</sup> Annualized.

*See accompanying Notes to Financial Statements.*

**WCM Focused International Opportunities Fund**

**FINANCIAL HIGHLIGHTS**

**Institutional Class**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | |
|:---|:---|:---|:---|
|  | **For the<br> Six Months<br> Ended<br> October 31,**<br>**2022<br> (Unaudited)** | **For the**<br> **Year Ended**<br>**April 30,<br>2022** | **For the Period<br> March 30,**<br> **2021\*<br> through**<br>**April 30,<br>2021** |
| **Net asset value, beginning of period** | $8.35 | $10.86 | $10.00 |
| **Income from Investment Operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | -<sup>2</sup> | (0.09) | -<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (1.44) | (2.41) | 0.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (1.44) | (2.50) | 0.86 |
| **Less Distributions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;From net realized gain | - | (0.01) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | - | (0.01) | - |
| **Net asset value, end of period** | $6.91 | $8.35 | $10.86 |
| **Total return<sup>3</sup>** | (17.25)%<sup>4</sup> | (23.02)% | 8.60%<sup>4</sup> |
| **Ratios and Supplemental Data:** |  |  |  |
| Net assets, end of period (in thousands) | $20172 | $21038 | $766 |
| Ratio of expenses to average net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 2.63%<sup>5</sup> | 4.95% | 60.53%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.25%<sup>5</sup> | 1.25% | 1.25%<sup>5</sup> |
| Ratio of net investment income (loss) to average net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (1.41)%<sup>5</sup> | (4.52)% | (59.00)%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | (0.03)%<sup>5</sup> | (0.82)% | 0.28%<sup>5</sup> |
| Portfolio turnover rate | 38%<sup>4</sup> | 59% | 3%<sup>4</sup> |

---

<sup>\*</sup> Commencement of operations.

<sup>1</sup> Calculated based on average shares outstanding for the period.

<sup>2</sup> Amount represents less than $0.01 per share.

<sup>3</sup> 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.

<sup>4</sup> Not annualized.

<sup>5</sup> Annualized.

*See accompanying Notes to Financial Statements.*

**WCM International Long-Term Growth Fund**

**FINANCIAL HIGHLIGHTS**

 **Investor Class**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | |
|:---|:---|:---|
|  | **For the<br> Six Months<br> Ended<br> October 31,**<br>**2022<br> (Unaudited)** | **For the Period**<br> **September 29,<br> 2021\***<br> **through**<br>**April 30,<br> 2022** |
| **Net asset value, beginning of period** | $6.29 | $10.00 |
| **Income from Investment Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | (0.02) | (0.06) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.81) | (3.65) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (0.83) | (3.71) |
| **Net asset value, end of period** | $5.46 | $6.29 |
| **Total return<sup>2</sup>** | (13.20)%<sup>3</sup> | (37.10)%<sup>3</sup> |
| **Ratios and Supplemental Data:** |  |  |
| Net assets, end of period (in thousands) | $5 | $6 |
| Ratio of expenses to average net assets: |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 14.16%<sup>4</sup> | 21.17%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.50%<sup>4</sup> | 1.50%<sup>4</sup> |
| Ratio of net investment income (loss) to average net assets: |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (13.20)%<sup>4</sup> | (20.83)%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | (0.54)%<sup>4</sup> | (1.16)%<sup>4</sup> |
| Portfolio turnover rate | 13%<sup>3</sup> | 85%<sup>3</sup> |

---

<sup>\*</sup> Commencement of operations.

<sup>1</sup> Calculated based on average shares outstanding for the period.

<sup>2</sup> 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.

<sup>3</sup> Not annualized.

<sup>4</sup> Annualized.

*See accompanying Notes to Financial Statements.*

**WCM International Long-Term Growth Fund**

**FINANCIAL HIGHLIGHTS**

**Institutional Class**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | |
|:---|:---|:---|
|  | **For the<br> Six Months<br> Ended<br> October 31,**<br>**2022<br> (Unaudited)** | **For the Period**<br> **September 29,<br> 2021\***<br> **through**<br>**April 30,<br> 2022** |
| **Net asset value, beginning of period** | $6.30 | $10.00 |
| **Income from Investment Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | (0.01) | (0.04) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.81) | (3.66) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (0.82) | (3.70) |
| **Net asset value, end of period** | $5.48 | $6.30 |
| **Total return<sup>2</sup>** | (13.02)%<sup>3</sup> | (37.00)%<sup>3</sup> |
| **Ratios and Supplemental Data:** |  |  |
| Net assets, end of period (in thousands) | $2865 | $1457 |
| Ratio of expenses to average net assets: |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 13.91%<sup>4</sup> | 20.92%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.25%<sup>4</sup> | 1.25%<sup>4</sup> |
| Ratio of net investment income (loss) to average net assets: |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (12.95)%<sup>4</sup> | (20.58)%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | (0.29)%<sup>4</sup> | (0.91)%<sup>4</sup> |
| Portfolio turnover rate | 13%<sup>3</sup> | 85%<sup>3</sup> |

---

<sup>\*</sup> Commencement of operations.

<sup>1</sup> Calculated based on average shares outstanding for the period.

<sup>2</sup> 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.

<sup>3</sup> Not annualized.

<sup>4</sup> Annualized.

*See accompanying Notes to Financial Statements.*

**WCM Focused Mid Cap Fund**

**FINANCIAL HIGHLIGHTS**

**Investor Class**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | |
|:---|:---|
|  | **For the Period<br> July 28, 2022\*<br> through<br> October 31,**<br>**2022<br> (Unaudited)** |
| **Net asset value, beginning of period** | $10.00 |
| **Income from Investment Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.82) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (0.83) |
| **Net asset value, end of period** | $9.17 |
| **Total return<sup>2</sup>** | (8.30)%<sup>3</sup> |
| **Ratios and Supplemental Data:** |  |
| Net assets, end of period (in thousands) | $9 |
| Ratio of expenses to average net assets: |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 59.21%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.25%<sup>4</sup> |
| Ratio of net investment income (loss) to average net assets: |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (58.31)%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | (0.35)%<sup>4</sup> |
| Portfolio turnover rate | 3%<sup>3</sup> |

---

<sup>\*</sup> Commencement of operations.

<sup>1</sup> Calculated based on average shares outstanding for the period.

<sup>2</sup> 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.

<sup>3</sup> Not annualized.

<sup>4</sup> Annualized.

*See accompanying Notes to Financial Statements.*

**WCM Focused Mid Cap Fund**

**FINANCIAL HIGHLIGHTS**

**Institutional Class**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | |
|:---|:---|
|  | **For the Period<br> July 28, 2022\*<br> through<br> October 31,**<br>**2022<br> (Unaudited)** |
| **Net asset value, beginning of period** | $10.00 |
| **Income from Investment Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | -<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.83) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (0.83) |
| **Net asset value, end of period** | $9.17 |
| **Total return<sup>3</sup>** | (8.30)%<sup>4</sup> |
| **Ratios and Supplemental Data:** |  |
| Net assets, end of period (in thousands) | $552 |
| Ratio of expenses to average net assets: |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 58.96%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.00%<sup>5</sup> |
| Ratio of net investment income (loss) to average net assets: |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (58.06)%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | (0.10)%<sup>5</sup> |
| Portfolio turnover rate | 3%<sup>4</sup> |

---

<sup>\*</sup> Commencement of operations.

<sup>1</sup> Calculated based on average shares outstanding for the period.

<sup>2</sup> Amount represents less than $0.01 per share.

<sup>3</sup> 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.

<sup>4</sup> Not annualized.

<sup>5</sup> Annualized.

*See accompanying Notes to Financial Statements.*

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS**

**October 31, 2022 (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 Focused Small Cap Fund ("Small Cap" or "Small Cap 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 International Long-Term Growth Fund ("International Long-Term Growth" or "International Long-Term Growth Fund") and Focused Mid Cap Fund ("Mid Cap" or "Mid Cap 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, Small Cap Fund, International Equity Fund, International Value Fund, International Opportunities Fund, International Long-Term Growth Fund, and Mid Cap 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 | Commencement of Operations |
| Fund Name | Investment Objective | Institutional<br> Class | Investor <br> 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 |
| Small Cap 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 |
| International Long-Term Growth Fund | Provide long-term capital appreciation | 9/29/2021 | 9/29/2021 |
| Mid Cap Fund | Provide long-term capital appreciation | 7/28/2022 | 7/28/2022 |

---

<br> 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.

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**October 31, 2022 (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"). Participation certificates are valued at the last sale price of the underlying security as of the close of the primary exchange. 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 the 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 each Fund must utilize fair value pricing. Prior to September 8, 2022, security valued at fair value as determined in good faith by the Funds' advisor, subject to review and approval by the Valuation Committee, pursuant to procedures adopted by the Board of Trustees. The actions of the Valuation Committee were subsequently reviewed by the Board at its next regularly scheduled board meeting. The Valuation Committee met as needed. The Valuation Committee was comprised of all the Trustees, but action may had been taken by any one of the Trustees.

**(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 part 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.

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**October 31, 2022 (Unaudited)**

The Mid Cap Fund incurred offering costs of approximately $11,826, which are being amortized over a one-year period from July 28, 2022 (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.

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**October 31, 2022 (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 October 31, 2022, 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. 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.

**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 International Growth Fund, Emerging Markets Fund, Global Growth Fund, International Small Cap Growth Fund, China Quality Growth Fund, Developing World Equity Fund, International Equity Fund, International Value Fund, International Opportunities Fund, and International Long-Term Growth Fund 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. The Advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Small Cap Growth Fund, Small Cap Fund, and Mid Cap Fund 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), 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.

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**October 31, 2022 (Unaudited)**

These agreements are in effect until August 31, 2023 for the International Growth Fund, Emerging Markets Fund, Global Growth Fund, International Small Cap Growth Fund, August 31, 2031 for the Mid Cap Fund, and August 31, 2032 for the Small Cap Growth Fund, Small Cap Fund, China Quality Growth Fund, Developing World Equity Fund, International Equity Fund, International Value Fund, International Opportunities Fund, and International Long-Term 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%<sup>\*</sup> | 1.24%<sup>\*</sup> | 0.99%<sup>\*</sup> |
| Small Cap Fund | 1.00% | 1.25% | 1.00% |
| China Quality Growth Fund | 1.00% | 1.50% | 1.25% |
| Developing World Equity Fund | 1.00% | 1.50% | 1.25% |
| International Equity Fund | 0.85% | 1.50% | 1.25% |
| International Value Fund | 0.85% | 1.50% | 1.25% |
| International Opportunities Fund | 1.00% | 1.50% | 1.25% |
| International Long-Term Growth Fund | 0.85% | 1.50% | 1.25% |
| Mid Cap Fund | 0.85% | 1.25% | 1.00% |

---

&nbsp;&nbsp;&nbsp;&nbsp;† The total limit on annual operating expenses is calculated
based on each Fund's average daily net assets.

<sup>\*</sup> With respect to the Small Cap Growth Fund, effective July 1, 2022, the Advisor agreed to lower its management fee from 1.00% to 0.99% as well as reduce the expense caps from 1.50% and 1.25% to 1.24% and 0.99% for the Investor Class and Institutional Class shares, respectively.

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**October 31, 2022 (Unaudited)**

The table below contains the advisory fees waived and absorbed other expenses for the period ended October 31, 2022:

---

| | |
|:---|:---|
|  | Advisory Fees Waived and Other Expenses Absorbed |
| International Growth Fund | $- |
| Emerging Markets Fund | 1110945 |
| Global Growth Fund | 272710 |
| International Small Cap Growth Fund | 482459 |
| Small Cap Growth Fund | 149949 |
| Small Cap Fund | 200815 |
| China Quality Growth Fund | 150302 |
| Developing World Equity Fund | 156059 |
| International Equity Fund | 140788 |
| International Value Fund | 124016 |
| International Opportunities Fund | 191889 |
| International Long-Term Growth Fund | 152089 |
| Mid Cap Fund | 60715 |

---

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, for Emerging Markets, Global Growth , International Small Cap Growth, and for Small Cap Growth, Small Cap, China Quality Growth, Developing World Equity, International Equity, International Value, International Opportunities, International Long-Term Growth and Mid Cap Funds three full years after the date of the waiver or payment. 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 Advisor may recapture all or a portion of these amounts no later than April 30, of the years stated below. The total is the amount of these potentially recoverable expenses as of October 31, 2022.

---

| | | | |
|:---|:---|:---|:---|
|  | Emerging Markets Fund | Global Growth Fund | International Small Cap Growth Fund |
| 2023 | $225653 | $313198 | $192336 |
| 2024 | 376409 | 560831 | 325930 |
| 2025 | 2194968 | 512187 | 753667 |
| 2026 | 1110945 | 272710 | 482459 |
| Total | $3907975 | $1658926 | $1754392 |

---

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**October 31, 2022 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | Small Cap Growth Fund | Small Cap Fund | China Quality Growth Fund |
| 2023 | $122609 | $123415 | $32031 |
| 2024 | 254994 | 421601 | 322890 |
| 2025 | 188353 | 533195 | 349581 |
| 2026 | 149949 | 200815 | 150302 |
| Total | $715905 | $1279026 | $854804 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Developing World Equity Fund | International Equity Fund | International Value Fund |
| 2023 | $32187 | $32114 | $- |
| 2024 | 296104 | 287224 | 227076 |
| 2025 | 295536 | 252723 | 261051 |
| 2026 | 156059 | 140788 | 124016 |
| Total | $779886 | $712849 | $612143 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | International Opportunities Fund | International Long-Term Growth Fund | Mid Cap Fund |
| 2024 | $33627 | $- | $- |
| 2025 | 374446 | 146340 |  |
| 2026 | 191889 | 152089 | 60715 |
| Total | $599962 | $298429 | $60715 |

---

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 periods ended October 31, 2022 are reported on the Statements of Operations.

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 periods ended October 31, 2022, 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.

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**October 31, 2022 (Unaudited)**

Dziura Compliance Consulting, LLC provides Chief Compliance Officer ("CCO") services to the Trust. The Funds' allocated fees incurred for CCO services for the periods ended October 31, 2022, are reported on the Statements of Operations.

**Note 4 – Federal Income Taxes**

At October 31, 2022, 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 | $14451879106 | $1858975234 | $342365873 |
| Gross unrealized appreciation | $3433828642 | $94143651 | $36465879 |
| Gross unrealized depreciation | (2110877438) | (593223685) | (49409329) |
| Net unrealized appreciation (depreciation) on investments | $1322951204 | $(499080034) | $(12943450) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | International Small Cap Growth Fund | Small Cap Growth Fund | Small Cap Fund |
| Cost of investments | $406842264 | $37173084 | $96832818 |
| Gross unrealized appreciation | $19889042 | $4479551 | $14020761 |
| Gross unrealized depreciation | (105436959) | (6241137) | (11229655) |
| Net unrealized appreciation (depreciation) on investments | $(85547917) | $(1761586) | $2791106 |

---

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**October 31, 2022 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | China Quality Growth Fund | Developing World Equity Fund | International Equity Fund |
| Cost of investments | $11752243 | $3010631 | $25406461 |
| Gross unrealized appreciation | $391319 | $146512 | $1454568 |
| Gross unrealized depreciation | (4337380) | (686573) | (1188538) |
| Net unrealized appreciation (depreciation) on investments | $(3946061) | $(540061) | $266030 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | International Value Fund | International Opportunities Fund | International Long-Term Growth Fund |
| Cost of investments | $22538442 | $32279004 | $3883130 |
| Gross unrealized appreciation | $769254 | $788550 | $62704 |
| Gross unrealized depreciation | (5476574) | (7233108) | (1090737) |
| Net unrealized appreciation (depreciation) on investments | $(4707320) | $(6444558) | $(1028033) |

---

---

| | |
|:---|:---|
|  | Mid Cap Fund |
| Cost of investments | $579364 |
| Gross unrealized appreciation | $16253 |
| Gross unrealized depreciation | (36610) |
| Net unrealized appreciation (depreciation) on investments | $(20357) |

---

The differences between cost amounts for financial statement and federal income tax purposes are due primarily to timing differences in recognizing certain gains and losses in security transactions.

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**October 31, 2022 (Unaudited)**

As of April 30, 2022, 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 | $- | $- | $- |
| Undistributed long-term capital gains | 84429616 | - | 16661941 |
| Tax accumulated earnings | 84429616 |  | 16661941 |
| Accumulated capital and other losses | (7654232) | (106284580) | (884397) |
| Unrealized appreciation (depreciation) on foreign currency | (1283415) | (23700) | (8180) |
| Unrealized appreciation (depreciation) on investments | 3300872225 | (353906112) | (2315623) |
| Deferred compensation | (81809) | (10837) | (7559) |
| Unrealized Non-U.S. Taxes | - | (1571355) | - |
| Total accumulated earnings | $3376282385 | $(461796584) | $13446182 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | International Small Cap Growth Fund | Small Cap Growth Fund | Small Cap Fund |
| Undistributed ordinary income | $- | $- | $202517 |
| Undistributed long-term capital gains | - | 59776 | 806154 |
| Tax accumulated earnings |  | 59776 | 1008671 |
| Accumulated capital and other losses | (15746568) |  |  |
| Unrealized appreciation (depreciation) on foreign currency | (32369) |  |  |
| Unrealized appreciation (depreciation) on investments | (79550410) | (3653044) | 7274444 |
| Deferred compensation | (7925) | (2670) | (2826) |
| Unrealized Non-U.S. Taxes | (1046207) | - | - |
| Total accumulated earnings | $(96383479) | $(3595938) | $8280289 |

---

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**October 31, 2022 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | China Quality Growth Fund | Developing World Equity Fund | International Equity Fund |
| Undistributed ordinary income | $- | $- | $12694 |
| Undistributed long-term capital gains | - | - | 4666 |
| Tax accumulated earnings |  |  | 17360 |
| Accumulated capital and other losses | (1182226) | (11230) |  |
| Unrealized appreciation (depreciation) on foreign currency | (396) | (224) | (40) |
| Unrealized appreciation (depreciation) on investments | (2663602) | (149421) | (104501) |
| Deferred compensation | (1762) | (1742) | (1742) |
| Unrealized Non-U.S. Taxes | - | (273) | - |
| Total accumulated earnings | $(3847986) | $(162890) | $(88923) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | International Value Fund | International Opportunities Fund | International Long-Term Growth Fund |
| Undistributed ordinary income | $23849 | $- | $- |
| Undistributed long-term capital gains | - | - | - |
| Tax accumulated earnings | 23849 |  |  |
| Accumulated capital and other losses | (146191) | (819843) | (4128) |
| Unrealized appreciation (depreciation) on foreign currency | (1539) | (1823) | (34) |
| Unrealized appreciation (depreciation) on investments | (2996839) | (6234484) | (824967) |
| Deferred compensation | (1522) | (1104) | (710) |
| Total accumulated earnings | $(3122242) | $(7057254) | $(829839) |

---

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**October 31, 2022 (Unaudited)**

The tax character of the distributions paid during the fiscal years ended April 30, 2022 and April 30, 2021, for the Funds were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | International Growth Fund | International Growth Fund | Emerging Markets Fund | Emerging Markets Fund |
| Distributions paid from: | 2022 | 2021 | 2022 | 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ordinary Income | $- | $12092088 | $67237247 | $1183044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net long-term capital gains | 1280983868 | 288803428 | 35625081 | 9619505 |
| Total distributions paid | $1280983868 | $300895516 | $102862328 | $10802549 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Global Growth Fund | Global Growth Fund | International Small Cap Growth Fund | International Small Cap Growth Fund |
| Distributions paid from: | 2022 | 2021 | 2022 | 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ordinary Income | $6694647 | $- | $24827933 | $5789942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net long-term capital gains | 48945689 | 15435711 | 61120694 | 5740011 |
| Total distributions paid | $55640336 | $15435711 | $85948627 | $11529953 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Small Cap Growth Fund | Small Cap Growth Fund | Small Cap Fund | Small Cap Fund |
| Distributions paid from: | 2022 | 2021 | 2022 | 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ordinary Income | $1546154 | $409672 | $3645341 | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net long-term capital gains | 3105784 | - | 3099062 | - |
| Total distributions paid | $4651938 | $409672 | $6744403 | $- |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | China Quality Growth Fund | China Quality Growth Fund | Developing World Equity Fund | Developing World Equity Fund |
| Distributions paid from: | 2022 | 2021 | 2022 | 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ordinary Income | $906564 | $173185 | $50590 | $33162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net long-term capital gains | 341817 | - | 46248 | - |
| Total distributions paid | $1248381 | $173185 | $96838 | $33162 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | International Equity Fund | International Equity Fund | International Value Fund | International Value Fund |
| Distributions paid from: | 2022 | 2021 | 2022 | 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ordinary Income | $29788 | $17696 | $3064 | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net long-term capital gains | 88481 | - | - | - |
| Total distributions paid | $118269 | $17696 | $3064 | $- |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | International Opportunities Fund | International Opportunities Fund | International Long-Term Growth Fund | International Long-Term Growth Fund |
| Distributions paid from: | 2022 | 2021 | 2022 | 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ordinary Income | $19036 | $- | $- | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net long-term capital gains | - | - | - | - |
| Total distributions paid | $19036 | $- | $- | $- |

---

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**October 31, 2022 (Unaudited)**

The International Value Fund has $130,639, and $15,552, respectively, of short-term and long-term capital loss carryforward for the tax year ended April 30, 2022. At April 30, 2022, the remaining Funds 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.

As of April 30, 2022, International Growth Fund, Global Growth Fund, China Quality Growth Fund, International Opportunities Fund, and International Long-Term Growth Fund, had qualified Late-Year Losses of $7,654,232, $884,397, $8,429, $44,979, and $4,128, respectively.

As of April 30, 2022, Emerging Markets Fund, International Small Cap Growth Fund, China Quality Growth Fund, Developing World Equity Fund, and International Opportunities Fund had Post October Losses of $106,284,580, $15,746,568, $1,173,797, $11,230, and $774,864, respectively.

**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 period ended October 31, 2022, 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 | $1491976896 | $3564783435 |
| Emerging Markets Fund | 176635977 | 366202604 |
| Global Growth Fund | 83365364 | 179946416 |
| International Small Cap Growth Fund | 170552151 | 284464422 |
| Small Cap Growth Fund | 13535441 | 15957703 |
| Small Cap Fund | 11155393 | 12160529 |
| China Quality Growth Fund | 1704605 | 1919222 |
| Developing World Equity Fund | 433038 | 316295 |
| International Equity Fund | 20971649 | 726496 |
| International Value Fund | 5154045 | 2229987 |
| International Opportunities Fund | 19135414 | 9854762 |
| International Long-Term Growth Fund | 1898529 | 279195 |
| Mid Cap Fund | 557607 | 10981 |

---

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**October 31, 2022 (Unaudited)** 

**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 periods ended October 31, 2022, 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.

For the periods ended October 31, 2022, 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.

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**October 31, 2022 (Unaudited)**

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 October 31, 2022, in valuing the Funds' assets carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Growth Fund** | **Level 1** | **Level 2** | **Level 3<sup>\*\*</sup>** | **Total** |
| Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Australia | $403779571 | $482333940 | $- | $886113511 |
| &nbsp;&nbsp;&nbsp; Canada | 1685396680 |  |  | 1685396680 |
| &nbsp;&nbsp;&nbsp; China |  | 342133878 |  | 342133878 |
| &nbsp;&nbsp;&nbsp; Denmark |  | 826439930 |  | 826439930 |
| &nbsp;&nbsp;&nbsp; France |  | 1251805474 |  | 1251805474 |
| &nbsp;&nbsp;&nbsp; Hong Kong |  | 451936853 |  | 451936853 |
| &nbsp;&nbsp;&nbsp; Ireland | 2094525441 | 534755386 |  | 2629280827 |
| &nbsp;&nbsp;&nbsp; Italy |  | 542050988 |  | 542050988 |
| &nbsp;&nbsp;&nbsp; Japan |  | 837891823 |  | 837891823 |
| &nbsp;&nbsp;&nbsp; Netherlands | 534804006 | 731851047 |  | 1266655053 |
| &nbsp;&nbsp;&nbsp; Spain |  | 361453024 |  | 361453024 |
| &nbsp;&nbsp;&nbsp; Sweden |  | 690144350 |  | 690144350 |
| &nbsp;&nbsp;&nbsp; Switzerland | 348464181 | 1671422191 |  | 2019886372 |
| &nbsp;&nbsp;&nbsp; United Kingdom |  | 769473062 |  | 769473062 |
| &nbsp;&nbsp;&nbsp; United States | 1031140809 |  |  | 1031140809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 183027676 | - | - | 183027676 |
| Total Investments | $6281138364 | $9493691946 | $- | $15774830310 |

---

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**October 31, 2022 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Emerging Markets Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments | Investments |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argentina | $30732010 | $- | $- | $30732010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | 39601426 |  |  | 39601426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | 23786001 | 315567912 |  | 339353913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cyprus^ |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong |  | 104033573 |  | 104033573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | 62581968 | 210130332 |  | 272712300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia |  | 38170746 |  | 38170746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | 116903611 |  |  | 116903611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands |  | 18357554 |  | 18357554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Poland |  | 33165857 |  | 33165857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russia^ |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Africa |  | 28519633 |  | 28519633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea | 13347500 | 12914451 |  | 26261951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan |  | 122136216 |  | 122136216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thailand | 26950466 |  |  | 26950466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 11023694 | 13161736 |  | 24185430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 38856649 |  |  | 38856649 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 99953865 | - | - | 99953865 |
| Total Investments | $463737190 | $896158010 | $- | $1359895200 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Global Growth Fund** | **Level 1** | **Level 2** | **Level 3\*\*** | **Total** |
| Investments | Investments |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australia | $5353897 | $- | $- | $5353897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 17690695 |  |  | 17690695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denmark |  | 10151911 |  | 10151911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France |  | 16295564 |  | 16295564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong |  | 5390319 |  | 5390319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Italy |  | 6903719 |  | 6903719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands |  | 5793140 |  | 5793140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweden |  | 11946626 |  | 11946626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switzerland | 8940525 | 5263585 |  | 14204110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 222393025 |  |  | 222393025 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 13299417 | - | - | 13299417 |
| Total Investments | $267677559 | $61744864 | $- | $329422423 |

---

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**October 31, 2022 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Small Cap Growth Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argentina | $6630026 | $— | $— | $6630026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australia |  | 11915569 |  | 1915569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Belgium |  | 5187182 |  | 5187182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | 13463140 |  |  | 13463140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 7977118 |  |  | 7977118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China |  | 7573465 |  | 7573465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denmark |  | 11300160 |  | 11300160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Faroe Islands |  | 5388601 |  | 5388601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France |  | 13178156 |  | 13178156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany |  | 19590958 |  | 19590958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | 4014341 | 7753759 |  | 11768100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Israel |  | 3003679 |  | 3003679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Italy | 4107259 | 10172155 |  | 14279414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan |  | 55772331 |  | 55772331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | 9865773 |  |  | 9865773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands | 4924086 |  |  | 4924086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norway |  | 8509235 |  | 8509235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Poland |  | 3630448 |  | 3630448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russia^ |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweden |  | 28696753 |  | 28696753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switzerland | 2905392 | 19877271 |  | 22782663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan |  | 6840554 |  | 6840554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Arab Emirates | 4325720 |  |  | 4325720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 10242787 | 8116791 |  | 18359578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uruguay | 3751284 |  |  | 3751284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vietnam |  | 4965009 |  | 4965009 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 17615345 | - | - | 17615345 |
| Total Investments | $89822271 | $231472076 | $- | $321294347 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Small Cap Growth Fund** | **Level 1** | **Level 2\*** | **Level 3\*\*** | **Total** |
| Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks<sup>1</sup> | $34341647 | $- | $- | $34341647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 1069851 | - | - | 1069851 |
| Total Investments | $35411498 | $- | $- | $35411498 |

---

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**October 31, 2022 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Small Cap Fund** | **Level 1** | **Level 2\*** | **Level 3\*\*** | **Total** |
| Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks<sup>1</sup> | $90684742 | $- | $- | $90684742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 8939182 | - | - | 8939182 |
| Total Investments | $99623924 | $- | $- | $99623924 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **China Quality Growth Fund** | **Level 1** | **Level 2** | **Level 3\*\*** | **Total** |
| Investments | Investments |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | $423183 | $5561953 | $- | $5985136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong |  | 1247319 |  | 1247319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan |  | 573727 |  | 573727 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 293934 | - | - | 293934 |
| Total Investments | $717117 | $7382999 | $- | $8100116 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Developing World Equity Fund** | **Level 1** | **Level 2** | **Level 3\*\*** | **Total** |
| Investments | Investments |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argentina | $67621 | $- | $- | $67621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | 59193 |  |  | 59193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 75917 |  |  | 75917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China |  | 269695 |  | 269695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denmark |  | 20601 |  | 20601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong |  | 187272 |  | 187272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | 185804 | 67150 |  | 252954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia |  | 145504 |  | 145504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | 154541 |  |  | 154541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands |  | 55676 |  | 55676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peru | 103916 |  |  | 103916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore |  | 115300 |  | 115300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Africa | 74386 |  |  | 74386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea | 46663 |  |  | 46663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweden |  | 102980 |  | 102980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan | 137256 | 44697 |  | 181953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 55808 | 127321 |  | 183129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 180106 |  |  | 180106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vietnam |  | 90508 |  | 90508 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 102655 | - | - | 102655 |
| Total Investments | $1243866 | $1226704 | $- | $2470570 |

---

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**October 31, 2022 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Equity Fund** | **Level 1** | **Level 2** | **Level 3\*\*** | **Total** |
| Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argentina | $243437 | $- | $- | $243437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 1958234 |  |  | 1958234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denmark |  | 1159335 |  | 1159335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France |  | 605935 |  | 605935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany |  | 531997 |  | 531997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong |  | 845948 |  | 845948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | 1086686 |  |  | 1086686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia |  | 443576 |  | 443576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ireland | 2038865 |  |  | 2038865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan |  | 734148 |  | 734148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | 944423 |  |  | 944423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands | 245658 | 713793 |  | 959451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peru | 884014 |  |  | 884014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore |  | 1253898 |  | 1253898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea | 350926 |  |  | 350926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spain |  | 1124712 |  | 1124712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweden |  | 1014020 |  | 1014020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switzerland | 529736 |  |  | 529736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan | 502864 | 377437 |  | 880301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 1968763 | 1905746 |  | 3874509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 3665184 |  |  | 3665184 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 543156 | - | - | 543156 |
| Total Investments | $14961946 | $10710545 | $- | $25672491 |

---

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**October 31, 2022 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Value Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments | Investments |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Belgium | $- | $1196986 | $- | $1196986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 2226797 |  |  | 2226797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | 137826 | 230481 |  | 368307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France |  | 327778 |  | 327778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany |  | 521483 |  | 521483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong |  | 466952 |  | 466952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | 795644 | 459990 |  | 1255634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ireland | 910674 |  |  | 910674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Israel | 269644 | 409507 |  | 679151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan | 482411 | 2544300 |  | 3026711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | 755707 |  |  | 755707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands |  | 194088 |  | 194088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norway |  | 188362 |  | 188362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russia^ |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore | 312872 |  |  | 312872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweden |  | 857394 |  | 857394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switzerland | 834204 | 896485 |  | 1730689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan | 230812 |  |  | 230812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thailand | 491920 |  |  | 491920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Arab Emirates | 395069 |  |  | 395069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 482854 |  |  | 482854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 648994 |  |  | 648994 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 561888 | - | - | 561888 |
| Total Investments | $9537316 | $8293806 | $- | $17831122 |

---

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**October 31, 2022 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Opportunities Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments | Investments |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argentina | $626418 | $- | $- | $626418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Belgium |  | 928660 |  | 928660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | 583018 |  |  | 583018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 563900 |  |  | 563900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China |  | 1263249 |  | 1263249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cyprus^ |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France |  | 2022192 |  | 2022192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany |  | 902614 |  | 902614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong |  | 457812 |  | 457812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India |  | 465865 |  | 465865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ireland | 1803208 | 565946 |  | 2369154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Italy | 525240 | 1538156 |  | 2063396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan |  | 4373851 |  | 4373851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands | 601130 | 1058177 |  | 1659307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norway |  | 617355 |  | 617355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Poland |  | 486932 |  | 486932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russia^ |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spain |  | 556491 |  | 556491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweden |  | 1906344 |  | 1906344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switzerland |  | 985404 |  | 985404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom |  | 1051709 |  | 1051709 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 1950775 | - | - | 1950775 |
| Total Investments | $6653689 | $19180757 | $- | $25834446 |

---

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**October 31, 2022 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Long-Term Growth Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments | Investments |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argentina | $103686 | $- | $- | $103686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australia | 126706 |  |  | 126706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 236242 |  |  | 236242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China |  | 192327 |  | 192327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cyprus |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France |  | 282674 |  | 282674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany |  | 174244 |  | 174244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong |  | 89479 |  | 89479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | 87857 |  |  | 87857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia |  | 84650 |  | 84650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Italy |  | 136616 |  | 136616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan |  | 67872 |  | 67872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands | 108657 | 231492 |  | 340149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norway |  | 40954 |  | 40954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russia^ |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweden |  | 135980 |  | 135980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switzerland |  | 325080 |  | 325080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan | 63089 |  |  | 63089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom |  | 79485 |  | 79485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 101500 |  |  | 101500 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 186507 | - | - | 186507 |
| Total Investments | $1014245 | $1840852 | $- | $2855097 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Mid Cap Fund** | **Level 1** | **Level 2\*** | **Level 3\*\*** | **Total** |
| Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks<sup>1</sup> | $521124 | $- | $- | $521124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 37883 | - | - | 37883 |
| Total Investments | $559007 | $- | $- | $559007 |

---

<sup>\*</sup> The Funds did not hold any Level 2 securities at period end.

<sup>\*\*</sup> The Funds did not hold any Level 3 securities at period end.

^ The Fund held a Level 3 security valued at zero at period end.

<sup>1</sup> 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.

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**October 31, 2022 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
|  | Emerging Markets Fund | International Small Cap Growth Fund |
| | Common Stocks | Common Stocks |
| Balance as of April 30, 2022 | $10680691 | $1311274 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers into Level 3<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers out of Level 3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total gains or losses for the period |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized loss included in earnings (or changes in net assets) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation (depreciation) included in earnings (or changes in net assets) | (10680691) | (1311274) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in other comprehensive income |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net purchases |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net sales | - | - |
| Balance as of October 31, 2022 | $- | $- |
| 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 | $(10680691) | $(1311274) |

---

---

| | | |
|:---|:---|:---|
|  | International Value Fund | International Opportunities Fund |
| | Common Stocks | Common Stocks |
| Balance as of April 30, 2022 | $36236 | $62967 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers into Level 3<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers out of Level 3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total gains or losses for the period |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized loss included in earnings (or changes in net assets) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation (depreciation) included in earnings (or changes in net assets) | (36236) | (62967) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in other comprehensive income |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net purchases |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net sales | - | - |
| Balance as of October 31, 2022 | $- | $- |
| 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 | $(36236) | $(62967) |

---

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**October 31, 2022 (Unaudited)**

---

| | |
|:---|:---|
|  | International Long-Term Growth Fund |
| | Common Stocks |
| Balance as of April 30, 2022 | $6614 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers into Level 3<sup>(1)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers out of Level 3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total gains or losses for the period |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized loss included in earnings (or changes in net assets) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation (depreciation) included in earnings (or changes in net assets) | (6614) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in other comprehensive income |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net purchases |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net sales | - |
| Balance as of October 31, 2022 | $- |
| 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 | $(6614) |

---

<sup>(1)</sup> Transferred from Level 1 or 2 to Level 3 because of a lack of observable market data, resulting from a decrease in market activity for the securities.

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**October 31, 2022 (Unaudited)**

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 October 31, 2022:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund | Asset Class | Fair Value at October 31, 2022 | Valuation Technique(s) | Unobservable Input | Range of Input | Weighted Average of Input | Impact to Valuation from an Increase in Input<sup>(1)</sup> |
| Emerging Markets Fund | Common Stocks | $- | Market Approach | Market Value Comparable Security with Liquidity Discount | $0.00 | N/A | Increase |
| International Small Cap Growth Fund | Common Stocks | $- | Market Approach | Going Concern Probability | $0.00 | N/A | Increase |
| International Value Fund | Common Stocks | $- | Market Approach | Liquidity Discount | $0.00 | N/A | Increase |
| International Opportunities Fund | Common Stocks | $- | Market Approach | Liquidity Discount | $0.00 | N/A | Increase |
| International Long-Term Growth Fund | Common Stocks | $- | Market Approach | Liquidity Discount | $0.00 | N/A | Increase |

---

<sup>(1)</sup> 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, each Fund is 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 illness or other public health issues, or other events could have a significant impact on a security or instrument. Since 2020, the novel strain of coronavirus (COVID-19) has negatively affected 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. Following Russia's large-scale invasion of Ukraine, the President of the United States signed an Executive Order in February 2022 prohibiting U.S. persons from entering transactions with the Central Bank of Russia and Executive Orders in March 2022 prohibiting U.S. persons from importing oil and gas from Russia as well as other popular Russian exports, such as diamonds, seafood and vodka. There may also be restrictions on investments in Chinese companies. For example, the President of the United States of America signed an Executive Order in June 2021 affirming and expanding the U.S. policy prohibiting U.S. persons from purchasing or investing in publicly-traded securities of companies identified by the U.S. Government as "Chinese Military-Industrial Complex Companies." The list of such companies can change from time to time, and as a result of forced selling or an inability to participate in an investment the Advisor otherwise believes is attractive, the Fund may incur losses. The duration of the coronavirus outbreak and the Russian-Ukraine conflict could adversely affect the Funds' performance, the performance of the securities in which the Funds invests and may lead to losses on your investment. The ultimate impact of COVID-19 and Russia Invasion on the financial performance of the Funds' investments is not reasonably estimable at this time. Management is actively monitoring these events.

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**October 31, 2022 (Unaudited)**

**Note 13 – New Accounting Pronouncements** 

In October 2020, the SEC adopted new regulations governing the use of derivatives by registered investment companies ("Rule 18f-4"). Rule 18f-4 will impose limits on the amount of derivatives a Fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, and require funds whose use of derivatives is greater than a limited specified amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager. The Funds have adopted procedures in accordance with Rule 18f-4.

In December 2020, the SEC adopted a new rule providing a framework for fund valuation practices ("Rule 2a-5"). Rule 2a-5 establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 will permit fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are "readily available" for purposes of the 1940 Act and the threshold for determining whether a fund must fair value a security. In connection with Rule 2a-5, the SEC also adopted related recordkeeping requirements and is rescinding previously issued guidance, including with respect to the role of a board in determining fair value and the accounting and auditing of fund investments. The Funds have adopted procedures in accordance with Rule 2a-5.

The SEC adopted new Rule 12d1-4, which will allow registered investment companies (including business development companies ("BDCs"), unit investment trusts ("UITs"), closed-end funds, exchange-traded funds ("ETFs"), and exchange traded managed funds ("ETMFs") (an "acquiring" fund), to invest in other investment companies (an "acquired fund"), including private funds under a specific exception, beyond the limits of Section 12(d)(1), subject to the conditions of the rule. Rule 12d1-4 became effective January 19, 2021. Funds electing to rely on Rule 12d1-4 will have to comply with the rules by January 19, 2022.

In March 2020, FASB issued ASU 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The main objective of the new guidance is to provide relief to companies that will be impacted by the expected change in benchmark interest rates at the end of 2021, when participating banks will no longer be required to submit London Interbank Offered Rate ("LIBOR") quotes by the UK Financial Conduct Authority. The new guidance allows companies to, provided the only change to existing contracts are a change to an approved benchmark interest rate, account for modifications as a continuance of the existing contract without additional analysis. In addition, derivative contracts that qualified for hedge accounting prior to modification, will be allowed to continue to receive such treatment, even if critical terms change due to a change in the benchmark interest rate. For new and existing contracts, the Funds may elect to apply the amendments as of March 12, 2020 through December 31, 2022. Management is currently assessing the impact of the ASU's adoption to the Funds financial statements and various filings.

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**October 31, 2022 (Unaudited)**

**Note 14 – 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 November 30, 2022, the WCM Focused Small Cap Fund's name will be changed to the WCM SMID Quality Value Fund. The Fund's principal investment strategies will be updated to reflect the Fund's focus on equity securities of small- and mid-capitalization companies. The Fund's investment objective of long-term capital appreciation will remain the same. In addition, the Advisor has agreed to lower its management fee from 1.00% to 0.85% of the Fund's average daily net assets. The Advisor also agreed to reduce the limit on the total annual fund operating expenses of the Fund from 1.25% to 1.10% and 1.00% to 0.85% of the average daily net assets of the Fund's Investor Class and Institutional Class shares, respectively.

Effective December 30, 2022, the name of the WCM Focused Mid Cap Fund will be changed to WCM Mid Cap Quality Value Fund.

Effective December 31, 2022, the Advisor has agreed to reduce the limit on the total annual fund operating expenses, excluding certain expenses as described below, of the WCM International Equity Fund from 1.50% to 1.35% and 1.25% to 1.10% of the average daily net assets of the Fund's Investor Class and Institutional Class shares, respectively

On December 29, 2022, the Board of Trustees of the Trust has approved a Plan of Liquidation for the WCM International Long-Term Growth Fund (the "Fund"). The Plan of Liquidation authorizes the termination, liquidation and dissolution of the Fund. In order to perform such liquidation, effective immediately the Fund is closed to all new investment.

The Fund will be liquidated on or about January 20, 2023 (the "Liquidation Date"), and shareholders may redeem their shares until the Liquidation Date. On or promptly after the Liquidation Date, the Fund will make a liquidating distribution to its remaining shareholders equal to each shareholder's proportionate interest in the net assets of the Fund, in complete redemption and cancellation of the Fund's shares held by the shareholder, and the Fund will be dissolved.

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**October 31, 2022 (Unaudited)**

The Funds declared the payment of a distribution to be paid, on December 7, 2022, to shareholders of record on December 6, 2022 as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | Long-Term Capital Gain | Short-Term Capital Gain | Income |
| International Growth Fund | Institutional | $0.02065 | $- | $- |
| International Growth Fund | Investor | 0.02065 |  |  |
| Emerging Markets Fund | Institutional |  |  | 0.05991 |
| Emerging Markets Fund | Investor |  |  | 0.04112 |
| Global Growth Fund | Institutional | 0.60448 |  |  |
| Global Growth Fund | Investor | 0.60448 |  |  |
| International Small Cap Growth Fund | Institutional |  |  |  |
| Small Cap Growth Fund | Institutional | 0.01895 |  |  |
| Small Cap Growth Fund | Investor | 0.01895 |  |  |
| Small Cap Fund (SMID Quality Value Fund) | Institutional | 0.13199 | 0.04958 |  |
| Small Cap Fund (SMID Quality Value Fund) | Investor | 0.13199 | 0.04958 |  |
| China Quality Growth Fund | Institutional |  |  | 0.03373 |
| China Quality Growth Fund | Investor |  |  | 0.01657 |
| Developing World Equity Fund | Institutional |  |  | 0.15601 |
| Developing World Equity Fund | Investor |  |  | 0.14303 |
| International Equity Fund | Institutional | 0.00105 |  | 0.00284 |
| International Equity Fund | Investor | 0.00105 |  | 0.00119 |
| International Value Fund | Institutional |  |  | 0.07259 |
| International Value Fund | Investor |  |  | 0.03664 |
| International Opportunities Fund | Institutional |  |  |  |
| International Opportunities Fund | Investor |  |  |  |
| International Long-Term Growth Fund | Institutional |  |  |  |
| International Long-Term Growth Fund | Investor |  |  |  |
| Mid Cap Fund (Mid Cap Quality Value Fund) | Institutional |  |  | 0.00765 |
| Mid Cap Fund (Mid Cap Quality Value Fund) | Investor |  |  |  |

---

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

**WCM Focused Mid Cap Fund**

**SUPPLEMENTAL INFORMATION (Unaudited)**

At an in-person meeting held on June 15-16, 2022, the Board of Trustees (the "*Board*") of Investment Managers Series Trust (the "*Trust*"), including the trustees who are not "interested persons" of the Trust (the "*Independent Trustees*") as defined in the Investment Company Act of 1940, as amended (the "*1940 Act*"), reviewed and unanimously approved the investment advisory agreement (the "*Advisory Agreement*") between the Trust and WCM Investment Management, LLC (the "*Investment Advisor*") with respect to the WCM Focused Mid Cap Fund series of the Trust (the "*Fund*") for an initial two-year term. In approving the Advisory Agreement, the Board, including the Independent Trustees, determined that such approval was in the best interests of the Fund and its shareholders.

***Background***

In advance of the meeting, the Board received information about the Fund and the Advisory Agreement from the Investment Advisor and from Mutual Fund Administration, LLC and UMB Fund Services, Inc., the Trust's co-administrators, certain portions of which are discussed below. The materials, among other things, included information about the organization and financial condition of the Investment Advisor; information regarding the background, experience, and compensation structure of relevant personnel who would be providing services to the Fund; information about the Investment Advisor's compliance policies and procedures, disaster recovery and contingency planning, and policies with respect to portfolio execution and trading; information regarding the estimated profitability of the Investment Advisor's overall relationship with the Fund; information regarding the performance of a composite of accounts managed by the Investment Advisor using its Focused Mid Cap Strategy, which is the same strategy the Investment Advisor would use to manage the Fund, for the one-, three-, and five-year and since inception (June 30, 2016) periods ended March 31, 2022; and a report prepared by Broadridge Financial Solutions, Inc. ("*Broadridge*") comparing the proposed advisory fee and estimated total expenses of the Fund with those of a group of comparable funds selected by Broadridge (the "*Peer Group*") from Morningstar, Inc.'s Mid-Cap Value fund universe (the "*Fund Universe*"). The Board also received a memorandum from legal counsel to the Trust discussing the legal standards under the 1940 Act and other applicable law for their consideration of the proposed approval of the Advisory Agreement. In addition, the Board considered information reviewed by the Board regarding other series of the Trust managed by the Investment Advisor during the year at other Board and Board committee meetings. No representatives of the Investment Advisor were present during the Board's consideration of the Advisory Agreement, and the Independent Trustees were represented by their legal counsel with respect to the matters considered.

In approving the Advisory Agreement, the Board and the Independent Trustees considered a variety of factors, including those discussed below. In their deliberations, the Board and the Independent Trustees did not identify any particular factor that was controlling, and each Trustee may have attributed different weights to the various factors.

***Nature, Extent and Quality of Services***

With respect to the relevant performance information, the meeting materials indicated that the returns of the Focused Mid Cap Strategy (net of fees) outperformed the Russell Midcap Value Index returns for the three- and five-year and since inception periods, but underperformed the Russell Index return over the one-year period by 8.60%. The Board noted its familiarity with the Investment Advisor as the investment advisor for other series of the Trust, and considered the services to be provided by the Investment Advisor to the Fund. In doing so, the Board considered the Investment Advisor's specific responsibilities in day-to-day management and oversight of the Fund, as well as the qualifications, experience, and responsibilities of the personnel who would be involved in the activities of the Fund. The Board also considered the overall quality of the organization and operations of the Investment Advisor, as well as its compliance structure and compliance procedures.

The Board and the Independent Trustees concluded that based on the various factors they had reviewed, the Investment Advisor would have the capabilities, resources, and personnel necessary to manage the Fund, and that the Investment Advisor would provide the Fund with a reasonable potential for good investment results.

**WCM Focused Mid Cap Fund**

**SUPPLEMENTAL INFORMATION (Unaudited) - Continued**

***Advisory Fee and Expense Ratio***

The Board reviewed information regarding the Fund's proposed advisory fee and estimated total expenses. The meeting materials indicated that the Fund's proposed annual investment advisory fee (gross of fee waivers) was higher than both the Peer Group and Fund Universe medians by 0.10%. The Trustees considered the Investment Advisor's assertion that in light of the Investment Advisor's active, concentrated style of management, as well as the limited capacity of the strategy, the Fund's proposed advisory fee was competitive. The Trustees noted that the Fund's proposed advisory fee was lower than the standard fee that the Investment Advisor charges institutional clients to manage separate accounts utilizing its Focused Mid Cap Strategy. The Trustees also considered that the proposed advisory fee was within the range of advisory fees paid by other series of the Trust managed by the Investment Advisor.

The meeting materials indicated that the estimated annual total expenses (net of fee waivers) of the Fund were higher than the Peer Group and Fund Universe medians by 0.12% and 0.15%, respectively. The Trustees considered that the Fund's total expenses were close to those of the funds considered by the Investment Advisor to be most similar to the Fund. The Trustees also observed that the estimated assets of the Fund were significantly lower than the average net assets of corresponding classes of funds in the Peer Group and Fund Universe, and that certain of those other funds also had significant assets in other classes.

The Board and the Independent Trustees concluded that the proposed compensation payable to the Investment Advisor under the Advisory Agreement would be fair and reasonable in light of the nature and quality of the services proposed to be provided by the Investment Advisor to the Fund.

***Profitability and Economies of Scale***

The Board next reviewed the estimated profitability to the Investment Advisor of its relationship with the Fund in the Fund's first year of operations, taking into account estimated assets of $10 million. The Board observed that the Investment Advisor anticipated waiving its entire advisory fee and subsidizing certain of the operating expenses for the Fund, and that the Investment Advisor did not anticipate that it would realize a profit with respect to the Fund in the first year of operations. The Board noted that the potential benefits received by the Investment Advisor as a result of its relationship with the Fund, other than the receipt of its advisory fee, would include the usual types of "fall out" benefits received by advisors to the Trust, including any research received from broker-dealers providing execution services to the Fund, the beneficial effects from the review by the Trust's Chief Compliance Officer of the Investment Advisor's compliance program, the intangible benefits of the Investment Advisor's association with the Fund generally, and any favorable publicity arising in connection with the Fund's performance. The Board also noted that although the Advisory Agreement does not provide for any advisory fee breakpoints, the Fund's asset level would likely be too low to achieve significant economies of scale during the initial startup period, and that any such economies would be considered in the future as the Fund's assets grow.

***Conclusion***

Based on these and other factors, the Board and the Independent Trustees concluded that approval of the Advisory Agreement was in the best interests of the Fund and its shareholders and, accordingly, approved the Advisory Agreement.

**WCM Focused International Growth Fund**

**FUND PERFORMANCE at October 31, 2022 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** *as of October 31, 2022* | 1 Year | 5 Years | 10 Years |
| Investor Class shares | -33.44% | 5.56% | 8.41% |
| Institutional Class shares | -33.29% | 5.82% | 8.66% |
| MSCI ACWI ex USA Index | -24.73% | -0.60% | 3.27% |

---

*The performance data quoted here represents past performance and past performance is not a guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. The most recent month end performance may be obtained by calling (888) 988-9801.*

The MSCI ACWI ex USA Index captures large and mid cap representation across Developed Markets countries (excluding the U.S.) and 21 Emerging Markets countries. The index covers approximately 85% of the global equity opportunity set outside the U.S. This index does not reflect expenses, fees or sales charge, which would lower performance. The index is unmanaged and it is not available for investment.

Expense ratios for the Investor Class and Institutional Class shares were 1.31% and 1.06%, respectively, which were stated in the current prospectus dated September 1, 2022. For the Fund's current one year expense ratios, please refer to the Financial Highlights section of this report.

Returns reflect the reinvestment of distributions made by the Fund, if any. The performance table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of the Fund shares.

**WCM Focused Emerging Markets Fund**

**FUND PERFORMANCE at October 31, 2022 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** *as of October 31, 2022*  | 1 Year  | 5 Years  | Since Inception | Inception Date |
| Investor Class shares | -42.07% | 0.99% | 2.24% | 6/28/13 |
| Institutional Class shares | -41.90% | 1.17% | 2.39% | 6/28/13 |
| MSCI EM Index | -31.03% | -3.09% | 1.28% | 6/28/13 |

---

*The performance data quoted here represents past performance and past performance is not a guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. The most recent month end performance may be obtained by calling (888) 988-9801.*

The MSCI EM Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of the emerging markets. This index does not reflect expenses, fees or sales charge, which would lower performance. The index is unmanaged and it is not available for investment.

Gross and net expense ratios for the Investor Class shares were 1.59% and 1.50%, respectively, and for the Institutional Class shares were 1.34% and 1.25%, respectively, which were stated in the current prospectus dated September 1, 2022. For the Fund's current one year expense ratios, please refer to the Financial Highlights section of this report. The Fund's Advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (excluding, as applicable, taxes, leverage interest, brokerage commissions, dividend and interest 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) do not exceed 1.50% and 1.25% of the average daily net assets of the Fund's Investor Class and Institutional Class shares, respectively. This agreement is in effect until August 31, 2023, and it may be terminated before that date only by the Trust's Board of Trustees. In the absence of such waivers, the Fund's returns would be lower.

Returns reflect the reinvestment of distributions made by the Fund, if any. The performance table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of the Fund shares.

**WCM Focused Global Growth Fund**

**FUND PERFORMANCE at October 31, 2022 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** *as of October 31, 2022* | 1 Year | 5 Years  | Since <br> Inception  | Inception <br> Date  |
| Investor Class shares | -29.84% | 8.06% | 10.07% | 6/28/13 |
| Institutional Class shares | -29.62% | 8.36% | 10.32% | 6/28/13 |
| MSCI ACWI Index | -19.96% | 5.24% | &nbsp;&nbsp;&nbsp;&nbsp;7.48% | 6/28/13 |

---

*The performance data quoted here represents past performance and past performance is not a guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. The most recent month end performance may be obtained by calling (888) 988-9801.*

The MSCI ACWI Index captures large to mid-cap representation across Developed Markets countries (including the U.S.) and 21 Emerging Markets countries. The index covers approximately 85% of the global equity opportunity set outside the U.S. This index does not reflect expenses, fees, or sales charge, which would lower performance. The index is unmanaged and it is not available for investment.

Gross and net expense ratios for the Investor Class shares were 1.40% and 1.30%, respectively, and the Institutional Class shares were 1.15% and 1.05%, respectively, which were stated in the current prospectus dated September 1, 2022. For the Fund's current one year expense ratios, please refer to the Financial Highlights section of this report. The Fund's Advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (excluding, as applicable, taxes, leverage interest, brokerage commissions, dividend and interest 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) do not exceed 1.30% and 1.05% of the average daily net assets of the Fund's Investor Class and Institutional Class shares, respectively. This agreement is in effect until August 31, 2023, and it may be terminated before that date only by the Trust's Board of Trustees. In the absence of such waivers, the Fund's returns would be lower.

Returns reflect the reinvestment of distributions made by the Fund, if any. The performance table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of the Fund shares.

**WCM International Small Cap Growth Fund**

**FUND PERFORMANCE at October 31, 2022 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** *as of October 31, 2022* | 1 Year | 5 Years | Since<br> Inception | Inception<br> Date |
| Institutional Class shares | -46.68% | 6.96% | 9.62% | 11/30/15 |
| MSCI ACWI ex USA Small Cap Index | -27.75% | -0.29% | 3.75% | 11/30/15 |

---

*The performance data quoted here represents past performance and past performance is not a guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. The most recent month end performance may be obtained by calling (888) 988-9801.*

The MSCI ACWI ex USA Small Cap Index captures small cap representation across 22 of 23 large Developed Markets countries (excluding the U.S.). The index covers approximately 14% of the free float-adjusted market capitalization set outside the U.S. This index does not reflect expenses, fees or sales charge, which would lower performance. The index is unmanaged and it is not available for investment.

Gross and net expense ratios for the Institutional Class shares were 1.34% and 1.25%, respectively, which were stated in the current prospectus dated September 1, 2022. For the Fund's current one year expense ratios, please refer to the Financial Highlights section of this report. The Fund's advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (excluding any taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, acquired fund fees and expenses (as determined in accordance with SEC Form N-1A), professional fees related to services for the collection of foreign tax reclaims, expenses incurred in connection with any merger or reorganization, and extraordinary expenses such as litigation expenses) do not exceed 1.25% of the average daily net assets of the Institutional Class Shares of the Fund. This agreement is in effect until August 31, 2023 and it may be terminated before that date only by the Trust's Board of Trustees. In the absence of such waivers, the Fund's returns would be lower.

Returns reflect the reinvestment of distributions made by the Fund, if any. The graph and the performance table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of the Fund shares.

**WCM Small Cap Growth Fund**

**FUND PERFORMANCE at October 31, 2022 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** *as of October 31, 2022*  | 1 Year  | Since <br> Inception  | Inception <br> Date  |
| Investor Class shares | -25.85% | 5.27% | 10/30/19 |
| Institutional Class shares | -25.66% | 5.52% | 10/30/19 |
| Russell 2000 Growth Index | -26.02% | 4.90% | 10/30/19 |

---

*The performance data quoted here represents past performance and past performance is not a guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. The most recent month end performance may be obtained by calling (888) 988-9801.*

The Russell 2000 Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe. It is unmanaged and represents total returns including reinvestment of dividends. This index does not reflect expenses, fees, or sales charge, which would lower performance. The index is unmanaged and it is not available for investment.

Gross and net expense ratios for the Investor Class shares were 1.84% and 1.24%, respectively, and the Institutional Class shares were 1.59% and 0.99%, respectively, which were stated in the current prospectus dated September 1, 2022. For the Fund's current one year expense ratios, please refer to the Financial Highlights section of this report. The Fund's Advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (excluding, as applicable, taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, acquired fund fees and expenses as determined in accordance with Form N-1A, expenses incurred in connection with any merger or reorganization, or extraordinary expenses such as litigation expenses) do not exceed 1.24% and 0.99% of the average daily net assets of the Fund's Investor Class and Institutional Class shares, respectively. This agreement is in effect until August 31, 2032, and it may be terminated before that date only by the Trust's Board of Trustees. In the absence of such waivers, the Fund's returns would be lower.

Returns reflect the reinvestment of distributions made by the Fund, if any. The graph and the performance table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of the Fund shares.

**WCM Focused Small Cap Fund**

**FUND PERFORMANCE at October 31, 2022 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** *as of October 31, 2022*  | 1 Year  | Since<br> Inception | Inception<br> Date |
| Investor Class shares | -11.32% | 1.89% | 10/30/19 |
| Institutional Class shares | -11.08% | 2.19% | 10/30/19 |
| Russell 2000 Value Index | -10.73% | 7.81% | 10/30/19 |

---

*The performance data quoted here represents past performance and past performance is not a guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. The most recent month end performance may be obtained by calling (888) 988-9801.*

The Russell 2000 Value Index measures the performance of the approximately 2,000 smallest-cap American companies in the Russell 3000 Index, which is made up of 3,000 of the largest U.S. stocks. It is a market-cap weighted index. This index does not reflect expenses, fees, or sales charge, which would lower performance. The index is unmanaged and it is not available for investment.

Gross and net expense ratios for the Investor Class shares were 1.77% and 1.25%, respectively, and the Institutional Class shares were 1.52% and 1.00%, respectively, which were stated in the current prospectus dated September 1, 2022. For the Fund's current one year expense ratios, please refer to the Financial Highlights section of this report. The Fund's Advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (excluding, as applicable, taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, acquired fund fees and expenses as determined in accordance with Form N-1A, expenses incurred in connection with any merger or reorganization, or extraordinary expenses such as litigation expenses) do not exceed 1.25% and 1.00% of the average daily net assets of the Fund's Investor Class and Institutional Class shares, respectively. This agreement is in effect until August 31, 2032, and it may be terminated before that date only by the Trust's Board of Trustees. In the absence of such waivers, the Fund's returns would be lower.

Returns reflect the reinvestment of distributions made by the Fund, if any. The performance table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of the Fund shares.

**WCM China Quality Growth Fund**

**FUND PERFORMANCE at October 31, 2022 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** *as of October 31, 2022*  | 1 Year  | Since<br> Inception | Inception<br> Date |
| Investor Class shares | -46.11% | -1.67% | 3/31/20 |
| Institutional Class shares | -45.97% | -1.42% | 3/31/20 |
| MSCI China All Shares Index | -42.58% | -9.13% | 3/31/20 |

---

*The performance data quoted here represents past performance and past performance is not a guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. The most recent month end performance may be obtained by calling (888) 988-9801.*

The MSCI CASI Index captures large to mid-cap representation across China A-shares, B-shares, H-shares, Red-chips, P-chips and foreign listings. The index aims to reflect the opportunity set of China share classes listed in Hong Kong, Shanghai, Shenzhen and outside of China. The MSCI CI Index measures large and mid-cap representation across China securities listed on the Shanghai and Shenzhen exchanges. The index is designed for international investors and is calculated using China A Stock Connect listings based on the offshore RMB exchange rate (CNH). These indexes do not reflect expenses, fees, or sales charge, which would lower performance. The indexes are unmanaged and are not available for investment.

Gross and net expense ratios for the Investor Class shares were 3.92% and 1.50%, respectively, and the Institutional Class shares were 3.67% and 1.25%, respectively, which were stated in the current prospectus dated September 1, 2022. For the Fund's current one year expense ratios, please refer to the Financial Highlights section of this report. The Fund's Advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (excluding, as applicable, taxes, leverage interest, brokerage commissions, dividend and interest 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) do not exceed 1.50% and 1.25% of the average daily net assets of the Fund's Investor Class and Institutional Class shares, respectively. This agreement is in effect until August 31, 2032, and it may be terminated before that date only by the Trust's Board of Trustees. In the absence of such waivers, the Fund's returns would be lower.

Returns reflect the reinvestment of distributions made by the Fund, if any. The performance table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of the Fund shares.

**WCM Developing World Equity Fund**

**FUND PERFORMANCE at October 31, 2022 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** *as of October 31, 2022* | 1 Year  | Since <br> Inception  | Inception <br> Date  |
| Investor Class shares | -24.62% | 5.96% | 3/31/20 |
| Institutional Class shares | -24.45% | 6.22% | 3/31/20 |
| MSCI Emerging Markets Index | -31.03% | 2.47% | 3/31/20 |

---

*The performance data quoted here represents past performance and past performance is not a guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. The most recent month end performance may be obtained by calling (888) 988-9801.*

The MSCI EMI Index is an index used to measure equity market performance in global emerging markets and captures mid to large cap across more than two dozen emerging markets. The index covers approximately 13% of the global market capitalization. This index does not reflect expenses, fees, or sales charge, which would lower performance. The index is unmanaged and it is not available for investment.

Gross and net expense ratios for the Investor Class shares were 13.25% and 1.50%, respectively, and the Institutional Class shares were 13.00% and 1.25%, respectively, which were stated in the current prospectus dated September 1, 2022. For the Fund's current one year expense ratios, please refer to the Financial Highlights section of this report. The Fund's Advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (excluding, as applicable, taxes, leverage interest, brokerage commissions, dividend and interest 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) do not exceed 1.50% and 1.25% of the average daily net assets of the Fund's Investor Class and Institutional Class shares, respectively. This agreement is in effect until August 31, 2032, and it may be terminated before that date only by the Trust's Board of Trustees. In the absence of such waivers, the Fund's returns would be lower.

Returns reflect the reinvestment of distributions made by the Fund, if any. The graph and the performance table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of the Fund shares.

**WCM International Equity Fund**

**FUND PERFORMANCE at October 31, 2022 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** *as of October 31, 2022*<br>| 1 Year  | Since <br> Inception  | Inception <br> Date  |
| Investor Class shares | -21.25% | 9.19% | 3/31/20 |
| Institutional Class shares | -21.00% | 9.47% | 3/31/20 |
| MSCI ACWI ex USA Index | -24.73% | 6.55% | 3/31/20 |

---

*The performance data quoted here represents past performance and past performance is not a guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. The most recent month end performance may be obtained by calling (888) 988-9801.*

The MSCI ACWI ex USA Index captures large to mid-cap representation across Developed Markets countries (excluding the U.S.) and 21 Emerging Markets countries. The index covers approximately 85% of the global equity opportunity set outside the U.S. This index does not reflect expenses, fees, or sales charge, which would lower performance. The index is unmanaged and it is not available for investment.

Gross and net expense ratios for the Investor Class shares were 7.92% and 1.50%, respectively, and the Institutional Class shares were 7.67% and 1.25%, respectively, which were stated in the current prospectus dated September 1, 2022. For the Fund's current one year expense ratios, please refer to the Financial Highlights section of this report. The Fund's Advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (excluding, as applicable, taxes, leverage interest, brokerage commissions, dividend and interest 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) do not exceed 1.50% and 1.25% of the average daily net assets of the Fund's Investor Class and Institutional Class shares, respectively. This agreement is in effect until August 31, 2032, and it may be terminated before that date only by the Trust's Board of Trustees. In the absence of such waivers, the Fund's returns would be lower.

Returns reflect the reinvestment of distributions made by the Fund, if any. The graph and the performance table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of the Fund shares.

**WCM Focused International Value Fund**

**FUND PERFORMANCE at October 31, 2022 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** *as of October 31, 2022* | 1 Year  | Since<br> Inception | Inception<br> Date |
| Investor Class shares | -30.49% | 2.78% | 6/29/20 |
| Institutional Class shares | -30.32% | 3.03% | 6/29/20 |
| MSCI ACWI ex USA Index | -24.73% | 0.76% | 6/29/20 |

---

*The performance data quoted here represents past performance and past performance is not a guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. The most recent month end performance may be obtained by calling (888) 988-9801.*

The MSCI ACWI ex USA Index captures large and mid cap representation across Developed Markets countries (excluding the U.S.) and 21 Emerging Markets countries. The index covers approximately 85% of the global equity opportunity set outside the U.S. This index does not reflect expenses, fees or sales charge, which would lower performance. The index is unmanaged and it is not available for investment.

Gross and net expense ratios for the Investor Class shares were 4.36% and 1.50%, respectively, and the Institutional Class shares were 4.11% and 1.25%, respectively, which were stated in the current prospectus dated September 1, 2022. For the Fund's current one year expense ratios, please refer to the Financial Highlights section of this report. The Fund's Advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (excluding, as applicable, taxes, leverage interest, brokerage commissions, dividend and interest 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) do not exceed 1.50% and 1.25% of the average daily net assets of the Fund's Investor Class and Institutional Class shares, respectively. This agreement is in effect until August 31, 2032, and it may be terminated before that date only by the Trust's Board of Trustees. In the absence of such waivers, the Fund's returns would be lower.

Returns reflect the reinvestment of distributions made by the Fund, if any. The performance table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of the Fund shares.

**WCM Focused International Opportunities Fund**

**FUND PERFORMANCE at October 31, 2022 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** *as of October 31, 2022* | 1 Year | Since <br> Inception  | Inception <br> Date  |
| Investor Class shares | -44.59% | -20.91% | 3/30/21 |
| Institutional Class shares | -44.43% | -20.70% | 3/30/21 |
| MSCI ACWI ex USA Index | -24.73% | -14.02% | 3/30/21 |

---

*The performance data quoted here represents past performance and past performance is not a guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. The most recent month end performance may be obtained by calling (888) 988-9801.*

The MSCI ACWI ex USA Index captures large and mid cap representation across Developed Markets countries (excluding the U.S.) and 21 Emerging Markets countries. The index covers approximately 85% of the global equity opportunity set outside the U.S. This index does not reflect expenses, fees or sales charge, which would lower performance. The index is unmanaged and it is not available for investment.

Gross and net expense ratios for the Investor Class shares were 5.20% and 1.50%, respectively, and the Institutional Class shares were 4.95% and 1.25%, respectively, which were stated in the current prospectus dated September 1, 2022. For the Fund's current one year expense ratios, please refer to the Financial Highlights section of this report. The Fund's Advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (excluding, as applicable, taxes, leverage interest, brokerage commissions, dividend and interest 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) do not exceed 1.50% and 1.25% of the average daily net assets of the Fund's Investor Class and Institutional Class shares, respectively. This agreement is in effect until August 31, 2032, and it may be terminated before that date only by the Trust's Board of Trustees. In the absence of such waivers, the Fund's returns would be lower.

Returns reflect the reinvestment of distributions made by the Fund, if any. The graph and the performance table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of the Fund shares.

**WCM International Long-Term Growth Fund**

**FUND PERFORMANCE at October 31, 2022 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** *as of October 31, 2022*<br>| 1 Year  | Since <br> Inception  | Inception <br> Date  |
| Investor Class shares | -48.64% | -42.67% | 9/29/21 |
| Institutional Class shares | -48.50% | -42.48% | 9/29/21 |
| MSCI ACWI ex USA Index | -24.73% | -21.26% | 9/29/21 |

---

*The performance data quoted here represents past performance and past performance is not a guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. The most recent month end performance may be obtained by calling (888) 988-9801.*

The MSCI ACWI ex USA Index captures large to mid-cap representation across Developed Markets countries (excluding the U.S.) and 21 Emerging Markets countries. The index covers approximately 85% of the global equity opportunity set outside the U.S. This index does not reflect expenses, fees, or sales charge, which would lower performance. The index is unmanaged and it is not available for investment.

Gross and net expense ratios for the Investor Class shares were 21.17% and 1.50%, respectively, and the Institutional Class shares were 20.92% and 1.25%, respectively, which were stated in the current prospectus dated September 1, 2022. For the Fund's current one year expense ratios, please refer to the Financial Highlights section of this report. The Fund's Advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (excluding, as applicable, taxes, leverage interest, brokerage commissions, dividend and interest 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) do not exceed 1.50% and 1.25% of the average daily net assets of the Fund's Investor Class and Institutional Class shares, respectively. This agreement is in effect until August 31, 2032, and it may be terminated before that date only by the Trust's Board of Trustees. In the absence of such waivers, the Fund's returns would be lower.

Returns reflect the reinvestment of distributions made by the Fund, if any. The performance table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of the Fund shares.

**WCM Focused Mid Cap Fund**

**FUND PERFORMANCE at October 31, 2022 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Total Returns** *as of October 31, 2022* | 1 Month | 3 Months | Since <br> Inception <br> (Cumulative)  | Inception <br> Date  |
| Investor Class shares | 5.77% | -10.01% | -8.30% | 7/28/22 |
| Institutional Class shares | 5.65% | -10.01% | -8.30% | 7/28/22 |
| Russell Midcap Value Index | 9.45% | -4.19% | -3.21% | 7/28/22 |

---

*The performance data quoted here represents past performance and past performance is not a guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. The most recent month end performance may be obtained by calling (888) 988-9801.*

The Russell Midcap Value Index measures the performance of the mid-cap value segment of the US equity universe. This index does not reflect expenses, fees, or sales charge, which would lower performance. The index is unmanaged and it is not available for investment.

Gross and net expense ratios for the Investor Class shares were 3.24% and 1.25%, respectively, and the Institutional Class shares were 2.99% and 1.00%, respectively, which were stated in the current prospectus dated September 1, 2022. For the Fund's current period ended October 31, 2022 expense ratios, please refer to the Financial Highlights section of this report. The Fund's Advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (excluding, as applicable, taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, acquired fund fees and expenses as determined in accordance with Form N-1A, expenses incurred in connection with any merger or reorganization, or extraordinary expenses such as litigation expenses) do not exceed 1.25% and 1.00% of the average daily net assets of the Fund's Investor Class and Institutional Class shares, respectively. This agreement is in effect until August 31, 2031, and it may be terminated before that date only by the Trust's Board of Trustees. In the absence of such waivers, the Fund's returns would be lower.

Returns reflect the reinvestment of distributions made by the Fund, if any. The performance table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of the Fund shares.

**WCM Funds**

**EXPENSE EXAMPLES**

**For the Six Months Ended October 31, 2022 (Unaudited)**

**Expense Examples**

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs and redemption fees; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees (Investor Class only); and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from May 1, 2022 to October 31, 2022, except for the Focused Mid Cap Fund, which is based on an investment of $1,000 invested at the beginning of the period and held for the entire since inception period from July 28, 2022 (commencement of operations) to October 31, 2022.

**Actual Expenses**

The information in the row titled "Actual Performance" of the table below provides actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the appropriate row for your share class, in the column titled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes**

The information in the row titled "Hypothetical (5% annual return before expenses)" of the table below provides hypothetical account values and hypothetical expenses based on the Fund's actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the information in the row titled "Hypothetical (5% annual return before expenses)" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | Beginning Account<br> Value | Ending Account<br> Value | Expenses Paid<br> During Period\* |
| **International Growth Fund** | **International Growth Fund** | 5/1/22 | 10/31/22 | 5/1/22 – 10/31/22 |
| Investor Class | Actual Performance | $1000.00 | $892.90 | $5.19 |
|  | Hypothetical (5% annual return before expenses) | 1000.00 | 1019.72 | 5.53 |
| Institutional Class | Actual Performance | 1000.00 | 892.30 | 6.38 |
|  | Hypothetical (5% annual return before expenses) | 1000.00 | 1018.46 | 6.80 |

---

\* Expenses are equal to the Fund's annualized expense ratio of 1.34% and 1.09% for Investor Class and Institutional Class, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the six month period). Assumes all dividends and distributions were reinvested.

**WCM Funds**

**EXPENSE EXAMPLES - Continued**

**For the Six Months Ended October 31, 2022 (Unaudited)**

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| | | | | |
|:---|:---|:---|:---|:---|
| | | Beginning Account<br> Value | Ending Account<br> Value | Expenses Paid<br> During Period\* |
| **Emerging Markets Fund** | **Emerging Markets Fund** | 5/1/22 | 10/31/22 | 5/1/22 – 10/31/22 |
| Investor Class | Actual Performance | $1000.00 | $810.00 | $6.84 |
|  | Hypothetical (5% annual return before expenses) | 1000.00 | 1017.65 | 7.63 |
| Institutional Class | Actual Performance | 1000.00 | 811.40 | 5.71 |
|  | Hypothetical (5% annual return before expenses) | 1000.00 | 1018.90 | 6.36 |

---

\* Expenses are equal to the Fund's annualized expense ratio of 1.50% and 1.25% for Investor Class and Institutional Class, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the six month period). The expense ratio reflects an expense waiver. Assumes all dividends and distributions were reinvested.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | Beginning Account<br> Value | Ending Account<br> Value | Expenses Paid<br> During Period\* |
| **Global Growth Fund** | **Global Growth Fund** | 5/1/22 | 10/31/22 | 5/1/22 – 10/31/22 |
| Investor Class | Actual Performance | $1000.00 | $930.30 | $6.32 |
|  | Hypothetical (5% annual return before expenses) | 1000.00 | 1018.65 | 6.61 |
| Institutional Class | Actual Performance | 1000.00 | 931.70 | 5.11 |
|  | Hypothetical (5% annual return before expenses) | 1000.00 | 1019.91 | 5.34 |

---

\* Expenses are equal to the Fund's annualized expense ratio of 1.30% and 1.05% for Investor Class and Institutional Class, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the six month period). The expense ratio reflects an expense waiver. Assumes all dividends and distributions were reinvested.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | Beginning Account<br> Value | Ending Account<br> Value | Expenses Paid<br> During Period\* |
| **International Small Cap Growth Fund** | **International Small Cap Growth Fund** | 5/1/22 | 10/31/22 | 5/1/22 – 10/31/22 |
| Institutional Class | Actual Performance | $1000.00 | $778.10 | $5.60 |
|  | Hypothetical (5% annual return before expenses) | 1000.00 | 1018.90 | 6.36 |

---

\* Expenses are equal to the Fund's annualized expense ratio of 1.25%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the six month period). The expense ratios reflect an expense waiver. Assumes all dividends and distributions were reinvested.

**WCM Funds**

**EXPENSE EXAMPLES - Continued**

**For the Six Months Ended October 31, 2022 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | Beginning Account<br> Value | Ending Account<br> Value | Expenses Paid<br> During Period\* |
| **Small Cap Growth Fund** | **Small Cap Growth Fund** | 5/1/22 | 10/31/22 | 5/1/22 – 10/31/22 |
| Investor Class | Actual Performance | $1000.00 | $961.80 | $6.56 |
|  | Hypothetical (5% annual return before expenses) | 1000.00 | 1018.52 | 6.75 |
| Institutional Class | Actual Performance | 1000.00 | 963.00 | 5.33 |
|  | Hypothetical (5% annual return before expenses) | 1000.00 | 1019.78 | 5.48 |

---

\* Expenses are equal to the Fund's annualized expense ratio of 1.33% and 1.08% for Investor Class and Institutional Class, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the since inception period). The expense ratio reflects an expense waiver. Assumes all dividends and distributions were reinvested.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | Beginning Account<br> Value | Ending Account<br> Value | Expenses Paid<br> During Period\* |
| **Small Cap Fund** | **Small Cap Fund** | 5/1/22 | 10/31/22 | 5/1/22 – 10/31/22 |
| Investor Class | Actual Performance | $1000.00 | $963.10 | $6.18 |
|  | Hypothetical (5% annual return before expenses) | 1000.00 | 1018.91 | 6.36 |
| Institutional Class | Actual Performance | 1000.00 | 964.40 | 4.95 |
|  | Hypothetical (5% annual return before expenses) | 1000.00 | 1020.16 | 5.09 |

---

\* Expenses are equal to the Fund's annualized expense ratio of 1.25% and 1.00% for Investor Class and Institutional Class, respectively, multiplied by the average account value over the period, multiplied by 184/365. The expense ratio reflects an expense waiver. Assumes all dividends and distributions were reinvested.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | Beginning Account<br> Value | Ending Account<br> Value | Expenses Paid<br> During Period\* |
| **China Quality Growth Fund** | **China Quality Growth Fund** | 5/1/22 | 10/31/22 | 5/1/22 – 10/31/22 |
| Investor Class | Actual Performance | $1000.00 | $770.30 | $6.70 |
|  | Hypothetical (5% annual return before expenses) | 1000.00 | 1017.63 | 7.64 |
| Institutional Class | Actual Performance | 1000.00 | 771.60 | 5.59 |
|  | Hypothetical (5% annual return before expenses) | 1000.00 | 1018.89 | 6.37 |

---

\* Expenses are equal to the Fund's annualized expense ratio of 1.50% and 1.25% for Investor Class and Institutional Class, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the since inception period). The expense ratio reflects an expense waiver and expenses absorbed. Assumes all dividends and distributions were reinvested.

**WCM Funds**

**EXPENSE EXAMPLES - Continued**

**For the Six Months Ended October 31, 2022 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | Beginning Account<br> Value | Ending Account<br> Value | Expenses Paid<br> During Period\* |
| **Developing World Equity Fund** | **Developing World Equity Fund** | 5/1/22 | 10/31/22 | 5/1/22 – 10/31/22 |
| Investor Class | Actual Performance | $1000.00 | $850.40 | $7.00 |
|  | Hypothetical (5% annual return before expenses) | 1000.00 | 1017.64 | 7.63 |
| Institutional Class | Actual Performance | 1000.00 | 851.70 | 5.84 |
|  | Hypothetical (5% annual return before expenses) | 1000.00 | 1018.90 | 6.37 |

---

\* Expenses are equal to the Fund's annualized expense ratio of 1.50% and 1.25% for Investor Class and Institutional Class, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the six month period). The expense ratio reflects an expense waiver and expenses absorbed. Assumes all dividends and distributions were reinvested.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | Beginning Account<br> Value | Ending Account<br> Value | Expenses Paid<br> During Period\* |
| **International Equity Fund** | **International Equity Fund** | 5/1/22 | 10/31/22 | 5/1/22 – 10/31/22 |
| Investor Class | Actual Performance | $1000.00 | $882.50 | $7.11 |
|  | Hypothetical (5% annual return before expenses) | 1000.00 | 1017.65 | 7.63 |
| Institutional Class | Actual Performance | 1000.00 | 883.60 | 5.93 |
|  | Hypothetical (5% annual return before expenses) | 1000.00 | 1018.91 | 6.36 |

---

\* Expenses are equal to the Fund's annualized expense ratio of 1.50% and 1.25% for Investor Class and Institutional Class, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the since inception period). The expense ratio reflects an expense waiver and expenses absorbed. Assumes all dividends and distributions were reinvested.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | Beginning Account<br> Value | Ending Account<br> Value | Expenses Paid<br> During Period\* |
| **International Value Fund** | **International Value Fund** | 5/1/22 | 10/31/22 | 5/1/22 – 10/31/22 |
| Investor Class | Actual Performance | $1000.00 | $885.40 | $7.13 |
|  | Hypothetical (5% annual return before expenses) | 1000.00 | 1017.64 | 7.63 |
| Institutional Class | Actual Performance | 1000.00 | 886.70 | 5.94 |
|  | Hypothetical (5% annual return before expenses) | 1000.00 | 1018.91 | 6.36 |

---

\* Expenses are equal to the Fund's annualized expense ratio of 1.50% and 1.25% for Investor Class and Institutional Class, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the since inception period). The expense ratio reflects an expense waiver and expenses absorbed. Assumes all dividends and distributions were reinvested.

**WCM Funds**

**EXPENSE EXAMPLES - Continued**

**For the Six Months Ended October 31, 2022 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | Beginning Account<br> Value | Ending Account<br> Value | Expenses Paid<br> During Period\* |
| **International Opportunities Fund** | **International Opportunities Fund** | 5/1/22 | 10/31/22 | 5/1/22 – 10/31/22 |
| Investor Class | Actual Performance | $1000.00 | $825.90 | $6.91 |
|  | Hypothetical (5% annual return before expenses) | 1000.00 | 1017.63 | 7.64 |
| Institutional Class | Actual Performance | 1000.00 | 827.50 | 5.76 |
|  | Hypothetical (5% annual return before expenses) | 1000.00 | 1018.90 | 6.36 |

---

\* Expenses are equal to the Fund's annualized expense ratio of 1.50% and 1.25% for Investor Class and Institutional Class, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the since inception period). The expense ratio reflects an expense waiver and expenses absorbed. Assumes all dividends and distributions were reinvested.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | Beginning Account<br> Value | Ending Account<br> Value | Expenses Paid<br> During Period\* |
| **International Long-Term Growth Fund** | **International Long-Term Growth Fund** | 5/1/22 | 10/31/22 | 5/1/22 – 10/31/22 |
| Investor Class | Actual Performance | $1000.00 | $868.00 | $7.06 |
|  | Hypothetical (5% annual return before expenses) | 1000.00 | 1017.64 | 7.63 |
| Institutional Class | Actual Performance | 1000.00 | 869.80 | 5.89 |
|  | Hypothetical (5% annual return before expenses) | 1000.00 | 1018.90 | 6.36 |

---

\* Expenses are equal to the Fund's annualized expense ratio of 1.50% and 1.25% for Investor Class and Institutional Class, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the since inception period). The expense ratio reflects an expense waiver and expenses absorbed. Assumes all dividends and distributions were reinvested.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | Beginning Account<br> Value | Ending Account<br> Value | Expenses Paid<br> During Period |
| **Focused Mid Cap Fund** | **Focused Mid Cap Fund** | 7/28/22^ | 10/31/22 | 7/28/22^ – 10/31/22 |
| Investor Class | Actual Performance\* | $1000.00 | $917.00 | $3.14 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5/1/22 | 10/31/22 | 5/1/22 – 10/31/22 |
|  | Hypothetical (5% annual return before expenses)\*\* | 1000.00 | 1018.93 | 6.33 |
| Institutional Class | Actual Performance\* | $1000.00 | $917.00 | $2.52 |
|  |  | 5/1/22 | 10/31/22 | 5/1/22 – 10/31/22 |
|  | Hypothetical (5% annual return before expenses)\*\* | 1000.00 | 1020.17 | 5.09 |

---

**WCM Funds**

**EXPENSE EXAMPLES - Continued**

**For the Six Months Ended October 31, 2022 (Unaudited)**

^ Commencement of operations.

\* Expenses are equal to the Fund's annualized expense ratio of 1.25% and 1.00% for Investor Class and Institutional Class, respectively, multiplied by the average account value over the period, multiplied by 96/365 (to reflect the since inception period). The expense ratio reflects an expense waiver and expenses absorbed. Assumes all dividends and distributions were reinvested.

\*\* Expenses are equal to the Fund's annualized expense ratio of 1.25% and 1.00% for Investor Class and Institutional Class, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the six month period). The expense ratio reflects an expense waiver and expenses absorbed. Assumes all dividends and distributions were reinvested.

**This page is intentionally left blank**

**This page is intentionally left blank**

**WCM Funds**

*Each a series of Investment Managers Series Trust*

***Investment Advisor***

WCM Investment Management, LLC

281 Brooks Street

Laguna Beach, California 92651

***Custodian***

UMB Bank, n.a.

928 Grand Boulevard, 5<sup>th</sup> Floor

Kansas City, Missouri 64106

***Fund Co-Administrator***

Mutual Fund Administration, LLC

2220 East Route 66, Suite 226

Glendora, California 91740

***Fund Co-Administrator, Transfer Agent and Fund Accountant***

UMB Fund Services, Inc.

235 West Galena Street

Milwaukee, Wisconsin 53212

***Distributor***

Natixis Distribution, LLC

888 Boylston Street, Suite 800

Boston, Massachusetts 02199-8197

FUND INFORMATION

---

| | | |
|:---|:---|:---|
|  | **TICKER** | **CUSIP** |
| &nbsp;&nbsp;&nbsp;WCM Focused International Growth Fund - Investor Class | WCMRX | 461418 386 |
| &nbsp;&nbsp;&nbsp;WCM Focused International Growth Fund - Institutional Class | WCMIX | 461418 444 |
| &nbsp;&nbsp;&nbsp;WCM Focused Emerging Markets Fund - Investor Class | WFEMX | 46141P 842 |
| &nbsp;&nbsp;&nbsp;WCM Focused Emerging Markets Fund - Institutional Class | WCMEX | 46141P 834 |
| &nbsp;&nbsp;&nbsp;WCM Focused Global Growth Fund - Investor Class | WFGGX | 46141P 826 |
| &nbsp;&nbsp;&nbsp;WCM Focused Global Growth Fund - Institutional Class | WCMGX | 46141P 818 |
| &nbsp;&nbsp;&nbsp;WCM International Small Cap Growth Fund - Institutional Class | WCMSX | 46141Q 683 |
| &nbsp;&nbsp;&nbsp;WCM Small Cap Growth Fund - Investor Class | WCMNX | 46143U 104 |
| &nbsp;&nbsp;&nbsp;WCM Small Cap Growth Fund - Institutional Class | WCMLX | 46143U 203 |
| &nbsp;&nbsp;&nbsp;WCM Focused Small Cap Fund - Investor Class | WCMJX | 46143U 302 |
| &nbsp;&nbsp;&nbsp;WCM Focused Small Cap Fund - Institutional Class | WCMFX | 46143U 401 |
| &nbsp;&nbsp;&nbsp;WCM China Quality Growth Fund - Investor Class | WCQGX | 46143U 708 |
| &nbsp;&nbsp;&nbsp;WCM China Quality Growth Fund - Institutional Class | WCMCX | 46143U 807 |
| &nbsp;&nbsp;&nbsp;WCM Developing World Equity Fund - Investor Class | WCMUX | 46143U 864 |
| &nbsp;&nbsp;&nbsp;WCM Developing World Equity Fund - Institutional Class | WCMDX | 46143U 856 |
| &nbsp;&nbsp;&nbsp;WCM International Equity Fund - Investor Class | WESGX | 46143U 880 |
| &nbsp;&nbsp;&nbsp;WCM International Equity Fund - Institutional Class | WCMMX | 46143U 872 |
| &nbsp;&nbsp;&nbsp;WCM Focused International Value Fund - Investor Class | WLIVX | 46143U 831 |
| &nbsp;&nbsp;&nbsp;WCM Focused International Value Fund - Institutional Class | WCMVX | 46143U 823 |
| &nbsp;&nbsp;&nbsp;WCM Focused International Opportunities Fund - Investor Class | WCFOX | 46143U 690 |
| &nbsp;&nbsp;&nbsp;WCM Focused International Opportunities Fund - Institutional Class | WCMOX | 46143U 682 |
| &nbsp;&nbsp;&nbsp;WCM International Long-Term Growth Fund - Investor Class | WILGX | 46143U 724 |
| &nbsp;&nbsp;&nbsp;WCM International Long-Term Growth Fund - Institutional Class | WCMTX | 46143U 716 |
| &nbsp;&nbsp;&nbsp;WCM Focused Mid Cap Fund - Investor Class | WMIDX | 46143U 658 |
| &nbsp;&nbsp;&nbsp;WCM Focused Mid Cap Fund - Institutional Class | WCMAX | 46143U 666 |

---

**Privacy Principles of the WCM Funds for Shareholders**

The Funds are committed to maintaining the privacy of their shareholders and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information the Funds collect, how we protect that information and why, in certain cases, we may share information with select other parties.

Generally, the Funds do not receive any non-public personal information relating to their shareholders, although certain non-public personal information of their shareholders may become available to the Funds. The Funds do not disclose any non-public personal information about their shareholders or former shareholders to anyone, except as permitted by law or as is necessary in order to service shareholder accounts (for example, to a transfer agent or third party administrator).

This report is sent to shareholders of the WCM Funds for their information. It is not a Prospectus, circular or representation intended for use in the purchase or sale of shares of the Funds or of any securities mentioned in this report.

**Proxy Voting** 

The Funds' proxy voting policies and procedures, as well as information regarding how the Funds voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, are available, without charge and upon request by calling (888) 988-9801 or on the SEC's website at <u>www.sec.gov</u>.

**Fund Portfolio Holdings**

The Funds file a complete schedule of their portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT within 60 days of the end of such fiscal quarter. Shareholders may obtain the Funds' Form N-PORT on the SEC's website at <u>www.sec.gov</u>.

Prior to the use of Form N-PORT, the Funds filed their complete schedule of portfolio holdings with the SEC on Form N-Q, which is available online at <u>www.sec.gov</u>.

**Householding** 

The Funds will mail only one copy of shareholder documents, including prospectuses, notice of annual and semi-annual reports availability and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Funds at (888) 988-9801.

WCM Funds

P.O. Box 2175

Milwaukee, WI 53201

Toll Free: (888) 988-9801

**<u>Item 1. Report to Stockholders (Continued).</u>**

(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

Not applicable for semi-annual reports.

**<u>Item 3. Audit Committee Financial Expert.</u>**

Not applicable for semi-annual reports.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

Not applicable for semi-annual reports.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not
 applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under
 the Securities Exchange Act of 1934).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not
 applicable.

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule
 of Investments is included as part of the report to shareholders filed under Item 1 of
 this Form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not
 applicable.

**<u>Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 8. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 10. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

**<u>Item 11. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Registrant's President/Chief Executive Officer and Treasurer/Chief 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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

**<u>Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) *Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* [Filed herewith](fp0081416-1_ex99cert.htm).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.* Not applicable to open-end investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4) Change in the registrant's independent public accountant. There was no change in the registrant's independent public accountant for the period covered by this report.

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* [Filed herewith.](fp0081416-1_ex99906cert.htm)

**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/Chief Executive Officer |
| Date | 1/09/23 |

---

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/Chief Executive Officer |
| Date | 1/09/23 |

---

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Rita Dam |
|  | Rita Dam, Treasurer/Chief Financial Officer |
| Date | 1/09/23 |

---

## Ex-99.Cert

EX.99.CERT

**<u>CERTIFICATIONS</u>**

I, Maureen Quill, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of the  **<u>WCM Funds</u>** , each a series
 of Investment Managers Series Trust (the "Trust");

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact
 or omit to state a material fact necessary to make the statements made, in light of the
 circumstances under which such statements were made, not misleading with respect to the
 period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in
 this report, fairly present in all material respects the financial condition, results
 of operations, changes in net assets, and cash flows (if the financial statements are
 required to include a statement of cash flows) of the registrant as of, and for, the
 periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940) and internal control over financial reporting (as defined in Rule
 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to
 the registrant, including its consolidated subsidiaries, is made known to us by others
 within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over
 financial reporting to be designed under our supervision, to provide reasonable assurance
 regarding the reliability of financial reporting and the preparation of financial statements
 for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and
 procedures, as of a date within 90 days prior to the filing date of this report based
 on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the second fiscal quarter of 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; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
 and the audit committee of the registrant's board of directors (or persons performing
 the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal
 control over financial reporting which are reasonably likely to adversely affect the
 registrant's ability to record, process, summarize, and report financial information;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have
 a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 1/09/2023 | /s/ Maureen Quill |
|  |  | Maureen Quill |
|  |  | President/Chief Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Rita Dam, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of the  **<u>WCM Funds,</u>** each a series
 of Investment Managers Series Trust (the "Trust");

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact
 or omit to state a material fact necessary to make the statements made, in light of the
 circumstances under which such statements were made, not misleading with respect to the
 period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in
 this report, fairly present in all material respects the financial condition, results
 of operations, changes in net assets, and cash flows (if the financial statements are
 required to include a statement of cash flows) of the registrant as of, and for, the
 periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940) and internal control over financial reporting (as defined in Rule
 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to
 the registrant, including its consolidated subsidiaries, is made known to us by others
 within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over
 financial reporting to be designed under our supervision, to provide reasonable assurance
 regarding the reliability of financial reporting and the preparation of financial statements
 for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and
 procedures, as of a date within 90 days prior to the filing date of this report based
 on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the second fiscal quarter of 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; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
 and the audit committee of the registrant's board of directors (or persons performing
 the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal
 control over financial reporting which are reasonably likely to adversely affect the
 registrant's ability to record, process, summarize, and report financial information;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have
 a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 1/09/23 | /s/ Rita Dam |
|  |  | Rita Dam |
|  |  | Treasurer/Chief Financial Officer |

---

## Exhibit 99.906

EX.99.906CERT

**Certification of CEO and CFO Pursuant to** 

**18 U.S.C. Section 1350,** 

**as Adopted Pursuant to** 

**Section 906 of the Sarbanes-Oxley Act of 2002** 

In connection with the report on Form N-CSR of **WCM Funds,** each a series of Investment Managers Series Trust (the "Trust"), for the periods ended October 31, 2022 (the "Report"), Maureen Quill, as President/Chief Executive Officer of the Trust, and Rita Dam, as Treasurer/Chief Financial Officer of the Trust, each hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his or her knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Report fully
 complies with the requirements of Section 13 (a) or 15 (d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the information
 contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the
 Company.

Date <u>01/09/23</u>

---

| |
|:---|
| /s/ Maureen Quill |
| Maureen Quill |
| President/Chief Executive Officer |

---

---

| |
|:---|
| /s/ Rita Dam |
| Rita Dam |
| Treasurer/Chief Financial Officer |

---

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Investment Managers Series Trust for purposes of Section 18 of the Exchange Act of 1934.