# EDGAR Filing Document

**Accession Number:** 0001318342
**File Stem:** 0001398344-26-004876
**Filing Date:** 2026-3
**Character Count:** 445439
**Document Hash:** eb3754d91fc2ef560603390e42097646
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-004876.hdr.sgml**: 20260309

**ACCESSION NUMBER**: 0001398344-26-004876

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 79

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260309

**DATE AS OF CHANGE**: 20260309

**EFFECTIVENESS DATE**: 20260309

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Investment Managers Series Trust
- **CENTRAL INDEX KEY:** 0001318342

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21719
- **FILM NUMBER:** 26734303

**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 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 Focused International Equity 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 Mid Cap Quality Value Fund (Series ID: S000077072)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000237215 | Institutional Class Shares | WCMAX           |
| C000237216 | Investor Class Shares      | WMIDX           |
| C000255791 | Class Y Shares             | WMVYX           |

### WCM Focused Emerging Markets ex China Fund (Series ID: S000078006)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000238735 | Institutional Class | WCMWX           |
| C000238736 | Investor Class      | WCFEX           |

?xml version='1.0' encoding='ASCII'? EDGAR HTML

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

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

**<u>INVESTMENT MANAGERS SERIES TRUST</u>**

(Exact name of registrant as specified in charter)

**235 W. Galena Street**

**<u>Milwaukee, WI 53212</u>**

(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>December 31</u>**

Date of reporting period: **<u>December 31, 2025</u>**

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

(a) The registrant's 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:

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### &nbsp;&nbsp;&nbsp;&nbsp; FORM N-CSR

------

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number

#### 811-21719

#### INVESTMENT MANAGERS SERIES TRUST
(Exact name of registrant as specified in charter)

------

235 W. Galena Street

Milwaukee, WI 53212

(Address of principal executive offices) (Zip code)

Diane J. Drake

Mutual Fund Administration, LLC

2220 E. Route 66, Suite 226

Glendora, CA 91740

(Name and address of agent for service)

#### Registrant's telephone number, including area code:
&nbsp;&nbsp;&nbsp;&nbsp;(626) 385-5777

#### Date of fiscal year end:

#### December 31

#### Date of reporting period:

#### December 31, 2025
(a) The registrant's annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the "Investment Act"), is as follows:

WCM Focused

International Growth Fund

Investor Class/WCMRX

![TSR Fund Logo - Cover](images_411.jpg)

ANNUAL SHAREHOLDER REPORT \| December 31, 2025

This annual shareholder report contains important information about the WCM Focused International Growth Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.wcminvest.com/fund/WCMRX. You can also request this information by contacting us at (888) 988-9801.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| WCM Focused International Growth Fund<br>(Investor Class/WCMRX) | $143 | 1.30% |

---

#### Management's Discussion of Fund Performance
For the 2025 fiscal year, the WCM Focused International Growth Fund's Investor Class (WCMRX) returned 20.56%, underperforming the MSCI ACWI ex US index by ~-1,182 basis points. The MSCI ACWI ex US index returned 32.38% over that period.

**Fund performance can be attributed to the following:**

Sector attribution shows that over the trailing 12 months both allocation and selection detracted from the Fund's relative performance.

From a sector allocation perspective, the primary contributors to relative performance were the Fund's underweight exposure to Energy, Consumer Staples, Real Estate, and Health Care. Conversely, the Fund's underweight exposure to Financials and Materials and overweight exposure to Communication Services detracted. Materials, Financials, and Information Technology were the index's three best performing sectors over the trailing 12 months while Health Care, Consumer Discretionary and Consumer Staples were the three worst performers in the index.

From a stock selection perspective, the Fund's picks in Industrials was the primary contributor to relative performance. Conversely, selection in Financials, Information Technology, Health Care, and Consumer Discretionary detracted from the Fund's relative performance.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_1062685.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | 10 Years |
| WCM Focused International Growth Fund (Investor Class/WCMRX) | 20.56% | 4.37% | 10.40% |
| MSCI ACWI ex USA Index | 32.38% | 7.91% | 8.41% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit https://www.wcminvest.com/fund/WCMRX for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$20113553568 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;39 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid (net) | &nbsp;&nbsp;&nbsp;&nbsp;$169842703 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;23% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings, Sector Allocation, and Country Allocation exclude short-term holdings, if any. The Sector Allocation and Country Allocation charts represent Common Stocks held by the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Siemens Energy A.G. | 7.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. | 6.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rolls-Royce Holdings PLC | 5.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;BAE Systems PLC | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sea Ltd. - ADR | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding N.V. | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Safran S.A. | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi Heavy Industries, Ltd. | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;SAP S.E. | 3.1% |

---

**Sector Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_1062690.jpg)

**Country Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_1062695.jpg)

#### Material Fund Changes
The Fund did not have any material changes that occurred since the beginning of the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.wcminvest.com/fund/WCMRX. You can also request this information by contacting us at (888) 988-9801.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 988-9801 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

WCM Focused International Growth Fund - Investor Class

WCM Focused

International Growth Fund

Institutional Class/WCMIX

![TSR Fund Logo - Cover](images_411.jpg)

ANNUAL SHAREHOLDER REPORT \| December 31, 2025

This annual shareholder report contains important information about the WCM Focused International Growth Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.wcminvest.com/fund/WCMIX. You can also request this information by contacting us at (888) 988-9801.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| WCM Focused International Growth Fund<br>(Institutional Class/WCMIX) | $116 | 1.05% |

---

#### Management's Discussion of Fund Performance
For the 2025 fiscal year, the WCM Focused International Growth Fund's Institutional Class (WCMIX) returned 20.90%, underperforming the MSCI ACWI ex US index by ~-1,148 basis points. The MSCI ACWI ex US index returned 32.38% over that period.

**Fund performance can be attributed to the following**:

Sector attribution shows that over the trailing 12 months both allocation and selection detracted from the Fund's relative performance.

From a sector allocation perspective, the primary contributors to relative performance were the Fund's underweight exposure to Energy, Consumer Staples, Real Estate, and Health Care. Conversely, the Fund's underweight exposure to Financials and Materials and overweight exposure to Communication Services detracted. Materials, Financials, and Information Technology were the index's three best performing sectors over the trailing 12 months while Health Care, Consumer Discretionary and Consumer Staples were the three worst performers in the index.

From a stock selection perspective, the Fund's picks in Industrials was the primary contributor to relative performance. Conversely, selection in Financials, Information Technology, Health Care, and Consumer Discretionary detracted from the Fund's relative performance.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $100,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $100,000

![Fund Performance - Growth of 10K](chartimages_1062721.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | 10 Years |
| WCM Focused International Growth Fund (Institutional Class/WCMIX) | 20.90% | 4.63% | 10.68% |
| MSCI ACWI ex USA Index | 32.38% | 7.91% | 8.41% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit https://www.wcminvest.com/fund/WCMIX for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$20113553568 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;39 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid (net) | &nbsp;&nbsp;&nbsp;&nbsp;$169842703 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;23% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings, Sector Allocation, and Country Allocation exclude short-term holdings, if any. The Sector Allocation and Country Allocation charts represent Common Stocks held by the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Siemens Energy A.G. | 7.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. | 6.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rolls-Royce Holdings PLC | 5.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;BAE Systems PLC | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sea Ltd. - ADR | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding N.V. | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Safran S.A. | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi Heavy Industries, Ltd. | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;SAP S.E. | 3.1% |

---

**Sector Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_1062726.jpg)

**Country Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_1062731.jpg)

#### Material Fund Changes
The Fund did not have any material changes that occurred since the beginning of the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.wcminvest.com/fund/WCMIX. You can also request this information by contacting us at (888) 988-9801.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 988-9801 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

WCM Focused International Growth Fund - Institutional Class

WCM Focused

Emerging Markets Fund

Investor Class/WFEMX

![TSR Fund Logo - Cover](images_411.jpg)

ANNUAL SHAREHOLDER REPORT \| December 31, 2025

This annual shareholder report contains important information about the WCM Focused Emerging Markets Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.wcminvest.com/fund/WFEMX. You can also request this information by contacting us at (888) 988-9801.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| WCM Focused Emerging Markets Fund<br>(Investor Class/WFEMX) | $173 | 1.50% |

---

#### Management's Discussion of Fund Performance
For the 2025 fiscal year, the WCM Focused Emerging Markets Fund's Investor Class (WFEMX) returned 31.13%, underperforming the MSCI Emerging Markets index by ~-244 basis points. The MSCI Emerging Markets index returned 33.57% over that period.

**Fund performance can be attributed to the following:**

Sector attribution shows that over the trailing 12 months selection contributed to the Fund's relative performance while allocation detracted.

From an allocation perspective, the primary contributors to relative performance were the Fund's underweight exposure to Energy, Consumer Staples, and Health Care and overweight exposure to Industrials. Conversely, the primary detractors from the Fund's relative performance were its underweight exposure to Materials and Information Technology. Materials, Information Technology, and Communication Services were the index's three best performing sectors over the trailing 12 months while Real Estate, Consumer Staples and Health Care were the three worst performers in the index.

From a stock selection perspective, the Fund's picks in Information Technology, Industrials, and Utilities were the primary contributors to relative performance. Conversely, selection in Consumer Discretionary, Financials, Consumer Staples, Energy, and Communication Services detracted from the Fund's relative performance.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_1062577.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | 10 Years |
| WCM Focused Emerging Markets Fund (Investor Class/WFEMX) | 31.13% | 0.34% | 8.79% |
| MSCI Emerging Markets Index | 33.57% | 4.20% | 8.42% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit https://www.wcminvest.com/fund/WFEMX for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$894471089 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;53 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid (net) | &nbsp;&nbsp;&nbsp;&nbsp;$7596281 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;57% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings, Sector Allocation, and Country Allocation exclude short-term holdings, if any. The Sector Allocation and Country Allocation charts represent Common Stocks held by the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. | 14.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings, Ltd. | 6.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sea Ltd. - ADR | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Bank, Ltd. | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lite-On Technology Corp. | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bizlink Holding, Inc. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Inter & Co., Inc. - Class A | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Credicorp Ltd. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Piraeus Bank S.A. | 2.7% |

---

**Sector Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_1062582.jpg)

**Country Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_1062587.jpg)

#### Material Fund Changes
The Fund did not have any material changes that occurred since the beginning of the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.wcminvest.com/fund/WFEMX. You can also request this information by contacting us at (888) 988-9801.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 988-9801 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

WCM Focused Emerging Markets Fund - Investor Class

WCM Focused

Emerging Markets Fund

Institutional Class/WCMEX

![TSR Fund Logo - Cover](images_411.jpg)

ANNUAL SHAREHOLDER REPORT \| December 31, 2025

This annual shareholder report contains important information about the WCM Focused Emerging Markets Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.wcminvest.com/fund/WCMEX. You can also request this information by contacting us at (888) 988-9801.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| WCM Focused Emerging Markets Fund<br>(Institutional Class/WCMEX) | $145 | 1.25% |

---

#### Management's Discussion of Fund Performance
For the 2025 fiscal year, the WCM Focused Emerging Markets Fund's Institutional Class (WCMEX) returned 31.46%, underperforming the MSCI Emerging Markets index by ~-211 basis points. The MSCI Emerging Markets index returned 33.57% over that period.

**Fund performance can be attributed to the following:**

Sector attribution shows that over the trailing 12 months selection contributed to the Fund's relative performance while allocation detracted.

From an allocation perspective, the primary contributors to relative performance were the Fund's underweight exposure to Energy, Consumer Staples, and Health Care and overweight exposure to Industrials. Conversely, the primary detractors from the Fund's relative performance were its underweight exposure to Materials and Information Technology. Materials, Information Technology, and Communication Services were the index's three best performing sectors over the trailing 12 months while Real Estate, Consumer Staples and Health Care were the three worst performers in the index.

From a stock selection perspective, the Fund's picks in Information Technology, Industrials, and Utilities were the primary contributors to relative performance. Conversely, selection in Consumer Discretionary, Financials, Consumer Staples, Energy, and Communication Services detracted from the Fund's relative performance.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $100,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $100,000

![Fund Performance - Growth of 10K](chartimages_1062613.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | 10 Years |
| WCM Focused Emerging Markets Fund (Institutional Class/WCMEX) | 31.46% | 0.60% | 8.97% |
| MSCI Emerging Markets Index | 33.57% | 4.20% | 8.42% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit https://www.wcminvest.com/fund/WCMEX for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$894471089 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;53 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid (net) | &nbsp;&nbsp;&nbsp;&nbsp;$7596281 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;57% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings, Sector Allocation, and Country Allocation exclude short-term holdings, if any. The Sector Allocation and Country Allocation charts represent Common Stocks held by the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. | 14.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings, Ltd. | 6.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sea Ltd. - ADR | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Bank, Ltd. | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lite-On Technology Corp. | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bizlink Holding, Inc. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Inter & Co., Inc. - Class A | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Credicorp Ltd. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Piraeus Bank S.A. | 2.7% |

---

**Sector Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_1062618.jpg)

**Country Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_1062623.jpg)

#### Material Fund Changes
The Fund did not have any material changes that occurred since the beginning of the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.wcminvest.com/fund/WCMEX. You can also request this information by contacting us at (888) 988-9801.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 988-9801 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

WCM Focused Emerging Markets Fund - Institutional Class

WCM International

Small Cap Growth Fund

Institutional Class/WCMSX

![TSR Fund Logo - Cover](images_411.jpg)

ANNUAL SHAREHOLDER REPORT \| December 31, 2025

This annual shareholder report contains important information about the WCM International Small Cap Growth Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.wcminvest.com/fund/WCMSX. You can also request this information by contacting us at (888) 988-9801.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| WCM International Small Cap Growth Fund<br>(Institutional Class/WCMSX) | $137 | 1.26% |

---

#### Management's Discussion of Fund Performance
For the 2025 fiscal year, the WCM International Small Cap Growth Fund's Institutional Class (WCMSX) returned 18.14%, underperforming the MSCI ACWI ex USA Small Cap index by ~-1,112 basis points. The MSCI ACWI ex USA Small Cap index returned 29.26% over that period.

**Fund performance can be attributed to the following:**

Sector attribution shows that over the trailing 12 months both allocation and selection detracted from the Fund's relative performance.

From an allocation perspective, the primary contributors to relative performance were the Fund's underweight exposure to Real Estate and Consumer Discretionary and overweight exposure to Financials. Conversely, the primary detractor from the Fund's relative performance was its underweight exposure to Materials. Materials, Financials, and Industrials were the index's three best performing sectors over the trailing 12 months while Consumer Staples, Consumer Discretionary, and Health Care were the three worst performers in the index.

From a stock selection perspective, the Fund's picks in Industrials, Consumer Discretionary, and Health Care contributed to relative performance. Conversely, selection in Information Technology, Communication Services, and Financials detracted from the Fund's relative performance.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $100,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $100,000

![Fund Performance - Growth of 10K](chartimages_1062649.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | 10 Years |
| WCM International Small Cap Growth Fund (Institutional Class/WCMSX) | 18.14% | 0.33% | 11.40% |
| MSCI ACWI ex USA Small Cap Index | 29.26% | 6.91% | 8.13% |
| MSCI ACWI ex USA Index | 32.38% | 7.91% | 8.41% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit https://www.wcminvest.com/fund/WCMSX for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$313305081 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;82 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid (net) | &nbsp;&nbsp;&nbsp;&nbsp;$2789740 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;116% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings, Sector Allocation, and Country Allocation exclude short-term holdings, if any. The Sector Allocation and Country Allocation charts represent Common Stocks held by the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Lottomatica Group S.p.A. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Scout24 S.E. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Babcock International Group PLC | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Definity Financial Corp. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Piraeus Bank S.A. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cranswick PLC | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Avio S.p.A. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Embraer S.A. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Baltic Classifieds Group PLC | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;BAWAG Group A.G. | 1.7% |

---

**Sector Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_1062654.jpg)

**Country Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_1062659.jpg)

#### Material Fund Changes
The Fund did not have any material changes that occurred since the beginning of the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.wcminvest.com/fund/WCMSX. You can also request this information by contacting us at (888) 988-9801.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 988-9801 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

WCM International Small Cap Growth Fund - Institutional Class

WCM Small Cap Growth Fund

Investor Class/WCMNX

![TSR Fund Logo - Cover](images_411.jpg)

ANNUAL SHAREHOLDER REPORT \| December 31, 2025

This annual shareholder report contains important information about the WCM Small Cap Growth Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.wcminvest.com/fund/WCMNX. You can also request this information by contacting us at (888) 988-9801.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| WCM Small Cap Growth Fund<br>(Investor Class/WCMNX) | $129 | 1.24% |

---

#### Management's Discussion of Fund Performance
For the 2025 fiscal year, the WCM Small Cap Growth Fund's Investor Class (WCMNX) returned 7.82%, underperforming the Russell 2000 Growth index by ~-519 basis points. The Russell 2000 Growth index returned 13.01% over that period.

**Fund performance can be attributed to the following:**

Sector attribution shows that over the trailing 12 months both allocation and selection detracted from the Fund's relative performance.

From an allocation perspective, the primary contributors to relative performance were the Fund's underweight exposure to Communication Services, Energy, and Financials. Conversely, the Fund's overweight exposure to Consumer Discretionary and Consumer Staples and underweight exposure to Materials detracted. Materials, Health Care, and Industrials were the index's three best performing sectors over the trailing 12 months while Communication Services, Consumer Discretionary, and Consumer Staples were the three worst performers in the index.

From a stock selection perspective, the Fund's picks in Consumer Discretionary, Industrials, and Communication Services were the primary contributors to relative performance. Conversely, selection in Information Technology, Health Care, and Materials were the primary detractors from the Fund's relative performance.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_1062829.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | Since<br>Inception<sup>1</sup> |
| WCM Small Cap Growth Fund (Investor Class/WCMNX) | 7.82% | 0.82% | 6.92% |
| Russell 2000 Growth Index | 13.01% | 3.18% | 8.93% |
| Russell 3000 Index | 17.15% | 13.15% | 15.14% |

---

 *<sup>1</sup>* *Investor Class shares commenced operations on October 30, 2019.* 

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit https://www.wcminvest.com/fund/WCMNX for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$43645263 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;71 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid (net) | &nbsp;&nbsp;&nbsp;&nbsp;$78943 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;89% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Sector Allocation exclude short-term holdings, if any. The Sector Allocation chart represents Common Stocks held by the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Evercore, Inc. - Class A | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;SharkNinja, Inc. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions, Inc. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chefs' Warehouse, Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Novanta, Inc. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Energy Industries, Inc. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;TopBuild Corp. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wingstop, Inc. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Semtech Corp. | 1.9% |

---

**Asset Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_1062834.jpg)

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_1062839.jpg)

#### Material Fund Changes
The Fund did not have any material changes that occurred since the beginning of the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.wcminvest.com/fund/WCMNX. You can also request this information by contacting us at (888) 988-9801.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 988-9801 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

WCM Small Cap Growth Fund - Investor Class

WCM Small Cap Growth Fund

Institutional Class/WCMLX

![TSR Fund Logo - Cover](images_411.jpg)

ANNUAL SHAREHOLDER REPORT \| December 31, 2025

This annual shareholder report contains important information about the WCM Small Cap Growth Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.wcminvest.com/fund/WCMLX. You can also request this information by contacting us at (888) 988-9801.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| WCM Small Cap Growth Fund<br>(Institutional Class/WCMLX) | $103 | 0.99% |

---

#### Management's Discussion of Fund Performance
For the 2025 fiscal year, the WCM Small Cap Growth Fund's Institutional Class (WCMLX) returned 8.03%, underperforming the Russell 2000 Growth index by ~-498 basis points. The Russell 2000 Growth index returned 13.01% over that period.

**Fund performance can be attributed to the following:**

Sector attribution shows that over the trailing 12 months both allocation and selection detracted from the Fund's relative performance.

From an allocation perspective, the primary contributors to relative performance were the Fund's underweight exposure to Communication Services, Energy, and Financials. Conversely, the Fund's overweight exposure to Consumer Discretionary and Consumer Staples and underweight exposure to Materials detracted. Materials, Health Care, and Industrials were the index's three best performing sectors over the trailing 12 months while Communication Services, Consumer Discretionary, and Consumer Staples were the three worst performers in the index.

From a stock selection perspective, the Fund's picks in Consumer Discretionary, Industrials, and Communication Services were the primary contributors to relative performance. Conversely, selection in Information Technology, Health Care, and Materials were the primary detractors from the Fund's relative performance.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $100,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $100,000

![Fund Performance - Growth of 10K](chartimages_1062865.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | Since<br>Inception<sup>1</sup> |
| WCM Small Cap Growth Fund (Institutional Class/WCMLX) | 8.03% | 1.07% | 7.18% |
| Russell 2000 Growth Index | 13.01% | 3.18% | 8.93% |
| Russell 3000 Index | 17.15% | 13.15% | 15.14% |

---

 *<sup>1</sup>* *Institutional Class shares commenced operations on October 30, 2019.* 

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit https://www.wcminvest.com/fund/WCMLX for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$43645263 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;71 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid (net) | &nbsp;&nbsp;&nbsp;&nbsp;$78943 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;89% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Sector Allocation exclude short-term holdings, if any. The Sector Allocation chart represents Common Stocks held by the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Evercore, Inc. - Class A | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;SharkNinja, Inc. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions, Inc. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chefs' Warehouse, Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Novanta, Inc. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Energy Industries, Inc. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;TopBuild Corp. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wingstop, Inc. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Semtech Corp. | 1.9% |

---

**Asset Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_1062870.jpg)

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_1062875.jpg)

#### Material Fund Changes
The Fund did not have any material changes that occurred since the beginning of the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.wcminvest.com/fund/WCMLX. You can also request this information by contacting us at (888) 988-9801.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 988-9801 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

WCM Small Cap Growth Fund - Institutional Class

WCM SMID Quality Value Fund

Investor Class/WCMJX

![TSR Fund Logo - Cover](images_411.jpg)

ANNUAL SHAREHOLDER REPORT \| December 31, 2025

This annual shareholder report contains important information about the WCM SMID Quality Value Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.wcminvest.com/fund/WCMJX. You can also request this information by contacting us at (888) 988-9801.

**This report describes changes to the Fund that occurred during the reporting period.**

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| WCM SMID Quality Value Fund<br>(Investor Class/WCMJX) | $106 | 1.10% |

---

#### Management's Discussion of Fund Performance
For the 2025 fiscal year, the WCM SMID Quality Value Fund's Investor Class (WCMJX) returned -7.27%, underperforming the Russell 2500 Value index by ~-2,000 basis points. The Russell 2500 Value index returned 12.73% over that period.

**Fund performance can be attributed to the following:**

Sector attribution shows that over the trailing 12 months allocation contributed to the Fund's relative performance while selection detracted.

From an allocation perspective, the primary contributors to relative performance were the Fund's overweight exposure to Information Technology and Health Care and its underweight exposure to Real Estate and Consumer Staples. Conversely, the primary detractors from the Fund's relative performance were its underweight exposure to Utilities and Financials. Information Technology, Utilities, and Health Care were the index's three best performing sectors over the trailing 12 months while Consumer Staples, Real Estate, and Consumer Discretionary were the three worst performers in the index.

From a stock selection perspective, the Fund's picks in Real Estate contributed to relative performance. Conversely, selection in Information Technology, Industrials, Health Care, and Financials were the most significant detractors from the Fund's relative performance.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_1062757.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | Since<br>Inception<sup>1</sup> |
| WCM SMID Quality Value Fund (Investor Class/WCMJX) | -7.27% | 5.76% | 5.38% |
| Russell 2500 Value Index | 12.73% | 10.02% | 9.71% |
| Russell 3000 Index | 17.15% | 13.15% | 15.14% |

---

 *<sup>1</sup>* *Investor Class shares commenced operations on October 30, 2019.* 

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit https://www.wcminvest.com/fund/WCMJX for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1491031 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;38 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid (net) | &nbsp;&nbsp;&nbsp;&nbsp;$55946 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;39% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Sector Allocation exclude short-term holdings, if any. The Sector Allocation chart represents Common Stocks held by the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;MKS, Inc. | 5.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Addus HomeCare Corp. | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Jones Lang LaSalle, Inc. | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;API Group Corp. | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ensign Group, Inc. | 4.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Element Solutions, Inc. | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;GoDaddy, Inc. - Class A | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts, Inc. | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;YETI Holdings, Inc. | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;ICU Medical, Inc. | 3.7% |

---

**Asset Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_1062762.jpg)

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_1062767.jpg)

#### Material Fund Changes
On January 13, 2026, the Board of Trustees of the Trust approved a Plan of Liquidation for the WCM SMID Quality Value Fund (the "Fund"). The Plan of Liquidation authorized the termination, liquidation, and dissolution of the Fund. At the close of business on January 23, 2026, the Fund made a liquidating distribution to each remaining shareholder equal to the value of the 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 was dissolved.

This is a summary of certain planned changes to the Fund since the beginning of the reporting period. For more complete information, you may review the Fund's prospectus at https://www.wcminvest.com/fund/WCMJX or upon request at (888) 988-9801.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.wcminvest.com/fund/WCMJX. You can also request this information by contacting us at (888) 988-9801.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 988-9801 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

WCM SMID Quality Value Fund - Investor Class

WCM SMID Quality Value Fund

Institutional Class/WCMFX

![TSR Fund Logo - Cover](images_411.jpg)

ANNUAL SHAREHOLDER REPORT \| December 31, 2025

This annual shareholder report contains important information about the WCM SMID Quality Value Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.wcminvest.com/fund/WCMFX. You can also request this information by contacting us at (888) 988-9801.

**This report describes changes to the Fund that occurred during the reporting period.**

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| WCM SMID Quality Value Fund<br>(Institutional Class/WCMFX) | $82 | 0.85% |

---

#### Management's Discussion of Fund Performance
For the 2025 fiscal year, the WCM SMID Quality Value Fund's Institutional Class (WCMFX) returned -7.00%, underperforming the Russell 2500 Value index by ~-1,973 basis points. The Russell 2500 Value index returned 12.73% over that period.

**Fund performance can be attributed to the following:**

Sector attribution shows that over the trailing 12 months allocation contributed to the Fund's relative performance while selection detracted.

From an allocation perspective, the primary contributors to relative performance were the Fund's overweight exposure to Information Technology and Health Care and its underweight exposure to Real Estate and Consumer Staples. Conversely, the primary detractors from the Fund's relative performance were its underweight exposure to Utilities and Financials. Information Technology, Utilities, and Health Care were the index's three best performing sectors over the trailing 12 months while Consumer Staples, Real Estate, and Consumer Discretionary were the three worst performers in the index.

From a stock selection perspective, the Fund's picks in Real Estate contributed to relative performance. Conversely, selection in Information Technology, Industrials, Health Care, and Financials were the most significant detractors from the Fund's relative performance.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $100,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $100,000

![Fund Performance - Growth of 10K](chartimages_1062793.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | Since<br>Inception<sup>1</sup> |
| WCM SMID Quality Value Fund (Institutional Class/WCMFX) | -7.00% | 6.06% | 5.67% |
| Russell 2500 Value Index | 12.73% | 10.02% | 9.71% |
| Russell 3000 Index | 17.15% | 13.15% | 15.14% |

---

 *<sup>1</sup>* *Institutional Class shares commenced operations on October 30, 2019.* 

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit https://www.wcminvest.com/fund/WCMFX for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1491031 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;38 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid (net) | &nbsp;&nbsp;&nbsp;&nbsp;$55946 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;39% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Sector Allocation exclude short-term holdings, if any. The Sector Allocation chart represents Common Stocks held by the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;MKS, Inc. | 5.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Addus HomeCare Corp. | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Jones Lang LaSalle, Inc. | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;API Group Corp. | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ensign Group, Inc. | 4.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Element Solutions, Inc. | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;GoDaddy, Inc. - Class A | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts, Inc. | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;YETI Holdings, Inc. | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;ICU Medical, Inc. | 3.7% |

---

**Asset Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_1062798.jpg)

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_1062803.jpg)

#### Material Fund Changes
On January 13, 2026, the Board of Trustees of the Trust approved a Plan of Liquidation for the WCM SMID Quality Value Fund (the "Fund"). The Plan of Liquidation authorized the termination, liquidation, and dissolution of the Fund. At the close of business on January 23, 2026, the Fund made a liquidating distribution to each remaining shareholder equal to the value of the 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 was dissolved.

This is a summary of certain planned changes to the Fund since the beginning of the reporting period. For more complete information, you may review the Fund's prospectus at https://www.wcminvest.com/fund/WCMFX or upon request at (888) 988-9801.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.wcminvest.com/fund/WCMFX. You can also request this information by contacting us at (888) 988-9801.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 988-9801 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

WCM SMID Quality Value Fund - Institutional Class

WCM China Quality Growth Fund

Investor Class/WCQGX

![TSR Fund Logo - Cover](images_411.jpg)

ANNUAL SHAREHOLDER REPORT \| December 31, 2025

This annual shareholder report contains important information about the WCM China Quality Growth Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.wcminvest.com/fund/WCQGX. You can also request this information by contacting us at (888) 988-9801.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| WCM China Quality Growth Fund<br>(Investor Class/WCQGX) | $168 | 1.52% |

---

#### Management's Discussion of Fund Performance
For the 2025 fiscal year, the WCM China Quality Growth Fund's Investor Class (WCQGX) returned 20.96%, underperforming the MSCI China All Shares index by ~-798 basis points. The MSCI China All Shares index returned 28.94% over that period.

**Fund performance can be attributed to the following:**

Sector attribution shows that over the trailing 12 months both allocation and selection detracted from the Fund's relative performance.

From an allocation perspective, the primary contributors to relative performance were the Fund's underweight exposure to Utilities, Financials, and Real Estate and overweight exposure to Communication Services. Conversely, the primary detractors from the Fund's relative performance were its underweight exposure to Materials and overweight exposure to Industrials and Consumer Discretionary. Materials, Information Technology, and Communication Services were the index's three best performing sectors over the trailing 12 months while Utilities, Consumer Staples, and Real Estate were the three worst performers in the index.

From a stock selection perspective, the Fund's picks in Communication Services and Industrials contributed to relative performance. Conversely, selection in Information Technology, Health Care, Consumer Discretionary, and Consumer Staples detracted from the Fund's relative performance.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_1062901.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | Since<br>Inception<sup>1</sup> |
| WCM China Quality Growth Fund (Investor Class/WCQGX) | 20.96% | -6.18% | 3.11% |
| MSCI China All Shares Index | 28.94% | -2.45% | 4.77% |

---

 *<sup>1</sup>* *Investor Class shares commenced operations on March 31, 2020.* 

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit https://www.wcminvest.com/fund/WCQGX for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1704247 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid (net) | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;92% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings, Sector Allocation, and Country Allocation exclude short-term holdings, if any. The Sector Allocation and Country Allocation charts represent Common Stocks held by the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings, Ltd. | 13.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Contemporary Amperex Technology Co., Ltd. - Class A | 7.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;DiDi Global, Inc. - ADR | 6.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wasion Holdings Ltd. | 5.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Prosus N.V. - ADR | 5.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | 5.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;China Merchants Bank Co., Ltd. - Class H | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shengyi Technology Co., Ltd. - Class A | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meitu, Inc. | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shenzhen Inovance Technology Co., Ltd. - Class A | 3.7% |

---

**Sector Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_1062906.jpg)

**Country Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_1062911.jpg)

#### Material Fund Changes
The Fund did not have any material changes that occurred since the beginning of the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.wcminvest.com/fund/WCQGX. You can also request this information by contacting us at (888) 988-9801.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 988-9801 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

WCM China Quality Growth Fund - Investor Class

WCM China Quality Growth Fund

Institutional Class/WCMCX

![TSR Fund Logo - Cover](images_411.jpg)

ANNUAL SHAREHOLDER REPORT \| December 31, 2025

This annual shareholder report contains important information about the WCM China Quality Growth Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.wcminvest.com/fund/WCMCX. You can also request this information by contacting us at (888) 988-9801.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| WCM China Quality Growth Fund<br>(Institutional Class/WCMCX) | $140 | 1.27% |

---

#### Management's Discussion of Fund Performance
For the 2025 fiscal year, the WCM China Quality Growth Fund's Institutional Class (WCMCX) returned 21.19%, underperforming the MSCI China All Shares index by ~-775 basis points. The MSCI China All Shares index returned 28.94% over that period.

**Fund performance can be attributed to the following:**

Sector attribution shows that over the trailing 12 months both allocation and selection detracted from the Fund's relative performance.

From an allocation perspective, the primary contributors to relative performance were the Fund's underweight exposure to Utilities, Financials, and Real Estate and overweight exposure to Communication Services. Conversely, the primary detractors from the Fund's relative performance were its underweight exposure to Materials and overweight exposure to Industrials and Consumer Discretionary. Materials, Information Technology, and Communication Services were the index's three best performing sectors over the trailing 12 months while Utilities, Consumer Staples, and Real Estate were the three worst performers in the index.

From a stock selection perspective, the Fund's picks in Communication Services and Industrials contributed to relative performance. Conversely, selection in Information Technology, Health Care, Consumer Discretionary, and Consumer Staples detracted from the Fund's relative performance.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $100,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $100,000

![Fund Performance - Growth of 10K](chartimages_1062937.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | Since<br>Inception<sup>1</sup> |
| WCM China Quality Growth Fund (Institutional Class/WCMCX) | 21.19% | -5.94% | 3.37% |
| MSCI China All Shares Index | 28.94% | -2.45% | 4.77% |

---

 *<sup>1</sup>* *Institutional Class shares commenced operations on March 31, 2020.* 

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit https://www.wcminvest.com/fund/WCMCX for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1704247 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid (net) | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;92% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings, Sector Allocation, and Country Allocation exclude short-term holdings, if any. The Sector Allocation and Country Allocation charts represent Common Stocks held by the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings, Ltd. | 13.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Contemporary Amperex Technology Co., Ltd. - Class A | 7.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;DiDi Global, Inc. - ADR | 6.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wasion Holdings Ltd. | 5.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Prosus N.V. - ADR | 5.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | 5.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;China Merchants Bank Co., Ltd. - Class H | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shengyi Technology Co., Ltd. - Class A | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meitu, Inc. | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shenzhen Inovance Technology Co., Ltd. - Class A | 3.7% |

---

**Sector Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_1062942.jpg)

**Country Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_1062947.jpg)

#### Material Fund Changes
The Fund did not have any material changes that occurred since the beginning of the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.wcminvest.com/fund/WCMCX. You can also request this information by contacting us at (888) 988-9801.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 988-9801 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

WCM China Quality Growth Fund - Institutional Class

WCM Focused

International Equity Fund

Investor Class/WLIVX

![TSR Fund Logo - Cover](images_411.jpg)

ANNUAL SHAREHOLDER REPORT \| December 31, 2025

This annual shareholder report contains important information about the WCM Focused International Equity Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.wcminvest.com/fund/WLIVX. You can also request this information by contacting us at (888) 988-9801.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| WCM Focused International Equity Fund<br>(Investor Class/WLIVX) | $132 | 1.10% |

---

#### Management's Discussion of Fund Performance
For the 2025 fiscal year, the WCM Focused International Equity Fund's Investor Class (WLIVX) returned 40.74%, outperforming the MSCI ACWI ex USA index by ~+836 basis points. The MSCI ACWI ex USA index returned 32.38% over that period.

**Fund performance can be attributed to the following:**

Sector attribution shows that over the trailing 12 months selection contributed to the Fund's relative performance while allocation detracted.

From an allocation perspective, the primary contributors to relative performance were the Fund's underweight exposure to Consumer Staples and Real Estate and overweight exposure to Industrials. Conversely, the Fund's underweight exposure to Materials and Information Technology and overweight exposure to Health Care detracted. Materials, Financials, and Information Technology were the index's three best performing sectors over the trailing 12 months while Health Care, Consumer Discretionary, and Consumer Staples were the three worst performers in the index.

From a stock selection perspective, the Fund's picks in Industrials, Information Technology, Communication Services, and Consumer Discretionary contributed to relative performance. Conversely, selection in Financials, Energy, and Consumer Staples detracted from the Fund's relative performance.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_1062973.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | Since<br>Inception<sup>1</sup> |
| WCM Focused International Equity Fund (Investor Class/WLIVX) | 40.74% | 10.00% | 14.64% |
| MSCI ACWI ex USA Index | 32.38% | 7.91% | 11.54% |

---

 *<sup>1</sup>* *Investor Class shares commenced operations on June 29, 2020.* 

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit https://www.wcminvest.com/fund/WLIVX for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$97198364 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid (net) | &nbsp;&nbsp;&nbsp;&nbsp;$35520 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;31% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings, Sector Allocation, and Country Allocation exclude short-term holdings, if any. The Sector Allocation and Country Allocation charts represent Common Stocks held by the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Rolls-Royce Holdings PLC | 7.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. - ADR | 5.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Babcock International Group PLC | 5.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Prosus N.V. | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Teva Pharmaceutical Industries Ltd. - ADR | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Siemens Energy A.G. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Societe Generale S.A. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cia de Saneamento Basico do Estado de Sao Paulo SABESP - ADR | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brookfield Corp. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sony Group Corp. - ADR | 2.4% |

---

**Sector Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_1062978.jpg)

**Country Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_1062983.jpg)

#### Material Fund Changes
The Fund did not have any material changes that occurred since the beginning of the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.wcminvest.com/fund/WLIVX. You can also request this information by contacting us at (888) 988-9801.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 988-9801 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

WCM Focused International Equity Fund - Investor Class

WCM Focused

International Equity Fund

Institutional Class/WCMVX

![TSR Fund Logo - Cover](images_411.jpg)

ANNUAL SHAREHOLDER REPORT \| December 31, 2025

This annual shareholder report contains important information about the WCM Focused International Equity Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.wcminvest.com/fund/WCMVX. You can also request this information by contacting us at (888) 988-9801.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| WCM Focused International Equity Fund<br>(Institutional Class/WCMVX) | $102 | 0.85% |

---

#### Management's Discussion of Fund Performance
For the 2025 fiscal year, the WCM Focused International Equity Fund's Institutional Class (WCMVX) returned 41.03%, outperforming the MSCI ACWI ex USA index by ~+865 basis points. The MSCI ACWI ex USA index returned 32.38% over that period.

**Fund performance can be attributed to the following:**

Sector attribution shows that over the trailing 12 months selection contributed to the Fund's relative performance while allocation detracted.

From an allocation perspective, the primary contributors to relative performance were the Fund's underweight exposure to Consumer Staples and Real Estate and overweight exposure to Industrials. Conversely, the Fund's underweight exposure to Materials and Information Technology and overweight exposure to Health Care detracted. Materials, Financials, and Information Technology were the index's three best performing sectors over the trailing 12 months while Health Care, Consumer Discretionary, and Consumer Staples were the three worst performers in the index.

From a stock selection perspective, the Fund's picks in Industrials, Information Technology, Communication Services, and Consumer Discretionary contributed to relative performance. Conversely, selection in Financials, Energy, and Consumer Staples detracted from the Fund's relative performance.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $100,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $100,000

![Fund Performance - Growth of 10K](chartimages_1063009.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Years | Since<br>Inception<sup>1</sup> |
| WCM Focused International Equity Fund (Institutional Class/WCMVX) | 41.03% | 10.28% | 14.92% |
| MSCI ACWI ex USA Index | 32.38% | 7.91% | 11.54% |

---

 *<sup>1</sup>* *Institutional Class shares commenced operations on June 29, 2020.* 

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit https://www.wcminvest.com/fund/WCMVX for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$97198364 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid (net) | &nbsp;&nbsp;&nbsp;&nbsp;$35520 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;31% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings, Sector Allocation, and Country Allocation exclude short-term holdings, if any. The Sector Allocation and Country Allocation charts represent Common Stocks held by the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Rolls-Royce Holdings PLC | 7.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. - ADR | 5.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Babcock International Group PLC | 5.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Prosus N.V. | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Teva Pharmaceutical Industries Ltd. - ADR | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Siemens Energy A.G. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Societe Generale S.A. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cia de Saneamento Basico do Estado de Sao Paulo SABESP - ADR | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brookfield Corp. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sony Group Corp. - ADR | 2.4% |

---

**Sector Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_1063014.jpg)

**Country Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_1063019.jpg)

#### Material Fund Changes
The Fund did not have any material changes that occurred since the beginning of the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.wcminvest.com/fund/WCMVX. You can also request this information by contacting us at (888) 988-9801.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 988-9801 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

WCM Focused International Equity Fund - Institutional Class

WCM Focused

International Opportunities Fund

Investor Class/WCFOX

![TSR Fund Logo - Cover](images_411.jpg)

ANNUAL SHAREHOLDER REPORT \| December 31, 2025

This annual shareholder report contains important information about the WCM Focused International Opportunities Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.wcminvest.com/fund/WCFOX. You can also request this information by contacting us at (888) 988-9801.

**This report describes the changes to the Fund that occurred during the reporting period.**

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| WCM Focused International Opportunities Fund<br>(Investor Class/WCFOX) | $152 | 1.31% |

---

#### Management's Discussion of Fund Performance
For the 2025 fiscal year, the WCM Focused International Opportunities Fund's Investor Class (WCFOX) returned 31.45%, underperforming the MSCI ACWI ex USA index by ~-93 basis points. The MSCI ACWI ex USA index returned 32.38% over that period.

**Fund performance can be attributed to the following:**

Sector attribution shows that over the trailing 12 months selection contributed to the Fund's relative performance while allocation detracted.

From an allocation perspective, the primary contributors to relative performance were the Fund's underweight exposure to Health Care, Consumer Staples and Real Estate and overweight exposure to Industrials. Conversely, the primary detractors from the Fund's relative performance were its overweight exposure to Information Technology and underweight exposure to Financials and Materials. Materials, Financials, and Information Technology were the index's three best performing sectors over the trailing 12 months while Health Care, Consumer Discretionary, and Consumer Staples were the three worst performers in the index.

From a stock selection perspective, the Fund's picks in Industrials, Materials, and Health Care were the primary contributors to relative performance. Conversely, selection in Financials, Consumer Discretionary, Information Technology, and Energy detracted from the Fund's relative performance.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_1063045.jpg)

---

| | | |
|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | Since<br>Inception<sup>1</sup> |
| WCM Focused International Opportunities Fund (Investor Class/WCFOX) | 31.45% | 5.92% |
| MSCI ACWI ex USA Index | 32.38% | 7.49% |

---

 *<sup>1</sup>* *Investor Class shares commenced operations on March 30, 2021.* 

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit https://www.wcminvest.com/fund/WCFOX for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$51239235 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;55 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid (net) | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;112% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings, Sector Allocation, and Country Allocation exclude short-term holdings, if any. The Sector Allocation and Country Allocation charts represent Common Stocks held by the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Siemens Energy A.G. | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rolls-Royce Holdings PLC | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Babcock International Group PLC | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sea Ltd. - ADR | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Novo Nordisk A/S - Class B | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK hynix, Inc. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Heidelberg Materials A.G. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sartorius Stedim Biotech | 2.4% |

---

**Sector Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_1063050.jpg)

**Country Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_1063055.jpg)

#### Material Fund Changes
Effective April 1, 2025 (the "Effective Date"), WCM Investment Management, LLC (the "Advisor") has agreed to reduce the limit on the total annual fund operating expenses from 1.50% to 1.25% of the average daily net assets of the Fund.

This is a summary of certain planned changes to the Fund since the beginning of the reporting period. For more complete information, you may review the Fund's prospectus at https://www.wcminvest.com/fund/WCFOX or upon request at (888) 988-9801.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.wcminvest.com/fund/WCFOX. You can also request this information by contacting us at (888) 988-9801.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 988-9801 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

WCM Focused International Opportunities Fund - Investor Class

WCM Focused

International Opportunities Fund

Institutional Class/WCMOX

![TSR Fund Logo - Cover](images_411.jpg)

ANNUAL SHAREHOLDER REPORT \| December 31, 2025

This annual shareholder report contains important information about the WCM Focused International Opportunities Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.wcminvest.com/fund/WCMOX. You can also request this information by contacting us at (888) 988-9801.

**This report describes changes to the Fund that occurred during the reporting period.**

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| WCM Focused International Opportunities Fund<br>(Institutional Class/WCMOX) | $123 | 1.06% |

---

#### Management's Discussion of Fund Performance
For the 2025 fiscal year, the WCM Focused International Opportunities Fund's Institutional Class (WCMOX) returned 31.80%, underperforming the MSCI ACWI ex USA index by ~-58 basis points. The MSCI ACWI ex USA index returned 32.38% over that period.

**Fund performance can be attributed to the following:**

Sector attribution shows that over the trailing 12 months selection contributed to the Fund's relative performance while allocation detracted.

From an allocation perspective, the primary contributors to relative performance were the Fund's underweight exposure to Health Care, Consumer Staples and Real Estate and overweight exposure to Industrials. Conversely, the primary detractors from the Fund's relative performance were its overweight exposure to Information Technology and underweight exposure to Financials and Materials. Materials, Financials, and Information Technology were the index's three best performing sectors over the trailing 12 months while Health Care, Consumer Discretionary, and Consumer Staples were the three worst performers in the index.

From a stock selection perspective, the Fund's picks in Industrials, Materials, and Health Care were the primary contributors to relative performance. Conversely, selection in Financials, Consumer Discretionary, Information Technology, and Energy detracted from the Fund's relative performance.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $100,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $100,000

![Fund Performance - Growth of 10K](chartimages_1063081.jpg)

---

| | | |
|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | Since<br>Inception<sup>1</sup> |
| WCM Focused International Opportunities Fund (Institutional Class/WCMOX) | 31.80% | 6.21% |
| MSCI ACWI ex USA Index | 32.38% | 7.49% |

---

 *<sup>1</sup>* *Institutional Class shares commenced operations on March 30, 2021.* 

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit https://www.wcminvest.com/fund/WCMOX for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$51239235 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;55 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid (net) | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;112% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings, Sector Allocation, and Country Allocation exclude short-term holdings, if any. The Sector Allocation and Country Allocation charts represent Common Stocks held by the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Siemens Energy A.G. | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rolls-Royce Holdings PLC | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Babcock International Group PLC | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sea Ltd. - ADR | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Novo Nordisk A/S - Class B | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK hynix, Inc. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Heidelberg Materials A.G. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sartorius Stedim Biotech | 2.4% |

---

**Sector Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_1063086.jpg)

**Country Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_1063091.jpg)

#### Material Fund Changes
Effective April 1, 2025 (the "Effective Date"), WCM Investment Management, LLC (the "Advisor") has agreed to reduce the limit on the total annual fund operating expenses from 1.25% to 1.00% of the average daily net assets of the Fund.

This is a summary of certain planned changes to the Fund since the beginning of the reporting period. For more complete information, you may review the Fund's prospectus at https://www.wcminvest.com/fund/WCMOX or upon request at (888) 988-9801.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.wcminvest.com/fund/WCMOX. You can also request this information by contacting us at (888) 988-9801.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 988-9801 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

WCM Focused International Opportunities Fund - Institutional Class

WCM Mid Cap Quality Value Fund

Investor Class/WMIDX

![TSR Fund Logo - Cover](images_411.jpg)

ANNUAL SHAREHOLDER REPORT \| December 31, 2025

This annual shareholder report contains important information about the WCM Mid Cap Quality Value Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.wcminvest.com/fund/WMIDX. You can also request this information by contacting us at (888) 988-9801.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| WCM Mid Cap Quality Value Fund<br>(Investor Class/WMIDX) | $95 | 0.99% |

---

#### Management's Discussion of Fund Performance
For the 2025 fiscal year, the WCM Mid Cap Quality Value Fund's Investor Class (WMQVX) returned -7.47%, underperforming the Russell Midcap Value index by ~-1,852 basis points. The Russell Midcap Value index returned 11.05% over that period.

**Fund performance can be attributed to the following:**

Sector attribution shows that over the trailing 12 months allocation contributed to the Fund's relative performance while selection detracted.

From an allocation perspective, the primary contributors to relative performance were the Fund's overweight exposure to Information Technology and Industrials and underweight exposure to Consumer Staples and Energy. Conversely, the Fund's underweight exposure to Communication Services, Financials, and Utilities detracted. Information Technology, Communication Services, and Financials were the index's three best performing sectors over the trailing 12 months while Consumer Staples, Real Estate, and Health Care were the three worst performers in the index.

From a stock selection perspective, the Fund's picks in Real Estate contributed to relative performance. Conversely, selection in Information Technology, Industrials, Consumer Discretionary, Financials, Health Care, and Materials detracted from the Fund's relative performance.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_1063117.jpg)

---

| | | |
|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | Since<br>Inception<sup>1</sup> |
| WCM Mid Cap Quality Value Fund (Investor Class/WMIDX) | -7.47% | 5.60% |
| Russell Midcap Value Index | 11.05% | 9.91% |
| Russell 3000 Index | 17.15% | 17.41% |

---

 *<sup>1</sup>* *Investor Class shares commenced operations on July 28, 2022.* 

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit https://www.wcminvest.com/fund/WMIDX for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4485364 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid (net) | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;66% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Sector Allocation exclude short-term holdings, if any. The Sector Allocation chart represents Common Stocks held by the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Jones Lang LaSalle, Inc. | 5.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;MKS, Inc. | 4.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Element Solutions, Inc. | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;API Group Corp. | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Markel Group, Inc. | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ensign Group, Inc. | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;GoDaddy, Inc. - Class A | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts, Inc. | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Masco Corp. | 3.1% |

---

**Asset Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_1063122.jpg)

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_1063127.jpg)

#### Material Fund Changes
The Fund did not have any material changes that occurred since the beginning of the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.wcminvest.com/fund/WMIDX. You can also request this information by contacting us at (888) 988-9801.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 988-9801 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

WCM Mid Cap Quality Value Fund - Investor Class

WCM Mid Cap Quality Value Fund

Institutional Class/WCMAX

![TSR Fund Logo - Cover](images_411.jpg)

ANNUAL SHAREHOLDER REPORT \| December 31, 2025

This annual shareholder report contains important information about the WCM Mid Cap Quality Value Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.wcminvest.com/fund/WCMAX. You can also request this information by contacting us at (888) 988-9801.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| WCM Mid Cap Quality Value Fund<br>(Institutional Class/WCMAX) | $72 | 0.75% |

---

#### Management's Discussion of Fund Performance
For the 2025 fiscal year, the WCM Mid Cap Quality Value Fund's Institutional Class (WCMAX) returned -7.23%, underperforming the Russell Midcap Value index by ~-1,828 basis points. The Russell Midcap Value index returned 11.05% over that period.

**Fund performance can be attributed to the following:**

Sector attribution shows that over the trailing 12 months allocation contributed to the Fund's relative performance while selection detracted.

From an allocation perspective, the primary contributors to relative performance were the Fund's overweight exposure to Information Technology and Industrials and underweight exposure to Consumer Staples and Energy. Conversely, the Fund's underweight exposure to Communication Services, Financials, and Utilities detracted. Information Technology, Communication Services, and Financials were the index's three best performing sectors over the trailing 12 months while Consumer Staples, Real Estate, and Health Care were the three worst performers in the index.

From a stock selection perspective, the Fund's picks in Real Estate contributed to relative performance. Conversely, selection in Information Technology, Industrials, Consumer Discretionary, Financials, Health Care, and Materials detracted from the Fund's relative performance.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $100,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $100,000

![Fund Performance - Growth of 10K](chartimages_1063153.jpg)

---

| | | |
|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | Since<br>Inception<sup>1</sup> |
| WCM Mid Cap Quality Value Fund (Institutional Class/WCMAX) | -7.23% | 5.87% |
| Russell Midcap Value Index | 11.05% | 9.91% |
| Russell 3000 Index | 17.15% | 17.41% |

---

 *<sup>1</sup>* *Institutional Class shares commenced operations on July 28, 2022.* 

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit https://www.wcminvest.com/fund/WCMAX for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4485364 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid (net) | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;66% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Sector Allocation exclude short-term holdings, if any. The Sector Allocation chart represents Common Stocks held by the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Jones Lang LaSalle, Inc. | 5.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;MKS, Inc. | 4.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Element Solutions, Inc. | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;API Group Corp. | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Markel Group, Inc. | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ensign Group, Inc. | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;GoDaddy, Inc. - Class A | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts, Inc. | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Masco Corp. | 3.1% |

---

**Asset Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_1063158.jpg)

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_1063163.jpg)

#### Material Fund Changes
The Fund did not have any material changes that occurred since the beginning of the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.wcminvest.com/fund/WCMAX. You can also request this information by contacting us at (888) 988-9801.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 988-9801 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

WCM Mid Cap Quality Value Fund - Institutional Class

WCM Mid Cap Quality Value Fund

Class Y/WMVYX

![TSR Fund Logo - Cover](images_411.jpg)

ANNUAL SHAREHOLDER REPORT \| December 31, 2025

This annual shareholder report contains important information about the WCM Mid Cap Quality Value Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.wcminvest.com/fund/WMVYX. You can also request this information by contacting us at (888) 988-9801.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| WCM Mid Cap Quality Value Fund<br>(Class Y/WMVYX) | $64 | 0.66% |

---

#### Management's Discussion of Fund Performance
For the 2025 fiscal year, the WCM Mid Cap Quality Value Fund's Y Class (WMVYX) returned -7.14%, underperforming the Russell Midcap Value index by ~-1,819 basis points. The Russell Midcap Value index returned 11.05% over that period.

**Fund performance can be attributed to the following:**

Sector attribution shows that over the trailing 12 months allocation contributed to the Fund's relative performance while selection detracted.

From an allocation perspective, the primary contributors to relative performance were the Fund's overweight exposure to Information Technology and Industrials and underweight exposure to Consumer Staples and Energy. Conversely, the Fund's underweight exposure to Communication Services, Financials, and Utilities detracted. Information Technology, Communication Services, and Financials were the index's three best performing sectors over the trailing 12 months while Consumer Staples, Real Estate, and Health Care were the three worst performers in the index.

From a stock selection perspective, the Fund's picks in Real Estate contributed to relative performance. Conversely, selection in Information Technology, Industrials, Consumer Discretionary, Financials, Health Care, and Materials detracted from the Fund's relative performance.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $10,000,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000,000

![Fund Performance - Growth of 10K](chartimages_1063189.jpg)

---

| | | |
|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | Since<br>Inception<sup>1</sup> |
| WCM Mid Cap Quality Value Fund (Class Y/WMVYX)<sup>2</sup> | -7.14% | 6.15% |
| Russell Midcap Value Index | 11.05% | 9.91% |
| Russell 3000 Index | 17.15% | 17.41% |

---

 *<sup>1</sup>* *Class Y shares commenced operations on November 29, 2024.* 

 *<sup>2</sup>* *The performance figures for Class Y shares include the performance for the Institutional Class shares for the periods prior to the inception date of Class Y shares, adjusted for the difference in expenses related to Institutional Class shares and Class Y shares. Institutional Class shares impose higher expenses than Class Y shares.* 

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit https://www.wcminvest.com/fund/WMVYX for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4485364 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid (net) | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;66% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Sector Allocation exclude short-term holdings, if any. The Sector Allocation chart represents Common Stocks held by the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Jones Lang LaSalle, Inc. | 5.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;MKS, Inc. | 4.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Element Solutions, Inc. | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;API Group Corp. | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Markel Group, Inc. | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ensign Group, Inc. | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;GoDaddy, Inc. - Class A | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts, Inc. | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Masco Corp. | 3.1% |

---

**Asset Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_1063194.jpg)

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_1063199.jpg)

#### Material Fund Changes
The Fund did not have any material changes that occurred since the beginning of the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.wcminvest.com/fund/WMVYX. You can also request this information by contacting us at (888) 988-9801.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 988-9801 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

WCM Mid Cap Quality Value Fund - Class Y

WCM Focused

Emerging Markets ex China Fund

Investor Class/WCFEX

![TSR Fund Logo - Cover](images_411.jpg)

ANNUAL SHAREHOLDER REPORT \| December 31, 2025

This annual shareholder report contains important information about the WCM Focused Emerging Markets ex China Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.wcminvest.com/fund/WCFEX. You can also request this information by contacting us at (888) 988-9801.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| WCM Focused Emerging Markets ex China Fund<br>(Investor Class/WCFEX) | $179 | 1.50% |

---

#### Management's Discussion of Fund Performance
For the 2025 fiscal year, the Focused Emerging Markets ex China Fund's Investor Class (WCFEX) returned 39.15%, outperforming the MSCI Emerging Markets ex China index by ~+454 basis points. The MSCI Emerging Markets ex China index returned 34.61% over that period.

**Fund performance can be attributed to the following:**

Sector attribution shows that over the trailing 12 months selection contributed to the Fund's relative performance while selection detracted.

From a sector allocation perspective, the primary contributors to relative performance were the Fund's underweight exposure to Consumer Staples, Energy, and Health Care and overweight exposure to Industrials. Conversely, the Fund's underweight exposure to Information Technology and Materials and overweight exposure to Utilities and Financials detracted. Information Technology, Materials, and Industrials were the index's three best performing sectors over the trailing 12 months while Health Care, Real Estate, and Consumer Staples were the three worst performers in the index.

From a stock selection perspective, the Fund's picks in Information Technology, Industrials, and Utilities were the primary contributors to relative performance. Conversely, selection in Financials, Communication Services, and Health Care detracted from the Fund's relative performance.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_1063261.jpg)

---

| | | |
|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | Since<br>Inception<sup>1</sup> |
| WCM Focused Emerging Markets ex China Fund (Investor Class/WCFEX) | 39.15% | 26.76% |
| MSCI Emerging Markets ex China Index | 34.61% | 18.60% |

---

 *<sup>1</sup>* *Investor Class shares commenced operations on December 29, 2022.* 

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit https://www.wcminvest.com/fund/WCFEX for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$27557871 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;46 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid (net) | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;66% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings, Sector Allocation, and Country Allocation exclude short-term holdings, if any. The Sector Allocation and Country Allocation charts represent Common Stocks held by the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. | 11.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK hynix, Inc. | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sea Ltd. - ADR | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 4.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Bank, Ltd. | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lite-On Technology Corp. | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bizlink Holding, Inc. | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meesho Ltd. | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Inter & Co., Inc. - Class A | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK Square Co., Ltd. | 2.6% |

---

**Sector Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_1063266.jpg)

**Country Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_1063271.jpg)

#### Material Fund Changes
The Fund did not have any material changes that occurred since the beginning of the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.wcminvest.com/fund/WCFEX. You can also request this information by contacting us at (888) 988-9801.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 988-9801 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

WCM Focused Emerging Markets ex China Fund - Investor Class

WCM Focused

Emerging Markets ex China Fund

Institutional Class/WCMWX

![TSR Fund Logo - Cover](images_411.jpg)

ANNUAL SHAREHOLDER REPORT \| December 31, 2025

This annual shareholder report contains important information about the WCM Focused Emerging Markets ex China Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.wcminvest.com/fund/WCMWX. You can also request this information by contacting us at (888) 988-9801.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| WCM Focused Emerging Markets ex China Fund<br>(Institutional Class/WCMWX) | $150 | 1.25% |

---

#### Management's Discussion of Fund Performance
For the 2025 fiscal year, the Focused Emerging Markets ex China Fund's Institutional Class (WCMWX) returned 39.49%, outperforming the MSCI Emerging Markets ex China index by ~+488 basis points. The MSCI Emerging Markets ex China index returned 34.61% over that period.

**Fund performance can be attributed to the following:**

Sector attribution shows that over the trailing 12 months selection contributed to the Fund's relative performance while selection detracted.

From a sector allocation perspective, the primary contributors to relative performance were the Fund's underweight exposure to Consumer Staples, Energy, and Health Care and overweight exposure to Industrials. Conversely, the Fund's underweight exposure to Information Technology and Materials and overweight exposure to Utilities and Financials detracted. Information Technology, Materials, and Industrials were the index's three best performing sectors over the trailing 12 months while Health Care, Real Estate, and Consumer Staples were the three worst performers in the index.

From a stock selection perspective, the Fund's picks in Information Technology, Industrials, and Utilities were the primary contributors to relative performance. Conversely, selection in Financials, Communication Services, and Health Care detracted from the Fund's relative performance.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $100,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $100,000

![Fund Performance - Growth of 10K](chartimages_1063225.jpg)

---

| | | |
|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | Since<br>Inception<sup>1</sup> |
| WCM Focused Emerging Markets ex China Fund (Institutional Class/WCMWX) | 39.49% | 27.07% |
| MSCI Emerging Markets ex China Index | 34.61% | 18.60% |

---

 *<sup>1</sup>* *Institutional Class shares commenced operations on December 29, 2022.* 

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit https://www.wcminvest.com/fund/WCMWX for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$27557871 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;46 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid (net) | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;66% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings, Sector Allocation, and Country Allocation exclude short-term holdings, if any. The Sector Allocation and Country Allocation charts represent Common Stocks held by the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. | 11.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK hynix, Inc. | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sea Ltd. - ADR | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 4.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Bank, Ltd. | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lite-On Technology Corp. | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bizlink Holding, Inc. | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meesho Ltd. | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Inter & Co., Inc. - Class A | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK Square Co., Ltd. | 2.6% |

---

**Sector Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_1063230.jpg)

**Country Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_1063235.jpg)

#### Material Fund Changes
The Fund did not have any material changes that occurred since the beginning of the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with the Fund's accountants during the reporting period.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.wcminvest.com/fund/WCMWX. You can also request this information by contacting us at (888) 988-9801.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (888) 988-9801 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

WCM Focused Emerging Markets ex China Fund - Institutional Class

(b) Not applicable.

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

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

The registrant undertakes to provide to any person without charge, upon request, a copy of its code of ethics by mail when they call the registrant at 1-888-988-9801.

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

The registrant's board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee. William H. Young is the "audit committee financial expert" and is considered to be "independent" as each term is defined in Item 3 of Form N-CSR.

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

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. There were no "other services" provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

---

| | | | |
|:---|:---|:---|:---|
| | | FYE 12/31/2025 | FYE 12/31/2024 |
| (a) | Audit Fees | $181000 | $193600 |
| (b) | Audit-Related Fees | N/A | N/A |
| (c) | Tax Fees | $29000 | $31900 |
| (d) | All Other Fees | N/A | N/A |

---

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) The percentage of fees billed by Tait, Weller, & Weller LLP applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
| | FYE 12/31/2025 | FYE 12/31/2024 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

(f) All of the principal accountant's hours spent on auditing the registrant's financial statements were attributed
 to work performed by full-time permanent employees of the principal accountant.

The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment advisor (and any other controlling entity, etc.—not sub-advisor) for the last two years. The audit committee of the Board of Trustees has considered whether the provision of non-audit services that were rendered to the registrant's investment advisor is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

---

| | | | |
|:---|:---|:---|:---|
| | | FYE 12/31/2025 | FYE 12/31/2024 |
| (g) | Registrant Non-Audit Related Fees | N/A | N/A |
| (h) | Registrant's Investment Advisor | N/A | N/A |

---

(i) Not applicable.

(j) Not applicable.

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

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

(b) Not applicable.

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

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

(b) Not Applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.</u>**

---

| | |
|:---|:---|
| **WCM Focused International Growth Fund**<br> Investor Class Shares – WCMRX<br> Institutional Class Shares – WCMIX | **WCM China Quality Growth Fund**<br> Investor Class Shares – WCQGX<br> Institutional Class Shares – WCMCX |
| **WCM Focused Emerging Markets Fund**<br> Investor Class Shares – WFEMX<br> Institutional Class Shares – WCMEX | **WCM Focused International Equity Fund**<br> Investor Class Shares – WLIVX<br> Institutional Class Shares – WCMVX |
| **WCM International Small Cap Growth Fund**<br> Institutional Class Shares – WCMSX | **WCM Focused International Opportunities Fund**<br> Investor Class Shares – WCFOX<br> Institutional Class Shares – WCMOX |
| **WCM Small Cap Growth Fund** <br> Investor Class Shares – WCMNX<br> Institutional Class Shares – WCMLX | **WCM Mid Cap Quality Value Fund** <br> Investor Class Shares – WMIDX<br> Institutional Class Shares – WCMAX<br> Class Y Shares – WMVYX |
| **WCM SMID Quality Value Fund** <br> Investor Class Shares – WCMJX<br> Institutional Class Shares – WCMFX | **WCM Focused Emerging Markets ex China Fund**<br> Investor Class Shares – WCFEX<br> Institutional Class Shares – WCMWX |

---

**ANNUAL FINANCIALS AND OTHER INFORMATION**

**DECEMBER 31, 2025**

**WCM Funds**

*Each a series of Investment Managers Series Trust*

**Table of Contents**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WCM Focused International Growth Fund | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WCM Focused Emerging Markets Fund | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WCM International Small Cap Growth Fund | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WCM Small Cap Growth Fund | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WCM SMID Quality Value Fund | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WCM China Quality Growth Fund | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WCM Focused International Equity Fund | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WCM Focused International Opportunities Fund | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WCM Mid Cap Quality Value Fund | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WCM Focused Emerging Markets ex China Fund | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements of Assets and Liabilities | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements of Operations | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements of Changes in Net Assets | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Highlights | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Report of Independent Registered Public Accounting Firm | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supplemental Information | 99 |

---

 

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

 

**www.wcminvestfunds.com**

**WCM Focused International Growth Fund**

**SCHEDULE OF INVESTMENTS**

**As of December 31, 2025** 

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS — 96.4%** |  |
|  | **ARGENTINA — 1.9%** |  |
| 189200 | MercadoLibre, Inc.\* | $**381097992** |
|  | **BERMUDA — 2.3%** |  |
| 4880020 | Arch Capital Group Ltd.\* | **468091518** |
|  | **BRAZIL — 2.2%** |  |
| 26276040 | NU Holdings, Ltd. - Class A\* | **439860910** |
|  | **CANADA — 7.1%** |  |
| 8600370 | Canadian Natural Resources Ltd. | 291294770 |
| 6218040 | Canadian Pacific Kansas City Ltd. | 457834285 |
| 2527670 | Shopify, Inc.\* | 406879040 |
| 1528450 | Waste Connections, Inc. | 268028992 |
|  |  | **1424037087** |
|  | **CHINA — 2.7%** |  |
| 7015300 | Tencent Holdings, Ltd. | **538378912** |
|  | **DENMARK — 1.3%** |  |
| 5086170 | Novo Nordisk A/S - Class B | **257960776** |
|  | **FRANCE — 3.5%** |  |
| 2023970 | Safran S.A. | **704999011** |
|  | **GERMANY — 13.2%** |  |
| 1123860 | Deutsche Boerse A.G. | 295381024 |
| 161070 | Rheinmetall A.G. | 293861832 |
| 2543270 | SAP S.E. | 617948256 |
| 10365990 | Siemens Energy A.G.\* | 1454262268 |
|  |  | **2661453380** |
|  | **INDIA — 1.9%** |  |
| 12704100 | ICICI Bank Ltd. - ADR | **378582180** |
|  | **IRELAND — 5.4%** |  |
| 755250 | Aon PLC - Class A | 266512620 |
| 6239240 | Experian PLC | 281293936 |
| 1971980 | Seagate Technology Holdings PLC | 543063572 |
|  |  | **1090870128** |
|  | **ISRAEL — 1.8%** |  |
| 1405770 | Monday.com, Ltd.\* | 207435421 |

---

**WCM Focused International Growth Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025** 

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **ISRAEL (Continued)** |  |
| 4583391 | Teva Pharmaceutical Industries Ltd. - ADR\* | $143047633 |
|  |  | **350483054** |
|  | **ITALY — 1.4%** |  |
| 773290 | Ferrari N.V. | **287372067** |
|  | **JAPAN — 5.4%** |  |
| 27149000 | Mitsubishi Heavy Industries, Ltd. | 662773316 |
| 6257300 | Nintendo Co., Ltd. | 422458905 |
|  |  | **1085232221** |
|  | **NETHERLANDS — 7.7%** |  |
| 278090 | Adyen N.V.\* | 448450928 |
| 560950 | ASM International N.V. | 339604101 |
| 704940 | ASML Holding N.V. | 754187108 |
|  |  | **1542242137** |
|  | **SINGAPORE — 3.8%** |  |
| 6042320 | Sea Ltd. - ADR\* | **770818762** |
|  | **SOUTH KOREA — 2.1%** |  |
| 17735540 | Coupang, Inc.\* | **418381389** |
|  | **SWEDEN — 2.6%** |  |
| 900090 | Spotify Technology S.A.\* | **522691264** |
|  | **SWITZERLAND — 2.4%** |  |
| 10566790 | UBS Group A.G. | **487917293** |
|  | **TAIWAN — 6.5%** |  |
| 26758000 | Taiwan Semiconductor Manufacturing Co., Ltd. | **1315350655** |
|  | **UNITED KINGDOM — 15.8%** |  |
| 11072440 | 3i Group PLC | 485491944 |
| 2528620 | AstraZeneca PLC | 467924215 |
| 35017880 | BAE Systems PLC | 805902123 |
| 746780 | Linde PLC | 318419524 |
| 70619630 | Rolls-Royce Holdings PLC | 1092134149 |
|  |  | **3169871955** |
|  | **UNITED STATES — 5.4%** |  |
| 1704150 | Ferguson Enterprises, Inc. | 379394915 |

---

**WCM Focused International Growth Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025** 

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **UNITED STATES (Continued)** |  |
| 4415000 | Philip Morris International, Inc. | $708166000 |
|  |  | **1087560915** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $12,948,757,541) | **19383253606** |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  |  |
|  | **BANK DEPOSIT INVESTMENTS — 3.5%** |  |
| $700319062 | UMB Bank, Money Market Special II, 3.43%<sup>1</sup> | 700319062 |
|  | **TOTAL BANK DEPOSIT INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $700,319,062) | **700319062** |
|  | **TOTAL INVESTMENTS — 99.9%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $13,649,076,603) | **20083572668** |
|  | Other Assets in Excess of Liabilities — 0.1% | 29980900 |
|  | **TOTAL NET ASSETS — 100.0%** | $**20113553568** |

---

ADR – American Depository Receipt

PLC – Public Limited Company

\* Non-income producing security.

<sup>1</sup> The rate is the annualized seven-day yield at period end.

*See accompanying Notes to Financial Statements.*

**WCM Focused Emerging Markets Fund**

**SCHEDULE OF INVESTMENTS**

**As of December 31, 2025** 

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS — 97.3%** |  |
|  | **BRAZIL — 10.5%** |  |
| 1056944 | Cia de Saneamento Basico do Estado de Sao Paulo SABESP | $25728264 |
| 2900103 | Inter & Co., Inc. - Class A | 24592874 |
| 566049 | NU Holdings, Ltd. - Class A\* | 9475660 |
| 1793879 | PRIO S.A.\* | 13559340 |
| 1170947 | TOTVS S.A. | 8991834 |
| 1858177 | Vivara Participacoes S.A. | 11271543 |
|  |  | **93619515** |
|  | **CANADA — 1.2%** |  |
| 35816 | Celestica, Inc.\* | **10587568** |
|  | **CHINA — 21.3%** |  |
| 1063153 | Alibaba Group Holding Ltd. | 19520518 |
| 638291 | BYD Co., Ltd. - Class A | 8925196 |
| 2013208 | Chongqing Baiya Sanitary Products Co., Ltd. - Class A | 6291815 |
| 418859 | Contemporary Amperex Technology Co., Ltd. - Class A | 22024514 |
| 4226526 | DiDi Global, Inc. - ADR\* | 22316057 |
| 23988160 | Meitu, Inc.\* | 21600039 |
| 376578 | Meituan - Class B\* | 4990487 |
| 1285446 | Melco Resorts & Entertainment Ltd. - ADR\* | 9730826 |
| 61257 | PDD Holdings, Inc. - ADR\* | 6945931 |
| 243736 | Shenzhen Mindray Bio-Medical Electronics Co., Ltd. - Class A | 6646485 |
| 714714 | Tencent Holdings, Ltd. | 54849678 |
| 3154739 | Wasion Holdings Ltd. | 6964812 |
|  |  | **190806358** |
|  | **GREECE — 2.7%** |  |
| 2949132 | Piraeus Bank S.A.\* | **23547306** |
|  | **INDIA — 10.5%** |  |
| 9615770 | Federal Bank, Ltd. | 28606668 |
| 1168743 | ICICI Bank Ltd. | 17492088 |
| 3146644 | Meesho Ltd.\* | 6309434 |
| 8078343 | NHPC Ltd. | 7124745 |
| 570836 | Phoenix Mills Ltd. | 11786822 |
| 1247433 | Shriram Finance Ltd. | 13843562 |
| 2367713 | Tata Capital Ltd.\* | 9005431 |
|  |  | **94168750** |
|  | **INDONESIA — 1.8%** |  |
| 18681952 | Bank Central Asia Tbk P.T. | 9021453 |
| 22183190 | Bank Mandiri Persero Tbk P.T. | 6764392 |
|  |  | **15785845** |

---

**WCM Focused Emerging Markets Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025** 

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **KAZAKHSTAN — 0.5%** |  |
| 60039 | Kaspi.KZ JSC - ADR | $**4690847** |
|  | **MEXICO — 3.9%** |  |
| 1898711 | Cemex S.A.B. de C.V. - ADR | 21816189 |
| 504146 | Grupo Aeroportuario del Pacifico S.A.B. de C.V. - Class B | 13243999 |
|  |  | **35060188** |
|  | **PERU — 2.7%** |  |
| 83873 | Credicorp Ltd. | **24071551** |
|  | **POLAND — 0.2%** |  |
| 89921 | XTB S.A. | **1794986** |
|  | **RUSSIA — 0.0%** |  |
| 15336645 | Moscow Exchange MICEX-RTS PJSC\*<sup>,1</sup> | **—** |
|  | **SAUDI ARABIA — 0.8%** |  |
| 188723 | Bupa Arabia for Cooperative Insurance Co. | **6991964** |
|  | **SINGAPORE — 4.1%** |  |
| 288884 | Sea Ltd. - ADR\* | **36852932** |
|  | **SOUTH AFRICA — 2.8%** |  |
| 58360 | Capitec Bank Holdings Ltd. | 14649583 |
| 2465888 | OUTsurance Group, Ltd. | 10670624 |
|  |  | **25320207** |
|  | **SOUTH KOREA — 12.9%** |  |
| 520487 | Coupang, Inc.\* | 12278288 |
| 123605 | Coway Co., Ltd. | 7440754 |
| 119220 | HD Hyundai Marine Solution Co., Ltd. | 15975122 |
| 58930 | Hyundai Rotem Co., Ltd. | 7685682 |
| 212614 | Samsung Electronics Co., Ltd. | 13197124 |
| 284294 | Shinhan Financial Group Co., Ltd. | 15138592 |
| 41036 | SK hynix, Inc. | 18584309 |
| 62574 | SK Square Co., Ltd.\* | 15934993 |
| 107963 | ST Pharm Co., Ltd. | 8923786 |
|  |  | **115158650** |
|  | **TAIWAN — 21.4%** |  |
| 529069 | Bizlink Holding, Inc. | 25560038 |
| 5250370 | Lite-On Technology Corp. | 27314106 |
| 245997 | MediaTek, Inc. | 11169541 |

---

**WCM Focused Emerging Markets Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025** 

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **TAIWAN (Continued)** |  |
| 2591710 | Taiwan Semiconductor Manufacturing Co., Ltd. | $127401429 |
|  |  | **191445114** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $644,469,560) | **869901781** |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  |  |
|  | **BANK DEPOSIT INVESTMENTS — 3.2%** |  |
| $28878607 | UMB Bank, Money Market Special II, 3.43%<sup>2</sup> | 28878607 |
|  | **TOTAL BANK DEPOSIT INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $28,878,607) | **28878607** |
|  | **TOTAL INVESTMENTS — 100.5%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $673,348,167) | **898780388** |
|  | Liabilities in Excess of Other Assets — (0.5)% | (4309299) |
|  | **TOTAL NET ASSETS — 100.0%** | $**894471089** |

---

ADR – American Depository Receipt

JSC – Joint Stock Company

PJSC – Public Joint Stock Company

\* Non-income producing security.

<sup>1</sup> The value of these securities was determined using significant unobservable inputs. These are reported as Level 3 securities in the Fair Value Hierarchy.

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

*See accompanying Notes to Financial Statements.*

**WCM International Small Cap Growth Fund**

**SCHEDULE OF INVESTMENTS**

**As of December 31, 2025** 

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS — 98.5%** |  |
|  | **AUSTRALIA — 7.0%** |  |
| 187047 | Domino's Pizza Enterprises, Ltd. | $2615488 |
| 749308 | Generation Development Group, Ltd. | 2935077 |
| 57884 | HUB24, Ltd. | 3703297 |
| 309472 | Lynas Rare Earths, Ltd.\* | 2538063 |
| 285859 | Neuren Pharmaceuticals, Ltd.\* | 3530917 |
| 328713 | PEXA Group, Ltd.\* | 2942294 |
| 2012280 | Superloop, Ltd.\* | 3475866 |
|  |  | **21741002** |
|  | **AUSTRIA — 1.7%** |  |
| 35548 | BAWAG Group A.G.\* | **5354141** |
|  | **BRAZIL — 4.1%** |  |
| 355200 | Embraer S.A. | 5743042 |
| 377248 | Inter & Co., Inc. - Class A | 3199063 |
| 112859 | PRIO S.A.\* | 853064 |
| 408500 | TOTVS S.A. | 3136917 |
|  |  | **12932086** |
|  | **CANADA — 8.2%** |  |
| 306572 | 5N Plus, Inc.\* | 3957785 |
| 116509 | Definity Financial Corp. | 6445088 |
| 39719 | Descartes Systems Group, Inc.\* | 3484311 |
| 157341 | MDA Space, Ltd.\* | 3053741 |
| 224316 | PrairieSky Royalty, Ltd. | 4417355 |
| 341056 | Secure Waste Infrastructure Corp. | 4291153 |
|  |  | **25649433** |
|  | **CHINA — 2.1%** |  |
| 1718982 | Harbin Electric Co., Ltd. - Class H | 3684347 |
| 3123500 | Meitu, Inc.\* | 2812543 |
|  |  | **6496890** |
|  | **DENMARK — 2.8%** |  |
| 122265 | ALK-Abello A/S\* | 4375497 |
| 35666 | NKT A/S\* | 4453827 |
|  |  | **8829324** |
|  | **FRANCE — 2.3%** |  |
| 35216 | Exail Technologies S.A.\* | 3358549 |
| 64715 | Exosens SAS | 3678571 |
|  |  | **7037120** |

---

**WCM International Small Cap Growth Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025** 

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **GERMANY — 4.9%** |  |
| 603 | AlzChem Group A.G. | $108924 |
| 123654 | Auto1 Group S.E.\* | 3920816 |
| 138734 | Nordex S.E.\* | 4702494 |
| 67060 | Scout24 S.E. | 6735648 |
|  |  | **15467882** |
|  | **GREECE — 1.9%** |  |
| 757155 | Piraeus Bank S.A.\* | **6045494** |
|  | **INDIA — 4.4%** |  |
| 73441 | Cartrade Tech, Ltd.\* | 2311156 |
| 1280529 | Federal Bank, Ltd. | 3809541 |
| 79636 | Godfrey Phillips India, Ltd. | 2446678 |
| 20550 | Multi Commodity Exchange of India, Ltd. | 2549367 |
| 450980 | Triveni Turbine, Ltd. | 2702655 |
|  |  | **13819397** |
|  | **INDONESIA — 0.9%** |  |
| 20516400 | Bank Syariah Indonesia Tbk P.T. | **2736175** |
|  | **IRELAND — 1.0%** |  |
| 24510 | Cosmo Pharmaceuticals N.V. | **3228215** |
|  | **ISRAEL — 1.4%** |  |
| 38223 | Tower Semiconductor, Ltd.\* | **4488145** |
|  | **ITALY — 8.8%** |  |
| 170044 | Avio S.p.A. | 5800341 |
| 84061 | Buzzi S.p.A. | 5081694 |
| 193589 | Cementir Holding N.V. | 4247332 |
| 325079 | Lottomatica Group S.p.A. | 8519599 |
| 69922 | SOL S.p.A. | 4022426 |
|  |  | **27671392** |
|  | **JAPAN — 13.2%** |  |
| 80300 | 77 Bank, Ltd. | 3866825 |
| 57800 | Furukawa Electric Co., Ltd. | 3685465 |
| 142700 | Integral Corp. | 3018526 |
| 60591 | Japan Steel Works, Ltd. | 2984040 |
| 200600 | Lifedrink Co., Inc. | 2221984 |
| 507400 | Rakus Co., Ltd. | 3368257 |
| 101100 | Rakuten Bank, Ltd.\* | 4463454 |
| 28400 | Shibaura Mechatronics Corp. | 3431881 |

---

**WCM International Small Cap Growth Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025** 

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **JAPAN (Continued)** |  |
| 57400 | Sinfonia Technology Co., Ltd. | $3327239 |
| 467594 | Timee, Inc.\* | 3783360 |
| 109800 | Toyo Tire Corp. | 3047290 |
| 191000 | Yonex Co., Ltd. | 4045620 |
|  |  | **41243941** |
|  | **MEXICO — 2.0%** |  |
| 203266 | Grupo Aeroportuario del Centro Norte S.A.B. de C.V. | 2748931 |
| 71122 | Vista Energy S.A.B. de C.V. - ADR\* | 3460796 |
|  |  | **6209727** |
|  | **NORWAY — 1.3%** |  |
| 79222 | Protector Forsikring ASA | **4103340** |
|  | **SOUTH KOREA — 2.2%** |  |
| 18297 | APR Corp.\* | 2933779 |
| 3103 | Hyosung Heavy Industries Corp. | 3833268 |
|  |  | **6767047** |
|  | **SPAIN — 1.2%** |  |
| 37376 | Grenergy Renovables S.A.\* | **3770201** |
|  | **SWEDEN — 4.4%** |  |
| 402637 | Apotea A.B.\* | 4023457 |
| 104070 | BoneSupport Holding A.B.\* | 2116156 |
| 80423 | MIPS A.B. | 3068835 |
| 186117 | RaySearch Laboratories A.B. | 4577510 |
|  |  | **13785958** |
|  | **SWITZERLAND — 2.7%** |  |
| 96440 | Kuros Biosciences A.G.\* | 3318870 |
| 110025 | SMG Swiss Marketplace Group A.G.\*<sup>,1</sup> | 5031342 |
|  |  | **8350212** |
|  | **TAIWAN — 5.4%** |  |
| 97000 | Bizlink Holding, Inc. | 4686200 |
| 565000 | E Ink Holdings, Inc. | 3549861 |
| 57000 | Jentech Precision Industrial Co., Ltd. | 4970088 |
| 717000 | Lite-On Technology Corp. | 3730063 |
|  |  | **16936212** |
|  | **UNITED KINGDOM — 13.6%** |  |
| 506098 | Ashtead Technology Holdings PLC | 2098612 |
| 401207 | Babcock International Group PLC | 6685756 |

---

**WCM International Small Cap Growth Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025** 

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **UNITED KINGDOM (Continued)** |  |
| 1979119 | Baltic Classifieds Group PLC | $5415301 |
| 277684 | Burberry Group PLC\* | 4721564 |
| 89947 | Cranswick PLC | 6007378 |
| 100905 | Genus PLC | 3521406 |
| 671512 | Melrose Industries PLC | 5295975 |
| 499310 | Shawbrook Group PLC\* | 3270854 |
| 264664 | St. James's Place PLC | 4915744 |
| 343318 | Trustpilot Group PLC\* | 760769 |
|  |  | **42693359** |
|  | **UNITED STATES — 1.0%** |  |
| 140980 | Life360, Inc.\* | **3133416** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $269,802,986) | **308490109** |
|  | **SHORT-TERM INVESTMENTS — 2.0%** |  |
| 6423915 | Morgan Stanley Institutional Liquidity Treasury Portfolio - Institutional Class, 3.59%<sup>2</sup> | 6423915 |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $6,423,915) | **6423915** |
|  | **TOTAL INVESTMENTS — 100.5%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $276,226,901) | **314914024** |
|  | Liabilities in Excess of Other Assets — (0.5)% | (1608943) |
|  | **TOTAL NET ASSETS — 100.0%** | $**313305081** |

---

ADR – American Depository Receipt

PLC – Public Limited Company

\* Non-income producing security.

<sup>1</sup> Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities are restricted and may be resold in transactions exempt from registration normally to qualified institutional buyers. The total value of these securities is $5,031,342, which represents 1.61% of total net assets of the Fund.

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

*See accompanying Notes to Financial Statements.*

**WCM Small Cap Growth Fund**

**SCHEDULE OF INVESTMENTS**

**As of December 31, 2025** 

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS — 96.9%** |  |
|  | **CONSUMER DISCRETIONARY — 12.8%** |  |
| 12235 | Black Rock Coffee Bar, Inc. - Class A\* | $272229 |
| 3386 | Boot Barn Holdings, Inc.\* | 597527 |
| 5724 | Churchill Downs, Inc. | 651277 |
| 6040 | Planet Fitness, Inc. - Class A\* | 655159 |
| 3726 | RH\* | 667513 |
| 10612 | SharkNinja, Inc.\* | 1187483 |
| 4511 | Texas Roadhouse, Inc. | 748826 |
| 3462 | Wingstop, Inc. | 825652 |
|  |  | **5605666** |
|  | **CONSUMER STAPLES — 3.5%** |  |
| 14625 | Chefs' Warehouse, Inc.\* | 911576 |
| 6868 | Performance Food Group Co.\* | 617571 |
|  |  | **1529147** |
|  | **FINANCIALS — 5.9%** |  |
| 3678 | Evercore, Inc. - Class A | 1251439 |
| 2139 | Primerica, Inc. | 552632 |
| 6589 | UMB Financial Corp. | 757999 |
|  |  | **2562070** |
|  | **HEALTH CARE — 25.4%** |  |
| 5140 | Arrowhead Pharmaceuticals, Inc.\* | 341245 |
| 15507 | AtriCure, Inc.\* | 613457 |
| 14791 | Axogen, Inc.\* | 484109 |
| 4512 | Axsome Therapeutics, Inc.\* | 824072 |
| 7579 | Bio-Techne Corp. | 445721 |
| 7257 | Bridgebio Pharma, Inc.\* | 555088 |
| 9421 | Centessa Pharmaceuticals PLC - ADR\* | 235619 |
| 3752 | Charles River Laboratories International, Inc.\* | 748449 |
| 3618 | Ensign Group, Inc. | 630255 |
| 3725 | Glaukos Corp.\* | 420590 |
| 4462 | Guardant Health, Inc.\* | 455749 |
| 8842 | HealthEquity, Inc.\* | 810016 |
| 9711 | Ideaya Biosciences, Inc.\* | 335709 |
| 2671 | iRhythm Technologies, Inc.\* | 473942 |
| 3882 | Kymera Therapeutics, Inc.\* | 302058 |
| 1711 | Ligand Pharmaceuticals, Inc.\* | 323499 |
| 740 | Madrigal Pharmaceuticals, Inc.\* | 430932 |
| 1489 | Penumbra, Inc.\* | 462945 |
| 4370 | PTC Therapeutics, Inc.\* | 331945 |
| 10802 | RadNet, Inc.\* | 770723 |
| 2403 | Repligen Corp.\* | 393755 |
| 4362 | Revolution Medicines, Inc.\* | 347433 |

---

**WCM Small Cap Growth Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025** 

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **HEALTH CARE (Continued)** |  |
| 2090 | Rhythm Pharmaceuticals, Inc.\* | $223714 |
| 6398 | Ultragenyx Pharmaceutical, Inc.\* | 147154 |
|  |  | **11108179** |
|  | **INDUSTRIALS — 29.6%** |  |
| 9534 | AAON, Inc. | 726967 |
| 4121 | Advanced Energy Industries, Inc. | 862814 |
| 4888 | Applied Industrial Technologies, Inc. | 1255092 |
| 2451 | Argan, Inc. | 767947 |
| 6001 | Casella Waste Systems, Inc. - Class A\* | 587738 |
| 4641 | Ducommun, Inc.\* | 441498 |
| 1932 | Dycom Industries, Inc.\* | 652823 |
| 2903 | Installed Building Products, Inc. | 753009 |
| 8387 | Karman Holdings, Inc.\* | 613677 |
| 13189 | Kratos Defense & Security Solutions, Inc.\* | 1001177 |
| 11210 | Mercury Systems, Inc.\* | 818442 |
| 7298 | Novanta, Inc.\* | 868389 |
| 5393 | Regal Rexnord Corp. | 756746 |
| 2430 | Saia, Inc.\* | 793444 |
| 4213 | SiteOne Landscape Supply, Inc.\* | 524771 |
| 2065 | Sterling Infrastructure, Inc.\* | 632365 |
| 2051 | TopBuild Corp.\* | 855657 |
|  |  | **12912556** |
|  | **MATERIALS — 3.4%** |  |
| 4377 | Advanced Drainage Systems, Inc. | 633921 |
| 16525 | Avient Corp. | 516241 |
| 11894 | Energy Fuels, Inc.\* | 172938 |
| 15835 | Uranium Energy Corp.\* | 184953 |
|  |  | **1508053** |
|  | **REAL ESTATE — 3.5%** |  |
| 16128 | American Healthcare REIT, Inc. - REIT | 758984 |
| 4236 | EastGroup Properties, Inc. - REIT | 754601 |
|  |  | **1513585** |
|  | **TECHNOLOGY — 12.8%** |  |
| 13607 | ACI Worldwide, Inc.\* | 650551 |
| 5409 | Agilysys, Inc.\* | 642805 |
| 18386 | Clearwater Analytics Holdings, Inc. - Class A\* | 443470 |
| 4571 | Commvault Systems, Inc.\* | 573021 |
| 3131 | Credo Technology Group Holding, Ltd.\* | 450520 |
| 1522 | Monday.com, Ltd.\* | 224586 |
| 6961 | Rambus, Inc.\* | 639646 |

---

**WCM Small Cap Growth Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025** 

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **TECHNOLOGY (Continued)** |  |
| 11184 | Semtech Corp.\* | $824149 |
| 7295 | ServiceTitan, Inc. - Class A\* | 776917 |
| 10866 | Varonis Systems, Inc.\* | 356405 |
|  |  | **5582070** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $35,902,851) | **42321326** |
|  | **SHORT-TERM INVESTMENTS — 3.2%** |  |
| 1386280 | Morgan Stanley Institutional Liquidity Treasury Portfolio - Institutional Class, 3.59%<sup>1</sup> | 1386280 |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,386,280) | **1386280** |
|  | **TOTAL INVESTMENTS — 100.1%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $37,289,131) | **43707606** |
|  | Liabilities in Excess of Other Assets — (0.1)% | (62343) |
|  | **TOTAL NET ASSETS — 100.0%** | $**43645263** |

---

ADR – American Depository Receipt

PLC – Public Limited Company

REIT – Real Estate Investment Trust

\* Non-income producing security.

<sup>1</sup> The rate is the annualized seven-day yield at period end.

*See accompanying Notes to Financial Statements.*

**WCM SMID Quality Value Fund**

**SCHEDULE OF INVESTMENTS**

**As of December 31, 2025** 

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS — 104.1%** |  |
|  | **COMMUNICATIONS — 4.0%** |  |
| 480 | GoDaddy, Inc. - Class A\* | $**59558** |
|  | **CONSUMER DISCRETIONARY — 14.3%** |  |
| 322 | Dorman Products, Inc.\* | 39667 |
| 564 | Masco Corp. | 35792 |
| 91 | Pool Corp. | 20816 |
| 783 | Wyndham Hotels & Resorts, Inc. | 59164 |
| 1320 | YETI Holdings, Inc.\* | 58304 |
|  |  | **213743** |
|  | **CONSUMER STAPLES — 1.5%** |  |
| 270 | Interparfums, Inc. | **22904** |
|  | **FINANCIALS — 10.0%** |  |
| 195 | Axos Financial, Inc.\* | 16801 |
| 386 | Brown & Brown, Inc. | 30764 |
| 733 | RLI Corp. | 46898 |
| 26 | White Mountains Insurance Group, Ltd. | 54029 |
|  |  | **148492** |
|  | **HEALTH CARE — 14.5%** |  |
| 683 | Addus HomeCare Corp.\* | 73347 |
| 361 | Ensign Group, Inc. | 62886 |
| 380 | ICU Medical, Inc.\* | 54215 |
| 145 | Molina Healthcare, Inc.\* | 25163 |
|  |  | **215611** |
|  | **INDUSTRIALS — 29.7%** |  |
| 1839 | API Group Corp.\* | 70360 |
| 827 | CBIZ, Inc.\* | 41722 |
| 782 | Cognex Corp. | 28136 |
| 474 | Graco, Inc. | 38854 |
| 2768 | Hayward Holdings, Inc.\* | 42766 |
| 167 | Itron, Inc.\* | 15508 |
| 299 | Landstar System, Inc. | 42966 |
| 280 | SiteOne Landscape Supply, Inc.\* | 34877 |
| 1154 | Tetra Tech, Inc. | 38705 |
| 2348 | Verra Mobility Corp.\* | 52619 |
| 109 | Watsco, Inc. | 36727 |
|  |  | **443240** |
|  | **MATERIALS — 7.1%** |  |
| 253 | Avery Dennison Corp. | 46016 |

---

**WCM SMID Quality Value Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025** 

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **MATERIALS (Continued)** |  |
| 2406 | Element Solutions, Inc. | $60126 |
|  |  | **106142** |
|  | **REAL ESTATE — 4.9%** |  |
| 217 | Jones Lang LaSalle, Inc.\* | **73014** |
|  | **TECHNOLOGY — 18.1%** |  |
| 349 | ACI Worldwide, Inc.\* | 16686 |
| 305 | Booz Allen Hamilton Holding Corp. | 25730 |
| 465 | Entegris, Inc. | 39176 |
| 178 | ICF International, Inc. | 15183 |
| 401 | Insight Enterprises, Inc.\* | 32669 |
| 477 | MKS, Inc. | 76225 |
| 179 | PTC, Inc.\* | 31184 |
| 137 | Zebra Technologies Corp. - Class A\* | 33266 |
|  |  | **270119** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,383,770) | **1552823** |
|  | **SHORT-TERM INVESTMENTS — 3.6%** |  |
| 53629 | Morgan Stanley Institutional Liquidity Treasury Portfolio - Institutional Class, 3.59%<sup>1</sup> | 53629 |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $53,629) | **53629** |
|  | **TOTAL INVESTMENTS — 107.7%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,437,399) | **1606452** |
|  | Liabilities in Excess of Other Assets — (7.7)% | (115421) |
|  | **TOTAL NET ASSETS — 100.0%** | $**1491031** |

---

\* Non-income producing security.

<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**

**SCHEDULE OF INVESTMENTS**

**As of December 31, 2025** 

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS — 101.5%** |  |
|  | **CHINA — 89.6%** |  |
| 4816 | Alibaba Group Holding Ltd. | $88426 |
| 206 | Alibaba Group Holding Ltd. - ADR | 30195 |
| 1369 | BYD Co., Ltd. - Class H | 16730 |
| 12363 | China Merchants Bank Co., Ltd. - Class H | 84104 |
| 2295 | Contemporary Amperex Technology Co., Ltd. - Class A | 120676 |
| 21578 | DiDi Global, Inc. - ADR\* | 113932 |
| 3331 | Full Truck Alliance Co., Ltd. - ADR | 35742 |
| 163 | Futu Holdings Ltd. - ADR\* | 26766 |
| 9245 | HUYA, Inc. - ADR | 26626 |
| 2018 | Kanzhun Ltd. - ADR | 41127 |
| 72723 | Kingsoft Cloud Holdings Ltd.\* | 50809 |
| 200 | Kweichow Moutai Co., Ltd. - Class A | 39437 |
| 77879 | Meitu, Inc.\* | 70126 |
| 2059 | Meituan - Class B\* | 27286 |
| 3915 | Melco Resorts & Entertainment Ltd. - ADR\* | 29637 |
| 341 | PDD Holdings, Inc. - ADR\* | 38666 |
| 7965 | Shengyi Technology Co., Ltd. - Class A | 81097 |
| 5837 | Shenzhen Inovance Technology Co., Ltd. - Class A | 62907 |
| 1342 | Shenzhen Mindray Bio-Medical Electronics Co., Ltd. - Class A | 36595 |
| 2738 | Sieyuan Electric Co., Ltd. - Class A | 60526 |
| 1900 | Suzhou Tianmai Thermal Technology Co., Ltd. - Class A | 50608 |
| 2958 | Tencent Holdings, Ltd. | 227007 |
| 412 | Trip.com Group Ltd. - ADR | 29627 |
| 41630 | Wasion Holdings Ltd. | 91908 |
| 9050 | Xiaomi Corp. - Class B\* | 45674 |
|  |  | **1526234** |
|  | **HONG KONG — 3.4%** |  |
| 26361 | Time Interconnect Technology Ltd. | **57599** |
|  | **NETHERLANDS — 5.3%** |  |
| 7361 | Prosus N.V. - ADR | **90982** |
|  | **UNITED STATES — 3.2%** |  |
| 1375 | ACM Research, Inc. - Class A\* | **54244** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,442,493) | **1729059** |

---

**WCM China Quality Growth Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025** 

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **BANK DEPOSIT INVESTMENTS — 2.5%** |  |
| $43409 | UMB Bank, Money Market Special II, 3.43%<sup>1</sup> | $43409 |
|  | **TOTAL BANK DEPOSIT INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $43,409) | **43409** |
|  | **TOTAL INVESTMENTS — 104.0%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,485,902) | **1772468** |
|  | Liabilities in Excess of Other Assets — (4.0)% | (68221) |
|  | **TOTAL NET ASSETS — 100.0%** | $**1704247** |

---

ADR – American Depository Receipt

\* Non-income producing security.

<sup>1</sup> The rate is the annualized seven-day yield at period end.

 

*See accompanying Notes to Financial Statements.*

**WCM Focused International Equity Fund**

**SCHEDULE OF INVESTMENTS**

**As of December 31, 2025** 

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS — 97.0%** |  |
|  | **BRAZIL — 4.1%** |  |
| 105539 | Cia de Saneamento Basico do Estado de Sao Paulo SABESP - ADR | $2517101 |
| 86500 | NU Holdings, Ltd. - Class A\* | 1448010 |
|  |  | **3965111** |
|  | **CANADA — 6.9%** |  |
| 54000 | Brookfield Corp. | 2478060 |
| 56000 | Canadian Natural Resources Ltd. | 1895600 |
| 5300 | Celestica, Inc.\* | 1566733 |
| 8100 | CGI, Inc. | 747630 |
|  |  | **6688023** |
|  | **CHINA — 7.1%** |  |
| 11680 | Alibaba Group Holding Ltd. - ADR | 1712054 |
| 8800 | Baidu, Inc. - ADR\* | 1149808 |
| 71000 | Kanzhun Ltd. - ADR | 1446980 |
| 7100 | PDD Holdings, Inc. - ADR\* | 805069 |
| 441000 | Wuxi Biologics Cayman, Inc.\* | 1783323 |
|  |  | **6897234** |
|  | **DENMARK — 2.2%** |  |
| 42000 | Novo Nordisk A/S - ADR | **2136960** |
|  | **FRANCE — 2.7%** |  |
| 33000 | Societe Generale S.A. | **2656692** |
|  | **GERMANY — 7.3%** |  |
| 45500 | Deutsche Telekom A.G. | 1481105 |
| 167000 | Evotec S.E.\* | 1056443 |
| 2750 | Muenchener Rueckversicherungs-Gesellschaft A.G. in Muenchen | 1809778 |
| 19300 | Siemens Energy A.G.\* | 2707630 |
|  |  | **7054956** |
|  | **INDIA — 1.0%** |  |
| 33000 | ICICI Bank Ltd. - ADR | **983400** |
|  | **IRELAND — 2.6%** |  |
| 4250 | ICON PLC\* | 774435 |
| 4500 | Trane Technologies PLC | 1751400 |
|  |  | **2525835** |
|  | **ISRAEL — 3.1%** |  |
| 96640 | Teva Pharmaceutical Industries Ltd. - ADR\* | **3016134** |

---

**WCM Focused International Equity Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025** 

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **ITALY — 4.3%** |  |
| 95000 | Cementir Holding N.V. | $2084295 |
| 80000 | Lottomatica Group S.p.A. | 2096622 |
|  |  | **4180917** |
|  | **JAPAN — 8.8%** |  |
| 124060 | Japan Exchange Group, Inc. | 1324162 |
| 19200 | Recruit Holdings Co., Ltd. | 1078878 |
| 92780 | Sony Group Corp. - ADR | 2375168 |
| 44540 | Tokio Marine Holdings, Inc. | 1646471 |
| 9600 | Tokyo Electron Ltd. | 2138183 |
|  |  | **8562862** |
|  | **KAZAKHSTAN — 0.9%** |  |
| 11165 | Kaspi.KZ JSC - ADR | **872321** |
|  | **MEXICO — 1.4%** |  |
| 52100 | Grupo Aeroportuario del Pacifico S.A.B. de C.V. - Class B | **1368676** |
|  | **NETHERLANDS — 5.7%** |  |
| 26000 | Nebius Group N.V.\* | 2176330 |
| 55000 | Prosus N.V.\* | 3405618 |
|  |  | **5581948** |
|  | **RUSSIA — 0.0%** |  |
| 34600 | Sberbank of Russia PJSC - ADR\*<sup>,1</sup> | **—** |
|  | **SWEDEN — 1.5%** |  |
| 45000 | Sandvik A.B. | **1453549** |
|  | **SWITZERLAND — 4.8%** |  |
| 4250 | Chubb Ltd. | 1326510 |
| 230000 | Glencore PLC\* | 1257265 |
| 44485 | UBS Group A.G. | 2060101 |
|  |  | **4643876** |
|  | **TAIWAN — 5.6%** |  |
| 18000 | Taiwan Semiconductor Manufacturing Co., Ltd. - ADR | **5470020** |
|  | **UNITED KINGDOM — 26.2%** |  |
| 13000 | AstraZeneca PLC - ADR | 1195090 |
| 307500 | Babcock International Group PLC | 5124213 |
| 32500 | British American Tobacco PLC | 1842363 |
| 515129 | Convatec Group PLC | 1681755 |

---

**WCM Focused International Equity Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025** 

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **UNITED KINGDOM (Continued)** |  |
| 163000 | Genius Sports Ltd.\* | $1796260 |
| 197000 | Haleon PLC - ADR | 1991670 |
| 26500 | RELX PLC - ADR | 1071130 |
| 345000 | Rentokil Initial PLC | 2058328 |
| 477020 | Rolls-Royce Holdings PLC | 7377125 |
| 110000 | Wise PLC - Class A\* | 1317746 |
|  |  | **25455680** |
|  | **UNITED STATES — 0.8%** |  |
| 21000 | Schlumberger N.V. | **805980** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $80,792,092) | **94320174** |
|  | **SHORT-TERM INVESTMENTS — 2.9%** |  |
| 2792043 | Morgan Stanley Institutional Liquidity Treasury Portfolio - Institutional Class, 3.59%<sup>2</sup> | 2792043 |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $2,792,043) | **2792043** |
|  | **TOTAL INVESTMENTS — 99.9%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $83,584,135) | **97112217** |
|  | Other Assets in Excess of Liabilities — 0.1% | 86147 |
|  | **TOTAL NET ASSETS — 100.0%** | $**97198364** |

---

ADR – American Depository Receipt

JSC – Joint Stock Company

PJSC – Public Joint Stock Company

PLC – Public Limited Company

\* Non-income producing security.

<sup>1</sup> The value of these securities was determined using significant unobservable inputs. These are reported as Level 3 securities in the Fair Value Hierarchy.

<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**

**SCHEDULE OF INVESTMENTS**

**As of December 31, 2025** 

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS — 98.1%** |  |
|  | **ARGENTINA — 1.3%** |  |
| 320 | MercadoLibre, Inc.\* | $**644563** |
|  | **AUSTRALIA — 1.4%** |  |
| 15378 | WiseTech Global Ltd. | **699137** |
|  | **AUSTRIA — 2.0%** |  |
| 6743 | BAWAG Group A.G.\* | **1015612** |
|  | **BELGIUM — 2.2%** |  |
| 4101 | UCB S.A. | **1142673** |
|  | **BERMUDA — 2.2%** |  |
| 16008 | Viking Holdings Ltd.\* | **1143131** |
|  | **BRAZIL — 3.6%** |  |
| 57100 | Embraer S.A. | 923220 |
| 55708 | NU Holdings, Ltd. - Class A\* | 932552 |
|  |  | **1855772** |
|  | **CANADA — 1.7%** |  |
| 15541 | Definity Financial Corp. | **859703** |
|  | **CHINA — 4.5%** |  |
| 38500 | Alibaba Group Holding Ltd. | 706897 |
| 162115 | DiDi Global, Inc. - ADR\* | 855967 |
| 9600 | Tencent Holdings, Ltd. | 736738 |
|  |  | **2299602** |
|  | **DENMARK — 5.4%** |  |
| 2823 | DSV A/S | 710985 |
| 25288 | Novo Nordisk A/S - Class B | 1282559 |
| 29643 | Vestas Wind Systems A/S | 801755 |
|  |  | **2795299** |
|  | **FINLAND — 2.0%** |  |
| 27187 | Amer Sports, Inc.\* | **1015434** |
|  | **FRANCE — 2.4%** |  |
| 4919 | Sartorius Stedim Biotech | **1208240** |
|  | **GERMANY — 13.7%** |  |
| 2716 | adidas A.G. | 537470 |
| 20757 | Commerzbank A.G. | 876061 |

---

**WCM Focused International Opportunities Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025** 

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **GERMANY (Continued)** |  |
| 6493 | CTS Eventim A.G. & Co. KGaA | $594398 |
| 4851 | Heidelberg Materials A.G. | 1257684 |
| 3157 | SAP S.E. | 767069 |
| 7610 | Scout24 S.E. | 764364 |
| 16021 | Siemens Energy A.G.\* | 2247613 |
|  |  | **7044659** |
|  | **GREECE — 1.9%** |  |
| 123549 | Piraeus Bank S.A.\* | **986475** |
|  | **HONG KONG — 1.2%** |  |
| 55000 | Techtronic Industries Co., Ltd. | **632672** |
|  | **INDIA — 1.5%** |  |
| 26177 | ICICI Bank Ltd. - ADR | **780075** |
|  | **IRELAND — 1.7%** |  |
| 4067 | Flutter Entertainment PLC\* | **878531** |
|  | **ITALY — 3.0%** |  |
| 31201 | Lottomatica Group S.p.A. | 817709 |
| 7502 | Prysmian S.p.A. | 748396 |
|  |  | **1566105** |
|  | **JAPAN — 5.5%** |  |
| 8000 | Fujikura, Ltd. | 887163 |
| 48000 | Mitsubishi Heavy Industries, Ltd. | 1171797 |
| 23645 | Sumitomo Mitsui Financial Group, Inc. | 760457 |
|  |  | **2819417** |
|  | **NETHERLANDS — 3.8%** |  |
| 730 | Argenx S.E.\* | 615801 |
| 4407 | BE Semiconductor Industries N.V. | 688988 |
| 7595 | Nebius Group N.V.\* | 635740 |
|  |  | **1940529** |
|  | **PERU — 1.6%** |  |
| 2792 | Credicorp Ltd. | **801304** |
|  | **POLAND — 1.1%** |  |
| 66111 | Allegro.eu S.A.\* | **567297** |

---

**WCM Focused International Opportunities Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025** 

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **SINGAPORE — 4.2%** |  |
| 133627 | Grab Holdings Ltd. - Class A\* | $666799 |
| 11599 | Sea Ltd. - ADR\* | 1479684 |
|  |  | **2146483** |
|  | **SOUTH KOREA — 4.2%** |  |
| 37038 | Coupang, Inc.\* | 873726 |
| 2820 | SK hynix, Inc. | 1277117 |
|  |  | **2150843** |
|  | **SWEDEN — 1.7%** |  |
| 1469 | Spotify Technology S.A.\* | **853063** |
|  | **SWITZERLAND — 2.0%** |  |
| 19519 | Coca-Cola HBC A.G.\* | **1009742** |
|  | **TAIWAN — 3.8%** |  |
| 8000 | Jentech Precision Industrial Co., Ltd. | 697556 |
| 25267 | Taiwan Semiconductor Manufacturing Co., Ltd. | 1242057 |
|  |  | **1939613** |
|  | **UNITED KINGDOM — 15.4%** |  |
| 25927 | 3i Group PLC | 1136818 |
| 94324 | Babcock International Group PLC | 1571825 |
| 20740 | British American Tobacco PLC | 1175711 |
| 22413 | Klarna Group PLC\* | 647960 |
| 122973 | Rolls-Royce Holdings PLC | 1901780 |
| 61378 | Verisure PLC\* | 1009863 |
| 36012 | Wise PLC - Class A\* | 431406 |
|  |  | **7875363** |

---

**WCM Focused International Opportunities Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025** 

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **UNITED STATES — 3.1%** |  |
| 9768 | Philip Morris International, Inc. | $**1566787** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $41,058,394) | **50238124** |
|  | **WARRANTS — 0.0%** |  |
|  | **CANADA — 0.0%** |  |
| 345 | Constellation Software, Inc. (Expires 4/01/2040)\*<sup>,1</sup> |  |
|  | **TOTAL WARRANTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $0) | **—** |
|  | **SHORT-TERM INVESTMENTS — 2.2%** |  |
| 1147714 | Morgan Stanley Institutional Liquidity Treasury Portfolio - Institutional Class, 3.59%<sup>2</sup> | 1147714 |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,147,714) | **1147714** |
|  | **TOTAL INVESTMENTS — 100.3%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $42,206,108) | **51385838** |
|  | Liabilities in Excess of Other Assets — (0.3)% | (146603) |
|  | **TOTAL NET ASSETS — 100.0%** | $**51239235** |

---

ADR – American Depository Receipt

PLC – Public Limited Company

\* Non-income producing security.

<sup>1</sup> The value of these securities was determined using significant unobservable inputs. These are reported as Level 3 securities in the Fair Value Hierarchy.

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

*See accompanying Notes to Financial Statements.*

**WCM Mid Cap Quality Value Fund**

**SCHEDULE OF INVESTMENTS**

**As of December 31, 2025** 

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS — 92.9%** |  |
|  | **COMMUNICATIONS — 3.7%** |  |
| 1339 | GoDaddy, Inc. - Class A\* | $**166143** |
|  | **CONSUMER DISCRETIONARY — 11.2%** |  |
| 2177 | Masco Corp. | 138153 |
| 440 | Pool Corp. | 100650 |
| 1878 | Wyndham Hotels & Resorts, Inc. | 141902 |
| 2761 | YETI Holdings, Inc.\* | 121953 |
|  |  | **502658** |
|  | **FINANCIALS — 13.2%** |  |
| 285 | Assurant, Inc. | 68642 |
| 514 | Axos Financial, Inc.\* | 44286 |
| 2267 | Brown & Brown, Inc. | 180680 |
| 79 | Markel Group, Inc.\* | 169823 |
| 2001 | RLI Corp. | 128024 |
|  |  | **591455** |
|  | **HEALTH CARE — 8.1%** |  |
| 194 | Chemed Corp. | 83005 |
| 970 | Ensign Group, Inc. | 168974 |
| 653 | Molina Healthcare, Inc.\* | 113321 |
|  |  | **365300** |
|  | **INDUSTRIALS — 18.7%** |  |
| 4527 | API Group Corp.\* | 173203 |
| 1493 | Graco, Inc. | 122381 |
| 687 | IDEX Corp. | 122245 |
| 734 | Landstar System, Inc. | 105476 |
| 707 | SiteOne Landscape Supply, Inc.\* | 88064 |
| 3767 | Tetra Tech, Inc. | 126345 |
| 297 | Watsco, Inc. | 100074 |
|  |  | **837788** |
|  | **MATERIALS — 8.9%** |  |
| 666 | Avery Dennison Corp. | 121132 |
| 328 | Carlisle Cos., Inc. | 104914 |
| 6954 | Element Solutions, Inc. | 173781 |
|  |  | **399827** |
|  | **REAL ESTATE — 7.9%** |  |
| 689 | CBRE Group, Inc. - Class A\* | 110784 |
| 721 | Jones Lang LaSalle, Inc.\* | 242595 |
|  |  | **353379** |

---

**WCM Mid Cap Quality Value Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025** 

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **TECHNOLOGY — 21.2%** |  |
| 921 | ACI Worldwide, Inc.\* | $44033 |
| 1156 | Booz Allen Hamilton Holding Corp. | 97520 |
| 841 | CDW Corp. | 114544 |
| 1542 | Entegris, Inc. | 129914 |
| 1275 | MKS, Inc. | 203745 |
| 748 | PTC, Inc.\* | 130309 |
| 256 | Teledyne Technologies, Inc.\* | 130747 |
| 404 | Zebra Technologies Corp. - Class A\* | 98099 |
|  |  | **948911** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $4,268,466) | **4165461** |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  |  |
|  | **BANK DEPOSIT INVESTMENTS — 7.2%** |  |
| $325571 | UMB Bank, Money Market Special II, 3.43%<sup>1</sup> | 325571 |
|  | **TOTAL BANK DEPOSIT INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $325,571) | **325571** |
|  | **TOTAL INVESTMENTS — 100.1%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $4,594,037) | **4491032** |
|  | Liabilities in Excess of Other Assets — (0.1)% | (5668) |
|  | **TOTAL NET ASSETS — 100.0%** | $**4485364** |

---

\* Non-income producing security.

<sup>1</sup> The rate is the annualized seven-day yield at period end.

*See accompanying Notes to Financial Statements.*

**WCM Focused Emerging Markets ex China Fund**

**SCHEDULE OF INVESTMENTS**

**As of December 31, 2025** 

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS — 94.0%** |  |
|  | **BRAZIL — 12.0%** |  |
| 47083 | Cia de Saneamento Basico do Estado de Sao Paulo SABESP | $1146092 |
| 87794 | Inter & Co., Inc. - Class A | 744493 |
| 15641 | NU Holdings, Ltd. - Class A\* | 261831 |
| 55587 | PRIO S.A.\* | 420164 |
| 34672 | TOTVS S.A. | 266250 |
| 78025 | Vivara Participacoes S.A. | 473293 |
|  |  | **3312123** |
|  | **CANADA — 1.9%** |  |
| 1810 | Celestica, Inc.\* | **535054** |
|  | **CYPRUS — 0.7%** |  |
| 424918 | Cairo Mezz PLC\* | **205243** |
|  | **GREECE — 2.6%** |  |
| 88509 | Piraeus Bank S.A.\* | **706699** |
|  | **INDIA — 16.7%** |  |
| 23703 | Entero Healthcare Solutions Ltd.\* | 270735 |
| 61101 | Eureka Forbes Ltd.\* | 421051 |
| 378677 | Federal Bank, Ltd. | 1126554 |
| 34200 | ICICI Bank Ltd. | 511857 |
| 450495 | Meesho Ltd.\* | 903302 |
| 460414 | NHPC Ltd. | 406065 |
| 16456 | Phoenix Mills Ltd. | 339789 |
| 162372 | Tata Capital Ltd.\* | 617570 |
|  |  | **4596923** |
|  | **INDONESIA — 1.9%** |  |
| 522567 | Bank Central Asia Tbk P.T. | 252346 |
| 880064 | Bank Mandiri Persero Tbk P.T. | 268361 |
|  |  | **520707** |
|  | **KAZAKHSTAN — 0.5%** |  |
| 1751 | Kaspi.KZ JSC - ADR | **136806** |
|  | **MEXICO — 4.8%** |  |
| 60182 | Cemex S.A.B. de C.V. - ADR | 691491 |
| 27147 | Grupo Aeroportuario del Centro Norte S.A.B. de C.V. | 367131 |
| 35125 | Regional S.A.B. de C.V. | 278269 |
|  |  | **1336891** |

---

**WCM Focused Emerging Markets ex China Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025** 

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **PERU — 2.5%** |  |
| 2421 | Credicorp Ltd. | $**694827** |
|  | **POLAND — 0.6%** |  |
| 8186 | XTB S.A. | **163407** |
|  | **SAUDI ARABIA — 1.0%** |  |
| 7329 | Bupa Arabia for Cooperative Insurance Co. | **271531** |
|  | **SINGAPORE — 4.3%** |  |
| 9202 | Sea Ltd. - ADR\* | **1173899** |
|  | **SOUTH AFRICA — 3.5%** |  |
| 2016 | Capitec Bank Holdings Ltd. | 506058 |
| 104989 | OUTsurance Group, Ltd. | 454319 |
|  |  | **960377** |
|  | **SOUTH KOREA — 18.8%** |  |
| 21916 | Coupang, Inc.\* | 516999 |
| 3439 | Coway Co., Ltd. | 207020 |
| 4462 | HD Hyundai Marine Solution Co., Ltd. | 597895 |
| 1679 | Hyundai Rotem Co., Ltd. | 218976 |
| 4776 | Samsung Electronics Co., Ltd. | 296450 |
| 13538 | Seoul Guarantee Insurance Co. | 467345 |
| 8109 | Shinhan Financial Group Co., Ltd. | 431802 |
| 2948 | SK hynix, Inc. | 1335085 |
| 2847 | SK Square Co., Ltd.\* | 725012 |
| 4713 | ST Pharm Co., Ltd. | 389558 |
|  |  | **5186142** |
|  | **TAIWAN — 21.3%** |  |
| 18841 | Bizlink Holding, Inc. | 910249 |
| 66000 | King Yuan Electronics Co., Ltd. | 519544 |
| 177851 | Lite-On Technology Corp. | 925238 |
| 9524 | MediaTek, Inc. | 432439 |
| 62572 | Taiwan Semiconductor Manufacturing Co., Ltd. | 3075870 |
|  |  | **5863340** |
|  | **UNITED KINGDOM — 0.9%** |  |
| 92545 | Baltic Classifieds Group PLC | **253223** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $19,519,579) | **25917192** |

---

**WCM Focused Emerging Markets ex China Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2025** 

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **BANK DEPOSIT INVESTMENTS — 6.7%** |  |
| $1832856 | UMB Bank, Money Market Special II, 3.43%<sup>1</sup> | $1832856 |
|  | **TOTAL BANK DEPOSIT INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,832,856) | **1832856** |
|  | **TOTAL INVESTMENTS — 100.7%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $21,352,435) | **27750048** |
|  | Liabilities in Excess of Other Assets — (0.7)% | (192177) |
|  | **TOTAL NET ASSETS — 100.0%** | $**27557871** |

---

ADR – American Depository Receipt

JSC – Joint Stock Company

PLC – Public Limited Company

\* Non-income producing security.

<sup>1</sup> The rate is the annualized seven-day yield at period end.

*See accompanying Notes to Financial Statements.*

**STATEMENTS OF ASSETS AND LIABILITIES**

**As of December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **WCM Focused International Growth Fund** | **WCM Focused Emerging Markets Fund** | **WCM International Small Cap Growth Fund** |
| **Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments, at cost | $13649076603 | $673348167 | $276226901 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency, at cost | - | 283650 | 11002 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments, at value | $20083572668 | $898780388 | $314914024 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency, at value |  | 288007 | 11186 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold |  | 1401336 | 751781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 12645259 | 536349 | 207129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reclaims receivable | 27671541 | 19217 | 382419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest | 23085714 | 867156 | 243230 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 55378 | 18594 | 15700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 20147030560 | 901911047 | 316525469 |
| **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities purchased | 4972234 | 2982628 | 2636152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed | 5867804 | 495978 | 118447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 14511051 | 570575 | 180857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 6) | 2970912 | 112808 | 50745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution fees (Note 7) | 333278 | 47138 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund administration fees | 1623840 | 92440 | 45690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund accounting fees | 561079 | 50234 | 32513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 340308 | 27164 | 7119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custody fees | 1425008 | 348416 | 83490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' deferred compensation (Note 3) | 469623 | 51001 | 28981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder reporting fees | 165757 | 28735 | 6612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 71722 | 4267 | 4489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 27041 | 3380 | 1762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auditing fees | 22000 | 21296 | 21139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 2732 | 1258 | 1979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-U.S. Taxes |  | 2594409 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued other expenses | 112603 | 8231 | 413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 33476992 | 7439958 | 3220388 |
| Commitments and Contingencies (Note 3) |  |  |  |
| **Net Assets** | $**20113553568** | $**894471089** | $**313305081** |
| **Components of Net Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized) | $13586470497 | $1146806687 | $375635575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings (accumulated deficit) | 6527083071 | (252335598) | (62330494) |
| **Net Assets** | $**20113553568** | $**894471089** | $**313305081** |
| **Maximum Offering Price per Share:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $752615148 | $121733193 | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding | 30767033 | 6380921 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | $24.46 | $19.08 | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $19360938420 | $772737896 | $313305081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding | 778264065 | 39856959 | 12872285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | $24.88 | $19.39 | $24.34 |

---

 

*See accompanying Notes to Financial Statements.*

**STATEMENTS OF ASSETS AND LIABILITIES - Continued**

**As of December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **WCM Small Cap Growth Fund** | **WCM SMID Quality Value Fund** | **WCM China Quality Growth Fund** |
| **Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments, at cost | $37289131 | $1437399 | $1485902 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency, at cost | - | - | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments, at value | $43707606 | $1606452 | $1772468 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency, at value |  |  | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 777 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest | 26209 | 309 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from Advisor |  | 25148 | 28035 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 12485 | 16706 | 3067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 43747077 | 1648615 | 1803878 |
| **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed |  | 53203 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 4645 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 6) | 6356 | 4797 | 2202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution fees (Note 7) | 90 | 57 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund administration fees | 11016 | 8462 | 10608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund accounting fees | 16657 | 24601 | 17358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 8807 | 10839 | 8728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custody fees | 5746 | 6685 | 7016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' deferred compensation (Note 3) | 16624 | 18090 | 14773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder reporting fees | 4421 | 5437 | 6946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 4288 | 2028 | 5035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 812 | 110 | 1315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auditing fees | 21000 | 21500 | 20787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 1108 | 1389 | 1790 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued other expenses | 244 | 386 | 3000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 101814 | 157584 | 99631 |
| Commitments and Contingencies (Note 3) |  |  |  |
| **Net Assets** | $**43645263** | $**1491031** | $**1704247** |
| **Components of Net Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized) | $38020211 | $1395639 | $7336656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings (accumulated deficit) | 5625052 | 95392 | (5632409) |
| **Net Assets** | $**43645263** | $**1491031** | $**1704247** |
| **Maximum Offering Price per Share:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $265320 | $55659 | $109802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding | 19580 | 16670 | 11226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | $13.55 | $3.34 | $9.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $43379943 | $1435372 | $1594445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding | 3152180 | 404867 | 161956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | $13.76 | $3.55 | $9.84 |

---

 

*See accompanying Notes to Financial Statements.*

**STATEMENTS OF ASSETS AND LIABILITIES - Continued**

**As of December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **WCM Focused International Equity Fund** | **WCM Focused International Opportunities Fund** | **WCM Mid Cap Quality Value Fund** |
| **Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments, at cost | $83584135 | $42206108 | $4594037 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency, at cost | - | 1633 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments, at value | $97112217 | $51385838 | $4491032 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency, at value |  | 1633 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 4294 | 10099 | 40000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | 6882 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reclaims receivable | 53128 | 42765 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest | 137565 | 60921 | 707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from Advisor |  |  | 30824 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 20403 | 5399 | 17961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 97334489 | 51506655 | 4580524 |
| **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities purchased |  | 141918 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed | 16406 | 401 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 8800 | 1113 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 6) | 7044 | 8604 | 982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution fees (Note 7) | 60 | 404 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund administration fees | 15024 | 8659 | 5971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund accounting fees | 18312 | 24650 | 20625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 9536 | 8801 | 12302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custody fees | 12045 | 21996 | 7425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' deferred compensation (Note 3) | 14719 | 14449 | 11799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder reporting fees | 5032 | 6982 | 6962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 4239 | 3673 | 4405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 1311 | 685 | 1154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auditing fees | 21246 | 21000 | 21000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 1112 | 1526 | 1230 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued other expenses | 1239 | 2559 | 1299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 136125 | 267420 | 95160 |
| Commitments and Contingencies (Note 3) |  |  |  |
| **Net Assets** | $**97198364** | $**51239235** | $**4485364** |
| **Components of Net Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized) | $85039604 | $42748138 | $4872115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings (accumulated deficit) | 12158760 | 8491097 | (386751) |
| **Net Assets** | $**97198364** | $**51239235** | $**4485364** |
| **Maximum Offering Price per Share:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $473495 | $1695867 | $12377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding | 23334 | 132058 | 1142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | $20.29 | $12.84 | $10.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $96724869 | $49543368 | $1254515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding | 4746304 | 3830173 | 115670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | $20.38 | $12.94 | $10.85 |

---

 

*See accompanying Notes to Financial Statements.*

**STATEMENTS OF ASSETS AND LIABILITIES - Continued**

**As of December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **WCM Focused International<br> Equity Fund** | **WCM Focused International<br> Opportunities Fund** | **WCM Mid Cap Quality Value<br> Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Y: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $- | $- | $3218472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding | - | - | 296684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | $- | $- | $10.85 |

---

 

*See accompanying Notes to Financial Statements.*

**STATEMENTS OF ASSETS AND LIABILITIES - Continued**

**As of December 31, 2025**

---

| | |
|:---|:---|
|  | **WCM Focused Emerging<br> Markets ex China Fund** |
| **Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments, at cost | $21352435 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency, at cost | 11688 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments, at value | $27750048 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency, at value | 11872 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold | 41477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reclaims receivable | 1611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest | 34536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from Advisor | 27952 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 15153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 27882649 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities purchased | 106658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 6) | 2141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution fees (Note 7) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund administration fees | 9908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund accounting fees | 16672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 8682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custody fees | 29476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' deferred compensation (Note 3) | 11053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder reporting fees | 3662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 7467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 1134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auditing fees | 21082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-U.S. Taxes | 104045 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued other expenses | 2558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 324778 |
| Commitments and Contingencies (Note 3) |  |
| **Net Assets** | $**27557871** |
| **Components of Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized) | $20596932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings (accumulated deficit) | 6960939 |
| **Net Assets** | $**27557871** |
| **Maximum Offering Price per Share:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $20393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding | 1102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | $18.50<sup>1</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $27537478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding | 1485724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | $18.53 |

---

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

 

*See accompanying Notes to Financial Statements.*

**STATEMENTS OF OPERATIONS**

**For the Year Ended December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **WCM Focused International<br> Growth Fund** | **WCM Focused Emerging<br> Markets Fund** | **WCM International Small<br> Cap Growth Fund** |
| **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends (net of foreign withholding taxes of $16,762,527, $1,512,038 and $305,718, respectively) | $194585943 | $12492308 | $3029786 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | 26843526 | 722926 | 244138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 221429469 | 13215234 | 3273924 |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 169842703 | 8720278 | 3222383 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 6) | 20555960 | 957404 | 346204 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution fees (Note 7) | 1895851 | 272277 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund administration fees | 10260369 | 582594 | 298425 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund accounting fees | 1911930 | 173858 | 126341 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 1279167 | 103228 | 29962 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custody fees | 4293572 | 1206939 | 302440 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder reporting fees | 1049182 | 111597 | 24415 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 369197 | 28504 | 19683 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 183218 | 21457 | 19424 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous | 135106 | 15694 | 3812 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | 133486 | 66564 | 33866 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance fees | 52068 | 8040 | 6356 |
| &nbsp;&nbsp;&nbsp;&nbsp;Auditing fees | 22000 | 21867 | 21139 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 21405 | 8655 | 23998 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 13367 | 6319 | 6186 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax reclaim service fees | 12725 | 4000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax expense | - | 559 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 212031306 | 12309834 | 4484634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees (waived) recovered |  | (1123997) | (432643) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expenses (absorbed) | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 212031306 | 11185837 | 4051991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income (loss)** | 9398163 | 2029397 | (778067) |
| **Realized and Unrealized Gain (Loss):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 1057288130 | 139629918 | 42320219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | 449802 | (521065) | (10755) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred non-U.S. taxes | - | (1413313) | (236671) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | 1057737932 | 137695540 | 42072793 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 2524740774 | 96355274 | 12717650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | 3209421 | 16257 | 47606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred non-U.S. taxes | - | (258365) | 125149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 2527950195 | 96113166 | 12890405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 3585688127 | 233808706 | 54963198 |
| **Net Increase (Decrease) in Net Assets from Operations** | $**3595086290** | $**235838103** | $**54185131** |

---

 

*See accompanying Notes to Financial Statements.*

**STATEMENTS OF OPERATIONS - Continued**

**For the Year Ended December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **WCM Small Cap Growth<br> Fund** | **WCM SMID Quality Value<br> Fund** | **WCM China Quality Growth<br> Fund** |
| **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends (net of foreign withholding taxes of $0, $0 and $1,940, respectively) | $149203 | $308979 | $24303 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | 56673 | 60568 | 2718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 205876 | 369547 | 27021 |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 421972 | 421295 | 18962 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 6) | 44554 | 38055 | 2056 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution fees (Note 7) | 350 | 367 | 320 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund administration fees | 71762 | 87122 | 66014 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund accounting fees | 60629 | 75415 | 56431 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 34948 | 42298 | 35397 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custody fees | 17045 | 13787 | 40037 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder reporting fees | 8947 | 11052 | 11147 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 13294 | 12835 | 12969 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 16962 | 15702 | 18316 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous | 3601 | 4530 | 7057 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | 37917 | 30975 | 37468 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance fees | 5756 | 5766 | 5665 |
| &nbsp;&nbsp;&nbsp;&nbsp;Auditing fees | 21000 | 21500 | 21367 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 10 | 1509 | 287 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 6613 | 6313 | 6317 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax reclaim service fees |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax expense | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 765360 | 788521 | 339810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees (waived) recovered | (343029) | (365349) | (18962) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expenses (absorbed) | - | - | (296538) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 422331 | 423172 | 24310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income (loss)** | (216455) | (53625) | 2711 |
| **Realized and Unrealized Gain (Loss):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 113208 | 16036715 | 205815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions |  |  | (75) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred non-U.S. taxes | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | 113208 | 16036715 | 205740 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 3722939 | (18858486) | 154237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred non-U.S. taxes | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 3722939 | (18858486) | 154237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 3836147 | (2821771) | 359977 |
| **Net Increase (Decrease) in Net Assets from Operations** | $**3619692** | $**(2875396)** | $**362688** |

---

 

*See accompanying Notes to Financial Statements.*

**STATEMENTS OF OPERATIONS - Continued**

**For the Year Ended December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **WCM Focused International**<br> **Equity Fund** | **WCM Focused International**<br> **Opportunities Fund** | **WCM Mid Cap Quality Value**<br> **Fund** |
| **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends (net of foreign withholding taxes of $68,828, $24,003 and $0, respectively) | $766834 | $381898 | $44516 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | 70611 | 46788 | 6375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 837445 | 428686 | 50891 |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 439375 | 400049 | 33005 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 6) | 55548 | 46936 | 960 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution fees (Note 7) | 279 | 1950 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund administration fees | 84285 | 66624 | 66812 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund accounting fees | 67653 | 77263 | 64261 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 36924 | 35148 | 48635 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custody fees | 28662 | 74797 | 23913 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder reporting fees | 16929 | 15507 | 20694 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 14110 | 13293 | 13210 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 20625 | 17642 | 26751 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous | 6076 | 7171 | 5807 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | 41402 | 39320 | 52899 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance fees | 5614 | 5686 | 5593 |
| &nbsp;&nbsp;&nbsp;&nbsp;Auditing fees | 21826 | 20980 | 20992 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 1 | 2700 | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 5317 | 6093 | 6764 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax reclaim service fees |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax expense | 1695 | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 846321 | 831159 | 390591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees (waived) recovered | (403855) | (400049) | (33005) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expenses (absorbed) | - | (5058) | (323327) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 442466 | 426052 | 34259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income (loss)** | 394979 | 2634 | 16632 |
| **Realized and Unrealized Gain (Loss):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 2803513 | 4732208 | (132582) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | 570 | 1643 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred non-U.S. taxes | - | (56515) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | 2804083 | 4677336 | (132582) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 12595377 | 5152425 | (248578) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | 4671 | 4459 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred non-U.S. taxes | - | 27240 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 12600048 | 5184124 | (248578) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 15404131 | 9861460 | (381160) |
| **Net Increase (Decrease) in Net Assets from Operations** | $**15799110** | $**9864094** | $**(364528)** |

---

 

*See accompanying Notes to Financial Statements.*

**STATEMENTS OF OPERATIONS - Continued**

**For the Year Ended December 31, 2025**

---

| | |
|:---|:---|
|  | **WCM Focused Emerging**<br> **Markets ex China Fund** |
| **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends (net of foreign withholding taxes of $39,274) | $316929 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | 31794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 348723 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 218350 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 6) | 19618 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution fees (Note 7) | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund administration fees | 64111 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund accounting fees | 65395 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 35019 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custody fees | 100268 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder reporting fees | 10029 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 13574 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 22055 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous | 5802 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | 46819 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance fees | 5623 |
| &nbsp;&nbsp;&nbsp;&nbsp;Auditing fees | 22397 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 5317 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax reclaim service fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax expense | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 634421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees (waived) recovered | (218350) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expenses (absorbed) | (143090) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 272981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income (loss)** | 75742 |
| **Realized and Unrealized Gain (Loss):** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 2411619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | (26226) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred non-U.S. taxes | (10310) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | 2375083 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 5066252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred non-U.S. taxes | (95475) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 4970957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 7346040 |
| **Net Increase (Decrease) in Net Assets from Operations** | $**7421782** |

---

 

*See accompanying Notes to Financial Statements.*

**WCM Focused International Growth Fund**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Year Ended<br> December 31, 2025** | **For the<br> Year Ended<br> December 31, 2024** |
| **Increase (Decrease) in Net Assets from:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $9398163 | $20578665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments and foreign currency transactions | 1057737932 | 1821757313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | 2527950195 | (542464369) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 3595086290 | 1299871609 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (40103373) | (81240410) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (1068344900) | (1956911959) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | (1108448273) | (2038152369) |
| **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 91202040 | 68575770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 3015080990 | 2314654038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 39891670 | 80852585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 950930091 | 1752138625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (160340330) | (153068209) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (3555331502) | (3557070303) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 381432959 | 506082506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 2868070976 | (232198254) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 17245482592 | 17477680846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $20113553568 | $17245482592 |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 3785339 | 2807267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 120957986 | 94782849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 1632229 | 3501628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 38267075 | 74718065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (6666610) | (6364738) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (141836824) | (144988661) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in capital share transactions** | 16139195 | 24456410 |

---

 

*See accompanying Notes to Financial Statements.*

**WCM Focused Emerging Markets Fund**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Year Ended<br> December 31, 2025** | **For the<br> Year Ended<br> December 31, 2024** |
| **Increase (Decrease) in Net Assets from:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $2029397 | $(530834) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments, foreign currency transactions and deferred non-U.S. taxes | 137695540 | (57383706) |
| &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 | 96113166 | 149269184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 235838103 | 91354644 |
| **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 33912814 | 27462209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 173119385 | 160594325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (33723006) | (33358115) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (425146329) | (526406586) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | (251837136) | (371708167) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | (15999033) | (280353523) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 910470122 | 1190823645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $894471089 | $910470122 |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 2250709 | 1976269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 10212839 | 11698708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (2126988) | (2464210) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (25918853) | (38361154) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in capital share transactions** | (15582293) | (27150387) |

---

 

*See accompanying Notes to Financial Statements.*

**WCM International Small Cap Growth Fund**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Year Ended<br> December 31, 2025** | **For the<br> Year Ended<br> December 31, 2024** |
| **Increase (Decrease) in Net Assets from:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $(778067) | $841608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments, foreign currency transactions and deferred non-U.S. taxes | 42072793 | 14405638 |
| &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 | 12890405 | (2549081) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 54185131 | 12698165 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (2517170) | (3810934) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | (2517170) | (3810934) |
| **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 73808146 | 65005712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 2515654 | 3806503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (106231032) | (97626915) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | (29907232) | (28814700) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 21760729 | (19927469) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 291544352 | 311471821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $313305081 | $291544352 |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 3218416 | 3129446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 103567 | 175658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (4483087) | (4725339) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in capital share transactions** | (1161104) | (1420235) |

---

 

*See accompanying Notes to Financial Statements.*

**WCM Small Cap Growth Fund**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Year Ended<br> December 31, 2025** | **For the<br> Year Ended<br> December 31, 2024** |
| **Increase (Decrease) in Net Assets from:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $(216455) | $(170234) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 113208 | 5454622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 3722939 | (3585744) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 3619692 | 1698644 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (2589) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (418813) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | (421402) | - |
| **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 151152 | 1500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 10283416 | 9301319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 2589 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 402458 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (7969) | (1671) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (10508642) | (11402880) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 323004 | (2101732) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 3521294 | (403088) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 40123969 | 40527057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $43645263 | $40123969 |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 11278 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 852130 | 729499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 189 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 28996 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (647) | (132) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (841228) | (895103) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in capital share transactions** | 50718 | (165617) |

---

 

*See accompanying Notes to Financial Statements.*

**WCM SMID Quality Value Fund**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Year Ended<br> December 31, 2025** | **For the<br> Year Ended<br> December 31, 2024** |
| **Increase (Decrease) in Net Assets from:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $(53625) | $(158572) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 16036715 | 21321713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (18858486) | (14338688) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (2875396) | 6824453 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (37428) | (31568) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (4902795) | (10131208) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | (4940223) | (10162776) |
| **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 150 | 89941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 10752200 | 9641000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 37428 | 31568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 4769202 | 3295005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (156564) | (135807) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (72444092) | (86317938) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | (57041676) | (73396231) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | (64857295) | (76734554) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 66348326 | 143082880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $1491031 | $66348326 |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 46 | 6852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 1117982 | 733177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 11552 | 2503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 1386396 | 257021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (13631) | (10607) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (7619154) | (7150860) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in capital share transactions** | (5116809) | (6161914) |

---

 

*See accompanying Notes to Financial Statements.*

**WCM China Quality Growth Fund**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Year Ended<br> December 31, 2025** | **For the<br> Year Ended<br> December 31, 2024** |
| **Increase (Decrease) in Net Assets from:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $2711 | $27808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments and foreign currency transactions | 205740 | (1308388) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | 154237 | 937298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 362688 | (343282) |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (6486) | (2971) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (104029) | (36943) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | (110515) | (39914) |
| **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 10773 | 66674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 470097 | 169443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 6486 | 2971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 104029 | 36943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (74477) | (45556) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (937007) | (2556812) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | (420099) | (2326337) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | (167926) | (2709533) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 1872173 | 4581706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $1704247 | $1872173 |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 1109 | 7964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 48244 | 20417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 658 | 343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 10487 | 4241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (7975) | (5278) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (95152) | (314446) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in capital share transactions** | (42629) | (286759) |

---

*See accompanying Notes to Financial Statements.*

**WCM Focused International Equity Fund**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Year Ended<br> December 31, 2025** | **For the<br> Year Ended<br> December 31, 2024** |
| **Increase (Decrease) in Net Assets from:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $394979 | $91656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments and foreign currency transactions | 2804083 | 995515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | 12600048 | (96869) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 15799110 | 990302 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (4242) | (737) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (2158590) | (136037) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | (2162832) | (136774) |
| **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 403518 | 25588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 75020218 | 1398315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 4215 | 683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 2153500 | 136037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (18172) | (30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (3432498) | (4052731) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 74130781 | (2492138) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 87767059 | (1638610) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 9431305 | 11069915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $97198364 | $9431305 |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 20182 | 1722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 4185394 | 97413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 212 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 107837 | 8822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (910) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (180955) | (300141) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in capital share transactions** | 4131760 | (192142) |

---

 

*See accompanying Notes to Financial Statements.*

**WCM Focused International Opportunities Fund**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Year Ended<br> December 31, 2025** | **For the<br> Year Ended<br> December 31, 2024** |
| **Increase (Decrease) in Net Assets from:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $2634 | $20868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments, foreign currency transactions and deferred non-U.S. taxes | 4677336 | 3201846 |
| &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 | 5184124 | (1333513) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 9864094 | 1889201 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (6165) | (2577) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (210367) | (714799) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | (216532) | (717376) |
| **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 2145838 | 85911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 13231477 | 9267761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 6165 | 2576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 209924 | 713349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (669619) | (86809) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (7836156) | (13622102) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 7087629 | (3639314) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 16735191 | (2467489) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 34504044 | 36971533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $51239235 | $34504044 |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 171278 | 8692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 1048276 | 944341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 482 | 248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 16286 | 68328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (54654) | (8902) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (719724) | (1366900) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in capital share transactions** | 461944 | (354193) |

---

 

*See accompanying Notes to Financial Statements.*

**WCM Mid Cap Quality Value Fund**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Year Ended<br> December 31, 2025** | **For the<br> Year Ended<br> December 31, 2024** |
| **Increase (Decrease) in Net Assets from:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $16632 | $(935) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | (132582) | 75718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (248578) | (11302) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (364528) | 63481 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (412) | (763) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (32978) | (57441) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y\* | (152893) | (555) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | (186283) | (58759) |
| **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 501565 | 587354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y\* | 5145059 | 1300000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 413 | 763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 32979 | 57441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y\* | 318 | 554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (544317) | (204007) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y\* | (2754074) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 2381943 | 1742105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 1831132 | 1746827 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 2654232 | 907405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $4485364 | $2654232 |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 43901 | 47926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y\* | 437590 | 104660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 38 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 3051 | 4436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y\* | 29 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (44289) | (15635) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y\* | (245638) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in capital share transactions** | 194682 | 141489 |

---

<sup>\*</sup> Class Y shares commenced operations on November 29, 2024.

 

*See accompanying Notes to Financial Statements.*

**WCM Focused Emerging Markets ex China Fund**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Year Ended<br> December 31, 2025** | **For the<br> Year Ended<br> December 31, 2024** |
| **Increase (Decrease) in Net Assets from:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $75742 | $17442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments, foreign currency transactions and deferred non-U.S. taxes | 2375083 | 449471 |
| &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 | 4970957 | 567730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 7421782 | 1034643 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (1318) | (429) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (1838821) | (390937) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | (1840139) | (391366) |
| **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | 31415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 9230795 | 7760085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 1317 | 429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 1838822 | 390937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | (34295) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (3578430) | (867562) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 7492504 | 7281009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 13074147 | 7924286 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 14483724 | 6559438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $27557871 | $14483724 |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | 2268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 571940 | 537195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 73 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 101874 | 26290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | (2268) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (203496) | (61658) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in capital share transactions** | 470391 | 501856 |

---

 

*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<br> December 31,** | **For the Year Ended<br> December 31,** | **For the Year Ended<br> December 31,** | | **For the Year Ended<br> April 30,** | **For the Year Ended<br> April 30,** |
|  | **2025** | **2024** | **2023** | **For the Period<br> May 1, 2022<br> through<br> December 31,**<br>**2022^** | **2022** | **2021** |
| **Net asset value, beginning of period** | $21.42 | $22.44 | $19.44 | $20.43 | $26.00 | $17.10 |
| **Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | (0.05) | (0.03) | (0.05) | (0.04) | (0.18) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 4.45 | 1.73 | 3.20 | (0.93) | (4.12) | 9.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 4.40 | 1.70 | 3.15 | (0.97) | (4.30) | 9.25 |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.15) |  |  |  |  | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gain | (1.21) | (2.72) | (0.15) | (0.02) | (1.27) | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (1.36) | (2.72) | (0.15) | (0.02) | (1.27) | (0.35) |
| **Net asset value, end of period** | $24.46 | $21.42 | $22.44 | $19.44 | $20.43 | $26.00 |
| **Total return<sup>2</sup>** | 20.56% | 6.71% | 16.24% | (4.75)%<sup>3</sup> | (17.75)% | 54.28% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $752615 | $685789 | $719670 | $695036 | $1106334 | $1537934 |
| Ratio of expenses to average net assets: | 1.30%<sup>4</sup> | 1.29%<sup>4</sup> | 1.29%<sup>4</sup> | 1.29%<sup>5</sup> | 1.31% | 1.30% |
| Ratio of net investment income (loss) to average net assets: | (0.19)% | (0.13)% | (0.22)% | (0.34)%<sup>5</sup> | (0.68)% | (0.62)% |
| Portfolio turnover rate | 23% | 36% | 33% | 17%<sup>3</sup> | 23% | 25% |

---

<sup>^</sup> Fiscal year end changed to December 31, effective December 14, 2022.

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

<sup>2</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>3</sup> Not annualized.

<sup>4</sup> If interest expense and tax reclaim service fees had been excluded, the expense ratios would have been lowered by 0.00% for the years ended December 31, 2025, December 31, 2024, and December 31, 2023.

<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<br> December 31,** | **For the Year Ended<br> December 31,** | **For the Year Ended<br> December 31,** | | **For the Year Ended<br> April 30,** | **For the Year Ended<br> April 30,** |
|  | **2025** | **2024** | **2023** | **For the Period<br> May 1, 2022<br> through<br> December 31,**<br>**2022^** | **2022** | **2021** |
| **Net asset value, beginning of period** | $21.76 | $22.76 | $19.66 | $20.64 | $26.18 | $17.17 |
| **Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | 0.01 | 0.03 | 0.01 | (0.01) | (0.11) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 4.53 | 1.75 | 3.24 | (0.95) | (4.16) | 9.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 4.54 | 1.78 | 3.25 | (0.96) | (4.27) | 9.36 |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.21) | (0.06) |  |  |  | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gain | (1.21) | (2.72) | (0.15) | (0.02) | (1.27) | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (1.42) | (2.78) | (0.15) | (0.02) | (1.27) | (0.35) |
| **Net asset value, end of period** | $24.88 | $21.76 | $22.76 | $19.66 | $20.64 | $26.18 |
| **Total return<sup>2</sup>** | 20.90% | 6.95% | 16.56% | (4.65)%<sup>3</sup> | (17.51)% | 54.73% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $19360938 | $16559694 | $16758010 | $15390849 | $19083250 | $22891438 |
| Ratio of expenses to average net assets: | 1.05%<sup>4</sup> | 1.04%<sup>4</sup> | 1.04%<sup>4</sup> | 1.04%<sup>5</sup> | 1.06% | 1.05% |
| Ratio of net investment income (loss) to average net assets: | 0.06% | 0.12% | 0.03% | (0.09)%<sup>5</sup> | (0.43)% | (0.37)% |
| Portfolio turnover rate | 23% | 36% | 33% | 17%<sup>3</sup> | 23% | 25% |

---

<sup>^</sup> Fiscal year end changed to December 31, effective December 14, 2022.

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

<sup>2</sup> 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> If interest expense and tax reclaim service fees had been excluded, the expense ratios would have been lowered by 0.00% for the years ended December 31, 2025, December 31, 2024, and December 31, 2023.

<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<br> December 31,** | **For the Year Ended<br> December 31,** | **For the Year Ended<br> December 31,** | | **For the Year Ended<br> April 30,** | **For the Year Ended<br> April 30,** |
|  | **2025** | **2024** | **2023** | **For the Period<br> May 1, 2022<br> through<br> December 31,**<br>**2022^** | **2022** | **2021** |
| **Net asset value, beginning of period** | $14.55 | $13.25 | $12.73 | $14.00 | $19.89 | $12.71 |
| **Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> |  | (0.04) | 0.03 | 0.01 | (0.11) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 4.53 | 1.34 | 0.51 | (1.24) | (4.96) | 7.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 4.53 | 1.30 | 0.54 | (1.23) | (5.07) | 7.35 |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income |  |  | (0.02) | (0.04) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gain | - | - | - | - | (0.82) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | - | - | (0.02) | (0.04) | (0.82) | (0.17) |
| **Net asset value, end of period** | $19.08 | $14.55 | $13.25 | $12.73 | $14.00 | $19.89 |
| **Total return<sup>2</sup>** | 31.13% | 9.81% | 4.25% | (8.78)%<sup>3</sup> | (26.54)% | 57.93% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $121733 | $91033 | $89359 | $125641 | $141593 | $55369 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 1.63%<sup>4</sup> | 1.56%<sup>4</sup> | 1.52% | 1.62%<sup>5</sup> | 1.59% | 1.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.50%<sup>4</sup> | 1.51%<sup>4</sup> | 1.50% | 1.50%<sup>5</sup> | 1.50% | 1.50% |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (0.12)% | (0.33)% | 0.21% | 0.00%<sup>5</sup> | (0.71)% | (1.07)% |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 0.01% | (0.28)% | 0.23% | 0.12%<sup>5</sup> | (0.62)% | (1.04)% |
| Portfolio turnover rate | 57% | 67% | 62% | 18%<sup>3</sup> | 39% | 35% |

---

<sup>^</sup> Fiscal year end changed to December 31, effective December 14, 2022.

<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> If tax expense and interest expense had been excluded, the expense ratios would have been lowered by 0.00% and 0.01%, for the year ended December 31, 2025 and 2024, respectively.

<sup>5</sup> Annualized.

 

*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<br> December 31,** | **For the Year Ended<br> December 31,** | **For the Year Ended<br> December 31,** | | **For the Year Ended<br> April 30,** | **For the Year Ended<br> April 30,** |
|  | **2025** | **2024** | **2023** | **For the Period<br> May 1, 2022<br> through<br> December 31,**<br>**2022^** | **2022** | **2021** |
| **Net asset value, beginning of period** | $14.75 | $13.40 | $12.88 | $14.16 | $20.06 | $12.78 |
| **Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | 0.04 |  | 0.06 | 0.03 | (0.07) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 4.60 | 1.35 | 0.52 | (1.25) | (5.01) | 7.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 4.64 | 1.35 | 0.58 | (1.22) | (5.08) | 7.45 |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income |  |  | (0.06) | (0.06) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gain | - | - | - | - | (0.82) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | - | - | (0.06) | (0.06) | (0.82) | (0.17) |
| **Net asset value, end of period** | $19.39 | $14.75 | $13.40 | $12.88 | $14.16 | $20.06 |
| **Total return<sup>2</sup>** | 31.46% | 10.07% | 4.54% | (8.62)%<sup>3</sup> | (26.36)% | 58.39% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $772738 | $819437 | $1101465 | $1309276 | $1717091 | $2116203 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 1.38%<sup>4</sup> | 1.31%<sup>4</sup> | 1.27% | 1.37%<sup>5</sup> | 1.34% | 1.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.25%<sup>4</sup> | 1.26%<sup>4</sup> | 1.25% | 1.25%<sup>5</sup> | 1.25% | 1.25% |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 0.13% | (0.08)% | 0.46% | 0.25%<sup>5</sup> | (0.46)% | (0.82)% |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 0.26% | (0.03)% | 0.48% | 0.37%<sup>5</sup> | (0.37)% | (0.79)% |
| Portfolio turnover rate | 57% | 67% | 62% | 18%<sup>3</sup> | 39% | 35% |

---

<sup>^</sup> Fiscal year end changed to December 31, effective December 14, 2022.

<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> If tax expense and interest expense had been excluded, the expense ratios would have been lowered by 0.00% and 0.01%, for the year ended December 31, 2025 and 2024, respectively.

<sup>5</sup> Annualized.

 

*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<br> December 31,** | **For the Year Ended<br> December 31,** | **For the Year Ended<br> December 31,** | | **For the Year Ended<br> April 30,** | **For the Year Ended<br> April 30,** |
|  | **2025** | **2024** | **2023** | **For the Period<br> May 1, 2022<br> through<br> December 31,**<br>**2022^** | **2022** | **2021** |
| **Net asset value, beginning of period** | $20.77 | $20.16 | $16.49 | $20.22 | $28.63 | $16.80 |
| **Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | (0.06) | 0.06 | 0.05 | (0.02) | (0.18) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 3.83 | 0.82 | 3.62 | (3.71) | (5.30) | 12.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase from payments by affiliates | - | - | - | - | - | -<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 3.77 | 0.88 | 3.67 | (3.73) | (5.48) | 12.57 |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.20) | (0.27) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gain | - | - | - | - | (2.93) | (0.74) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.20) | (0.27) | - | - | (2.93) | (0.74) |
| **Net asset value, end of period** | $24.34 | $20.77 | $20.16 | $16.49 | $20.22 | $28.63 |
| **Total return<sup>3</sup>** | 18.14% | 4.32% | 22.26% | (18.45)%<sup>4</sup> | (22.04)% | 75.46%<sup>5</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $313305 | $291544 | $311472 | $293250 | $533268 | $768496 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 1.39%<sup>6</sup> | 1.32%<sup>6</sup> | 1.33%<sup>6</sup> | 1.48%<sup>7</sup> | 1.34% | 1.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.26%<sup>6</sup> | 1.26%<sup>6</sup> | 1.25%<sup>6</sup> | 1.25%<sup>7</sup> | 1.25% | 1.25% |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (0.37)% | 0.22% | 0.18% | (0.44)%<sup>7</sup> | (0.73)% | (0.84)% |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | (0.24)% | 0.28% | 0.26% | (0.21)%<sup>7</sup> | (0.64)% | (0.75)% |
| Portfolio turnover rate | 116% | 107% | 81% | 56%<sup>4</sup> | 87% | 82% |

---

<sup>^</sup> Fiscal year end changed to December 31, effective December 14, 2022.

<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> If interest expense and tax reclaim service fees had been excluded, the expense ratios would have been lowered by 0.01%, 0.01%, and 0.00% for the years ended December 31, 2025, December 31, 2024, and December 31, 2023, respectively.

<sup>7</sup> Annualized.

 

*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> December 31,** | **For the Year Ended<br> December 31,** | **For the Year Ended<br> December 31,** | | **For the Year Ended<br> April 30,** | **For the Year Ended<br> April 30,** |
|  | **2025** | **2024** | **2023** | **For the Period<br> May 1, 2022<br> through<br> December 31,**<br>**2022^** | **2022** | **2021** |
| **Net asset value, beginning of period** | $12.69 | $12.20 | $10.55 | $11.00 | $15.71 | $9.27 |
| **Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | (0.10) | (0.08) | (0.07) | (0.06) | (0.16) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.09 | 0.57 | 1.72 | (0.37) | (3.28) | 6.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.99 | 0.49 | 1.65 | (0.43) | (3.44) | 6.59 |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gain | (0.13) | - | - | (0.02) | (1.27) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.13) | - | - | (0.02) | (1.27) | (0.15) |
| **Net asset value, end of period** | $13.55 | $12.69 | $12.20 | $10.55 | $11.00 | $15.71 |
| **Total return<sup>2</sup>** | 7.82% | 4.02% | 15.64% | (3.92)%<sup>3</sup> | (23.65)% | 71.37% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $265 | $111 | $107 | $94 | $79 | $78 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 2.04%<sup>4</sup> | 2.04%<sup>4</sup> | 2.11% | 2.19%<sup>5</sup> | 1.85% | 2.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.24%<sup>4</sup> | 1.24%<sup>4</sup> | 1.24% | 1.30%<sup>5,6</sup> | 1.50% | 1.50% |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (1.56)% | (1.45)% | (1.52)% | (1.74)%<sup>5</sup> | (1.48)% | (2.08)% |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | (0.76)% | (0.65)% | (0.65)% | (0.85)%<sup>5</sup> | (1.13)% | (1.25)% |
| Portfolio turnover rate | 89% | 83% | 48% | 45%<sup>3</sup> | 57% | 51% |

---

<sup>^</sup> Fiscal year end changed to December 31, effective December 14, 2022.

<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&nbsp;&nbsp;&nbsp;&nbsp;</sup> Not annualized.

<sup>4</sup> If interest expense had been excluded, the expense ratios would have been lowered by 0.00% for the years ended December 31, 2025 and December 31, 2024.

<sup>5</sup> Annualized.

<sup>6</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> December 31,** | **For the Year Ended<br> December 31,** | **For the Year Ended<br> December 31,** | | **For the Year Ended<br> April 30,** | **For the Year Ended<br> April 30,** |
|  | **2025** | **2024** | **2023** | **For the Period<br> May 1, 2022<br> through<br> December 31,**<br>**2022^** | **2022** | **2021** |
| **Net asset value, beginning of period** | $12.86 | $12.33 | $10.64 | $11.07 | $15.77 | $9.28 |
| **Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | (0.07) | (0.05) | (0.05) | (0.04) | (0.12) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.10 | 0.58 | 1.74 | (0.37) | (3.31) | 6.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 1.03 | 0.53 | 1.69 | (0.41) | (3.43) | 6.64 |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gain | (0.13) | - | - | (0.02) | (1.27) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.13) | - | - | (0.02) | (1.27) | (0.15) |
| **Net asset value, end of period** | $13.76 | $12.86 | $12.33 | $10.64 | $11.07 | $15.77 |
| **Total return<sup>2</sup>** | 8.03% | 4.30% | 15.88% | (3.72)%<sup>3</sup> | (23.49)% | 71.84% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $43380 | $40013 | $40420 | $32916 | $40438 | $58164 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 1.79%<sup>4</sup> | 1.79%<sup>4</sup> | 1.86% | 1.94%<sup>5</sup> | 1.60% | 2.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 0.99%<sup>4</sup> | 0.99%<sup>4</sup> | 0.99% | 1.05%<sup>5,6</sup> | 1.25% | 1.25% |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (1.31)% | (1.20)% | (1.27)% | (1.49)%<sup>5</sup> | (1.23)% | (1.83)% |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | (0.51)% | (0.40)% | (0.40)% | (0.60)%<sup>5</sup> | (0.88)% | (1.00)% |
| Portfolio turnover rate | 89% | 83% | 48% | 45%<sup>3</sup> | 57% | 51% |

---

<sup>^</sup> Fiscal year end changed to December 31, effective December 14, 2022.

<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> If interest expense had been excluded, the expense ratios would have been lowered by 0.00% for the years ended December 31, 2025 and December 31, 2024.

<sup>5</sup> Annualized.

<sup>6</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 SMID Quality Value Fund**

**FINANCIAL HIGHLIGHTS**

**Investor Class**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended<br> December 31,** | **For the Year Ended<br> December 31,** | **For the Year Ended<br> December 31,** | | **For the Year Ended<br> April 30,** | **For the Year Ended<br> April 30,** |
|  | **2025** | **2024** | **2023** | **For the Period<br> May 1, 2022<br> through<br> December 31,**<br>**2022^** | **2022** | **2021** |
| **Net asset value, beginning of period** | $11.78 | $12.08 | $9.84 | $10.30 | $12.11 | $7.71 |
| **Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | (0.04) | (0.06) | (0.04) | (0.04) | (0.08) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (1.04) | 1.71 | 2.38 | (0.24) | (0.97) | 4.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (1.08) | 1.65 | 2.34 | (0.28) | (1.05) | 4.40 |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gain | (7.36) | (1.95) | (0.10) | (0.18) | (0.76) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (7.36) | (1.95) | (0.10) | (0.18) | (0.76) | - |
| **Net asset value, end of period** | $3.34 | $11.78 | $12.08 | $9.84 | $10.30 | $12.11 |
| **Total return<sup>2</sup>** | (7.27)% | 12.59% | 23.83% | (2.71)%<sup>3</sup> | (9.29)% | 57.07% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $56 | $220 | $241 | $196 | $169 | $161 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 1.84%<sup>4</sup> | 1.70%<sup>4</sup> | 1.52% | 1.64%<sup>5</sup> | 1.77% | 1.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.10%<sup>4</sup> | 1.15%<sup>4</sup> | 1.10% | 1.23%<sup>5,6</sup> | 1.25% | 1.25%<sup>7</sup> |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (1.10)% | (1.01)% | (0.79)% | (0.98)%<sup>5</sup> | (1.26)% | (1.43)% |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | (0.36)% | (0.46)% | (0.37)% | (0.57)%<sup>5</sup> | (0.74)% | (0.71)% |
| Portfolio turnover rate | 39% | 15% | 22% | 53%<sup>3</sup> | 32% | 32% |

---

<sup>^</sup> Fiscal year end changed to December 31, effective December 14, 2022.

<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> If interest expense had been excluded, the expense ratios would have been lowered by 0.00% for the years ended December 31, 2025 and December 31, 2024.

<sup>5</sup> Annualized.

<sup>6</sup> Effective November 30, 2022, the Advisor has contractually agreed to limit the annual fund operating expenses to 1.10%. Prior to November 30, 2022, the annual fund operating expense limitation was 1.25%.

<sup>7</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 SMID Quality Value Fund**

**FINANCIAL HIGHLIGHTS**

**Institutional Class**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended<br> December 31,** | **For the Year Ended<br> December 31,** | **For the Year Ended<br> December 31,** | | **For the Year Ended<br> April 30,** | **For the Year Ended<br> April 30,** |
|  | **2025** | **2024** | **2023** | **For the Period<br> May 1, 2022<br> through<br> December 31,**<br>**2022^** | **2022** | **2021** |
| **Net asset value, beginning of period** | $11.98 | $12.23 | $9.94 | $10.38 | $12.17 | $7.73 |
| **Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | (0.01) | (0.03) | (0.01) | (0.02) | (0.06) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (1.06) | 1.73 | 2.40 | (0.24) | (0.97) | 4.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (1.07) | 1.70 | 2.39 | (0.26) | (1.03) | 4.44 |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gain | (7.36) | (1.95) | (0.10) | (0.18) | (0.76) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (7.36) | (1.95) | (0.10) | (0.18) | (0.76) | - |
| **Net asset value, end of period** | $3.55 | $11.98 | $12.23 | $9.94 | $10.38 | $12.17 |
| **Total return<sup>2</sup>** | (7.00)% | 12.84% | 24.09% | (2.50)%<sup>3</sup> | (9.08)% | 57.44% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $1435 | $66128 | $142842 | $117974 | $99042 | $99267 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 1.59%<sup>4</sup> | 1.45%<sup>4</sup> | 1.27% | 1.39%<sup>5</sup> | 1.52% | 1.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 0.85%<sup>4</sup> | 0.90%<sup>4</sup> | 0.85% | 0.98%<sup>5,6</sup> | 1.00% | 1.00%<sup>7</sup> |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (0.84)% | (0.76)% | (0.54)% | (0.73)%<sup>5</sup> | (1.01)% | (1.18)% |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | (0.10)% | (0.21)% | (0.12)% | (0.32)%<sup>5</sup> | (0.49)% | (0.46)% |
| Portfolio turnover rate | 39% | 15% | 22% | 53%<sup>3</sup> | 32% | 32% |

---

<sup>^</sup> Fiscal year end changed to December 31, effective December 14, 2022.

<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> If interest expense had been excluded, the expense ratios would have been lowered by 0.00% for the years ended December 31, 2025 and December 31, 2024.

<sup>5</sup> Annualized.

<sup>6</sup> Effective November 30, 2022, the Advisor has contractually agreed to limit the annual fund operating expenses to 0.85%. Prior to November 30, 2022, the annual fund operating expense limitation was 1.00%.

<sup>7</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> December 31,** | **For the Year Ended<br> December 31,** | **For the Year Ended<br> December 31,** | | **For the Year Ended<br> April 30,** | **For the Year Ended<br> April 30,** |
|  | **2025** | **2024** | **2023** | **For the Period<br> May 1, 2022<br> through<br> December 31,**<br>**2022^** | **2022** | **2021** |
| **Net asset value, beginning of period** | $8.62 | $9.07 | $11.22 | $11.19 | $18.05 | $10.65 |
| **Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | (0.01) | 0.08 | 0.05 | 0.02 | (0.11) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.82 | (0.36) | (2.13) | 0.03 | (5.44) | 7.95 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase from payments by affiliates | - | - | - | - | - | -<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 1.81 | (0.28) | (2.08) | 0.05 | (5.55) | 7.78 |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.65) | (0.17) | (0.07) | (0.02) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gain | - | - | - | - | (1.31) | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.65) | (0.17) | (0.07) | (0.02) | (1.31) | (0.38) |
| **Net asset value, end of period** | $9.78 | $8.62 | $9.07 | $11.22 | $11.19 | $18.05 |
| **Total return<sup>3</sup>** | 20.96% | (3.05)% | (18.49)% | 0.42%<sup>4</sup> | (32.83)% | 73.73%<sup>5</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $110 | $150 | $131 | $157 | $138 | $177 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 18.16%<sup>6</sup> | 13.45%<sup>6,7</sup> | 5.46%<sup>7</sup> | 4.52%<sup>8</sup> | 3.92% | 6.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.52%<sup>6</sup> | 1.63%<sup>6,7</sup> | 1.50%<sup>7</sup> | 1.50%<sup>8</sup> | 1.50% | 1.50% |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (16.73)% | (10.94)% | (3.46)% | (2.70)%<sup>8</sup> | (3.09)% | (5.72)% |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | (0.09)% | 0.88% | 0.50% | 0.32%<sup>8</sup> | (0.67)% | (1.01)% |
| Portfolio turnover rate | 92% | 74% | 57% | 26%<sup>4</sup> | 56% | 57% |

---

<sup>^</sup> Fiscal year end changed to December 31, effective December 14, 2022.

<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> If interest expense had been excluded, the expense ratios would have been lowered by 0.02% and 0.13% for the years ended December 31, 2025 and 2024, respectively.

<sup>7</sup> If tax expense had been excluded, the expense ratios would have been lowered by 0.00% and 0.00% for the years ended December 31, 2024 and 2023, respectively.

<sup>8</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> December 31,** | **For the Year Ended<br> December 31,** | **For the Year Ended<br> December 31,** | | **For the Year Ended<br> April 30,** | **For the Year Ended<br> April 30,** |
|  | **2025** | **2024** | **2023** | **For the Period<br> May 1, 2022<br> through<br> December 31,**<br>**2022^** | **2022** | **2021** |
| **Net asset value, beginning of period** | $8.68 | $9.12 | $11.28 | $11.25 | $18.10 | $10.65 |
| **Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | 0.02 | 0.10 | 0.08 | 0.04 | (0.07) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.82 | (0.35) | (2.14) | 0.02 | (5.47) | 7.95 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase from payments by affiliates | - | - | - | - | - | -<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 1.84 | (0.25) | (2.06) | 0.06 | (5.54) | 7.83 |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.68) | (0.19) | (0.10) | (0.03) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gain | - | - | - | - | (1.31) | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.68) | (0.19) | (0.10) | (0.03) | (1.31) | (0.38) |
| **Net asset value, end of period** | $9.84 | $8.68 | $9.12 | $11.28 | $11.25 | $18.10 |
| **Total return<sup>3</sup>** | 21.19% | (2.73)% | (18.26)% | 0.57%<sup>4</sup> | (32.68)% | 74.20%<sup>5</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $1594 | $1722 | $4451 | $6849 | $10629 | $13605 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 17.91%<sup>6</sup> | 13.20%<sup>6,7</sup> | 5.21%<sup>7</sup> | 4.27%<sup>8</sup> | 3.67% | 5.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.27%<sup>6</sup> | 1.38%<sup>6,7</sup> | 1.25%<sup>7</sup> | 1.25%<sup>8</sup> | 1.25% | 1.25% |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (16.48)% | (10.69)% | (3.21)% | (2.45)%<sup>8</sup> | (2.84)% | (5.47)% |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 0.16% | 1.13% | 0.75% | 0.57%<sup>8</sup> | (0.42)% | (0.76)% |
| Portfolio turnover rate | 92% | 74% | 57% | 26%<sup>4</sup> | 56% | 57% |

---

<sup>^</sup> Fiscal year end changed to December 31, effective December 14, 2022.

<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> If interest expense had been excluded, the expense ratios would have been lowered by 0.02% and 0.13% for the years ended December 31, 2025 and 2024, respectively.

<sup>7</sup> If tax expense had been excluded, the expense ratios would have been lowered by 0.00% and 0.00% for the years ended December 31, 2024 and 2023, respectively.

<sup>8</sup> Annualized.

 

*See accompanying Notes to Financial Statements.*

**WCM Focused International Equity Fund**

**FINANCIAL HIGHLIGHTS**

**Investor Class**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended<br> December 31,** | **For the Year Ended<br> December 31,** | **For the Year Ended<br> December 31,** | | **For the Year Ended<br> April 30,** | |
|  | **2025** | **2024** | **2023** | **For the Period<br> May 1, 2022<br> through<br> December 31,**<br>**2022^** | **2022** | **For the Period<br> June 29, 2020\*<br> through<br> April 30,**<br>**2021** |
| **Net asset value, beginning of period** | $14.74 | $13.31 | $11.35 | $12.04 | $14.22 | $10.00 |
| **Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | 0.09 | 0.11 | 0.05 | 0.05 | -<sup>2</sup> | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 5.90 | 1.51 | 2.00 | (0.70) | (2.18) | 4.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 5.99 | 1.62 | 2.05 | (0.65) | (2.18) | 4.22 |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.31) | (0.19) | (0.09) | (0.04) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gain | (0.13) | - | - | - | -<sup>2</sup> | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.44) | (0.19) | (0.09) | (0.04) | -<sup>2</sup> | - |
| **Net asset value, end of period** | $20.29 | $14.74 | $13.31 | $11.35 | $12.04 | $14.22 |
| **Total return<sup>3</sup>** | 40.74% | 12.14% | 18.08% | (5.43)%<sup>4</sup> | (15.31)% | 42.20%<sup>4</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $473 | $57 | $28 | $48 | $78 | $49 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 1.88%<sup>5</sup> | 4.13%<sup>5</sup> | 3.61%<sup>5</sup> | 2.88%<sup>6</sup> | 4.36% | 18.35%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.10%<sup>5</sup> | 1.33%<sup>5,7</sup> | 1.51%<sup>5</sup> | 1.50%<sup>6</sup> | 1.50% | 1.50%<sup>6</sup> |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (0.27)% | (2.05)% | (1.68)% | (0.76)%<sup>6</sup> | (2.86)% | (17.16)%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 0.51% | 0.75% | 0.42% | 0.62%<sup>6</sup> | 0.00% | (0.31)%<sup>6</sup> |
| Portfolio turnover rate | 31% | 47% | 38% | 43%<sup>4</sup> | 23% | 12%<sup>4</sup> |

---

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

<sup>^</sup> Fiscal year end changed to December 31, effective December 14, 2022.

<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> If interest expense and tax expense had been excluded, the expense ratios would have been lowered by 0.00%, 0.04% and 0.01% for the years ended December 31, 2025, 2024 and 2023, respectively.

<sup>6</sup> Annualized.

<sup>7</sup> Effective July 1, 2024, the Advisor has contractually agreed to limit the annual operating expenses to 1.10%. Prior to July 1, 2024, the Advisor had contractually agreed to limit the annual operating expenses to 1.50%.

 

*See accompanying Notes to Financial Statements.*

**WCM Focused International Equity Fund**

**FINANCIAL HIGHLIGHTS**

**Institutional Class**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended<br> December 31,** | **For the Year Ended<br> December 31,** | **For the Year Ended<br> December 31,** | | **For the Year Ended<br> April 30,** | |
|  | **2025** | **2024** | **2023** | **For the Period<br> May 1, 2022<br> through<br> December 31,**<br>**2022^** | **2022** | **For the Period<br> June 29, 2020\*<br> through<br> April 30,**<br>**2021** |
| **Net asset value, beginning of period** | $14.79 | $13.34 | $11.38 | $12.09 | $14.24 | $10.00 |
| **Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | 0.14 | 0.15 | 0.08 | 0.07 | 0.04 | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 5.92 | 1.52 | 2.01 | (0.71) | (2.19) | 4.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 6.06 | 1.67 | 2.09 | (0.64) | (2.15) | 4.24 |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.34) | (0.22) | (0.13) | (0.07) | -<sup>2</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gain | (0.13) | - | - | - | -<sup>2</sup> | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.47) | (0.22) | (0.13) | (0.07) | -<sup>2</sup> | - |
| **Net asset value, end of period** | $20.38 | $14.79 | $13.34 | $11.38 | $12.09 | $14.24 |
| **Total return<sup>3</sup>** | 41.03% | 12.43% | 18.43% | (5.28)%<sup>4</sup> | (15.07)% | 42.40%<sup>4</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $96725 | $9375 | $11042 | $16030 | $16775 | $3194 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 1.63%<sup>5</sup> | 3.88%<sup>5</sup> | 3.36%<sup>5</sup> | 2.63%<sup>6</sup> | 4.11% | 18.10%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 0.85%<sup>5</sup> | 1.08%<sup>5,7</sup> | 1.26%<sup>5</sup> | 1.25%<sup>6</sup> | 1.25% | 1.25%<sup>6</sup> |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (0.02)% | (1.80)% | (1.43)% | (0.51)%<sup>6</sup> | (2.61)% | (16.91)%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 0.76% | 1.00% | 0.67% | 0.87%<sup>6</sup> | 0.25% | (0.06)%<sup>6</sup> |
| Portfolio turnover rate | 31% | 47% | 38% | 43%<sup>4</sup> | 23% | 12%<sup>4</sup> |

---

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

<sup>^</sup> Fiscal year end changed to December 31, effective December 14, 2022.

<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> If interest expense and tax expense had been excluded, the expense ratios would have been lowered by 0.00%, 0.04% and 0.01% for the years ended December 31, 2025, 2024 and 2023, respectively.

<sup>6</sup> Annualized.

<sup>7</sup> Effective July 1, 2024, the Advisor has contractually agreed to limit the annual operating expenses to 0.85%. Prior to July 1, 2024, the Advisor had contractually agreed to limit the annual operating expenses to 1.25%.

 

*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 Year Ended<br> December 31,** | **For the Year Ended<br> December 31,** | **For the Year Ended<br> December 31,** | | **For the Year Ended<br> April 30,** | |
|  | **2025** | **2024** | **2023** | **For the Period<br> May 1, 2022<br> through<br> December 31,**<br>**2022^** | **2022** | **For the Period<br> March 30, 2021\*<br> through<br> April 30,**<br>**2021** |
| **Net asset value, beginning of period** | $9.80 | $9.55 | $7.62 | $8.33 | $10.85 | $10.00 |
| **Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | (0.03) | (0.02) | (0.01) | (0.02) | (0.11) | -<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 3.11 | 0.44 | 1.96 | (0.69) | (2.40) | 0.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 3.08 | 0.42 | 1.95 | (0.71) | (2.51) | 0.85 |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.04) | (0.17) | (0.02) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gain | - | - | - | - | (0.01) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.04) | (0.17) | (0.02) | - | (0.01) | - |
| **Net asset value, end of period** | $12.84 | $9.80 | $9.55 | $7.62 | $8.33 | $10.85 |
| **Total return<sup>3</sup>** | 31.45% | 4.34% | 25.65% | (8.52)%<sup>4</sup> | (23.14)% | 8.50%<sup>4</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $1696 | $147 | $142 | $87 | $92 | $11 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 2.32%<sup>5</sup> | 2.12%<sup>5</sup> | 2.30% | 2.84%<sup>6</sup> | 5.20% | 60.78%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.31%<sup>5,7</sup> | 1.50%<sup>5</sup> | 1.50% | 1.50%<sup>6</sup> | 1.50% | 1.50%<sup>6</sup> |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (1.25)% | (0.82)% | (0.89)% | (1.72)%<sup>6</sup> | (4.77)% | (59.25)%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | (0.24)% | (0.20)% | (0.09)% | (0.38)%<sup>6</sup> | (1.07)% | 0.03%<sup>6</sup> |
| Portfolio turnover rate | 112% | 115% | 87% | 74%<sup>4</sup> | 59% | 3%<sup>4</sup> |

---

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

<sup>^</sup> Fiscal year end changed to December 31, effective December 14, 2022.

<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> If interest expense and tax expense had been excluded, the expense ratios would have been lowered by 0.01% and 0.00% for the year ended December 31, 2025 and 2024, respectively.

<sup>6</sup> Annualized.

<sup>7</sup> Effective April 1, 2025, the Advisor has contractually agreed to limit the annual fund operating expenses to 1.25%. Prior to April 1, 2025, the annual fund operating expense limitation was 1.50%.

 

*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 Year Ended<br> December 31,** | **For the Year Ended<br> December 31,** | **For the Year Ended<br> December 31,** | | **For the Year Ended<br> April 30,** | |
|  | **2025** | **2024** | **2023** | **For the Period<br> May 1, 2022<br> through<br> December 31,**<br>**2022^** | **2022** | **For the Period<br> March 30, 2021\*<br> through<br> April 30,**<br>**2021** |
| **Net asset value, beginning of period** | $9.86 | $9.59 | $7.66 | $8.35 | $10.86 | $10.00 |
| **Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> |  | 0.01 | 0.01 | (0.01) | (0.09) | -<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 3.13 | 0.46 | 1.96 | (0.68) | (2.41) | 0.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 3.13 | 0.47 | 1.97 | (0.69) | (2.50) | 0.86 |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.05) | (0.20) | (0.04) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gain | - | - | - | - | (0.01) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.05) | (0.20) | (0.04) | - | (0.01) | - |
| **Net asset value, end of period** | $12.94 | $9.86 | $9.59 | $7.66 | $8.35 | $10.86 |
| **Total return<sup>3</sup>** | 31.80% | 4.74% | 25.80% | (8.26)%<sup>4</sup> | (23.02)% | 8.60%<sup>4</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $49543 | $34357 | $36829 | $24276 | $21038 | $766 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 2.07%<sup>5</sup> | 1.87%<sup>5</sup> | 2.05% | 2.59%<sup>6</sup> | 4.95% | 60.53%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.06%<sup>5,7</sup> | 1.25%<sup>5</sup> | 1.25% | 1.25%<sup>6</sup> | 1.25% | 1.25%<sup>6</sup> |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (1.00)% | (0.57)% | (0.64)% | (1.47)%<sup>6</sup> | (4.52)% | (59.00)%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 0.01% | 0.05% | 0.16% | (0.13)%<sup>6</sup> | (0.82)% | 0.28%<sup>6</sup> |
| Portfolio turnover rate | 112% | 115% | 87% | 74%<sup>4</sup> | 59% | 3%<sup>4</sup> |

---

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

<sup>^</sup> Fiscal year end changed to December 31, effective December 14, 2022.

<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> If interest expense and tax expense had been excluded, the expense ratios would have been lowered by 0.01% and 0.00% for the year ended December 31, 2025 and 2024, respectively.

<sup>6</sup> Annualized.

<sup>7</sup> Effective April 1, 2025, the Advisor has contractually agreed to limit the annual fund operating expenses to 1.00%. Prior to April 1, 2025, the annual fund operating expense limitation was 1.25%.

 

*See accompanying Notes to Financial Statements.*

**WCM Mid Cap Quality Value Fund**

**FINANCIAL HIGHLIGHTS**

**Investor Class**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Year Ended<br> December 31,** | **For the Year Ended<br> December 31,** | **For the Year Ended<br> December 31,** | |
|  | **2025** | **2024** | **2023** | **For the Period<br> July 28, 2022\*<br> through<br> December 31,**<br>**2022^** |
| **Net asset value, beginning of period** | $12.12 | $11.73 | $9.27 | $10.00 |
| **Income from Investment Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> |  | (0.04) | (0.03) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.91) | 1.16 | 2.68 | (0.72) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (0.91) | 1.12 | 2.65 | (0.73) |
| **Less Distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.01) | (0.01) | (0.01) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gain | (0.36) | (0.72) | (0.18) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.37) | (0.73) | (0.19) | - |
| **Net asset value, end of period** | $10.84 | $12.12 | $11.73 | $9.27 |
| **Total return<sup>2</sup>** | (7.47)% | 9.16% | 28.72% | (7.30)%<sup>3</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |
| Net assets, end of period (in thousands) | $12 | $13 | $12 | $9 |
| Ratio of expenses to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 8.01%<sup>4</sup> | 25.72%<sup>4</sup> | 36.72% | 56.33%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 0.99%<sup>4</sup> | 1.23%<sup>4,6</sup> | 1.25% | 1.25%<sup>5</sup> |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (7.01)% | (24.83)% | (35.78)% | (55.37)%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 0.01% | (0.34)% | (0.31)% | (0.29)%<sup>5</sup> |
| Portfolio turnover rate | 66% | 27% | 15% | 13%<sup>3</sup> |

---

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

<sup>^</sup> Fiscal year end changed to December 31, effective December 14, 2022.

<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> If interest expense and tax expense had been excluded, the expense ratios would have been lowered by 0.01% and 0.00% for the year ended December 31, 2025 and 2024, respectively.

<sup>5</sup> Annualized.

<sup>6</sup> Effective November 29, 2024, the Advisor has contractually agreed to limit the annual fund operating expenses to 1.05%. Prior to November 29, 2024, the annual fund operating expense limitation was 1.25%.

 

*See accompanying Notes to Financial Statements.*

**WCM Mid Cap Quality Value Fund**

**FINANCIAL HIGHLIGHTS**

**Institutional Class**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Year Ended<br> December 31,** | **For the Year Ended<br> December 31,** | **For the Year Ended<br> December 31,** | |
|  | **2025** | **2024** | **2023** | **For the Period<br> July 28, 2022\*<br> through<br> December 31,**<br>**2022^** |
| **Net asset value, beginning of period** | $12.13 | $11.74 | $9.27 | $10.00 |
| **Income from Investment Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | 0.03 | (0.01) | (0.01) | -<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.91) | 1.16 | 2.70 | (0.72) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (0.88) | 1.15 | 2.69 | (0.72) |
| **Less Distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.04) | (0.04) | (0.04) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gain | (0.36) | (0.72) | (0.18) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.40) | (0.76) | (0.22) | (0.01) |
| **Net asset value, end of period** | $10.85 | $12.13 | $11.74 | $9.27 |
| **Total return<sup>3</sup>** | (7.23)% | 9.40% | 29.13% | (7.22)%<sup>4</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |
| Net assets, end of period (in thousands) | $1255 | $1371 | $895 | $571 |
| Ratio of expenses to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 7.77%<sup>5</sup> | 25.44%<sup>5</sup> | 36.47% | 56.08%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 0.75%<sup>5</sup> | 0.98%<sup>5,7</sup> | 1.00% | 1.00%<sup>6</sup> |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (6.76)% | (24.55)% | (35.53)% | (55.12)%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 0.26% | (0.09)% | (0.06)% | (0.04)%<sup>6</sup> |
| Portfolio turnover rate | 66% | 27% | 15% | 13%<sup>4</sup> |

---

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

<sup>^</sup> Fiscal year end changed to December 31, effective December 14, 2022.

<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> If interest expense and tax expense had been excluded, the expense ratios would have been lowered by 0.01% and 0.00% for the year ended December 31, 2025 and 2024, respectively.

<sup>6</sup> Annualized.

<sup>7</sup> Effective November 29, 2024, the Advisor has contractually agreed to limit the annual fund operating expenses to 0.80%. Prior to November 29, 2024, the annual fund operating expense limitation was 1.00%.

 

*See accompanying Notes to Financial Statements.*

**WCM Mid Cap Quality Value Fund**

**FINANCIAL HIGHLIGHTS**

**Class Y**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended<br> December 31,** | |
|  | **2025** | **For the Period<br> November 29, 2024\*<br> through<br> December 31,**<br>**2024** |
| **Net asset value, beginning of period** | $12.13 | $13.74 |
| **Income from Investment Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | 0.04 | -<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.91) | (0.85) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (0.87) | (0.85) |
| **Less Distributions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.05) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gain | (0.36) | (0.72) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.41) | (0.76) |
| **Net asset value, end of period** | $10.85 | $12.13 |
| **Total return<sup>3</sup>** | (7.14)% | (6.52)%<sup>4</sup> |
| **Ratios and Supplemental Data:** |  |  |
| Net assets, end of period (in thousands) | $3218 | $1270 |
| Ratio of expenses to average net assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 7.68%<sup>5</sup> | 18.93%<sup>5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 0.66%<sup>5</sup> | 0.65%<sup>5,6</sup> |
| Ratio of net investment income (loss) to average net assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (6.67)% | (18.14)%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 0.35% | 0.14%<sup>6</sup> |
| Portfolio turnover rate | 66% | 27% |

---

<sup>\*</sup> Class Y 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> If interest expense and tax expense had been excluded, the expense ratios would have been lowered by 0.01% and 0.00% for the year ended December 31, 2025 and 2024, respectively.

<sup>6</sup> Annualized.

 

*See accompanying Notes to Financial Statements.*

**WCM Focused Emerging Markets ex China Fund**

**FINANCIAL HIGHLIGHTS**

**Investor Class**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Year Ended<br> December 31,** | **For the Year Ended<br> December 31,** | **For the Year Ended<br> December 31,** | |
|  | **2025** | **2024** | **2023** | **For the Period<br> December 29, 2022\*<br> through<br> December 31,**<br>**2022** |
| **Net asset value, beginning of period** | $14.24 | $12.75 | $9.91 | $10.00 |
| **Income from Investment Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | 0.02 | (0.01) | 0.02 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 5.52 | 1.93 | 2.82 | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 5.54 | 1.92 | 2.84 | (0.09) |
| **Less Distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income |  |  | -<sup>2</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gain | (1.28) | (0.43) | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (1.28) | (0.43) | - | - |
| **Net asset value, end of period** | $18.50 | $14.24 | $12.75 | $9.91 |
| **Total return<sup>3</sup>** | 39.15% | 14.91% | 28.70% | (0.90)%<sup>4</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |
| Net assets, end of period (in thousands) | $20 | $15 | $13 | $10 |
| Ratio of expenses to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 3.16%<sup>5</sup> | 4.78% | 16.78% | 416.99%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.50%<sup>5</sup> | 1.50% | 1.50% | 1.50%<sup>6</sup> |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (1.56)% | (3.33)% | (15.07)% | (416.99)%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 0.10% | (0.05)% | 0.21% | (1.50)%<sup>6</sup> |
| Portfolio turnover rate | 66% | 65% | 37% | -%<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> If interest expense had been excluded, the expense ratios would have been lowered by 0.00% for the year ended December 31, 2025.

<sup>6</sup> Annualized.

 

*See accompanying Notes to Financial Statements.*

**WCM Focused Emerging Markets ex China Fund**

**FINANCIAL HIGHLIGHTS**

**Institutional Class**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Year Ended<br> December 31,** | **For the Year Ended<br> December 31,** | **For the Year Ended<br> December 31,** | |
|  | **2025** | **2024** | **2023** | **For the Period<br> December 29, 2022\*<br> through<br> December 31,**<br>**2022** |
| **Net asset value, beginning of period** | $14.25 | $12.75 | $9.91 | $10.00 |
| **Income from Investment Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | 0.06 | 0.03 | 0.05 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 5.53 | 1.93 | 2.82 | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 5.59 | 1.96 | 2.87 | (0.09) |
| **Less Distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.03) | (0.03) | (0.03) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gain | (1.28) | (0.43) | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (1.31) | (0.46) | (0.03) | - |
| **Net asset value, end of period** | $18.53 | $14.25 | $12.75 | $9.91 |
| **Total return<sup>2</sup>** | 39.49% | 15.21% | 29.00% | (0.90)%<sup>3</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |
| Net assets, end of period (in thousands) | $27537 | $14469 | $6547 | $485 |
| Ratio of expenses to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 2.91%<sup>4</sup> | 4.53% | 16.53% | 416.74%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.25%<sup>4</sup> | 1.25% | 1.25% | 1.25%<sup>5</sup> |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (1.31)% | (3.08)% | (14.82)% | (416.74)%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 0.35% | 0.20% | 0.46% | (1.25)%<sup>5</sup> |
| Portfolio turnover rate | 66% | 65% | 37% | -%<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> If interest expense had been excluded, the expense ratios would have been lowered by 0.00% for the year ended December 31, 2025.

<sup>5</sup> Annualized.

 

*See accompanying Notes to Financial Statements.*

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS**

**December 31, 2025**

**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 International Small Cap Growth Fund (the ''International Small Cap Growth" or "International Small Cap Growth Fund"), WCM Small Cap Growth Fund ("Small Cap Growth" or "Small Cap Growth Fund"), WCM SMID Quality Value Fund ("SMID Quality Value" or "SMID Quality Value Fund"), WCM China Quality Growth Fund ("China Quality Growth" or "China Quality Growth Fund"), WCM Focused International Equity Fund ("International Equity" or "International Equity Fund") (formerly WCM Focused International Value Fund), WCM Focused International Opportunities Fund ("International Opportunities" or "International Opportunities Fund"), WCM Mid Cap Quality Value Fund ("Mid Cap Quality Value" or "Mid Cap Quality Value Fund"), and WCM Focused Emerging Markets ex China Fund ("Emerging Markets ex China" or "Emerging Markets ex China 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, International Small Cap Growth Fund, Small Cap Growth Fund, SMID Quality Value Fund, International Equity Fund, International Opportunities Fund, Mid Cap Quality Value Fund, and Emerging Markets ex China Fund are diversified Funds. The China Quality Growth Fund is a non-diversified Fund.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Commencement of Operations | Commencement of Operations | Commencement of Operations |
| Fund Name | Investment Objective | Institutional<br> Class | Investor <br> Class | Class Y |
| 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 |  |
| International Small Cap Growth Fund | Provide long-term capital appreciation | 11/30/2015 |  |  |
| Small Cap Growth Fund | Provide long-term capital appreciation | 10/30/2019 | 10/30/2019 |  |
| SMID Quality Value Fund | Provide long-term capital appreciation | 10/30/2019 | 10/30/2019 |  |
| China Quality Growth Fund | Provide long-term capital appreciation | 3/31/2020 | 3/31/2020 |  |
| International Equity Fund | Provide long-term capital appreciation | 6/29/2020 | 6/29/2020 |  |
| International Opportunities Fund | Provide long-term capital appreciation | 3/30/2021 | 3/30/2021 |  |
| Mid Cap Quality Value Fund | Provide long-term capital appreciation | 7/28/2022 | 7/28/2022 | 11/29/2024 |
| Emerging Markets ex China Fund | Provide long-term capital appreciation | 12/29/2022 | 12/29/2022 |  |

---

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.

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".

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2025** 

Each Fund is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of each Fund is used by the Advisor to make investment decisions, and the results of the operations, as shown on the Statements of Operations and the financial highlights for each Fund is the information utilized for the day-to-day management of the Funds. Each Fund is party to the expense agreements as disclosed in the Notes to the Financial Statements and there are no resources allocated to a Fund based on performance measurements. The management of the Funds' Advisor is deemed to be the Chief Operating Decision Maker with respect to the Funds' investment decisions.

**Note 2 – Accounting Policies**

The following is a summary of the significant accounting policies consistently followed by the Funds in the preparation of their financial statements. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from these estimates.

**(a) Valuation of Investments**

Each Fund values equity securities at the last reported sale price on the principal exchange or in the principal over the counter ("OTC") market in which such securities are traded, as of the close of regular trading on the NYSE on the day the securities are being valued or, if the last-quoted sales price is not readily available, the securities will be valued at the last bid or the mean between the last available bid and ask price. Securities traded on the NASDAQ are valued at the NASDAQ Official Closing Price ("NOCP"). Investments in open-end investment companies are valued at the daily closing net asset value of the respective investment company. Debt securities are valued by utilizing a price supplied by independent pricing service providers. The independent pricing service providers may use various valuation methodologies including matrix pricing and other analytical pricing models as well as market transactions and dealer quotations. These models generally consider such factors as yields or prices of bonds of comparable quality, type of issue, coupon, maturity, ratings and general market conditions. If a price is not readily available for a portfolio security, the security will be valued at fair value (the amount which each Fund might reasonably expect to receive for the security upon its current sale). The Board of Trustees has designated the Advisor as the Funds valuation designee (the "Valuation Designee") to make all fair value determinations with respect to the Funds' portfolio investments, subject to the Board's oversight. As the Valuation Designee, the Advisor has adopted and implemented policies and procedures to be followed when the Fund must utilize fair value pricing.

**(b) Investment Transactions, Investment Income and Expenses**

Investment transactions are accounted for on the trade date. Realized gains and losses on investments are determined on the identified cost basis. Dividend income is recorded net of applicable withholding taxes on the ex-dividend date and interest income is recorded on an accrual basis. Withholding taxes on foreign dividends, if applicable, are paid (a portion of which may be reclaimable) or provided for in accordance with the applicable country's tax rules and rates and are disclosed in the Statements of Operations. Withholding tax reclaims are filed in certain countries to recover a portion of the amounts previously withheld. The Funds record a reclaim receivable based on a number of factors, including a jurisdiction's legal obligation to pay reclaims as well as payment history and market convention. Discounts on debt securities are accreted or amortized to interest income over the lives of the respective securities using the effective interest method. Premiums for callable debt securities are amortized to the earliest call date, if the call price was less than the purchase price. If the call price was not at par and the security was not called, the security is amortized to the next call price and date. Income and expenses of the Funds are allocated on a pro rata basis to each class of shares relative net assets. Expenses incurred by the Trust with respect to more than one fund are allocated in proportion to the net assets of each fund except where allocation of direct expenses to each fund or an alternative allocation method can be more appropriately made.

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2025** 

**(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.

*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.

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2025** 

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 December 31, 2025 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.

**(h) Warrants and Rights**

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

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2025** 

**Note 3 – Investment Advisory and Other Agreements**

The Trust, on behalf of the Funds, entered into Investment Advisory Agreements (the "Agreements") with WCM Investment Management (the "Advisor"). Under the terms of the Agreements, Funds pay a monthly investment advisory fee to the Advisor. The annual rates are listed by Fund in the table below. The Advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Funds to ensure that total annual fund operating expenses (excluding taxes, leverage interest, brokerage commissions, dividend expenses on short sales, acquired fund fees and expenses as determined in accordance with Form N-1A, professional fees related to services for the collection of foreign tax reclaims, expenses incurred in connection with any merger or reorganization, or extraordinary expenses such as litigation expenses) in order to limit total annual operating expenses of each fund.

These agreements are in effect until April 30, 2026 for the International Growth Fund, Emerging Markets Fund, and International Small Cap Growth Fund, and April 30, 2035, with respect to the Small Cap Growth Fund, SMID Quality Value Fund, China Quality Growth Fund, International Equity Fund, International Opportunities Fund, Mid Cap Quality Value Fund, and Emerging Markets ex China 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | Total Limit on Annual Operating Expenses | Total Limit on Annual Operating Expenses | Total Limit on Annual Operating Expenses |
|  | | Investor | Institutional |  |
|  | Investment<br>Advisory<br>Fees | Class\* | Class\* | Class Y\* |
| International Growth Fund | 0.85% | 1.50% | 1.25% |  |
| Emerging Markets Fund | 1.00% | 1.50% | 1.25% |  |
| International Small Cap Growth Fund | 1.00% |  | 1.25% |  |
| Small Cap Growth Fund | 0.99% | 1.24% | 0.99% |  |
| SMID Quality Value Fund | 0.85% | 1.10% | 0.85% |  |
| China Quality Growth Fund | 1.00% | 1.50% | 1.25% |  |
| International Equity Fund | 0.85% | 1.10% | 0.85% |  |
| International Opportunities Fund\*\* | 1.00% | 1.25% | 1.00% |  |
| Mid Cap Quality Value Fund | 0.65% | 1.05% | 0.80% | 0.65% |
| Emerging Markets ex China Fund | 1.00% | 1.50% | 1.25% |  |

---

\* The total limit on annual operating expenses is calculated based on each Fund's average daily net assets.

\*\* Effective April 1, 2025, the Advisor agreed to reduce the annual operating expenses of the Fund from 1.50% to 1.25% and 1.25% to 1.00% of the average daily net assets of the Fund's Investor Class and Institutional Class shares, respectively.

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2025** 

 

The table below contains the advisory fees waived and absorbed other expenses for the year ended December 31, 2025:

---

| | |
|:---|:---|
| Emerging Markets Fund | $1123997 |
| International Small Cap Growth Fund | 432643 |
| Small Cap Growth Fund | 343029 |
| SMID Quality Value Fund | 365349 |
| China Quality Growth Fund | 315500 |
| International Equity Fund | 403855 |
| International Opportunities Fund | 405107 |
| Mid Cap Quality Value Fund | 356332 |
| Emerging Markets ex China Fund | 361440 |

---

The Advisor is permitted to seek reimbursement from the Funds, subject to certain limitations, of fees waived or payments made to the Funds for a period ending three full fiscal years after the date of the waiver or payment with respect to the Emerging Markets Fund and International Small Cap Growth Fund. The Advisor is permitted to seek reimbursement from the Funds, subject to certain limitations, of fees waived or payments made to the Fund for a period ending three years after the date of the waiver or payment with respect to the Small Cap Growth Fund, SMID Quality Value Fund, China Quality Growth Fund, International Equity Fund, International Opportunities Fund, Mid Cap Quality Value Fund, and Emerging Markets ex China Fund. 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 in effect at the time such fees were waived or payments made, or (b) the expense limitation in effect at the time of the reimbursement.

The potential recoverable amount is noted as "Commitments and contingencies" as reported on the Statements of Assets and Liabilities. The Advisor may recapture all or a portion of this amount no later than December 31 of the years stated below. The total is the amount of these potentially recoverable expenses as of December 31, 2025.

---

| | | | |
|:---|:---|:---|:---|
|  | Emerging Markets Fund | International Small Cap<br> Growth Fund | Small Cap Growth Fund |
| 2026 | $256439 | $238836 | $306101 |
| 2027 | 522258 | 178706 | 336034 |
| 2028 | 1123997 | 432643 | 343029 |
| Total | $1902694 | $850185 | $985164 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SMID Quality Value Fund | China Quality Growth Fund | International Equity Fund |
| 2026 | $546548 | $246959 | $240691 |
| 2027 | 415405 | 292249 | 256867 |
| 2028 | 365349 | 315500 | 403855 |
| Total | $1327302 | $854708 | $901413 |

---

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | International<br> Opportunities Fund | Mid Cap Quality Value Fund | Emerging Markets ex<br> China Fund |
| 2026 | $256598 | $276176 | $322072 |
| 2027 | 244422 | 263233 | 280318 |
| 2028 | 405107 | 356332 | 361440 |
| Total | $906127 | $895741 | $963830 |

---

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 year ended December 31, 2025, are reported on the Statements of Operations.

First Trust Portfolios L.P. serves as the Funds' distributor (the "Distributor"). The distributor is under no duty to verify any valuations of the Funds' investments. 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 year ended December 31, 2025, the Funds' allocated fees incurred to Trustees who are not affiliated with the Funds' co-administrators are reported on the Statements of Operations.

The Funds' Board of Trustees has adopted a Deferred Compensation Plan (the "Plan") for the Independent Trustees that enables Trustees to elect to receive payment in cash or the option to select various Fund in the Trust in which their deferred accounts shall be deemed to be invested. If a trustee elects to defer payment, the Plan provides for the creation of a deferred payment account. The Funds' liability for these amounts are adjusted for market value changes in the invested Fund and remains a liability to the Fund until distributed in accordance with the Plan. The Trustees Deferred compensation liability under the Plan constitutes a general unsecured obligation of the Funds and are disclosed in the Statements of Assets and Liabilities. Contributions made under the plan and the change in unrealized appreciation (depreciation) and income are included in the Trustees' fees and expenses in the Statements of Operations.

Dziura Compliance Consulting, LLC provides Chief Compliance Officer ("CCO") services to the Trust. The Funds' allocated fees incurred for CCO services for the year December 31, 2025, are reported on the Statements of Operations.

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2025** 

**Note 4 – Federal Income Taxes**

At December 31, 2025, gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | International Growth Fund | Emerging Markets Fund | International Small Cap<br> Growth Fund |
| Cost of investments | $13726981010 | $681930078 | $279958187 |
| Gross unrealized appreciation | $6738112219 | $269889571 | $52640674 |
| Gross unrealized depreciation | (381520561) | (53039261) | (17684837) |
| Net unrealized appreciation (depreciation) on investments | $6356591658 | $216850310 | $34955837 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Small Cap Growth Fund | SMID Quality Value Fund | China Quality Growth Fund |
| Cost of investments | $37712908 | $1541509 | $1553091 |
| Gross unrealized appreciation | $8053764 | $223108 | $294876 |
| Gross unrealized depreciation | (2059066) | (158165) | (75499) |
| Net unrealized appreciation (depreciation) on investments | $5994698 | $64943 | $219377 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | International Equity Fund | International<br> Opportunities Fund | Mid Cap Quality Value Fund |
| Cost of investments | $84449418 | $42674468 | $4673965 |
| Gross unrealized appreciation | $15754165 | $10016661 | $358834 |
| Gross unrealized depreciation | (3091366) | (1305291) | (541767) |
| Net unrealized appreciation (depreciation) on investments | $12662799 | $8711370 | $(182933) |

---

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2025** 

---

| | |
|:---|:---|
| | Emerging Markets ex China<br> Fund |
| Cost of investments | $21621978 |
| Gross unrealized appreciation | $6858604 |
| Gross unrealized depreciation | (730534) |
| Net unrealized appreciation (depreciation) on investments | $6128070 |

---

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

GAAP requires that certain components of net assets be reclassified between financial and tax reporting. These reclassifications have no effect on the net assets or net asset value per share. For the year ended December 31, 2025, permanent differences in book and tax accounting have been reclassified to paid-in-capital and distributable earnings/(accumulated deficit) as follows:

---

| | | |
|:---|:---|:---|
| | Paid in Capital | Total Distributable Earnings/<br> (Accumulated Deficit) |
| International Growth Fund | $1821 | $(1821) |
| Emerging Markets Fund | (559) | 559 |
| International Small Cap Growth Fund | (2010109) | 2010109 |
| Small Cap Growth Fund | (554314) | 554314 |
| SMID Quality Value Fund | 15803281 | (15803281) |
| China Quality Growth Fund | (27603) | 27603 |
| International Equity Fund | (1694) | 1694 |
| International Opportunities Fund |  |  |
| Mid Cap Quality Value Fund |  |  |
| Emerging Markets ex China Fund |  |  |

---

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2025** 

As of December 31, 2025, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | International<br> Growth Fund | Emerging<br> Markets Fund | International Small<br> Cap Growth Fund |
| Undistributed ordinary income | $- | $4893727 | $- |
| Undistributed long-term capital gains | 168376924 | - | - |
| Tax accumulated earnings | 168376924 | 4893727 |  |
| Accumulated capital and other losses |  | (471424075) | (96999457) |
| Unrealized appreciation (depreciation) on foreign currency | 2584112 | (2604559) | 27277 |
| Unrealized appreciation (depreciation) on investments | 6356591658 | 216850310 | 34955837 |
| Deferred compensation | (469623) | (51001) | (28981) |
| Unrealized Non-U.S. Taxes | - | - | (285170) |
| Total accumulated earnings/(deficit) | $6527083071 | $(252335598) | $(62330494) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Small Cap<br> Growth Fund | SMID Quality<br> Value Fund | China Quality Growth<br> Fund |
| Undistributed ordinary income | $- | $- | $- |
| Undistributed long-term capital gains | - | 48539 | - |
| Tax accumulated earnings |  | 48539 |  |
| Accumulated capital and other losses | (353022) |  | (5837012) |
| Unrealized appreciation (depreciation) on foreign currency |  |  |  |
| Unrealized appreciation (depreciation) on investments | 5994698 | 64943 | 219377 |
| Deferred compensation | (16624) | (18090) | (14774) |
| Total accumulated earnings/(deficit) | $5625052 | $95392 | $(5632409) |

---

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | International<br> Equity Fund | International<br> Opportunities<br> Fund | Mid Cap Quality<br> Value Fund |
| Undistributed ordinary income | $- | $- | $- |
| Undistributed long-term capital gains | - | 2989 | 24760 |
| Tax accumulated earnings |  | 2989 | 24760 |
| Accumulated capital and other losses | (492486) | (212029) | (216779) |
| Unrealized appreciation (depreciation) on foreign currency | 3166 | 3216 |  |
| Unrealized appreciation (depreciation) on investments | 12662799 | 8711370 | (182933) |
| Deferred compensation | (14719) | (14449) | (11799) |
| Total accumulated earnings/(deficit) | $12158760 | $8491097 | $(386751) |

---

---

| | |
|:---|:---|
|  | Emerging<br> Markets ex<br> China Fund |
| Undistributed ordinary income | $259522 |
| Undistributed long-term capital gains | 704197 |
| Tax accumulated earnings | 963719 |
| Accumulated capital and other losses |  |
| Unrealized appreciation (depreciation) on foreign currency | (10) |
| Unrealized appreciation (depreciation) on investments | 6128070 |
| Deferred compensation | (11052) |
| Unrealized Non-U.S. Taxes | (119788) |
| Total accumulated earnings | $6960939 |

---

The tax character of the distributions paid during the periods ended December 31, 2025 and December 31, 2024 for the Funds were as follows:

---

| | | |
|:---|:---|:---|
|  | International Growth Fund | International Growth Fund |
| Distributions paid from: | 2025 | 2024 |
| &nbsp;&nbsp;&nbsp;Ordinary Income | $132816111 | $142462572 |
| &nbsp;&nbsp;&nbsp;Net long-term capital gains | 975632162 | 1895689797 |
| Total distributions paid | $1108448273 | $2038152369 |

---

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | Emerging Markets Fund | Emerging Markets Fund |
| Distributions paid from: | 2025 | 2024 |
| &nbsp;&nbsp;&nbsp;Ordinary Income | $- | $- |
| &nbsp;&nbsp;&nbsp;Net long-term capital gains | - | - |
| Total distributions paid | $- | $- |

---

---

| | | |
|:---|:---|:---|
|  | International Small Cap Growth Fund | International Small Cap Growth Fund |
| Distributions paid from: | 2025 | 2024 |
| &nbsp;&nbsp;&nbsp;Ordinary Income | $2517170 | $3810934 |
| &nbsp;&nbsp;&nbsp;Net long-term capital gains | - | - |
| Total distributions paid | $2517170 | $3810934 |

---

---

| | | |
|:---|:---|:---|
|  | Small Cap Growth Fund | Small Cap Growth Fund |
| Distributions paid from: | 2025 | 2024 |
| &nbsp;&nbsp;&nbsp;Ordinary Income | $- | $- |
| &nbsp;&nbsp;&nbsp;Net long-term capital gains | 421402 | - |
| Total distributions paid | $421402 | $- |

---

---

| | | |
|:---|:---|:---|
|  | SMID Quality Value Fund | SMID Quality Value Fund |
| Distributions paid from: | 2025 | 2024 |
| &nbsp;&nbsp;&nbsp;Ordinary Income | $- | $- |
| &nbsp;&nbsp;&nbsp;Net long-term capital gains | 4940223 | 10162776 |
| Total distributions paid | $4940223 | $10162776 |

---

---

| | | |
|:---|:---|:---|
|  | China Quality Growth Fund | China Quality Growth Fund |
| Distributions paid from: | 2025 | 2024 |
| &nbsp;&nbsp;&nbsp;Ordinary Income | $110515 | $39914 |
| &nbsp;&nbsp;&nbsp;Net long-term capital gains | - | - |
| Total distributions paid | $110515 | $39914 |

---

---

| | | |
|:---|:---|:---|
|  | International Equity Fund | International Equity Fund |
| Distributions paid from: | 2025 | 2024 |
| &nbsp;&nbsp;&nbsp;Ordinary Income | $2162832 | $136774 |
| &nbsp;&nbsp;&nbsp;Net long-term capital gains | - | - |
| Total distributions paid | $2162832 | $136774 |

---

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | International Opportunities Fund | International Opportunities Fund |
| Distributions paid from: | 2025 | 2024 |
| &nbsp;&nbsp;&nbsp;Ordinary Income | $216532 | $717376 |
| &nbsp;&nbsp;&nbsp;Net long-term capital gains | - | - |
| Total distributions paid | $216532 | $717376 |

---

---

| | | |
|:---|:---|:---|
|  | Mid Cap Quality Value Fund | Mid Cap Quality Value Fund |
| Distributions paid from: | 2025 | 2024 |
| &nbsp;&nbsp;&nbsp;Ordinary Income | $21133 | $6408 |
| &nbsp;&nbsp;&nbsp;Net long-term capital gains | 165150 | 52351 |
| Total distributions paid | $186283 | $58759 |

---

---

| | | |
|:---|:---|:---|
|  | Emerging Markets Ex China Fund | Emerging Markets Ex China Fund |
| Distributions paid from: | 2025 | 2024 |
| &nbsp;&nbsp;&nbsp;Ordinary Income | $649514 | $318515 |
| &nbsp;&nbsp;&nbsp;Net long-term capital gains | 1190625 | 72851 |
| Total distributions paid | $1840139 | $391366 |

---

At December 31, 2025, the below Funds had an accumulated capital loss carry forward as follows:

---

| | | |
|:---|:---|:---|
|  | Short-term Capital Loss<br>Carryforward | Long-term Capital Loss<br>Carryforward |
| Emerging Markets Fund | $84651543 | $386772532 |
| International Small Cap Growth Fund | 47019934 | 49979523 |
| Small Cap Growth | 353022 |  |
| China Quality Growth Fund | 1621577 | 4215435 |

---

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

For the tax year December 31, 2025, the below Funds utilized a capital loss carryforward as follows:

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2025** 

---

| | |
|:---|:---|
|  | Capital Loss<br>Carryforward Utilized |
| Emerging Markets Fund | $139681095 |
| International Small Cap Growth Fund | 39177350 |
| China Quality Growth Fund | 172541 |
| International Equity Fund | 2251784 |
| International Opportunities Fund | 4551472 |

---

The International Growth Fund, Small Cap Growth, SMID Quality Value Fund, Mid Cap Quality Value Fund and Emerging Markets ex China Fund did not utilize capital loss carryforward for the tax year ended December 31, 2025.

As of December 31, 2025, The Focused International Equity Fund and Mid Cap Quality Value Fund had qualified post October losses of $178,050 and $216,779, respectively, which are deferred until fiscal year 2026 for tax purposes.

As of December 31, 2025, the Focused International Equity Fund and the Focused International Opportunities Fund had qualified late-year ordinary losses of $314,436 and $212,029, respectively, which are deferred until fiscal year 2026 for tax purposes. Net late-year ordinary losses incurred after December 31 and within the taxable year and net late-year specified losses incurred after October 31 and within the taxable year are deemed to arise on the first day of the Fund's next taxable year.

The remaining Funds did not have qualified Late-Year Losses, or Post October losses.

In the reporting period, the Fund adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740) — Improvements to Income Tax Disclosures (ASU 2023-09), which enhances income tax disclosures, including disclosure income taxes paid disaggregated by jurisdiction. For the tax year ended December 31, 2025, the below shows foreign taxes paid:

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2025** 

---

| | |
|:---|:---|
| **Focused International Growth Fund** | |
| U.S. Federal Taxes | $- |
| Income Taxes Paid by Foreign Jurisdiction: |  |
| Canada | 3168777 |
| Denmark | 3470175 |
| Germany | 83646 |
| India | 133104 |
| Japan | 488838 |
| Jersey | 1706243 |
| Netherlands | 2953992 |
| Switzerland | 1760576 |
| Taiwan | 3322527 |
| Foreign Tax Subtotal | 17087878 |
| Total Paid For Income Taxes (Net Of Refunds) | $17087878 |
| **Emerging Markets Fund** |  |
| U.S. Federal Taxes | $- |
| Income Taxes Paid (Reclaimed) by Foreign Jurisdiction: |  |
| Brazil | 127984 |
| China | 117217 |
| India | 834038 |
| Indonesia | 216479 |
| Japan | 2059 |
| Mexico | 82709 |
| Saudi Arabia | 11012 |
| South Africa | 116809 |
| South Korea | 223647 |
| Taiwan | 522675 |
| Foreign Tax Subtotal | 2254629 |
| Total Paid For Income Taxes (Net Of Refunds) | $2254629 |

---

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2025** 

---

| | |
|:---|:---|
| **International Small Cap Growth Fund** | |
| U.S. Federal Taxes | $- |
| Income Taxes Paid by Foreign Jurisdiction: |  |
| Brazil | 3799 |
| Canada | 39842 |
| Germany | 55912 |
| India | 501100 |
| Indonesia | 4911 |
| Italy | 27516 |
| Japan | 15174 |
| Mexico | 15155 |
| Norway | 25337 |
| South Africa | 23729 |
| South Korea | 4235 |
| Spain | 10778 |
| Sweden | 27132 |
| Taiwan | 24110 |
| Foreign Tax Subtotal | 778730 |
| Total Paid For Income Taxes (Net Of Refunds) | $778730 |
| **China Quality Growth Fund** |  |
| U.S. Federal Taxes | $- |
| Income Taxes Paid by Foreign Jurisdiction: |  |
| China | 1455 |
| Japan | 3 |
| Netherlands | 56 |
| Taiwan | 422 |
| Foreign Tax Subtotal | 1936 |
| Total Paid For Income Taxes (Net Of Refunds) | $1936 |

---

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2025** 

---

| | |
|:---|:---|
| **International Equity Fund** | |
| U.S. Federal Taxes | $- |
| Income Taxes Paid by Foreign Jurisdiction: |  |
| Belgium | 1414 |
| Brazil | 5851 |
| Canada | 8153 |
| China | 1608 |
| Denmark | 3474 |
| France | 9916 |
| Germany | 8456 |
| India | 230 |
| Indonesia | 6842 |
| Italy | 2173 |
| Japan | 10818 |
| Mexico | 2583 |
| Netherlands | 4009 |
| Norway | 10 |
| Sweden | 2023 |
| Switzerland | 5336 |
| Taiwan | 5561 |
| Foreign Tax Subtotal | 78457 |
| Total Paid For Income Taxes (Net Of Refunds) | $78457 |

---

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2025** 

---

| | |
|:---|:---|
| **International Opportunities Fund** | |
| U.S. Federal Taxes | $- |
| Income Taxes Paid by Foreign Jurisdiction: |  |
| Belgium | 2142 |
| Canada | 6475 |
| China | 546 |
| Denmark | 638 |
| France | 25 |
| Germany | 5878 |
| India | 45455 |
| Italy | 397 |
| Japan | 1392 |
| South Korea | 145 |
| Spain | 862 |
| Sweden | 203 |
| Taiwan | 3507 |
| Foreign Tax Subtotal | 67665 |
| Total Paid For Income Taxes (Net Of Refunds) | $67665 |
| **Focused Emerging Markets Ex China Fund** |  |
| U.S. Federal Taxes | $- |
| Income Taxes Paid by Foreign Jurisdiction: |  |
| Brazil | 3975 |
| India | 20976 |
| Indonesia | 6085 |
| Japan | 35 |
| Mexico | 4186 |
| Saudi Arabia | 478 |
| South Africa | 4779 |
| South Korea | 5814 |
| Taiwan | 10389 |
| Foreign Tax Subtotal | 56717 |
| Total Paid For Income Taxes (Net Of Refunds) | $56717 |

---

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2025** 

**Note 5 – Investment Transactions**

For the year ended December 31, 2025, 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 | $4397311618 | $5200255630 |
| Emerging Markets Fund | 482397765 | 737618225 |
| International Small Cap Growth Fund | 365359585 | 397885094 |
| Small Cap Growth Fund | 36490265 | 37169589 |
| SMID Quality Value Fund | 18819900 | 80118509 |
| China Quality Growth Fund | 1700061 | 2194154 |
| International Equity Fund | 85662328 | 16007686 |
| International Opportunities Fund | 50155154 | 43671002 |
| Mid Cap Quality Value Fund | 5199770 | 3198987 |
| Emerging Markets ex China Fund | 20262287 | 13456754 |

---

**Note 6 – 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 attributable to Investor and Institutional Class shares serviced by shareholder servicing agents who provide administrative and support services to their customers. Class Y Shares do not pay any shareholding servicing fees.

For the year ended December 31, 2025, the Funds' shareholder servicing fees incurred are disclosed on the Statements of Operations.

**Note 7 – 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 and Class Y shares do not pay any distribution fees.

For the year ended December 31, 2025, distribution fees incurred by each Fund's Investor Class shares are disclosed on the Statements of Operations.

**Note 8 – 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 9 – 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.

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2025** 

Under *Fair Value Measurements and Disclosures*, various inputs are used in determining the value of the Funds' investments. These inputs are summarized into three broad Levels as described below:

● Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.

● Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

● Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Funds' own assumptions about the assumptions a market participant would use in valuing the asset or liability and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest Level input that is significant to the fair value measurement in its entirety.

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the inputs used, as of December 31, 2025, in valuing the Funds' assets carried at fair value:

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Growth Fund** | **Level 1** | **Level 2** | **Level 3\*\*** | **Total** |
| Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argentina | $381097992 | $- | $- | $381097992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bermuda | 468091518 |  |  | 468091518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | 439860910 |  |  | 439860910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 1424037087 |  |  | 1424037087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China |  | 538378912 |  | 538378912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denmark |  | 257960776 |  | 257960776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France |  | 704999011 |  | 704999011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany |  | 2661453380 |  | 2661453380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | 378582180 |  |  | 378582180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ireland | 809576192 | 281293936 |  | 1090870128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Israel | 350483054 |  |  | 350483054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Italy |  | 287372067 |  | 287372067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan |  | 1085232221 |  | 1085232221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands | 754187108 | 788055029 |  | 1542242137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore | 770818762 |  |  | 770818762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea | 418381389 |  |  | 418381389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweden | 522691264 |  |  | 522691264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switzerland |  | 487917293 |  | 487917293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan |  | 1315350655 |  | 1315350655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 318419524 | 2851452431 |  | 3169871955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 1087560915 |  |  | 1087560915 |
| Bank Deposit Investments | 700319062 | - | - | 700319062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments | $8824106957 | $11259465711 | $- | $20083572668 |

---

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Emerging Markets Fund** | **Level 1** | **Level 2** | **Level 3^** | **Total** |
| Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | $93619515 | $- | $- | $93619515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 10587568 |  |  | 10587568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | 45284629 | 145521729 |  | 190806358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greece | 23547306 |  |  | 23547306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | 15314865 | 78853885 |  | 94168750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia |  | 15785845 |  | 15785845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kazakhstan | 4690847 |  |  | 4690847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | 35060188 |  |  | 35060188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peru | 24071551 |  |  | 24071551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Poland |  | 1794986 |  | 1794986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russia |  |  | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saudi Arabia |  | 6991964 |  | 6991964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore | 36852932 |  |  | 36852932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Africa | 10670624 | 14649583 |  | 25320207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea | 12278288 | 102880362 |  | 115158650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan |  | 191445114 |  | 191445114 |
| Bank Deposit Investments | 28878607 | - | - | 28878607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments | $340856920 | $557923468 | $0 | $898780388 |

---

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Small Cap Growth Fund** | **Level 1** | **Level 2** | **Level 3\*\*** | **Total** |
| Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australia | $- | $21741002 | $- | $21741002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Austria |  | 5354141 |  | 5354141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | 12932086 |  |  | 12932086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 25649433 |  |  | 25649433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China |  | 6496890 |  | 6496890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denmark |  | 8829324 |  | 8829324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France |  | 7037120 |  | 7037120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany |  | 15467882 |  | 15467882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greece | 6045494 |  |  | 6045494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India |  | 13819397 |  | 13819397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia |  | 2736175 |  | 2736175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ireland |  | 3228215 |  | 3228215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Israel | 4488145 |  |  | 4488145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Italy | 4022426 | 23648966 |  | 27671392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan |  | 41243941 |  | 41243941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | 6209727 |  |  | 6209727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norway |  | 4103340 |  | 4103340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea |  | 6767047 |  | 6767047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spain |  | 3770201 |  | 3770201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweden |  | 13785958 |  | 13785958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switzerland |  | 8350212 |  | 8350212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan |  | 16936212 |  | 16936212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 15454302 | 27239057 |  | 42693359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States |  | 3133416 |  | 3133416 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 6423915 | - | - | 6423915 |
| Total Investments | $81225528 | $233688496 | $- | $314914024 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Small Cap Growth Fund** | **Level 1** | **Level 2\*** | **Level 3\*\*** | **Total** |
| Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks<sup>1</sup> | $42321326 | $- | $- | $42321326 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 1386280 | - | - | 1386280 |
| Total Investments | $43707606 | $- | $- | $43707606 |

---

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SMID Quality Value Fund** | **Level 1** | **Level 2\*** | **Level 3\*\*** | **Total** |
| Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks<sup>1</sup> | $1552823 | $- | $- | $1552823 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 53629 | - | - | 53629 |
| Total Investments | $1606452 | $- | $- | $1606452 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **China Quality Growth Fund** | **Level 1** | **Level 2** | **Level 3\*\*** | **Total** |
| Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | $372317 | $1153917 | $- | $1526234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong |  | 57599 |  | 57599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands | 90982 |  |  | 90982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 54244 |  |  | 54244 |
| &nbsp;&nbsp;&nbsp;Bank Deposit Investments | 43409 | - | - | 43409 |
| Total Investments | $560952 | $1211516 | $- | $1772468 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Equity Fund** | **Level 1** | **Level 2** | **Level 3^** | **Total** |
| Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Belgium | $- | $- | $- | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | 3965111 |  |  | 3965111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 6688023 |  |  | 6688023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | 5113911 | 1783323 |  | 6897234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denmark | 2136960 |  |  | 2136960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France |  | 2656692 |  | 2656692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany |  | 7054956 |  | 7054956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | 983400 |  |  | 983400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ireland | 2525835 |  |  | 2525835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Israel | 3016134 |  |  | 3016134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Italy |  | 4180917 |  | 4180917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan | 2375168 | 6187694 |  | 8562862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kazakstan | 872321 |  |  | 872321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | 1368676 |  |  | 1368676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands | 2176330 | 3405618 |  | 5581948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russia |  |  | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweden |  | 1453549 |  | 1453549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switzerland | 3386611 | 1257265 |  | 4643876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan | 5470020 |  |  | 5470020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 6054150 | 19401530 |  | 25455680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 805980 |  |  | 805980 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 2792043 | - | - | 2792043 |
| Total Investments | $49730673 | $47381544 | $0 | $97112217 |

---

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Opportunities Fund** | **Level 1** | **Level 2** | **Level 3^** | **Total** |
| Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argentina | $644563 | $- | $- | $644563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australia |  | 699137 |  | 699137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Austria |  | 1015612 |  | 1015612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Belgium |  | 1142673 |  | 1142673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bermuda | 1143131 |  |  | 1143131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | 1855772 |  |  | 1855772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 859703 |  |  | 859703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | 855967 | 1443635 |  | 2299602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denmark |  | 2795299 |  | 2795299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finland | 1015434 |  |  | 1015434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France |  | 1208240 |  | 1208240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany |  | 7044659 |  | 7044659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greece | 986475 |  |  | 986475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong |  | 632672 |  | 632672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | 780075 |  |  | 780075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ireland |  | 878531 |  | 878531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Italy |  | 1566105 |  | 1566105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan |  | 2819417 |  | 2819417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands | 635740 | 1304789 |  | 1940529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peru | 801304 |  |  | 801304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Poland |  | 567297 |  | 567297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore | 2146483 |  |  | 2146483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea | 873726 | 1277117 |  | 2150843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweden | 853063 |  |  | 853063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switzerland |  | 1009742 |  | 1009742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan |  | 1939613 |  | 1939613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 1657823 | 6217540 |  | 7875363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 1566787 |  |  | 1566787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warrants |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada |  |  | 0 | 0 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 1147714 | - | - | 1147714 |
| Total Investments | $17823760 | $33562078 | $0 | $51385838 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Mid Cap Quality Value Fund** | **Level 1** | **Level 2\*** | **Level 3\*\*** | **Total** |
| Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks<sup>1</sup> | $4165461 | $- | $- | $4165461 |
| &nbsp;&nbsp;&nbsp;Bank Deposit Investments | 325571 | - | - | 325571 |
| Total Investments | $4491032 | $- | $- | $4491032 |

---

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2025** 

 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Focused Emerging Markets ex China Fund** | **Level 1** | **Level 2** | **Level 3\*\*** | **Total** |
| Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | $3312123 | $- | $- | $3312123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 535054 |  |  | 535054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cyprus | 205243 |  |  | 205243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greece | 706699 |  |  | 706699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | 1791607 | 2805316 |  | 4596923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia |  | 520707 |  | 520707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kazakhstan | 136806 |  |  | 136806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | 1336891 |  |  | 1336891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peru | 694827 |  |  | 694827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Poland |  | 163407 |  | 163407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saudi Arabia |  | 271531 |  | 271531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore | 1173899 |  |  | 1173899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Africa | 454319 | 506058 |  | 960377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea | 516999 | 4669143 |  | 5186142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan |  | 5863340 |  | 5863340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 253223 |  |  | 253223 |
| &nbsp;&nbsp;&nbsp;Bank Deposit Investments | 1832856 | - | - | 1832856 |
| Total Investments | $12950546 | $14799502 | $- | $27750048 |

---

^ The Funds held a security valued at zero at period end.

<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.

<sup>1</sup> All common stocks held in the Funds are Level 1 securities. For a detailed break-out of common stocks by sector, please refer to the Schedule of Investments.

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

The following table presents additional quantitative information about valuation methodologies and inputs used for investments that are measured at fair value and categorized within Level 3 as of December 31, 2025:

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2025** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund | Asset<br> Class | Fair Value at <br>December<br> 31, 2025 | Valuation<br> Technique(s) | Unobservable<br> Input | Range of<br> Input | Weighted<br> Average<br> of Input | Impact to<br> Valuation from<br> an Increase in<br> Input <sup>(1)</sup> |
| Emerging Markets Fund | Common Stocks | $- | Market Approach | Probability of Recovery | 0% | N/A | Decrease |
| International Equity Fund | Common Stocks | $- | Market Approach | Probability of Recovery | 0% | N/A | Decrease |
| International Opportunities Fund | Warrants | $- | Market Approach | Probability of Recovery | 0% | N/A | Decrease |

---

<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 10 - Investments by Other Registered Investment Companies** 

For purposes of the 1940 Act, the International Growth Fund, Emerging Markets Fund and International Small Cap Fund are treated as a registered investment company. Section 12(d)(1) of the 1940 Act restricts investments by investment companies in the securities of other investment companies, including shares of the Fund. Rule 12d1-4 of the 1940 Act permits other investment companies to invest in the Fund beyond the limits in Section 12(d)(1), subject to certain terms and conditions, including that such investment companies enter into an agreement with the Fund.

**Note 11 – Market Disruption and Geopolitical Risks** 

Certain local, regional or global events such as war, acts of terrorism, the spread of infectious illnesses and/or other public health issues, financial institution instability or other events may have a significant impact on a security or instrument. These types of events and other like them are collectively referred to as "Market Disruptions and Geopolitical Risks" and they may have adverse impacts on the worldwide economy, as well as the economies of individual countries, the financial health of individual companies and the market in general in significant and unforeseen ways. Some of the impacts noted in recent times include but are not limited to embargos, political actions, supply chain disruptions, tariffs, bank failures, restrictions to investment and/or monetary movement including the forced selling of securities or the inability to participate impacted markets. The duration of these events could adversely affect the Fund's performance, the performance of the securities in which the Fund invests and may lead to losses on your investment. The ultimate impact of "Market Disruptions and Geopolitical Risks" on the financial performance of the Fund's investments is not reasonably estimable at this time. Management is actively monitoring these events.

**Note 12 - New Accounting Pronouncements and Regulatory Updates**

In December 2023, the FASB issued Accounting Standards Updated 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted.

In the reporting period, the Fund adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740) — Improvements to Income Tax Disclosures (ASU 2023-09), which enhances income tax disclosures, including disclosure income taxes paid disaggregated by jurisdiction. See Note for 4 for more information.

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2025** 

**Note 13 – 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.

On January 13, 2026, the Board of Trustees of the Trust approved a Plan of Liquidation for the WCM SMID Quality Value Fund (the "Fund"). The Plan of Liquidation authorized the termination, liquidation, and dissolution of the Fund. At the close of business on January 23, 2026, the Fund made a liquidating distribution to each remaining shareholder equal to the value of the 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 was dissolved.

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

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**To the Board of Trustees of Investment Managers Series Trust and**

**Shareholders of WCM Funds**

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of the WCM Focused International Growth Fund, WCM Focused Emerging Markets Fund, WCM International Small Cap Growth Fund, WCM Small Cap Growth Fund, WCM SMID Quality Value Fund, WCM China Quality Growth Fund, WCM Focused International Equity Fund, WCM Focused International Opportunities Fund, WCM Mid Cap Quality Value Fund, and WCM Focused Emerging Markets ex China Fund (the "Funds"), each a series of Investment Managers Series Trust (the "Trust"), including the schedules of investments, as of December 31, 2025, the related statements of operations, the statements of changes in net assets, and the financial highlights for each of the periods indicated in the table below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of December 31, 2025, the results of their operations, the changes in their net assets, and their financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Individual Funds Constituting<br> WCM Funds** | **Statement Of<br> Operations** | **Statements Of<br> Changes In Net Assets** | **Financial Highlights** |
| WCM Focused International Growth Fund, WCM Focused Emerging Markets Fund, WCM International Small Cap Growth Fund, WCM Small Cap Growth Fund, WCM SMID Quality Value Fund, and WCM China Quality Growth Fund | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 | For each of the three years in the period ended December 31, 2025, for the eight months period ended December 31, 2022, and for each of the two years in the period ended April 30, 2022 |
| WCM Focused International Equity Fund | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 | For each of the three years in the period ended December 31, 2025, for the eight months period ended December 31, 2022, for the year ended April 30, 2022, and for the period June 29, 2020 (commencement of operations) through April 30, 2021 |
| WCM Focused International Opportunities Fund | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 | For each of the three years in the period ended December 31, 2025, for the eight months period ended December 31, 2022, for the year ended April 30, 2022, and for the period March 30, 2021 (commencement of operations) through April 30, 2021 |
| WCM Mid Cap Quality Value Fund | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 | For each of the three years in the period ended December 31, 2025, and for the period July 28, 2022 (commencement of operations) through December 31, 2022<br>|
| WCM Focused Emerging Markets ex China Fund | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 | For each of the three years in the period ended December 31, 2025, and for the period December 29, 2022 (commencement of operations) through December 31, 2022 |

---

**To the Board of Trustees of Investment Managers Series Trust and**

**Shareholders of WCM Funds**

**Page Two**

**Basis for Opinion**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 2007.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of the Funds' internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

**TAIT, WELLER & BAKER LLP**

**Philadelphia, Pennsylvania**

**February 27, 2026**

**WCM Funds**

**SUPPLEMENTAL INFORMATION (Unaudited)**

**Tax Information**

For Federal income tax purposes, the International Growth Fund, Small Cap Growth Fund, SMID Quality Value Fund, Mid Cap Quality Value Fund, and Emerging Markets ex China Fund, designates long-term capital gain dividends of $868,312,720, $421,402, $4,940,223, $165,150, and $1,190,625 respectively, or amounts determined to be necessary, for the year ended December 31, 2025.

For the year ended December 31, 2025, 81.68%, 27.48%, 22.26%, 38.92%, 90.29%, 99.90%, and 27.70% of dividends paid from net investment income, including short-term capital gains from the International Growth Fund, International Small Cap Growth Fund, China Quality Growth Fund, International Equity Fund, International Opportunities Fund, Mid Cap Quality Value Fund, and Emerging Markets ex China Fund respectively, are designated as qualified dividend income.

Pursuant to Section 853 of the Internal Revenue Code of 1986, the International Equity Fund, International Opportunities Fund, and Focused Emerging Markets Ex China Fund designates $1,144,190, $109,234, and $193,550 of income derived from foreign sources and $62,673, $22,267, and $39,274 respectively, of foreign taxes paid for the year ended December 31, 2025.

For the year ended December 31, 2025, 45.88%, 34.70%, and 99.90% of the dividends paid from net investment income, including short-term capital gains from the International Growth Fund, International Opportunities Fund, Mid Cap Quality Value Fund respectively, are designated as dividends received deduction available to corporate shareholders.

Of the ordinary income (including short-term capital gain) distributions made during the year ended December 31, 2025 the proportionate share of income derived from foreign sources and foreign taxes paid attributable to one share of stock is:

---

| | | |
|:---|:---|:---|
|  | Foreign Source Income/(Loss) | Foreign Taxes Paid |
| International Growth Fund | $0.0192 | $0.0202 |
| International Small Cap Growth Fund | ($0.1323) | $0.0213 |
| China Quality Growth Fund | $0.4240 | $0.0120 |
| International Equity Fund | $0.2482 | $0.0136 |
| International Opportunities Fund | $0.0275 | $0.0056 |
| Emerging Markets Ex China Fund | $0.1381 | $0.0280 |

---

**Shareholder Meeting Results**

Shareholders were asked to participate in a special meeting of shareholders on September 12, 2025 (the "Shareholder Meeting") for the purpose of electing trustees. Each Nominee was approved by the affirmative vote of a plurality of the shares voting at the Shareholder Meeting. The final results of the Shareholder Meeting are reported in the following table.

**WCM Funds**

**SUPPLEMENTAL INFORMATION (Unaudited) - Continued**

Proposal: To elect the following as Trustees of the Trust:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Voted For** | **Voted For** | **Total Shares Outstanding** | **Voted Withheld** | **Voted Withheld** | **Total Shares Outstanding** |
| **Trustee Nominee Name** | **Shares** | **%** | **%** | **Shares** | **%** | **%** |
| Ashley Toomey Rabun | 827129737.221 | 93.884% | 64.642% | 53885229.201 | 6.116% | 4.211% |
| William H. Young | 829469192.220 | 94.150% | 64.825% | 51545774.202 | 5.850% | 4.028% |
| James E. Ross | 872416952.851 | 99.025% | 68.182% | 8598013.571 | 0.975% | 0.671% |
| Jill I. Mavro | 872376298.228 | 99.020% | 68.178% | 8638668.194 | 0.980% | 0.675% |
| Maureen Quill | 873652842.444 | 99.165% | 68.278% | 7362123.978 | 0.835% | 0.575% |

---

Note: Record date Shares 1,279,552,379.149

Shares voted: 881,014,966.422

% Total Shares Voted: 68.853%

**Form N-CSR Items 8 - 11 (Unaudited)**

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.</u>**

Not Applicable.

**<u>Item 9. Proxy Disclosures for Open-End Management Investment Companies</u>.**

Proxy Disclosures for Open-End Management Investment Companies are included in Item 7, as part of the financial statements.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.</u>**

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

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

***Board Consideration of Investment Advisory Agreement***

At an in-person meeting held on December 3–4, 2025, 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 renewal of the investment advisory agreement (the "*Advisory Agreement*") between the Trust and WCM Investment Management, LLC (the "*Advisor*") for an additional one-year term from when it otherwise would expire, with respect to the following series of the Trust (each, a "*Fund*" and collectively, the *"Funds"*):

● WCM China Quality Growth Fund (the "*China Quality Growth Fund* "),

● WCM Focused Emerging Markets ex China Fund (the *"Focused Emerging Markets ex China Fund"*),

● WCM Focused Emerging Markets Fund (the *"Focused Emerging Markets Fund"*),

● WCM Focused International Equity Fund (the *"Focused International Equity Fund"*),

● WCM Focused International Growth Fund (the *"Focused International Growth Fund"*),

● WCM Focused International Opportunities Fund (the "*Focused International Opportunities Fund* "),

● WCM International Small Cap Growth Fund (the "*International Small Cap Growth Fund* "),

● WCM Mid Cap Quality Value Fund (the "*Mid Cap Quality Value Fund* "),

● WCM Small Cap Growth Fund (the "*Small Cap Growth Fund* "), and

● WCM SMID Quality Value Fund (the "*SMID Quality Value Fund* ").

**WCM Funds**

**Statement Regarding Basis for Approval of Investment Advisory Contract (Unaudited) - Continued**

In approving the renewal of the Advisory Agreement with respect to each Fund, the Board, including the Independent Trustees, determined that such renewal was in the best interests of the Fund and its shareholders.

***Background***

In advance of the December meeting, the Board received information about the Funds and the Advisory Agreement from the 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 Advisor's organization and financial condition; information regarding the background, experience, and compensation structure of relevant personnel providing services to the Funds; information about the Advisor's compliance policies and procedures, cybersecurity, disaster recovery and contingency planning, and policies with respect to portfolio execution and trading; information regarding the profitability of the Advisor's overall relationship with the Funds; reports comparing the performance of each Fund with returns of its benchmark index and a group of comparable funds (each, a "*Peer Group*") selected by Broadridge Financial Solutions, Inc. ("*Broadridge*") from Morningstar, Inc.'s relevant category (each, a "*Fund Universe*") for various periods ended September 30, 2025; and reports comparing the investment advisory fee and total expenses of each Fund with those of its Peer Group and 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 renewal of the Advisory Agreement. In addition, the Board considered information reviewed by the Board during the year at other Board and Board committee meetings. No representatives of the 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 renewing 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***

The Board considered information included in the meeting materials regarding the performance of each Fund. The materials they reviewed indicated the following:

● The China Quality Growth Fund's annualized total return for the five-year period was below the Peer Group and China Region Fund Universe median returns and the MSCI China All Shares Index return by 1.16%, 2.31%, and 2.86%, respectively. The Fund's total return for the one-year period was below the Peer Group median return by 1.41%, the MSCI China All Shares Index return by 1.60%, and Fund Universe median return by 3.75%. For the three-year period, the Fund's annualized total return was below the Peer Group and Fund Universe median returns and the MSCI China All Shares Index return by 2.86%, 4.99%, and 7.66%, respectively. The Trustees considered the Advisor's assertion that the Fund's underperformance over the one-, three-, and five-year periods was primarily due to the Fund's stock selection in the information technology, health care, financials, and materials sectors, and the Fund's allocations to the industrials, information technology, materials, financials, and health care sectors. The Trustees also observed that the Fund's volatility of returns, as measured by its standard deviation, and its downside volatility, as measured by its Morningstar risk score, ranked it in the second quartile of the funds (which is the second most favorable) in the Peer Group and Fund Universe for the five-year period.

**WCM Funds** 

**Statement Regarding Basis for Approval of Investment Advisory Contract (Unaudited) - Continued**

● The Focused Emerging Markets ex China Fund's total return for the one-year period was above the Peer Group and Diversified Emerging Markets Fund Universe median returns and the MSCI Emerging Markets ex China Index return.

● The Focused Emerging Markets Fund's annualized total returns for the one, three-, and ten-year periods were above the Peer Group and Diversified Emerging Markets Fund Universe median returns and the MSCI Emerging Markets Index returns. For the five-year period, the Fund's annualized total return was above the Peer Group median return, but below the Fund Universe median return and the MSCI Emerging Markets Index return by 2.48% and 2.87%, respectively. The Trustees considered the Advisor's assertion that the Fund's underperformance relative to the MSCI Emerging Markets Index was mainly due to stock selection in the financials and consumer discretionary sectors. The Board also observed that the Fund's risk-adjusted returns, as measured by its Sharpe ratio, and its risk-adjusted returns relative to the benchmark, as measured by its information ratio, ranked it in the first or second quartile of the funds (which are the most favorable) in the Peer Group for the one-, three-, five-, and ten-year periods, and in the Fund Universe for the one- and ten-year periods.

● The Focused International Equity Fund's annualized total returns for the one-, three-, and five-year periods were above the Peer Group and Foreign Large Blend Fund Universe median returns and the MSCI ACWI ex USA Index returns.

● The Focused International Growth Fund's annualized total returns for the one-, three-, and ten-year periods were above the Peer Group and Foreign Large Growth Fund Universe median returns and the MSCI ACWI ex USA Index returns. The Fund's annualized total return for the five-year period was above the Peer Group and Fund Universe median returns, but below the MSCI ACWI ex USA Index return by 1.30%. The Trustees considered the Advisor's belief that the Fund's underperformance relative to the MSCI Index for the five-year period was primarily due to the Fund's allocations to the financials, health care, and energy sectors, as well as the Fund's stock selection in the financials and information technology sectors. The Trustees also observed that the Fund's risk-adjusted returns, as measured by its Sharpe ratio, and its risk-adjusted returns relative to the benchmark, as measured by its information ratio, ranked it in the first or second quartile of the funds (which are the most favorable) in the Peer Group and Fund Universe for the one-, three-, five-, and ten-year periods.

● The Focused International Opportunities Fund's annualized total returns for the one- and three-year periods were above the Peer Group and Foreign Small/Mid Blend Fund Universe median returns and the MSCI ACWI ex USA Index returns.

● The International Small Cap Growth Fund's annualized total returns for the one- and three-year periods were above the Peer Group and Foreign Small/Mid Growth Fund Universe median returns, the MSCI ACWI ex USA Index returns, and the MSCI ACWI ex USA Small Cap Index returns. For the five-year period, the Fund's annualized total return was above the Peer Group and Fund Universe median returns, but below the MSCI ACWI ex USA Small Cap Index return and the MSCI ACWI ex USA Index return by 4.45% and 4.74%, respectively. The Trustees considered the Advisor's assertion that the Fund's underperformance relative to the benchmark for the five-year period was due primarily to stock selection in the information technology, financials, and industrials sectors, and to the Fund's allocations to the health care, energy, and materials sectors. The Trustees also observed that the Fund's risk-adjusted returns, as measured by its Sharpe ratio, and its risk-adjusted returns relative to the benchmark, as measured by its information ratio, ranked it in the first or second quartile of the funds (which are the most favorable) in the Peer Group and Fund Universe for the one-, three- and five-year periods.

**WCM Funds**

**Statement Regarding Basis for Approval of Investment Advisory Contract (Unaudited) - Continued**

● The Mid Cap Quality Value Fund's annualized total return for the three-year period was below the Peer Group and Mid-Cap Blend Fund Universe median returns, the Russell Mid Cap Value Index return, and the Russell 3000 Index return by 1.46%, 1.61%, 2.53%, and 11.14%, respectively. For the one-year period, the Fund's total return was below the Fund Universe median return by 13.97%, the Peer Group median return by 14.04%, the Russell Mid Cap Value Index return by 15.63%, and the Russell 3000 Index return by 25.46%. The Trustees considered the Advisor's assertion that the Fund's underperformance over the one- and three-year periods was primarily due to the Fund's sector selection in the industrials, information technology, financials, consumer discretionary, and materials sectors. The Trustees also observed that the Fund's volatility of returns, as measured by its standard deviation, and its downside volatility, as measured by its Morningstar risk score, ranked it in the first quartile or second of the funds (which are the most favorable) in the Peer Group and Fund Universe for the one-year period.

● The Small Cap Growth Fund's annualized total return for the five-year period was below the Small Growth Fund Universe median return, the Russell 2000 Growth Index return, the Peer Group median return, and the Russell 3000 Index return by 1.06%, 2.17%, 2.79%, and 9.50%, respectively. The Fund's annualized total return for the three-year period was below the Fund Universe and Peer Group median returns, the Russell 2000 Growth Index return, and the Russell 3000 Index return by 1.47%, 2.26%, 4.80%, and 12.24%, respectively. For the one-year period, the Fund's total return was below the Peer Group median return by 1.31%, the Fund Universe median return by 1.63%, the Russell 2000 Growth Index return by 9.26%, and the Russell 3000 Index return by 13.11%. The Trustees considered the Advisor's belief that the Fund's underperformance relative to the Peer Group, the Russell 2000 Growth Index, and the Russell 3000 Index over the one-, three-, and five-year periods was mainly due to stock selection in the health care, information technology, and consumer discretionary sectors, among others. The Trustees also observed that the Fund's downside volatility, as measured by its Morningstar risk score, ranked it in the second quartile of the funds (which is the second-most favorable) in the Peer Group and Fund Universe for the five-year period.

● The SMID Quality Value Fund's annualized total return for the five-year period was below the Peer Group and Small Blend Fund Universe median returns, the Russell 2500 Value Index return, and the Russell 3000 Index return by 1.30%, 1.43%, 3.70%, and 4.48%, respectively. The Fund's annualized total return for the three-year period was below the Fund Universe and Peer Group median returns, the Russell 2500 Value Index return, and the Russell 3000 Index return by 1.08%, 1.14%, 2.04%, and 10.77%, respectively. For the one-year period, the Fund's total return was below the Peer Group median return by 10.01%, the Fund Universe median return by 12.43%, the Russell 2500 Value Index return by 15.78%, and the Russell 3000 Index return by 24.19%. The Trustees considered the Advisor's assertion that the Fund's underperformance relative to the Peer Group, the Russell 2500 Value Index, and the Russell 3000 Index over the one-, three-, and five-year periods was primarily due to sector selection in the information technology, financials, industrials, and health care sectors. The Board also observed that the Fund's volatility of returns, as measured by its standard deviation, and its downside volatility, as measured by its Morningstar risk score, ranked it in the first or second quartile of the funds (which are the most favorable) in the Peer Group and Fund Universe for the one-, three-, and five-year periods.

**WCM Funds**

**Statement Regarding Basis for Approval of Investment Advisory Contract (Unaudited) - Continued**

The Board considered the overall quality of services provided by the Advisor to the Funds. In doing so, the Board considered the Advisor's specific responsibilities in day-to-day management and oversight of the Funds, as well as the qualifications, experience, and responsibilities of the personnel involved in the activities of the Funds. The Board also considered the overall quality of the organization and operations of the Advisor, the commitment of the Advisor to the maintenance and growth of each Fund's assets, and the Advisor's compliance structure and compliance procedures. The Board and the Independent Trustees concluded that based on the various factors they had reviewed, the nature, overall quality, and extent of the management and oversight services provided by the Advisor to each Fund were satisfactory.

***Advisory Fees and Expense Ratios***

With respect to the advisory fees and expenses paid by the Funds, the meeting materials indicated the following:

● The China Quality Growth Fund's annual investment advisory fee (gross of fee waivers) was higher than both the Peer Group and China Region Fund Universe medians by 0.15%. The Trustees considered the Advisor's belief that the Fund's advisory fee is reasonable given the active style of management and the limited capacity of the strategy, and that the Advisor invests in personnel, compliance and regulatory monitoring and reporting, network infrastructure and cybersecurity, and office expansions to ensure it is able to properly service the Fund and make investments. The Trustees noted that the Fund's advisory fee was higher than the sub-advisory fees that the Advisor charges to sub-advise mutual funds using the same strategy as the Fund. The Trustees observed, however, that the Advisor provides more services to the Fund than it does to funds for which it serves as sub-advisor. The Trustees also considered that the Fund's advisory fee was within the range of advisory fees paid by other series of the Trust managed by the Advisor.

The annual total expenses paid by the Fund (net of fee waivers) for the Fund's most recent fiscal year were higher than both the Peer Group and Fund Universe medians by 0.20%. The Trustees noted, however, that the average net assets of the Fund's class considered by Broadridge were quite low and 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 Trustees also noted the Advisor's observation that some of the funds in the Peer Group are part of larger fund complexes and therefore could have lower expenses or support lower expense caps.

**WCM Funds**

**Statement Regarding Basis for Approval of Investment Advisory Contract (Unaudited) – Continued**

● The Focused Emerging Markets ex China Fund's annual investment advisory fee (gross of fee waivers) was higher than the Diversified Emerging Markets Fund Universe and Peer Group medians by 0.13% and 0.15%, respectively. The Trustees considered the Advisor's belief that the Fund's advisory fee is reasonable given the active style of management and the limited capacity of the strategy, and that the Advisor invests in personnel, compliance and regulatory monitoring and reporting, network infrastructure and cybersecurity, and office expansions to ensure it is able to properly service the Fund and make investments. The Trustees noted that the Advisor does not manage any other accounts with the same objectives and policies as the Fund, and therefore they did not have a good basis for comparing the Fund's advisory fee with those of other similar client accounts of the Advisor. The Trustees also considered that the Fund's advisory fee was within the range of advisory fees paid by other series of the Trust managed by the Advisor.

The annual total expenses paid by the Fund (net of fee waivers) for the Fund's most recent fiscal year were higher than the Fund Universe and Peer Group medians by 0.25% and 0.26%, respectively. The Trustees observed, however, that the average net assets of the Fund's class considered by Broadridge were significantly lower than the average net assets of corresponding classes of funds in the Fund Universe, and that certain of those other funds also had significant assets in other classes. The Trustees also noted the Advisor's observation that some of the funds in the Peer Group are part of larger fund complexes and therefore could have lower expenses or support lower expense caps.

● The Focused Emerging Markets Fund's annual investment advisory fee (gross of fee waivers) was higher than the Peer Group and Diversified Emerging Markets Fund Universe medians by 0.10% and 0.13%, respectively. The Trustees noted that the Fund's advisory fee was higher than the advisory fees that the Advisor charges to manage private funds and to sub-advise mutual funds using the same strategy as the Fund. The Trustees observed, however, that management of mutual fund assets requires compliance with certain requirements under the 1940 Act that do not apply to the private funds that the Advisor manages, that the demands on the Advisor's personnel and trading infrastructure are greater for the Fund as a result of the daily cash inflows and outflows, and that the Advisor provides more services to the Fund than it does to funds for which it serves as sub-advisor. The Trustees also considered that the Fund's advisory fee was within the range of advisory fees paid by other series of the Trust managed by the Advisor.

The annual total expenses paid by the Fund (net of fee waivers) for the Fund's most recent fiscal year were higher than the Peer Group and Fund Universe medians by 0.24% and 0.25%, respectively. The Trustees noted the Advisor's observation that some of the funds in the Peer Group are part of larger fund complexes and therefore could have lower expenses or support lower expense caps.

● The Focused International Equity Fund's annual investment advisory fee (gross of fee waivers) was higher than both the Peer Group and Foreign Large Blend Fund Universe medians by 0.10%. The Trustees noted that the Fund's advisory fee was higher than the advisory fees that the Advisor charges to manage private funds and the same as the sub-advisory fees that the Advisor charges to sub-advise mutual funds using the same strategy as the Fund. The Trustees observed, however, that management of mutual fund assets requires compliance with certain requirements under the 1940 Act that do not apply to the private funds that the Advisor manages, that the demands on the Advisor's personnel and trading infrastructure are greater for the Fund as a result of the daily cash inflows and outflows, and that the Advisor provides more services to the Fund than it does to funds for which it serves as sub-advisor. The Trustees also considered that the Fund's advisory fee was within the range of advisory fees paid by other series of the Trust managed by the Advisor.

**WCM Funds**

**Statement Regarding Basis for Approval of Investment Advisory Contract (Unaudited) – Continued**

The annual total expenses paid by the Fund (net of fee waivers) for the Fund's most recent fiscal year were lower than the Peer Group median, but higher than the Fund Universe median by 0.05%. The Trustees noted, however, that the average net assets of the Fund's class considered by Broadridge were significantly lower than the average net assets of corresponding classes of funds in the Fund Universe, and that certain of those other funds also had significant assets in other classes.

● The Focused International Growth Fund's annual investment advisory fee (gross of fee waivers) was the same as the Peer Group median, but higher than the Foreign Large Growth Fund Universe median by 0.177%. The Trustees noted that the Fund's advisory fee was within the range of advisory fees that the Advisor charges to manage private funds using the same strategy as the Fund, but higher than the sub-advisory fees that the Advisor charges to sub-advise mutual funds using the same strategy as the Fund. The Trustees observed, however, that management of mutual fund assets requires compliance with certain requirements under the 1940 Act that do not apply to the private funds that the Advisor manages, that the demands on the Advisor's personnel and trading infrastructure are greater for the Fund as a result of the daily cash inflows and outflows, and that the Advisor provides more services to the Fund than it does to funds for which it serves as sub-advisor. The Trustees also considered that the Fund's advisory fee was within the range of advisory fees paid by other series of the Trust managed by the Advisor.

The annual total expenses paid by the Fund (net of fee waivers) for the Fund's most recent fiscal year were higher than the Peer Group and Fund Universe medians by 0.11% and 0.20%, respectively. The Trustees noted the Advisor's observation that some of the funds in the Peer Group are part of larger fund complexes and therefore could have lower expenses or support lower expense caps.

● The Focused International Opportunities Fund's annual investment advisory fee (gross of fee waivers) was higher than the Foreign Small/Mid Blend Fund Universe and Peer Group medians by 0.05% and 0.20%, respectively. The Trustees considered the Advisor's belief that the Fund's advisory fee is reasonable given the active style of management and the limited capacity of the strategy, and that the Advisor invests in personnel, compliance and regulatory monitoring and reporting, network infrastructure and cybersecurity, and office expansions to ensure it is able to properly service the Fund and make investments. The Trustees noted that the Fund's advisory fee was higher than the advisory fees that the Advisor charges to manage private funds using the same strategy as the Fund. The Trustees observed, however, that management of mutual fund assets requires compliance with certain requirements under the 1940 Act that do not apply to the private funds that the Advisor manages. The Trustees also considered that the Fund's advisory fee was within the range of advisory fees paid by other series of the Trust managed by the Advisor.

**WCM Funds**

**Statement Regarding Basis for Approval of Investment Advisory Contract (Unaudited) - Continued**

The annual total expenses paid by the Fund (net of fee waivers) for the Fund's most recent fiscal year were lower than the Fund Universe median, but higher than the Peer Group median by 0.10%. The Trustees noted, however, that the average net assets of the Fund's class considered by Broadridge were significantly lower than the average net assets of corresponding classes of funds in the Peer Group, and that certain of those other funds also had significant assets in other classes. The Trustees also considered the Advisor's observation that some of the funds in the Peer Group are part of larger fund complexes and therefore could have lower expenses or support lower expense caps.

● The International Small Cap Growth Fund's annual investment advisory fee (gross of fee waivers) was higher than the Foreign Small/Mid Growth Fund Universe and Peer Group medians by 0.05% and 0.074%, respectively. The Trustees noted that the Fund's advisory fee was within the range of advisory fees that the Advisor charges to manage private funds using the same strategy as the Fund, but higher than the sub-advisory fees that the Advisor charges to sub-advise mutual funds using the same strategy as the Fund. The Trustees observed, however, that management of mutual fund assets requires compliance with certain requirements under the 1940 Act that do not apply to the private funds that the Advisor manages, that the demands on the Advisor's personnel and trading infrastructure are greater for the Fund as a result of the daily cash inflows and outflows, and that the Advisor provides more services to the Fund than it does to funds for which it serves as sub-advisor. The Trustees also considered that the Fund's advisory fee was within the range of advisory fees paid by other series of the Trust managed by the Advisor.

The annual total expenses paid by the Fund (net of fee waivers) for the Fund's most recent fiscal year were higher than the Peer Group and Fund Universe medians by 0.15% and 0.20%, respectively. The Trustees considered the Advisor's observation that some of the funds in the Peer Group are part of larger fund complexes and therefore could have lower expenses or support lower expense caps.

● The Mid Cap Quality Value Fund's annual investment advisory fee (gross of fee waivers) was lower than the Mid-Cap Blend Fund Universe median, and the same as the Peer Group median. The Trustees noted that the Advisor does not manage any other accounts with the same objectives and policies as the Fund, and therefore they did not have a good basis for comparing the Fund's advisory fee with those of other similar client accounts of the Advisor. The Trustees also considered that the Fund's advisory fee was lower than the advisory fees paid by other series of the Trust managed by the Advisor.

The annual total expenses paid by the Fund (net of fee waivers) for the Fund's most recent fiscal year were lower than the Peer Group and Fund Universe medians.

● The Small Cap Growth Fund's annual investment advisory fee (gross of fee waivers) was higher than the Small Growth Fund Universe and Peer Group medians by 0.14% and 0.18%, respectively. The Trustees considered the Advisor's belief that the Fund's advisory fee is reasonable given the active style of management and the limited capacity of the strategy, and that the Advisor invests in personnel, compliance and regulatory monitoring and reporting, network infrastructure and cybersecurity, and office expansions to ensure it is able to properly service the Fund and make investments. The Trustees noted that the Fund's advisory fee was higher than the sub-advisory fees that the Advisor charges to sub-advise mutual funds using the same strategy as the Fund. The Trustees observed, however, that the Advisor provides more services to the Fund than it does to funds for which it serves as sub-advisor. The Trustees also considered that the Fund's advisory fee was within the range of advisory fees paid by other series of the Trust managed by the Advisor.

**WCM Funds**

**Statement Regarding Basis for Approval of Investment Advisory Contract (Unaudited) - Continued**

The annual total expenses paid by the Fund (net of fee waivers) for the Fund's most recent fiscal year were equal to the Peer Group median, but higher than the Fund Universe median by 0.04%. The Trustees noted, however, that the average net assets of the Fund's class considered by Broadridge 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 SMID Quality Value Fund's annual investment advisory fee (gross of fee waivers) was higher than both the Peer Group and Small Blend Fund Universe medians by 0.10%. The Trustees considered the Advisor's belief that the Fund's advisory fee is reasonable given the active style of management and the limited capacity of the strategy, and that the Advisor invests in personnel, compliance and regulatory monitoring and reporting, network infrastructure and cybersecurity, and office expansions to ensure it is able to properly service the Fund and make investments. The Trustees noted that the Advisor does not manage any other accounts with the same objectives and policies as the Fund, and therefore they did not have a good basis for comparing the Fund's advisory fee with those of other similar client accounts of the Advisor. The Trustees also considered that the Fund's advisory fee was within the range of advisory fees paid by other series of the Trust managed by the Advisor.

The annual total expenses paid by the Fund (net of fee waivers) for the Fund's most recent fiscal year were lower than the Peer Group and Fund Universe medians.

The Board and the Independent Trustees concluded that based on the factors they had reviewed, the compensation payable to the Advisor under the Advisory Agreement was fair and reasonable in light of the nature and quality of the services the Advisor provides to the Funds.

***Profitability, Benefits to the Advisor, and Economies of Scale***

The Board next considered information prepared by the Advisor relating to its costs and profits with respect to each Fund for the year ended September 30, 2025, noting that the Advisor had waived its entire advisory fee and subsidized certain of the operating expenses for the China Quality Growth Fund, Focused Emerging Markets ex China Fund, Focused International Equity Fund, and Mid Cap Quality Value Fund; had waived a majority of its advisory fee for the Focused International Opportunities Fund, Small Cap Growth Fund, and SMID Quality Value Fund; had waived a portion of its advisory fee for the Focused Emerging Markets Fund and International Small Cap Growth Fund; and had not realized a profit with respect to the China Quality Growth Fund, Focused Emerging Markets ex China Fund, Focused International Equity Fund, Focused International Opportunities Fund, Mid Cap Quality Value Fund, Small Cap Growth Fund, and SMID Quality Value Fund. Recognizing the difficulty in evaluating an investment advisor's profitability with respect to the funds it manages in the context of an advisor with multiple lines of business, and noting that other profitability methodologies might also be reasonable, the Board and the Independent Trustees concluded that the profits of the Advisor from its relationships with the Focused Emerging Markets Fund, Focused International Growth Fund, and International Small Cap Growth Fund were reasonable.

**WCM Funds**

**Statement Regarding Basis for Approval of Investment Advisory Contract (Unaudited) - Continued**

The Board also considered the benefits received by the Advisor as a result of the Advisor's relationship with the Funds, other than the receipt of its investment advisory fees, including any research received from broker-dealers providing execution services to the Funds, the beneficial effects from the review by the Trust's Chief Compliance Officer of the Advisor's compliance program, the intangible benefits of the Advisor's association with the Funds generally, and any favorable publicity arising in connection with the Funds' performance. The Board noted that although there were no advisory fee breakpoints, the asset levels of the Funds, other than the Focused International Growth Fund and Focused Emerging Markets Fund, were not currently likely to lead to significant economies of scale, and that any such economies would be considered in the future as the assets of the Funds grow. With respect to the Focused International Growth Fund and Focused Emerging Markets Fund, the Board noted that the Advisor was sharing some benefits of economies of scale with the Funds' shareholders by making additional investments with respect to personnel, compliance and regulatory monitoring and reporting, network infrastructure and cybersecurity, and updates to the office space to accommodate those investments, in order to ensure the level and quality of service to the Funds.

***Conclusion***

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

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

 

Not applicable to open-end investment companies.

 

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

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

**<u>Item 16. Controls and Procedures.</u>**

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

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

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

(a) Not Applicable.

(b) Not Applicable.

**<u>Item 19. Exhibits.</u>**

(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.* [Incorporated by reference to the Registrant's Form N-CSR filed June 8, 2018.](https://www.sec.gov/Archives/edgar/data/1318342/000139834418008810/fp0033774_ex99code.htm)

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

[(a) (3) A separate certification for each principal executive and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)). Filed herewith](fp0097169-1_ex99cert.htm)

(a) (4) Not Applicable

(a) (5) Not Applicable

[*(b)*](fp0097169-1_ex99906cert.htm) [*Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Filed herewith.](fp0097169-1_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 and Principal Executive Officer |
| Date | 3/9/2026 |

---

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

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Maureen Quill |
|  | Maureen Quill, President and Principal Executive Officer |
| Date | 3/9/2026 |
| By (Signature and Title) | /s/ Rita Dam |
|  | Rita Dam, Treasurer and Principal Financial Officer |
| Date | 3/9/2026 |

---

## Ex-99.Cert

EX.99.CERT

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

I, **Maureen Quill**, certify that:

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

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;

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;

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;(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;(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;(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;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
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; and

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 registrants' 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: | 3/9/2026 | /s/ Maureen Quill |
|  |  | Maureen Quill<br> President and Principal Executive Officer |

---

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

I, **Rita Dam**, certify that:

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

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;

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;

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;(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;(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;(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;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
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; and

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: | 3/9/2026 | /s/ Rita Dam |
|  |  | Rita Dam<br> Treasurer and Principal 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 **<u>WCM Funds,</u>** each a series of Investment Managers Series Trust (the "Trust"), for the year ended **December 31, 2025** (the "Report"), Maureen Quill, as President and Principal Executive Officer of the Trust, and Rita Dam, as Treasurer and Principal 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 | 3/9/2026 |
| /s/ Maureen Quill | /s/ Maureen Quill |
| Maureen Quill | Maureen Quill |
| President and Principal Executive Officer | President and Principal Executive Officer |
| /s/ Rita Dam | /s/ Rita Dam |
| Rita Dam | Rita Dam |
| Treasurer and Principal Financial Officer | Treasurer and Principal 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 Securities Exchange Act of 1934.