# EDGAR Filing Document

**Accession Number:** 0001318342
**File Stem:** 0001398344-25-017826
**Filing Date:** 2025-9
**Character Count:** 337787
**Document Hash:** 3c4e3c481b295f42694505e008bbe3e6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-017826.hdr.sgml**: 20250908

**ACCESSION NUMBER**: 0001398344-25-017826

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 56

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250908

**DATE AS OF CHANGE**: 20250908

**EFFECTIVENESS DATE**: 20250908

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21719
- **FILM NUMBER:** 251299594

**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

#### 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:

#### June 30, 2025
 **Item 1. Report to Stockholders.**

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

WCM Focused

International Growth Fund

Investor Class/WCMRX

![TSR Fund Logo - Cover](images_337.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

This semi-annual shareholder report contains important information about the WCM Focused International Growth Fund ("Fund") for the period of January 1, 2025 to June 30, 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 |
| WCM Focused International Growth Fund<br>(Investor Class/WCMRX) | $721.29%<sup>1</sup> |

---

 *<sup>1</sup>* *Annualized.* 

#### 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;$21552624844 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;39 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;14% |

---

#### 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. | 5.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sea Ltd. - ADR | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. | 4.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rolls-Royce Holdings PLC | 4.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Spotify Technology S.A. | 4.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;BAE Systems PLC | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi Heavy Industries, Ltd. | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;SAP S.E. | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Safran S.A. | 3.2% |

---

**Sector Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_983620.jpg)

Top Ten Countries

![Graphical Representation - Allocation 2 Chart](chartimages_983625.jpg)

#### 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_337.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

This semi-annual shareholder report contains important information about the WCM Focused International Growth Fund ("Fund") for the period of January 1, 2025 to June 30, 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 |
| WCM Focused International Growth Fund<br>(Institutional Class/WCMIX) | $581.04%<sup>1</sup> |

---

 *<sup>1</sup>* *Annualized.* 

#### 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;$21552624844 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;39 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;14% |

---

#### 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. | 5.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sea Ltd. - ADR | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. | 4.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rolls-Royce Holdings PLC | 4.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Spotify Technology S.A. | 4.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;BAE Systems PLC | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi Heavy Industries, Ltd. | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;SAP S.E. | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Safran S.A. | 3.2% |

---

**Sector Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_983656.jpg)

Top Ten Countries

![Graphical Representation - Allocation 2 Chart](chartimages_983661.jpg)

#### 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_337.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

This semi-annual shareholder report contains important information about the WCM Focused Emerging Markets Fund ("Fund") for the period of January 1, 2025 to June 30, 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 |
| WCM Focused Emerging Markets Fund<br>(Investor Class/WFEMX) | $811.50%<sup>1</sup> |

---

 *<sup>1</sup>* *Annualized.* 

#### 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;$869671474 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;51 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings, 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. | 11.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sea Ltd. - ADR | 5.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings, Ltd. | 5.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meitu, Inc. | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Celestica, Inc. | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;ICICI Bank Ltd. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Bank, Ltd. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;HD Hyundai Marine Solution Co., Ltd. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;DiDi Global, Inc. - ADR | 2.6% |

---

**Sector Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_983512.jpg)

Top Ten Countries

![Graphical Representation - Allocation 2 Chart](chartimages_983517.jpg)

#### 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_337.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

This semi-annual shareholder report contains important information about the WCM Focused Emerging Markets Fund ("Fund") for the period of January 1, 2025 to June 30, 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 |
| WCM Focused Emerging Markets Fund<br>(Institutional Class/WCMEX) | $681.25%<sup>1</sup> |

---

 *<sup>1</sup>* *Annualized.* 

#### 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;$869671474 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;51 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings, 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. | 11.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sea Ltd. - ADR | 5.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings, Ltd. | 5.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meitu, Inc. | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Celestica, Inc. | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;ICICI Bank Ltd. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Bank, Ltd. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;HD Hyundai Marine Solution Co., Ltd. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;DiDi Global, Inc. - ADR | 2.6% |

---

**Sector Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_983548.jpg)

Top Ten Countries

![Graphical Representation - Allocation 2 Chart](chartimages_983553.jpg)

#### 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_337.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

This semi-annual shareholder report contains important information about the WCM International Small Cap Growth Fund ("Fund") for the period of January 1, 2025 to June 30, 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 |
| WCM International Small Cap Growth Fund<br>(Institutional Class/WCMSX) | $691.25%<sup>1</sup> |

---

 *<sup>1</sup>* *Annualized.* 

#### 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;$343269023 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;78 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;60% |

---

#### 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;Scout24 S.E. | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Baltic Classifieds Group PLC | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Babcock International Group PLC | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Timee, Inc. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lottomatica Group Spa | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Piraeus Financial Holdings S.A. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fujikura, Ltd. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Exail Technologies S.A. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Definity Financial Corp. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Melrose Industries PLC | 1.7% |

---

**Sector Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_983584.jpg)

Top Ten Countries

![Graphical Representation - Allocation 2 Chart](chartimages_983589.jpg)

#### 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_337.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

This semi-annual shareholder report contains important information about the WCM Small Cap Growth Fund ("Fund") for the period of January 1, 2025 to June 30, 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 |
| WCM Small Cap Growth Fund<br>(Investor Class/WCMNX) | $611.24%<sup>1</sup> |

---

 *<sup>1</sup>* *Annualized.* 

#### 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;$42089662 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;64 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;40% |

---

#### 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;Sterling Infrastructure, Inc. | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;SharkNinja, Inc. | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Evercore, Inc. - Class A | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;ServiceTitan, Inc. - Class A | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rambus, Inc. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chefs' Warehouse, Inc. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;HealthEquity, Inc. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;WNS Holdings, Ltd. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Varonis Systems, Inc. | 2.1% |

---

**Asset Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_983764.jpg)

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_983769.jpg)

#### 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_337.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

This semi-annual shareholder report contains important information about the WCM Small Cap Growth Fund ("Fund") for the period of January 1, 2025 to June 30, 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 |
| WCM Small Cap Growth Fund<br>(Institutional Class/WCMLX) | $480.99%<sup>1</sup> |

---

 *<sup>1</sup>* *Annualized.* 

#### 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;$42089662 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;64 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;40% |

---

#### 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;Sterling Infrastructure, Inc. | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;SharkNinja, Inc. | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Evercore, Inc. - Class A | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;ServiceTitan, Inc. - Class A | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rambus, Inc. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chefs' Warehouse, Inc. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;HealthEquity, Inc. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;WNS Holdings, Ltd. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Varonis Systems, Inc. | 2.1% |

---

**Asset Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_983800.jpg)

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_983805.jpg)

#### 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_337.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

This semi-annual shareholder report contains important information about the WCM SMID Quality Value Fund ("Fund") for the period of January 1, 2025 to June 30, 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.

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

---

| | |
|:---|:---|
| Fund (Class) | Costs of a $10,000 investment |
| WCM SMID Quality Value Fund<br>(Investor Class/WCMJX) | $541.11%<sup>1</sup> |

---

 *<sup>1</sup>* *Annualized.* 

#### 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;$61677347 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;37 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;11% |

---

#### 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;GoDaddy, Inc. - Class A | 5.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Addus HomeCare Corp. | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;API Group Corp. | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Jones Lang LaSalle, Inc. | 4.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Verra Mobility Corp. | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ensign Group, Inc. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Element Solutions, Inc. | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;ICU Medical, Inc. | 3.1% |

---

**Asset Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_983692.jpg)

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_983697.jpg)

#### 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_337.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

This semi-annual shareholder report contains important information about the WCM SMID Quality Value Fund ("Fund") for the period of January 1, 2025 to June 30, 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.

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

---

| | |
|:---|:---|
| Fund (Class) | Costs of a $10,000 investment |
| WCM SMID Quality Value Fund<br>(Institutional Class/WCMFX) | $420.86%<sup>1</sup> |

---

 *<sup>1</sup>* *Annualized.* 

#### 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;$61677347 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;37 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;11% |

---

#### 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;GoDaddy, Inc. - Class A | 5.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Addus HomeCare Corp. | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;API Group Corp. | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Jones Lang LaSalle, Inc. | 4.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Verra Mobility Corp. | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ensign Group, Inc. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Element Solutions, Inc. | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;ICU Medical, Inc. | 3.1% |

---

**Asset Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_983728.jpg)

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_983733.jpg)

#### 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_337.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

This semi-annual shareholder report contains important information about the WCM China Quality Growth Fund ("Fund") for the period of January 1, 2025 to June 30, 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 |
| WCM China Quality Growth Fund<br>(Investor Class/WCQGX) | $801.51%<sup>1</sup> |

---

 *<sup>1</sup>* *Annualized.* 

#### 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;$1823952 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;29 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;56% |

---

#### 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. | 11.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meitu, Inc. | 8.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Xiaomi Corp. - Class B | 6.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;China Merchants Bank Co., Ltd. - Class H | 5.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;DiDi Global, Inc. - ADR | 5.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;PDD Holdings, Inc. - ADR | 5.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Prosus N.V. - ADR | 5.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Full Truck Alliance Co., Ltd. - ADR | 4.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Contemporary Amperex Technology Co., Ltd. - Class A | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kweichow Moutai Co., Ltd. - Class A | 3.2% |

---

**Sector Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_983836.jpg)

Top Countries

![Graphical Representation - Allocation 2 Chart](chartimages_983841.jpg)

#### 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_337.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

This semi-annual shareholder report contains important information about the WCM China Quality Growth Fund ("Fund") for the period of January 1, 2025 to June 30, 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 |
| WCM China Quality Growth Fund<br>(Institutional Class/WCMCX) | $671.26%<sup>1</sup> |

---

 *<sup>1</sup>* *Annualized.* 

#### 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;$1823952 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;29 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;56% |

---

#### 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. | 11.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meitu, Inc. | 8.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Xiaomi Corp. - Class B | 6.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;China Merchants Bank Co., Ltd. - Class H | 5.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;DiDi Global, Inc. - ADR | 5.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;PDD Holdings, Inc. - ADR | 5.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Prosus N.V. - ADR | 5.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Full Truck Alliance Co., Ltd. - ADR | 4.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Contemporary Amperex Technology Co., Ltd. - Class A | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kweichow Moutai Co., Ltd. - Class A | 3.2% |

---

**Sector Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_983872.jpg)

Top Countries

![Graphical Representation - Allocation 2 Chart](chartimages_983877.jpg)

#### 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_337.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

This semi-annual shareholder report contains important information about the WCM Focused International Equity Fund ("Fund") for the period of January 1, 2025 to June 30, 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 |
| WCM Focused International Equity Fund<br>(Investor Class/WLIVX) | $621.11%<sup>1</sup> |

---

 *<sup>1</sup>* *Annualized.* 

#### 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;$43022752 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;49 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;14% |

---

#### 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 | 8.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Siemens Energy A.G. | 5.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. - ADR | 5.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Babcock International Group PLC | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Prosus N.V. | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Trane Technologies PLC | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brookfield Corp. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cia de Saneamento Basico do Estado de Sao Paulo SABESP - ADR | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Celestica, Inc. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Haleon PLC - ADR | 2.4% |

---

**Sector Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_983908.jpg)

Top Ten Countries

![Graphical Representation - Allocation 2 Chart](chartimages_983913.jpg)

#### 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_337.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

This semi-annual shareholder report contains important information about the WCM Focused International Equity Fund ("Fund") for the period of January 1, 2025 to June 30, 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 |
| WCM Focused International Equity Fund<br>(Institutional Class/WCMVX) | $480.86%<sup>1</sup> |

---

 *<sup>1</sup>* *Annualized.* 

#### 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;$43022752 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;49 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;14% |

---

#### 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 | 8.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Siemens Energy A.G. | 5.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. - ADR | 5.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Babcock International Group PLC | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Prosus N.V. | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Trane Technologies PLC | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brookfield Corp. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cia de Saneamento Basico do Estado de Sao Paulo SABESP - ADR | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Celestica, Inc. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Haleon PLC - ADR | 2.4% |

---

**Sector Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_983944.jpg)

Top Ten Countries

![Graphical Representation - Allocation 2 Chart](chartimages_983949.jpg)

#### 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_337.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

This semi-annual shareholder report contains important information about the WCM Focused International Opportunities Fund ("Fund") for the period of January 1, 2025 to June 30, 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.

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

---

| | |
|:---|:---|
| Fund (Class) | Costs of a $10,000 investment |
| WCM Focused International Opportunities Fund<br>(Investor Class/WCFOX) | $781.39%<sup>1</sup> |

---

 *<sup>1</sup>* *Annualized.* 

#### 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;$39496329 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;54 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;52% |

---

#### 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. | 5.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rolls-Royce Holdings PLC | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi Heavy Industries, Ltd. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;3i Group PLC | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;UCB S.A. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sea Ltd. - ADR | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Spotify Technology S.A. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monday.com, Ltd. | 2.7% |

---

**Sector Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_983980.jpg)

Top Ten Countries

![Graphical Representation - Allocation 2 Chart](chartimages_983985.jpg)

#### 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_337.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

This semi-annual shareholder report contains important information about the WCM Focused International Opportunities Fund ("Fund") for the period of January 1, 2025 to June 30, 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.

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

---

| | |
|:---|:---|
| Fund (Class) | Costs of a $10,000 investment |
| WCM Focused International Opportunities Fund<br>(Institutional Class/WCMOX) | $641.14%<sup>1</sup> |

---

 *<sup>1</sup>* *Annualized.* 

#### 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;$39496329 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;54 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;52% |

---

#### 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. | 5.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rolls-Royce Holdings PLC | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi Heavy Industries, Ltd. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;3i Group PLC | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;UCB S.A. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sea Ltd. - ADR | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Spotify Technology S.A. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monday.com, Ltd. | 2.7% |

---

**Sector Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_984016.jpg)

Top Ten Countries

![Graphical Representation - Allocation 2 Chart](chartimages_984021.jpg)

#### 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_337.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

This semi-annual shareholder report contains important information about the WCM Mid Cap Quality Value Fund ("Fund") for the period of January 1, 2025 to June 30, 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 |
| WCM Mid Cap Quality Value Fund<br>(Investor Class/WMIDX) | $480.99%<sup>1</sup> |

---

 *<sup>1</sup>* *Annualized.* 

#### 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;$5703498 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;35 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;8% |

---

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

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | 5.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;GoDaddy, Inc. - Class A | 5.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Jones Lang LaSalle, Inc. | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;API Group Corp. | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Molina Healthcare, Inc. | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;CBRE Group, Inc. - Class A | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Markel Group, Inc. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Element Solutions, Inc. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;MKS, Inc. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | 3.3% |

---

**Asset Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_984052.jpg)

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_984057.jpg)

#### 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_337.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

This semi-annual shareholder report contains important information about the WCM Mid Cap Quality Value Fund ("Fund") for the period of January 1, 2025 to June 30, 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 |
| WCM Mid Cap Quality Value Fund<br>(Institutional Class/WCMAX) | $360.74%<sup>1</sup> |

---

 *<sup>1</sup>* *Annualized.* 

#### 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;$5703498 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;35 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;8% |

---

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

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | 5.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;GoDaddy, Inc. - Class A | 5.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Jones Lang LaSalle, Inc. | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;API Group Corp. | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Molina Healthcare, Inc. | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;CBRE Group, Inc. - Class A | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Markel Group, Inc. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Element Solutions, Inc. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;MKS, Inc. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | 3.3% |

---

**Asset Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_984088.jpg)

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_984093.jpg)

#### 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_337.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

This semi-annual shareholder report contains important information about the WCM Mid Cap Quality Value Fund ("Fund") for the period of January 1, 2025 to June 30, 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 |
| WCM Mid Cap Quality Value Fund<br>(Class Y/WMVYX) | $320.65%<sup>1</sup> |

---

 *<sup>1</sup>* *Annualized.* 

#### 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;$5703498 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;35 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;8% |

---

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

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | 5.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;GoDaddy, Inc. - Class A | 5.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Jones Lang LaSalle, Inc. | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;API Group Corp. | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Molina Healthcare, Inc. | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;CBRE Group, Inc. - Class A | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Markel Group, Inc. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Element Solutions, Inc. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;MKS, Inc. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | 3.3% |

---

**Asset Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_984124.jpg)

**Sector Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_984129.jpg)

#### 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_337.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

This semi-annual shareholder report contains important information about the WCM Focused Emerging Markets ex China Fund ("Fund") for the period of January 1, 2025 to June 30, 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 |
| WCM Focused Emerging Markets ex China Fund<br>(Investor Class/WCFEX) | $831.50%<sup>1</sup> |

---

 *<sup>1</sup>* *Annualized.* 

#### 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;$24985196 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;45 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;21% |

---

#### 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. | 9.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sea Ltd. - ADR | 5.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Celestica, Inc. | 4.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK Hynix, Inc. | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;HD Hyundai Marine Solution Co., Ltd. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Coupang, Inc. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Bank, Ltd. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bizlink Holding, Inc. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Piraeus Financial Holdings S.A. | 2.4% |

---

**Sector Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_984196.jpg)

Top Ten Countries

![Graphical Representation - Allocation 2 Chart](chartimages_984201.jpg)

#### 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_337.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

This semi-annual shareholder report contains important information about the WCM Focused Emerging Markets ex China Fund ("Fund") for the period of January 1, 2025 to June 30, 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 |
| WCM Focused Emerging Markets ex China Fund<br>(Institutional Class/WCMWX) | $701.25%<sup>1</sup> |

---

 *<sup>1</sup>* *Annualized.* 

#### 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;$24985196 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;45 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;21% |

---

#### 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. | 9.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sea Ltd. - ADR | 5.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Celestica, Inc. | 4.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK Hynix, Inc. | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;HD Hyundai Marine Solution Co., Ltd. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Coupang, Inc. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Bank, Ltd. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bizlink Holding, Inc. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Piraeus Financial Holdings S.A. | 2.4% |

---

**Sector Allocation**

![Graphical Representation - Allocation 1 Chart](chartimages_984160.jpg)

Top Ten Countries

![Graphical Representation - Allocation 2 Chart](chartimages_984165.jpg)

#### 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>**

Not applicable.

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

Not applicable.

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

Not applicable.

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

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> *(formerly, WCM Focused International Value 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 |

---

**SEMI-ANNUAL FINANCIALS AND OTHER INFORMATION**

**JUNE 30, 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 |

---

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

 

***www.wcminvestfunds.com***

 ****

**WCM Focused International Growth Fund**

**SCHEDULE OF INVESTMENTS**

**As of June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS — 96.4%** |  |
|  | **ARGENTINA — 2.4%** |  |
| 198231 | MercadoLibre, Inc.\* | $**518102489** |
|  | **AUSTRALIA — 1.3%** |  |
| 1351618 | Atlassian Corp. - Class A\* | **274500100** |
|  | **BERMUDA — 2.2%** |  |
| 5112926 | Arch Capital Group, Ltd. | **465531912** |
|  | **BRAZIL — 1.8%** |  |
| 27530105 | NU Holdings, Ltd. - Class A\* | **377713041** |
|  | **CANADA — 5.1%** |  |
| 9010832 | Canadian Natural Resources, Ltd. | 283201358 |
| 6514802 | Canadian Pacific Kansas City, Ltd. | 516428355 |
| 1601392 | Waste Connections, Inc. | 299011914 |
|  |  | **1098641627** |
|  | **CHINA — 3.7%** |  |
| 25757000 | Meituan - Class B\* | 414325462 |
| 6013200 | Tencent Holdings, Ltd. | 387461729 |
|  |  | **801787191** |
|  | **DENMARK — 1.7%** |  |
| 5328918 | Novo Nordisk A/S - Class B | **369259404** |
|  | **FRANCE — 3.2%** |  |
| 2120562 | Safran S.A. | **691592981** |
|  | **GERMANY — 13.1%** |  |
| 1184263 | Deutsche Boerse A.G. | 386901191 |
| 169097 | Rheinmetall A.G. | 358110177 |
| 2664655 | SAP S.E. | 814827894 |
| 10860722 | Siemens Energy A.G.\* | 1269459630 |
|  |  | **2829298892** |
|  | **INDIA — 2.1%** |  |
| 13310416 | ICICI Bank Ltd. - ADR | **447762394** |
|  | **IRELAND — 3.8%** |  |
| 791292 | Aon PLC - Class A | 282301334 |
| 6537019 | Experian PLC | 337097514 |
| 816708 | STERIS PLC | 196189596 |
|  |  | **815588444** |

---

**WCM Focused International Growth Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **ISRAEL — 2.2%** |  |
| 1472867 | Monday.com, Ltd.\* | $**463187214** |
|  | **ITALY — 1.8%** |  |
| 811095 | Ferrari N.V. | **397379509** |
|  | **JAPAN — 6.5%** |  |
| 35564100 | Mitsubishi Heavy Industries, Ltd. | 889969839 |
| 5387200 | Nintendo Co., Ltd. | 517331957 |
|  |  | **1407301796** |
|  | **NETHERLANDS — 6.4%** |  |
| 291367 | Adyen N.V.\* | 535126815 |
| 587724 | ASM International N.V. | 377026227 |
| 585254 | ASML Holding N.V. | 469016703 |
|  |  | **1381169745** |
|  | **SINGAPORE — 4.7%** |  |
| 6330696 | Sea Ltd. - ADR\* | **1012531518** |
|  | **SOUTH KOREA — 2.6%** |  |
| 18581997 | Coupang, Inc.\* | **556716630** |
|  | **SWEDEN — 4.5%** |  |
| 1261257 | Spotify Technology S.A.\* | **967812946** |
|  | **SWITZERLAND — 1.7%** |  |
| 11071105 | UBS Group A.G. | **375859480** |
|  | **TAIWAN — 4.6%** |  |
| 27286000 | Taiwan Semiconductor Manufacturing Co., Ltd. | **997831422** |
|  | **UNITED KINGDOM — 17.1%** |  |
| 11600893 | 3i Group PLC | 656535699 |
| 2649303 | AstraZeneca PLC | 368710245 |
| 36689153 | BAE Systems PLC | 952210686 |
| 10717375 | Compass Group PLC | 363028459 |
| 782420 | Linde PLC | 367095816 |
| 73990054 | Rolls-Royce Holdings PLC | 980589119 |
|  |  | **3688170024** |

---

**WCM Focused International Growth Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **UNITED STATES — 3.9%** |  |
| 4630821 | Philip Morris International, Inc. | $**843411429** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $13,248,425,527) | **20781150188** |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  |  |
|  | **BANK DEPOSIT INVESTMENTS — 3.4%** |  |
| $729735302 | UMB Bank, Money Market Special II, 4.19%<sup>1</sup> | 729735302 |
|  | **TOTAL BANK DEPOSIT INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $729,735,302) | **729735302** |
|  | **TOTAL INVESTMENTS — 99.8%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $13,978,160,829) | **21510885490** |
|  | Other Assets in Excess of Liabilities — 0.2% | 41739354 |
|  | **TOTAL NET ASSETS — 100.0%** | $**21552624844** |

---

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 June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS — 99.7%** |  |
|  | **BRAZIL — 9.1%** |  |
| 1123199 | Cia de Saneamento Basico do Estado de Sao Paulo SABESP | $24628057 |
| 1008800 | Embraer S.A. | 14298962 |
| 2350966 | Inter & Co., Inc. - Class A | 17467678 |
| 619371 | NU Holdings, Ltd. - Class A\* | 8497770 |
| 1770900 | TOTVS S.A. | 13758202 |
|  |  | **78650669** |
|  | **CANADA — 3.2%** |  |
| 180246 | Celestica, Inc.\* | **28138203** |
|  | **CHINA — 24.8%** |  |
| 1160100 | Alibaba Group Holding Ltd. | 16422213 |
| 232095 | BYD Co., Ltd. - Class A | 10758422 |
| 2202830 | Chongqing Baiya Sanitary Products Co., Ltd. - Class A | 8417205 |
| 458315 | Contemporary Amperex Technology Co., Ltd. - Class A | 16156680 |
| 4624664 | DiDi Global, Inc. - ADR\* | 22660854 |
| 1524000 | Giant Biogene Holding Co., Ltd. | 11246111 |
| 26248000 | Meitu, Inc.\* | 30295876 |
| 412100 | Meituan - Class B\* | 6629014 |
| 3158560 | NARI Technology Co., Ltd. - Class A | 9883774 |
| 97712 | PDD Holdings, Inc. - ADR\* | 10226538 |
| 367707 | Shenzhen Mindray Bio-Medical Electronics Co., Ltd. - Class A | 11540678 |
| 782100 | Tencent Holdings, Ltd. | 50394768 |
| 190777 | Trip.com Group Ltd. - ADR | 11187163 |
|  |  | **215819296** |
|  | **GREECE — 2.6%** |  |
| 3226941 | Piraeus Financial Holdings S.A. | **22356326** |
|  | **INDIA — 11.6%** |  |
| 10521576 | Federal Bank, Ltd. | 26154324 |
| 1552100 | ICICI Bank Ltd. | 26230092 |
| 1217841 | KEC International Ltd. | 13046218 |
| 331105 | Kotak Mahindra Bank Ltd. | 8353467 |
| 716594 | PB Fintech, Ltd.\* | 15232372 |
| 624609 | Phoenix Mills Ltd. | 11379433 |
| 70541 | SAI Life Sciences Ltd.\*<sup>,1</sup> | 636347 |
|  |  | **101032253** |
|  | **INDONESIA — 2.1%** |  |
| 20441775 | Bank Central Asia Tbk P.T. | 10927103 |
| 24272800 | Bank Mandiri Persero Tbk P.T. | 7291170 |
|  |  | **18218273** |

---

**WCM Focused Emerging Markets Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **KAZAKSTAN — 0.6%** |  |
| 65694 | Kaspi.KZ JSC - ADR | $**5576764** |
|  | **MEXICO — 3.7%** |  |
| 551637 | Grupo Aeroportuario del Pacifico S.A.B. de C.V. - Class B | 12662560 |
| 1272900 | Qualitas Controladora S.A.B. de C.V. | 13071230 |
| 135208 | Vista Energy S.A.B. de C.V. - ADR\* | 6464295 |
|  |  | **32198085** |
|  | **PERU — 2.4%** |  |
| 91774 | Credicorp Ltd. | **20513325** |
|  | **RUSSIA — 0.0%** |  |
| 15336645 | Moscow Exchange MICEX-RTS PJSC<sup>2</sup> | **—** |
|  | **SAUDI ARABIA — 1.1%** |  |
| 206501 | Bupa Arabia for Cooperative Insurance Co. | **9806113** |
|  | **SINGAPORE — 5.8%** |  |
| 316097 | Sea Ltd. - ADR\* | **50556554** |
|  | **SOUTH AFRICA — 2.8%** |  |
| 63858 | Capitec Bank Holdings Ltd. | 12768109 |
| 2698175 | OUTsurance Group, Ltd. | 11938005 |
|  |  | **24706114** |
|  | **SOUTH KOREA — 13.7%** |  |
| 87543 | APR Corp.\* | 9989873 |
| 569517 | Coupang, Inc.\* | 17062729 |
| 135249 | Coway Co., Ltd. | 9664676 |
| 159010 | HD Hyundai Marine Solution Co., Ltd. | 24107504 |
| 102900 | Hyundai Rotem Co., Ltd. | 14932410 |
| 32426 | LIG Nex1 Co., Ltd. | 12958740 |
| 311074 | Shinhan Financial Group Co., Ltd. | 14103117 |
| 76671 | SK Hynix, Inc. | 16521191 |
|  |  | **119340240** |
|  | **TAIWAN — 16.2%** |  |
| 707000 | Bizlink Holding, Inc. | 20569888 |
| 376267 | MediaTek, Inc. | 16122537 |
| 2836000 | Taiwan Semiconductor Manufacturing Co., Ltd. | 103710691 |
|  |  | **140403116** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $664,854,999) | **867315331** |

---

**WCM Focused Emerging Markets Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **BANK DEPOSIT INVESTMENTS — 0.5%** |  |
| $4297810 | UMB Bank, Money Market Special II, 4.19%<sup>3</sup> | $4297810 |
|  | **TOTAL BANK DEPOSIT INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $4,297,810) | **4297810** |
|  | **TOTAL INVESTMENTS — 100.2%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $669,152,809) | **871613141** |
|  | Liabilities in Excess of Other Assets — (0.2)% | (1941667) |
|  | **TOTAL NET ASSETS — 100.0%** | $**869671474** |

---

ADR – American Depository Receipt

JSC – Joint Stock Company

PJSC – Public Joint Stock 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 $636,347, which represents 0.07% of total net assets of the Fund.

<sup>2</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>3</sup> The rate is the annualized seven-day yield at period end.

*See accompanying Notes to Financial Statements.*

**WCM International Small Cap Growth Fund**

**SCHEDULE OF INVESTMENTS**

**As of June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS — 98.6%** |  |
|  | **AUSTRALIA — 1.4%** |  |
| 80929 | HUB24, Ltd. | $**4749436** |
|  | **AUSTRIA — 1.4%** |  |
| 38002 | BAWAG Group A.G.\* | **4859936** |
|  | **BRAZIL — 3.2%** |  |
| 285960 | CI&T, Inc. - Class A\* | 1707181 |
| 378400 | Embraer S.A. | 5363528 |
| 504940 | Inter & Co., Inc. - Class A | 3751704 |
|  |  | **10822413** |
|  | **CANADA — 4.2%** |  |
| 57001 | AtkinsRealis Group, Inc. | 3997772 |
| 106741 | Definity Financial Corp. | 6221202 |
| 240769 | PrairieSky Royalty, Ltd. | 4176064 |
|  |  | **14395038** |
|  | **CHINA — 2.4%** |  |
| 4260500 | Meitu, Inc.\* | 4917540 |
| 106700 | NetEase Cloud Music, Inc.\* | 3289156 |
|  |  | **8206696** |
|  | **DENMARK — 1.1%** |  |
| 130671 | ALK-Abello A/S\* | **3855345** |
|  | **FRANCE — 4.2%** |  |
| 53994 | Exail Technologies S.A.\* | 6292772 |
| 99359 | Exosens SAS | 4721993 |
| 116204 | Planisware S.A. | 3251262 |
|  |  | **14266027** |
|  | **GERMANY — 7.5%** |  |
| 161112 | Auto1 Group S.E.\* | 5216260 |
| 39004 | CTS Eventim A.G. & Co. KGaA | 4850358 |
| 54345 | RENK Group A.G. | 4347254 |
| 82306 | Scout24 S.E. | 11362678 |
|  |  | **25776550** |
|  | **GREECE — 1.9%** |  |
| 967037 | Piraeus Financial Holdings S.A. | **6699656** |
|  | **INDIA — 3.7%** |  |
| 107497 | Cartrade Tech, Ltd.\* | 2132294 |

---

**WCM International Small Cap Growth Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **INDIA (Continued)** |  |
| 985866 | Federal Bank, Ltd. | $2450646 |
| 1257543 | Indian Energy Exchange, Ltd. | 2833377 |
| 125469 | Muthoot Microfin, Ltd.\* | 210090 |
| 96990 | Poly Medicure, Ltd. | 2515304 |
| 369858 | Triveni Turbine, Ltd. | 2642124 |
|  |  | **12783835** |
|  | **INDONESIA — 1.0%** |  |
| 21652600 | Bank Syariah Indonesia Tbk P.T. | **3443076** |
|  | **IRELAND — 1.7%** |  |
| 40119 | ICON PLC\* | **5835309** |
|  | **ISRAEL — 1.2%** |  |
| 25695 | Wix.com, Ltd.\* | **4071630** |
|  | **ITALY — 3.8%** |  |
| 93740 | Buzzi S.p.A. | 5199031 |
| 286073 | Lottomatica Group Spa | 7939545 |
|  |  | **13138576** |
|  | **JAPAN — 14.0%** |  |
| 120000 | Fujikura, Ltd. | 6312653 |
| 53300 | IHI Corp. | 5765129 |
| 214800 | Integral Corp. | 4751709 |
| 211800 | Lifedrink Co., Inc. | 3112711 |
| 15900 | Maruwa Co., Ltd. | 4557240 |
| 126600 | Money Forward, Inc.\* | 4296790 |
| 267800 | Rakus Co., Ltd. | 4292564 |
| 53800 | Rakuten Bank, Ltd.\* | 2466349 |
| 332900 | SHIFT, Inc.\* | 4031696 |
| 592795 | Timee, Inc.\* | 8449238 |
|  |  | **48036079** |
|  | **MEXICO — 2.0%** |  |
| 244111 | Grupo Aeroportuario del Centro Norte S.A.B. de C.V. | 3206766 |
| 75828 | Vista Energy S.A.B. de C.V. - ADR\* | 3625337 |
|  |  | **6832103** |
|  | **NETHERLANDS — 4.1%** |  |
| 35924 | BE Semiconductor Industries N.V. | 5372760 |
| 98361 | Nebius Group N.V.\* | 5442314 |

---

**WCM International Small Cap Growth Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **NETHERLANDS (Continued)** |  |
| 31074 | Redcare Pharmacy N.V.\* | $3437768 |
|  |  | **14252842** |
|  | **NORWAY — 2.2%** |  |
| 78111 | Protector Forsikring A.S.A. | 3324981 |
| 119282 | Vend Marketplaces A.S.A. | 4217250 |
|  |  | **7542231** |
|  | **POLAND — 1.5%** |  |
| 301487 | InPost S.A.\* | **5017455** |
|  | **SOUTH AFRICA — 1.0%** |  |
| 774998 | OUTsurance Group, Ltd. | **3428958** |
|  | **SOUTH KOREA — 3.8%** |  |
| 25339 | APR Corp.\* | 2891532 |
| 20141 | HD Hyundai Marine Solution Co., Ltd. | 3053576 |
| 30453 | Hyundai Rotem Co., Ltd. | 4419210 |
| 2627 | Samyang Foods Co., Ltd. | 2712185 |
|  |  | **13076503** |
|  | **SPAIN — 1.2%** |  |
| 212923 | Puig Brands S.A. - Class B | **4209700** |
|  | **SWEDEN — 7.5%** |  |
| 622075 | Apotea Sverige A.B.\* | 5788942 |
| 109833 | BoneSupport Holding A.B.\* | 3250562 |
| 123495 | Hemnet Group A.B. | 3625912 |
| 68883 | MIPS A.B. | 3227814 |
| 166292 | RaySearch Laboratories A.B. | 5896682 |
| 579520 | Truecaller A.B. - Class B | 4108155 |
|  |  | **25898067** |
|  | **SWITZERLAND — 1.0%** |  |
| 103674 | Kuros Biosciences A.G.\* | **3565680** |
|  | **TAIWAN — 2.1%** |  |
| 469000 | E Ink Holdings, Inc. | 3549785 |
| 71000 | Jentech Precision Industrial Co., Ltd. | 3674177 |
|  |  | **7223962** |
|  | **UNITED KINGDOM — 16.3%** |  |
| 542725 | Ashtead Technology Holdings PLC | 3303582 |

---

**WCM International Small Cap Growth Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **UNITED KINGDOM (Continued)** |  |
| 542174 | Babcock International Group PLC | $8539408 |
| 1801247 | Baltic Classifieds Group PLC | 9222582 |
| 77723 | Cranswick PLC | 5709125 |
| 55295 | Diploma PLC | 3712037 |
| 10747 | Games Workshop Group PLC | 2392157 |
| 83203 | Genus PLC | 2336594 |
| 94703 | Marex Group PLC | 3737927 |
| 824957 | Melrose Industries PLC | 6008427 |
| 355599 | St. James's Place PLC | 5794629 |
| 1513717 | Trustpilot Group PLC\* | 5037343 |
|  |  | **55793811** |
|  | **UNITED STATES — 2.3%** |  |
| 191115 | Freshworks, Inc. - Class A\* | 2849525 |
| 231262 | Life360, Inc.\* | 4884401 |
|  |  | **7733926** |
|  | **VIETNAM — 0.9%** |  |
| 665071 | FPT Corp. | **3008964** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $260,435,555) | **338523804** |
|  | **SHORT-TERM INVESTMENTS — 1.2%** |  |
| 4059638 | Morgan Stanley Institutional Liquidity Treasury Portfolio - Institutional Class, 4.07%<sup>1</sup> | 4059638 |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $4,059,638) | **4059638** |
|  | **TOTAL INVESTMENTS — 99.8%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $264,495,193) | **342583442** |
|  | Other Assets in Excess of Liabilities — 0.2% | 685581 |
|  | **TOTAL NET ASSETS — 100.0%** | $**343269023** |

---

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 Small Cap Growth Fund**

**SCHEDULE OF INVESTMENTS**

**As of June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS — 96.7%** |  |
|  | **CONSUMER DISCRETIONARY — 17.5%** |  |
| 4809 | Boot Barn Holdings, Inc.\* | $730968 |
| 6266 | Churchill Downs, Inc. | 632866 |
| 27984 | First Watch Restaurant Group, Inc.\* | 448863 |
| 871 | Fox Factory Holding Corp.\* | 22594 |
| 7388 | Freshpet, Inc.\* | 502089 |
| 5769 | Green Brick Partners, Inc.\* | 362755 |
| 5968 | Planet Fitness, Inc. - Class A\* | 650810 |
| 4098 | RH\* | 774563 |
| 13367 | SharkNinja, Inc.\* | 1323199 |
| 4451 | Stride, Inc.\* | 646241 |
| 3535 | Texas Roadhouse, Inc. | 662494 |
| 1750 | Wingstop, Inc. | 589295 |
|  |  | **7346737** |
|  | **CONSUMER STAPLES — 4.0%** |  |
| 16086 | Chefs' Warehouse, Inc.\* | 1026448 |
| 7554 | Performance Food Group Co.\* | 660748 |
|  |  | **1687196** |
|  | **FINANCIALS — 5.6%** |  |
| 4036 | Evercore, Inc. - Class A | 1089801 |
| 2353 | Primerica, Inc. | 643945 |
| 8115 | Western Alliance Bancorp | 632808 |
|  |  | **2366554** |
|  | **HEALTH CARE — 16.9%** |  |
| 13192 | AtriCure, Inc.\* | 432302 |
| 4962 | Axsome Therapeutics, Inc.\* | 517983 |
| 11370 | Biohaven, Ltd.\* | 160431 |
| 11017 | Bridgebio Pharma, Inc.\* | 475714 |
| 4097 | Glaukos Corp.\* | 423179 |
| 9726 | HealthEquity, Inc.\* | 1018896 |
| 10681 | Ideaya Biosciences, Inc.\* | 224515 |
| 4233 | Insmed, Inc.\* | 426009 |
| 4215 | Inspire Medical Systems, Inc.\* | 546981 |
| 2938 | iRhythm Technologies, Inc.\* | 452334 |
| 5120 | Lantheus Holdings, Inc.\* | 419123 |
| 1638 | Penumbra, Inc.\* | 420360 |
| 8517 | RadNet, Inc.\* | 484702 |
| 2643 | Repligen Corp.\* | 328736 |
| 10604 | Revolution Medicines, Inc.\* | 390121 |
| 7883 | Ultragenyx Pharmaceutical, Inc.\* | 286626 |
| 3549 | Vaxcyte, Inc.\* | 115378 |
|  |  | **7123390** |

---

**WCM Small Cap Growth Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **INDUSTRIALS — 25.2%** |  |
| 7681 | AAON, Inc. | $566474 |
| 5364 | Applied Industrial Technologies, Inc. | 1246862 |
| 6601 | Casella Waste Systems, Inc. - Class A\* | 761623 |
| 3582 | FTAI Aviation, Ltd. | 412073 |
| 4529 | Installed Building Products, Inc. | 816669 |
| 12722 | Karman Holdings, Inc.\* | 640807 |
| 15288 | Mercury Systems, Inc.\* | 823412 |
| 5914 | Novanta, Inc.\* | 762492 |
| 2634 | Powell Industries, Inc. | 554325 |
| 5932 | Regal Rexnord Corp. | 859903 |
| 14650 | Rocket Lab Corp.\* | 524031 |
| 2673 | Saia, Inc.\* | 732375 |
| 4634 | SiteOne Landscape Supply, Inc.\* | 560436 |
| 5870 | Sterling Infrastructure, Inc.\* | 1354385 |
|  |  | **10615867** |
|  | **MATERIALS — 1.4%** |  |
| 18176 | Avient Corp. | **587267** |
|  | **REAL ESTATE — 1.5%** |  |
| 3623 | EastGroup Properties, Inc. - REIT | **605476** |
|  | **TECHNOLOGY — 24.6%** |  |
| 14966 | ACI Worldwide, Inc.\* | 687089 |
| 17746 | BILL Holdings, Inc.\* | 820930 |
| 5028 | Commvault Systems, Inc.\* | 876531 |
| 6561 | Credo Technology Group Holding, Ltd.\* | 607483 |
| 20975 | Five9, Inc.\* | 555418 |
| 12510 | Gitlab, Inc. - Class A\* | 564326 |
| 23363 | Klaviyo, Inc. - Class A\* | 784530 |
| 11180 | Power Integrations, Inc. | 624962 |
| 16575 | Rambus, Inc.\* | 1061132 |
| 19473 | Semtech Corp.\* | 879011 |
| 9973 | ServiceTitan, Inc. - Class A\* | 1068906 |
| 17363 | Varonis Systems, Inc.\* | 881172 |

---

**WCM Small Cap Growth Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **TECHNOLOGY (Continued)** |  |
| 14746 | WNS Holdings, Ltd.\* | $932537 |
|  |  | **10344027** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $38,662,046) | **40676514** |
|  | **SHORT-TERM INVESTMENTS — 1.9%** |  |
| 807235 | Morgan Stanley Institutional Liquidity Treasury Portfolio - Institutional Class, 4.07%<sup>1</sup> | 807235 |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $807,235) | **807235** |
|  | **TOTAL INVESTMENTS — 98.6%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $39,469,281) | **41483749** |
|  | Other Assets in Excess of Liabilities — 1.4% | 605913 |
|  | **TOTAL NET ASSETS — 100.0%** | $**42089662** |

---

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 June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS — 95.9%** |  |
|  | **COMMUNICATIONS — 5.3%** |  |
| 18155 | GoDaddy, Inc. - Class A\* | $**3268989** |
|  | **CONSUMER DISCRETIONARY — 13.1%** |  |
| 18857 | CarMax, Inc.\* | 1267379 |
| 12318 | Dorman Products, Inc.\* | 1511049 |
| 21334 | Masco Corp. | 1373056 |
| 3450 | Pool Corp. | 1005606 |
| 21380 | Wyndham Hotels & Resorts, Inc. | 1736270 |
| 37560 | YETI Holdings, Inc.\* | 1183891 |
|  |  | **8077251** |
|  | **CONSUMER STAPLES — 3.6%** |  |
| 10217 | Interparfums, Inc. | 1341594 |
| 5239 | Lancaster Colony Corp. | 905142 |
|  |  | **2246736** |
|  | **FINANCIALS — 9.2%** |  |
| 20940 | Brown & Brown, Inc. | 2321618 |
| 22266 | RLI Corp. | 1608050 |
| 976 | White Mountains Insurance Group, Ltd. | 1752623 |
|  |  | **5682291** |
|  | **HEALTH CARE — 11.3%** |  |
| 25822 | Addus HomeCare Corp.\* | 2974436 |
| 13641 | Ensign Group, Inc. | 2104261 |
| 14363 | ICU Medical, Inc.\* | 1898070 |
|  |  | **6976767** |
|  | **INDUSTRIALS — 29.9%** |  |
| 56410 | API Group Corp.\* | 2879731 |
| 28136 | AZEK Co., Inc.\* | 1529192 |
| 2612 | CBIZ, Inc.\* | 187307 |
| 5680 | EMCOR Group, Inc. | 3038175 |
| 17922 | Graco, Inc. | 1540754 |
| 104615 | Hayward Holdings, Inc.\* | 1443687 |
| 1486 | Installed Building Products, Inc. | 267956 |
| 11289 | Landstar System, Inc. | 1569397 |
| 10585 | SiteOne Landscape Supply, Inc.\* | 1280150 |
| 28763 | Tetra Tech, Inc. | 1034317 |
| 88755 | Verra Mobility Corp.\* | 2253489 |
| 3173 | Watsco, Inc. | 1401260 |
|  |  | **18425415** |

---

**WCM SMID Quality Value Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **MATERIALS — 5.0%** |  |
| 20441 | Ashland, Inc. | $1027774 |
| 90959 | Element Solutions, Inc. | 2060221 |
|  |  | **3087995** |
|  | **REAL ESTATE — 4.2%** |  |
| 10046 | Jones Lang LaSalle, Inc.\* | **2569566** |
|  | **TECHNOLOGY — 14.3%** |  |
| 11547 | Booz Allen Hamilton Holding Corp. | 1202389 |
| 17574 | Entegris, Inc. | 1417343 |
| 11808 | Insight Enterprises, Inc.\* | 1630508 |
| 18039 | MKS, Inc. | 1792355 |
| 6756 | PTC, Inc.\* | 1164329 |
| 5183 | Zebra Technologies Corp. - Class A\* | 1598230 |
|  |  | **8805154** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $44,082,033) | **59140164** |
|  | **SHORT-TERM INVESTMENTS — 4.9%** |  |
| 3053127 | Morgan Stanley Institutional Liquidity Treasury Portfolio - Institutional Class, 4.07%<sup>1</sup> | 3053127 |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $3,053,127) | **3053127** |
|  | **TOTAL INVESTMENTS — 100.8%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $47,135,160) | **62193291** |
|  | Liabilities in Excess of Other Assets — (0.8)% | (515944) |
|  | **TOTAL NET ASSETS — 100.0%** | $**61677347** |

---

\* 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 June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS — 98.8%** |  |
|  | **CHINA — 89.2%** |  |
| 3600 | Alibaba Group Holding Ltd. | $50961 |
| 230 | Alibaba Group Holding Ltd. - ADR | 26084 |
| 3000 | BYD Co., Ltd. - Class H | 46710 |
| 9000 | Chaozhou Three-Circle Group Co., Ltd. - Class A | 41998 |
| 60000 | China Communications Services Corp. Ltd. - Class H | 32571 |
| 14000 | China Merchants Bank Co., Ltd. - Class H | 98209 |
| 10500 | Chongqing Baiya Sanitary Products Co., Ltd. - Class A | 40122 |
| 2114 | Contemporary Amperex Technology Co., Ltd. - Class A | 74524 |
| 19554 | DiDi Global, Inc. - ADR\* | 95815 |
| 7168 | Full Truck Alliance Co., Ltd. - ADR | 84654 |
| 6200 | Giant Biogene Holding Co., Ltd. | 45752 |
| 2275 | Kanzhun Ltd. - ADR\* | 40586 |
| 300 | Kweichow Moutai Co., Ltd. - Class A | 59054 |
| 3096 | LexinFintech Holdings Ltd. - ADR | 22322 |
| 130000 | Meitu, Inc.\* | 150048 |
| 2300 | Meituan - Class B\* | 36998 |
| 12200 | NARI Technology Co., Ltd. - Class A | 38176 |
| 1450 | NetEase Cloud Music, Inc.\* | 44698 |
| 894 | PDD Holdings, Inc. - ADR\* | 93566 |
| 6500 | Shenzhen Inovance Technology Co., Ltd. - Class A | 58605 |
| 1500 | Shenzhen Mindray Bio-Medical Electronics Co., Ltd. - Class A | 47078 |
| 3000 | Sieyuan Electric Co., Ltd. - Class A | 30531 |
| 3250 | Tencent Holdings, Ltd. | 209414 |
| 844 | Trip.com Group Ltd. - ADR | 49492 |
| 14200 | Xiaomi Corp. - Class B\* | 109307 |
|  |  | **1627275** |
|  | **NETHERLANDS — 5.1%** |  |
| 8296 | Prosus N.V. - ADR | **92334** |
|  | **SINGAPORE — 2.1%** |  |
| 4600 | BOC Aviation Ltd. | **38141** |
|  | **TAIWAN — 2.4%** |  |
| 1016 | MediaTek, Inc. | **43534** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,573,323) | **1801284** |

---

**WCM China Quality Growth Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **BANK DEPOSIT INVESTMENTS — 1.6%** |  |
| $30039 | UMB Bank, Money Market Special II, 4.19%<sup>1</sup> | $30039 |
|  | **TOTAL BANK DEPOSIT INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $30,039) | **30039** |
|  | **TOTAL INVESTMENTS — 100.4%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,603,362) | **1831323** |
|  | Liabilities in Excess of Other Assets — (0.4)% | (7371) |
|  | **TOTAL NET ASSETS — 100.0%** | $**1823952** |

---

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 June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS — 98.4%** |  |
|  | **BELGIUM — 1.3%** |  |
| 2580 | D'ieteren Group | $**555622** |
|  | **BRAZIL — 4.1%** |  |
| 52830 | Cia de Saneamento Basico do Estado de Sao Paulo SABESP - ADR | 1160675 |
| 45100 | NU Holdings, Ltd. - Class A\* | 618772 |
|  |  | **1779447** |
|  | **CANADA — 8.5%** |  |
| 18800 | Brookfield Corp. | 1162780 |
| 27400 | Canadian Natural Resources Ltd. | 860360 |
| 7200 | Celestica, Inc.\* | 1123992 |
| 4650 | CGI, Inc. | 487460 |
|  |  | **3634592** |
|  | **CHINA — 6.9%** |  |
| 5900 | Alibaba Group Holding Ltd. - ADR | 669119 |
| 4200 | Baidu, Inc. - ADR\* | 360192 |
| 38650 | Kanzhun Ltd. - ADR\* | 689516 |
| 3700 | PDD Holdings, Inc. - ADR\* | 387242 |
| 87526 | WuXi AppTec Co., Ltd. - Class H | 880540 |
|  |  | **2986609** |
|  | **FRANCE — 2.3%** |  |
| 17000 | Societe Generale S.A. | **972509** |
|  | **GERMANY — 11.3%** |  |
| 26000 | Deutsche Telekom A.G. | 951731 |
| 89000 | Evotec S.E.\* | 757700 |
| 1420 | Muenchener Rueckversicherungs-Gesellschaft A.G. in Muenchen | 922091 |
| 19000 | Siemens Energy A.G.\* | 2220822 |
|  |  | **4852344** |
|  | **INDIA — 1.5%** |  |
| 18685 | ICICI Bank Ltd. - ADR | **628563** |
|  | **INDONESIA — 0.9%** |  |
| 1231000 | Bank Mandiri Persero Tbk P.T. | **369773** |
|  | **IRELAND — 4.2%** |  |
| 2750 | ICON PLC\* | 399988 |
| 3250 | Trane Technologies PLC | 1421582 |
|  |  | **1821570** |

---

**WCM Focused International Equity Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **ISRAEL — 2.0%** |  |
| 51540 | Teva Pharmaceutical Industries Ltd. - ADR\* | $**863810** |
|  | **ITALY — 3.2%** |  |
| 49000 | Cementir Holding N.V. | 856348 |
| 8370 | Recordati Industria Chimica e Farmaceutica S.p.A. | 526116 |
|  |  | **1382464** |
|  | **JAPAN — 11.4%** |  |
| 34000 | FUJIFILM Holdings Corp. | 736290 |
| 66360 | Japan Exchange Group, Inc. | 672228 |
| 11000 | Recruit Holdings Co., Ltd. | 646873 |
| 32470 | Sony Group Corp. - ADR | 845194 |
| 23840 | Tokio Marine Holdings, Inc. | 1010365 |
| 5200 | Tokyo Electron Ltd. | 995849 |
|  |  | **4906799** |
|  | **KAZAKSTAN — 1.1%** |  |
| 5500 | Kaspi.KZ JSC - ADR | **466895** |
|  | **MEXICO — 1.4%** |  |
| 26400 | Grupo Aeroportuario del Pacifico S.A.B. de C.V. - Class B | **605999** |
|  | **NETHERLANDS — 3.7%** |  |
| 28400 | Prosus N.V.\* | **1593485** |
|  | **RUSSIA — 0.0%** |  |
| 34600 | Sberbank of Russia PJSC - ADR\*<sup>,1</sup> | **—** |
|  | **SWEDEN — 1.2%** |  |
| 22600 | Sandvik A.B. | **518949** |
|  | **SWITZERLAND — 4.3%** |  |
| 2200 | Chubb Ltd. | 637384 |
| 121100 | Glencore PLC\* | 471899 |
| 22500 | UBS Group A.G. | 760950 |
|  |  | **1870233** |
|  | **TAIWAN — 5.1%** |  |
| 9700 | Taiwan Semiconductor Manufacturing Co., Ltd. - ADR | **2196953** |
|  | **UNITED KINGDOM — 23.1%** |  |
| 13000 | 3i Group PLC | 735716 |
| 6610 | AstraZeneca PLC - ADR | 461907 |

---

**WCM Focused International Equity Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **UNITED KINGDOM (Continued)** |  |
| 101790 | Babcock International Group PLC | $1603224 |
| 101000 | Haleon PLC - ADR | 1047370 |
| 5285 | London Stock Exchange Group PLC | 772936 |
| 15050 | RELX PLC - ADR | 817817 |
| 280000 | Rolls-Royce Holdings PLC | 3710836 |
| 56000 | Wise PLC - Class A\* | 800004 |
|  |  | **9949810** |
|  | **UNITED STATES — 0.9%** |  |
| 10950 | Schlumberger N.V. | **370110** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $34,816,540) | **42326536** |
|  | **SHORT-TERM INVESTMENTS — 1.3%** |  |
| 583146 | Morgan Stanley Institutional Liquidity Treasury Portfolio - Institutional Class, 4.07%<sup>2</sup> | 583146 |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $583,146) | **583146** |
|  | **TOTAL INVESTMENTS — 99.7%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $35,399,686) | **42909682** |
|  | Other Assets in Excess of Liabilities — 0.3% | 113070 |
|  | **TOTAL NET ASSETS — 100.0%** | $**43022752** |

---

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 June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS — 98.6%** |  |
|  | **AUSTRIA — 1.7%** |  |
| 5360 | BAWAG Group A.G.\* | $**685471** |
|  | **BELGIUM — 3.0%** |  |
| 5930 | UCB S.A. | **1166819** |
|  | **BERMUDA — 2.6%** |  |
| 19380 | Viking Holdings Ltd.\* | **1032760** |
|  | **BRAZIL — 3.2%** |  |
| 46800 | Embraer S.A. | 663354 |
| 42740 | NU Holdings, Ltd. - Class A\* | 586393 |
|  |  | **1249747** |
|  | **CANADA — 7.7%** |  |
| 22380 | Canadian Natural Resources Ltd. | 702732 |
| 4980 | Celestica, Inc.\* | 777428 |
| 150 | Constellation Software, Inc. | 549993 |
| 17076 | Definity Financial Corp. | 995243 |
|  |  | **3025396** |
|  | **CHINA — 3.8%** |  |
| 8200 | BYD Co., Ltd. - Class A | 380099 |
| 130040 | DiDi Global, Inc. - ADR\* | 637196 |
| 7600 | Tencent Holdings, Ltd. | 489707 |
|  |  | **1507002** |
|  | **DENMARK — 1.4%** |  |
| 2250 | DSV A/S | **539668** |
|  | **FINLAND — 1.7%** |  |
| 17540 | Amer Sports, Inc.\* | **679850** |
|  | **FRANCE — 2.1%** |  |
| 2490 | Safran S.A. | **812080** |
|  | **GERMANY — 14.9%** |  |
| 5170 | CTS Eventim A.G. & Co. KGaA | 642917 |
| 4260 | Heidelberg Materials A.G. | 1003255 |
| 255 | Rheinmetall A.G. | 540034 |
| 2570 | SAP S.E. | 785883 |
| 6600 | Scout24 S.E. | 911157 |
| 17230 | Siemens Energy A.G.\* | 2013935 |
|  |  | **5897181** |

---

**WCM Focused International Opportunities Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **GREECE — 1.7%** |  |
| 98660 | Piraeus Financial Holdings S.A. | $**683519** |
|  | **HONG KONG — 1.2%** |  |
| 44000 | Techtronic Industries Co., Ltd. | **485492** |
|  | **INDIA — 3.4%** |  |
| 11500 | BSE, Ltd. | 372043 |
| 147760 | Eternal Ltd.\* | 455071 |
| 29500 | ICICI Bank Ltd. | 498543 |
|  |  | **1325657** |
|  | **INDONESIA — 1.1%** |  |
| 833300 | Bank Central Asia Tbk P.T. | **445439** |
|  | **IRELAND — 1.8%** |  |
| 2510 | Flutter Entertainment PLC\* | **713588** |
|  | **ISRAEL — 4.1%** |  |
| 3320 | Monday.com, Ltd.\* | 1044074 |
| 3550 | Wix.com, Ltd.\* | 562533 |
|  |  | **1606607** |
|  | **ITALY — 2.2%** |  |
| 12480 | Prysmian S.p.A. | **883609** |
|  | **JAPAN — 6.2%** |  |
| 1993 | Disco Corp. | 590413 |
| 13100 | Fujikura, Ltd. | 689131 |
| 46700 | Mitsubishi Heavy Industries, Ltd. | 1168639 |
|  |  | **2448183** |
|  | **MEXICO — 0.8%** |  |
| 6970 | Vista Energy S.A.B. de C.V. - ADR\* | **333236** |
|  | **NETHERLANDS — 2.5%** |  |
| 260 | Adyen N.V.\* | 477518 |
| 9490 | Nebius Group N.V.\* | 525082 |
|  |  | **1002600** |
|  | **PERU — 1.3%** |  |
| 2270 | Credicorp Ltd. | **507390** |

---

**WCM Focused International Opportunities Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **POLAND — 1.3%** |  |
| 30275 | InPost S.A.\* | $**503847** |
|  | **SINGAPORE — 4.3%** |  |
| 106470 | Grab Holdings Ltd. - Class A\* | 535544 |
| 7180 | Sea Ltd. - ADR\* | 1148369 |
|  |  | **1683913** |
|  | **SOUTH KOREA — 2.6%** |  |
| 17810 | Coupang, Inc.\* | 533588 |
| 790 | Hanwha Aerospace Co., Ltd. | 495746 |
|  |  | **1029334** |
|  | **SPAIN — 1.1%** |  |
| 22110 | Puig Brands S.A. - Class B | **437137** |
|  | **SWEDEN — 4.1%** |  |
| 9600 | Saab A.B. - Class B | 536768 |
| 1410 | Spotify Technology S.A.\* | 1081949 |
|  |  | **1618717** |
|  | **TAIWAN — 2.8%** |  |
| 30000 | Taiwan Semiconductor Manufacturing Co., Ltd. | **1097081** |
|  | **UNITED KINGDOM — 10.3%** |  |
| 20630 | 3i Group PLC | 1167525 |
| 51810 | Babcock International Group PLC | 816023 |
| 114980 | Rolls-Royce Holdings PLC | 1523828 |
| 38170 | Wise PLC - Class A\* | 545289 |
|  |  | **4052665** |

---

**WCM Focused International Opportunities Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **UNITED STATES — 3.7%** |  |
| 8080 | Philip Morris International, Inc. | $**1471610** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $27,607,002) | **38925598** |
|  | **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 — 1.2%** |  |
| 492975 | Morgan Stanley Institutional Liquidity Treasury Portfolio - Institutional Class, 4.07%<sup>2</sup> | 492975 |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $492,975) | **492975** |
|  | **TOTAL INVESTMENTS — 99.8%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $28,099,977) | **39418573** |
|  | Other Assets in Excess of Liabilities — 0.2% | 77756 |
|  | **TOTAL NET ASSETS — 100.0%** | $**39496329** |

---

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 June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS — 97.4%** |  |
|  | **COMMUNICATIONS — 5.3%** |  |
| 1669 | GoDaddy, Inc. - Class A\* | $**300520** |
|  | **CONSUMER DISCRETIONARY — 13.0%** |  |
| 2062 | CarMax, Inc.\* | 138587 |
| 2713 | Masco Corp. | 174609 |
| 549 | Pool Corp. | 160022 |
| 2005 | Wyndham Hotels & Resorts, Inc. | 162826 |
| 3440 | YETI Holdings, Inc.\* | 108429 |
|  |  | **744473** |
|  | **FINANCIALS — 11.5%** |  |
| 2824 | Brown & Brown, Inc. | 313097 |
| 99 | Markel Group, Inc.\* | 197739 |
| 2056 | RLI Corp. | 148484 |
|  |  | **659320** |
|  | **HEALTH CARE — 9.0%** |  |
| 242 | Chemed Corp. | 117837 |
| 1208 | Ensign Group, Inc. | 186346 |
| 702 | Molina Healthcare, Inc.\* | 209126 |
|  |  | **513309** |
|  | **INDUSTRIALS — 20.1%** |  |
| 4445 | API Group Corp.\* | 226917 |
| 353 | EMCOR Group, Inc. | 188816 |
| 1861 | Graco, Inc. | 159990 |
| 675 | IDEX Corp. | 118510 |
| 914 | Landstar System, Inc. | 127065 |
| 881 | SiteOne Landscape Supply, Inc.\* | 106548 |
| 2358 | Tetra Tech, Inc. | 84794 |
| 298 | Watsco, Inc. | 131603 |
|  |  | **1144243** |
|  | **MATERIALS — 11.1%** |  |
| 1682 | Ashland, Inc. | 84571 |
| 1794 | Ball Corp. | 100625 |
| 409 | Carlisle Cos., Inc. | 152721 |
| 8665 | Element Solutions, Inc. | 196262 |
| 1794 | Trex Co., Inc.\* | 97558 |
|  |  | **631737** |
|  | **REAL ESTATE — 7.5%** |  |
| 1414 | CBRE Group, Inc. - Class A\* | 198130 |

---

**WCM Mid Cap Quality Value Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **REAL ESTATE (Continued)** |  |
| 898 | Jones Lang LaSalle, Inc.\* | $229690 |
|  |  | **427820** |
|  | **TECHNOLOGY — 19.9%** |  |
| 1441 | Booz Allen Hamilton Holding Corp. | 150051 |
| 1048 | CDW Corp. | 187162 |
| 1921 | Entegris, Inc. | 154929 |
| 1935 | MKS, Inc. | 192262 |
| 932 | PTC, Inc.\* | 160621 |
| 264 | Teledyne Technologies, Inc.\* | 135250 |
| 504 | Zebra Technologies Corp. - Class A\* | 155413 |
|  |  | **1135688** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $5,660,971) | **5557110** |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  |  |
|  | **BANK DEPOSIT INVESTMENTS — 6.3%** |  |
| $360237 | UMB Bank, Money Market Special II, 4.19%<sup>1</sup> | 360237 |
|  | **TOTAL BANK DEPOSIT INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $360,237) | **360237** |
|  | **TOTAL INVESTMENTS — 103.7%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $6,021,208) | **5917347** |
|  | Liabilities in Excess of Other Assets — (3.7)% | (213849) |
|  | **TOTAL NET ASSETS — 100.0%** | $**5703498** |

---

\* 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 June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS — 86.7%** |  |
|  | **BRAZIL — 10.0%** |  |
| 46490 | Cia de Saneamento Basico do Estado de Sao Paulo SABESP | $1019373 |
| 26100 | Embraer S.A. | 369947 |
| 72541 | Inter & Co., Inc. - Class A | 538980 |
| 15286 | NU Holdings, Ltd. - Class A\* | 209724 |
| 46700 | TOTVS S.A. | 362814 |
|  |  | **2500838** |
|  | **CANADA — 4.5%** |  |
| 7268 | Celestica, Inc.\* | **1134608** |
|  | **CYPRUS — 0.9%** |  |
| 415269 | Cairo Mezz PLC\* | **211083** |
|  | **GREECE — 2.4%** |  |
| 86499 | Piraeus Financial Holdings S.A. | **599267** |
|  | **INDIA — 14.6%** |  |
| 23164 | Entero Healthcare Solutions Ltd.\* | 309995 |
| 77824 | Eureka Forbes Ltd.\* | 540979 |
| 256943 | Federal Bank, Ltd. | 638704 |
| 33423 | ICICI Bank Ltd. | 564840 |
| 39302 | KEC International Ltd. | 421026 |
| 16967 | Kotak Mahindra Bank Ltd. | 428062 |
| 21312 | PB Fintech, Ltd.\* | 453021 |
| 16083 | Phoenix Mills Ltd. | 293008 |
| 961 | SAI Life Sciences Ltd.\*<sup>,1</sup> | 8669 |
|  |  | **3658304** |
|  | **INDONESIA — 2.1%** |  |
| 510700 | Bank Central Asia Tbk P.T. | 272993 |
| 860100 | Bank Mandiri Persero Tbk P.T. | 258361 |
|  |  | **531354** |
|  | **KAZAKSTAN — 0.6%** |  |
| 1711 | Kaspi.KZ JSC - ADR | **145247** |
|  | **MEXICO — 4.7%** |  |
| 26531 | Grupo Aeroportuario del Centro Norte S.A.B. de C.V. | 348525 |
| 32000 | Qualitas Controladora S.A.B. de C.V. | 328603 |
| 34300 | Regional S.A.B. de C.V. | 283547 |
| 4194 | Vista Energy S.A.B. de C.V. - ADR\* | 200515 |
|  |  | **1161190** |

---

**WCM Focused Emerging Markets ex China Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **PERU — 2.1%** |  |
| 2366 | Credicorp Ltd. | $**528848** |
|  | **SAUDI ARABIA — 1.4%** |  |
| 7163 | Bupa Arabia for Cooperative Insurance Co. | **340149** |
|  | **SINGAPORE — 6.8%** |  |
| 53666 | Grab Holdings Ltd. - Class A\* | 269940 |
| 8993 | Sea Ltd. - ADR\* | 1438341 |
|  |  | **1708281** |
|  | **SOUTH AFRICA — 3.4%** |  |
| 1970 | Capitec Bank Holdings Ltd. | 393892 |
| 102604 | OUTsurance Group, Ltd. | 453969 |
|  |  | **847861** |
|  | **SOUTH KOREA — 16.7%** |  |
| 2197 | APR Corp.\* | 250708 |
| 21418 | Coupang, Inc.\* | 641683 |
| 4786 | Coway Co., Ltd. | 342000 |
| 4361 | HD Hyundai Marine Solution Co., Ltd. | 661171 |
| 2285 | Hyundai Rotem Co., Ltd. | 331590 |
| 772 | LIG Nex1 Co., Ltd. | 308522 |
| 3172 | MNC Solution Co., Ltd. | 353153 |
| 7925 | Shinhan Financial Group Co., Ltd. | 359295 |
| 4323 | SK Hynix, Inc. | 931527 |
|  |  | **4179649** |
|  | **TAIWAN — 14.1%** |  |
| 21000 | Bizlink Holding, Inc. | 610987 |
| 24000 | Kinik Co. | 263571 |
| 9308 | MediaTek, Inc. | 398835 |
| 61487 | Taiwan Semiconductor Manufacturing Co., Ltd. | 2248540 |
|  |  | **3521933** |
|  | **UNITED KINGDOM — 2.4%** |  |
| 115973 | Baltic Classifieds Group PLC | **593795** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $16,417,052) | **21662407** |

---

**WCM Focused Emerging Markets ex China Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  | Value |
|  | **BANK DEPOSIT INVESTMENTS — 2.9%** |  |
| $730485 | UMB Bank, Money Market Special II, 4.19%<sup>2</sup> | $730485 |
|  | **TOTAL BANK DEPOSIT INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $730,485) | **730485** |
|  | **TOTAL INVESTMENTS — 89.6%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $17,147,537) | **22392892** |
|  | Other Assets in Excess of Liabilities — 10.4% | 2592304 |
|  | **TOTAL NET ASSETS — 100.0%** | $**24985196** |

---

ADR – American Depository Receipt

JSC – Joint Stock Company

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 $8,669, which represents 0.03% 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.*

**STATEMENTS OF ASSETS AND LIABILITIES**

**As of June 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **WCM Focused International**<br> **Growth Fund** | **WCM Focused Emerging**<br> **Markets Fund** | **WCM International Small**<br> **Cap Growth Fund** |
| **Assets:** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments, at cost | $13978160829 | $669152809 | $264495193 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency, at cost | - | 190327 | 72103 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments, at value | $21510885490 | $871613141 | $342583442 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency, at value |  | 190491 | 72395 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold |  |  | 462274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 10100585 | 393583 | 244871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest | 33536769 | 1099196 | 129703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reclaims receivable | 27005107 |  | 430307 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 129051 | 63981 | 23637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 21581657002 | 873360392 | 343946629 |
| **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed | 8985077 | 405487 | 244543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 14604964 | 607937 | 251421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 6) | 1743304 | 104068 | 13835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution fees (Note 7) | 364829 | 44744 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund administration fees | 1057018 | 105254 | 27015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund accounting fees | 301896 | 58428 | 27137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 223657 | 26782 | 4944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custody fees | 1241240 | 290477 | 57111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' deferred compensation (Note 3) | 413209 | 46174 | 25708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder reporting fees | 28072 | 37380 | 11470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 13556 | 5983 | 1091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auditing fees | 10736 | 10459 | 10427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 2132 | 1529 | 1567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-U.S. Taxes |  | 1938559 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued other expenses | 42468 | 5657 | 1337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 29032158 | 3688918 | 677606 |
| Commitments and Contingencies (Note 3) |  |  |  |
| **Net Assets** | $**21552624844** | $**869671474** | $**343269023** |
| **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) | $13113680127 | $1212624376 | $390157703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings (accumulated deficit) | 8438944717 | (342952902) | (46888680) |
| **Net Assets** | $**21552624844** | $**869671474** | $**343269023** |
| **Maximum Offering Price per Share:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $807401856 | $112367889 | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding | 30046279 | 6500471 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | $26.87 | $17.29 | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $20745222988 | $757303585 | $343269023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding | 758861698 | 43163592 | 13355610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | $27.34 | $17.54 | $25.70 |

---

*See accompanying Notes to Financial Statements.*

**STATEMENTS OF ASSETS AND LIABILITIES - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **WCM Small Cap Growth**<br> **Fund** | **WCM SMID Quality Value**<br> **Fund** | **WCM China Quality Growth**<br> **Fund** |
| **Assets:** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments, at cost | $39469281 | $47135160 | $1603362 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency, at cost | - | - | 740 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments, at value | $41483749 | $62193291 | $1831323 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency, at value |  |  | 742 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold | 661934 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold |  | 8785 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest | 19060 | 9943 | 5696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from Advisor |  |  | 23533 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 17629 | 15389 | 26398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 42182372 | 62227408 | 1887692 |
| **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed | 7 | 8733 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 4821 | 12280 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 6) | 3447 | 9508 | 1793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution fees (Note 7) | 65 | 117 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund administration fees | 7622 | 11978 | 7392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund accounting fees | 7821 | 7801 | 10839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 5731 | 7104 | 5269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custody fees | 5340 | 5659 | 5190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities purchased | 22493 | 453597 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' deferred compensation (Note 3) | 14166 | 15585 | 12432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder reporting fees | 5716 | 3315 | 5049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 2651 | 1472 | 2384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auditing fees | 10503 | 10503 | 9949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 1335 | 1405 | 1789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses |  |  | 671 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued other expenses | 992 | 1004 | 889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 92710 | 550061 | 63740 |
| Commitments and Contingencies (Note 3) |  |  |  |
| **Net Assets** | $**42089662** | $**61677347** | $**1823952** |
| **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) | $41327366 | $40370041 | $7490189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings (accumulated deficit) | 762296 | 21307306 | (5666237) |
| **Net Assets** | $**42089662** | $**61677347** | $**1823952** |
| **Maximum Offering Price per Share:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $102643 | $185856 | $125900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding | 8354 | 16400 | 12877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | $12.29 | $11.33 | $9.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $41987019 | $61491491 | $1698052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding | 3369023 | 5328847 | 172303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | $12.46 | $11.54 | $9.86 |

---

*See accompanying Notes to Financial Statements.*

**STATEMENTS OF ASSETS AND LIABILITIES - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **WCM Focused International**<br> **Equity Fund** | **WCM Focused International**<br> **Opportunities Fund** | **WCM Mid Cap Quality Value**<br> **Fund** |
| **Assets:** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments, at cost | $35399686 | $28099977 | $6021208 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency, at cost | 8219 | 16431 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments, at value | $42909682 | $39418573 | $5917347 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency, at value | 8262 | 16484 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 41326 | 54974 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest | 41881 | 30674 | 689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reclaims receivable | 49880 | 43266 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from Advisor | 28122 | 3552 | 29873 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 31988 | 24853 | 51561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 43111141 | 39592376 | 5999470 |
| **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed |  | 6498 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 27983 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 6) | 1330 | 2816 | 816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution fees (Note 7) | 34 | 82 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund administration fees | 5120 | 6551 | 4344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund accounting fees | 10297 | 12615 | 5678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 5707 | 5722 | 2993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custody fees | 9383 | 7540 | 777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities purchased |  |  | 261366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' deferred compensation (Note 3) | 12256 | 12024 | 9485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder reporting fees | 2326 | 5244 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 786 | 1579 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auditing fees | 10156 | 10549 | 9727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 1631 | 1570 | 780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-U.S. Taxes |  | 22187 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued other expenses | 1380 | 1070 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 88389 | 96047 | 295972 |
| Commitments and Contingencies (Note 3) |  |  |  |
| **Net Assets** | $**43022752** | $**39496329** | $**5703498** |
| **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) | $37353376 | $32197244 | $5710977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings (accumulated deficit) | 5669376 | 7299085 | (7479) |
| **Net Assets** | $**43022752** | $**39496329** | $**5703498** |
| **Maximum Offering Price per Share:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $93791 | $684441 | $12801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding | 5133 | 55140 | 1104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | $18.27 | $12.41 | $11.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $42928961 | $38811888 | $1021128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding | 2339836 | 3105066 | 87877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | $18.35 | $12.50 | $11.62 |

---

 

*See accompanying Notes to Financial Statements.*

**STATEMENTS OF ASSETS AND LIABILITIES - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **WCM Focused International**<br> **Equity Fund**<br>**  | **WCM Focused International**<br> **Opportunities Fund**<br>**  | **WCM Mid Cap Quality Value**<br> **Fund**<br>**  |
| Class Y: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $- | $- | $4669569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding | - | - | 401618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | $- | $- | $11.63 |

---

*See accompanying Notes to Financial Statements.*

**STATEMENTS OF ASSETS AND LIABILITIES - Continued**

**As of June 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
|  | **WCM Focused Emerging**<br> **Markets ex China Fund** |
| **Assets:** | |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments, at cost | $17147537 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency, at cost | 998 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments, at value | $22392892 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency, at value | 1003 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 2636952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest | 13257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reclaims receivable | 770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from Advisor | 8158 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 27772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 25080804 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed | 9236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 6) | 824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution fees (Note 7) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund administration fees | 4297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund accounting fees | 6401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 5643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custody fees | 8417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' deferred compensation (Note 3) | 8707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder reporting fees | 1722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 2425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auditing fees | 9335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 1238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-U.S. Taxes | 35423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 421 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued other expenses | 1512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 95608 |
| Commitments and Contingencies (Note 3) |  |
| **Net Assets** | $**24985196** |
| **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) | $19202491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings (accumulated deficit) | 5782705 |
| **Net Assets** | $**24985196** |
| **Maximum Offering Price per Share:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $18236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding | 1029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | $17.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $24966960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding | 1406070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | $17.76 |

---

*See accompanying Notes to Financial Statements.*

**STATEMENTS OF OPERATIONS**

**For the Six Months Ended June 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **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 $11,209,740, $924,657 and $205,151, respectively) | $125255289 | $8386571 | $1963638 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | 10042145 | 356754 | 118438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 135297434 | 8743325 | 2082076 |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 80054492 | 4150266 | 1545447 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 6) | 9015188 | 461442 | 152045 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution fees (Note 7) | 914826 | 120369 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund administration fees | 4592983 | 312790 | 133650 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund accounting fees | 925008 | 116911 | 69483 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 607380 | 59549 | 15123 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custody fees | 2086433 | 466439 | 122151 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder reporting fees | 316584 | 45779 | 13171 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 192791 | 12842 | 9313 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | 58720 | 28830 | 10906 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous | 58399 | 10241 | 3452 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance fees | 25126 | 3918 | 2728 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 21405 | 4564 | 1021 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 18239 | 11651 | 7362 |
| &nbsp;&nbsp;&nbsp;&nbsp;Auditing fees | 10736 | 11029 | 10427 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax reclaim service fees | 8169 | 1480 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 3123 | 3125 | 2992 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax expense | - | 559 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 98909602 | 5821784 | 2099271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees (waived) recovered |  | (506782) | (165724) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expenses (absorbed) | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 98909602 | 5315002 | 1933547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income (loss)** | 36387832 | 3428323 | 148529 |
| **Realized and Unrealized Gain (Loss):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 734900758 | 69177394 | 16851136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | 665852 | (191118) | 57203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred non-U.S. taxes | - | (976761) | (570851) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | 735566610 | 68009515 | 16337488 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 3622969370 | 73383385 | 52118776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | 3574031 | 32019 | 55586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred non-U.S. taxes | - | 368116 | 459505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 3626543401 | 73783520 | 52633867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 4362110011 | 141793035 | 68971355 |
| **Net Increase (Decrease) in Net Assets from Operations** | $**4398497843** | $**145221358** | $**69119884** |

---

*See accompanying Notes to Financial Statements.*

**STATEMENTS OF OPERATIONS - Continued**

**For the Six Months Ended June 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **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 $1,062, respectively) | $75119 | $201689 | $16498 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | 28063 | 37943 | 1397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 103182 | 239632 | 17895 |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 202800 | 266707 | 9292 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 6) | 20074 | 21385 | 993 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution fees (Note 7) | 128 | 230 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund administration fees | 31380 | 47399 | 30640 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund accounting fees | 29746 | 33647 | 28394 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 17224 | 20974 | 17351 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custody fees | 7143 | 4838 | 16081 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder reporting fees | 5038 | 4081 | 4341 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 5815 | 6284 | 6851 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | 18911 | 15852 | 16337 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous | 2868 | 4007 | 3813 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance fees | 2627 | 2676 | 2720 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 1 | 1448 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 8041 | 7782 | 8602 |
| &nbsp;&nbsp;&nbsp;&nbsp;Auditing fees | 10503 | 10503 | 10529 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax reclaim service fees |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 3119 | 3119 | 3123 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax expense | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 365418 | 450932 | 159291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees (waived) recovered | (162490) | (182547) | (9292) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expenses (absorbed) | - | - | (138160) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 202928 | 268385 | 11839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income (loss)** | (99746) | (28753) | 6056 |
| **Realized and Unrealized Gain (Loss):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (329338) | 1591175 | 144343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions |  |  | (83) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred non-U.S. taxes | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | (329338) | 1591175 | 144260 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (681068) | (3969408) | 95632 |
| &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) | (681068) | (3969408) | 95632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (1010406) | (2378233) | 239892 |
| **Net Increase (Decrease) in Net Assets from Operations** | $**(1110152)** | $**(2406986)** | $**245948** |

---

*See accompanying Notes to Financial Statements.*

**STATEMENTS OF OPERATIONS - Continued**

**For the Six Months Ended June 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **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 $44,379, $16,592 and $0, respectively) | $366489 | $237157 | $15965 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | 9878 | 14825 | 3118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 376367 | 251982 | 19083 |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 124084 | 171055 | 13952 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 6) | 12745 | 19229 | 499 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution fees (Note 7) | 87 | 176 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund administration fees | 29540 | 28475 | 31072 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund accounting fees | 32841 | 37032 | 28692 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 17260 | 17423 | 19734 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custody fees | 8676 | 29781 | 9529 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder reporting fees | 4616 | 7381 | 7441 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 6314 | 6846 | 6208 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | 16275 | 21172 | 17440 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous | 5076 | 4544 | 2580 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance fees | 2622 | 2776 | 2745 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense |  | 2525 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 9817 | 8276 | 10766 |
| &nbsp;&nbsp;&nbsp;&nbsp;Auditing fees | 10736 | 10529 | 9719 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax reclaim service fees |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 2627 | 2932 | 3120 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax expense | 1695 | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 285011 | 370152 | 163563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees (waived) recovered | (124084) | (171055) | (13952) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expenses (absorbed) | (35061) | (4052) | (135086) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 125866 | 195045 | 14525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income (loss)** | 250501 | 56937 | 4558 |
| **Realized and Unrealized Gain (Loss):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 313701 | 1111557 | 73337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | 1934 | (1224) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred non-U.S. taxes | - | 890 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | 315635 | 1111223 | 73337 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 6577291 | 7291291 | (249434) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | 5161 | 4992 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred non-U.S. taxes | - | (8893) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 6582452 | 7287390 | (249434) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 6898087 | 8398613 | (176097) |
| **Net Increase (Decrease) in Net Assets from Operations** | $**7148588** | $**8455550** | $**(171539)** |

---

*See accompanying Notes to Financial Statements.*

**STATEMENTS OF OPERATIONS - Continued**

**For the Six Months Ended June 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
|  | **WCM Focused Emerging**<br> **Markets ex China Fund** |
| **Investment Income:** | |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends (net of foreign withholding taxes of $21,271) | $174682 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | 17255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 191937 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 85335 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 6) | 7078 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution fees (Note 7) | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund administration fees | 27778 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund accounting fees | 30197 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 17361 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custody fees | 25624 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder reporting fees | 4059 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 7292 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | 19743 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous | 3529 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance fees | 2623 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 9838 |
| &nbsp;&nbsp;&nbsp;&nbsp;Auditing fees | 10651 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax reclaim service fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 3123 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax expense | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 254250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees (waived) recovered | (85335) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expenses (absorbed) | (62227) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 106688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income (loss)** | 85249 |
| **Realized and Unrealized Gain (Loss):** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 438959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | (11128) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred non-U.S. taxes | (12964) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | 414867 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 3913994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | 409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred non-U.S. taxes | (11110) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 3903293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 4318160 |
| **Net Increase (Decrease) in Net Assets from Operations** | $**4403409** |

---

*See accompanying Notes to Financial Statements.*

**WCM Focused International Growth Fund**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Six Months Ended<br> June 30, 2025<br> (Unaudited)** | **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) | $36387832 | $20578665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments and foreign currency transactions | 735566610 | 1821757313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | 3626543401 | (542464369) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 4398497843 | 1299871609 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | (81240410) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | - | (1956911959) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | - | (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 | 48968538 | 68575770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 1659594647 | 2314654038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | 80852585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 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 | (95025716) | (153068209) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (1704893060) | (3557070303) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | (91355591) | 506082506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 4307142252 | (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 | $21552624844 | $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 | 2140169 | 2807267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 69501013 | 94782849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | 3501628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 271 | 74718065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (4109965) | (6364738) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (71515414) | (144988661) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in capital share transactions** | (3983926) | 24456410 |

---

*See accompanying Notes to Financial Statements.*

**WCM Focused Emerging Markets Fund**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Six Months Ended<br> June 30, 2025<br> (Unaudited)** | **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) | $3428323 | $(530834) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments, foreign currency transactions and deferred non-U.S. taxes | 68009515 | (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 | 73783520 | 149269184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 145221358 | 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 | 24050366 | 27462209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 80421077 | 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 | (21667063) | (33358115) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (268824386) | (526406586) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | (186020006) | (371708167) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | (40798648) | (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 | $869671474 | $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 | 1727694 | 1976269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 5334142 | 11698708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (1484423) | (2464210) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (17733523) | (38361154) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in capital share transactions** | (12156110) | (27150387) |

---

*See accompanying Notes to Financial Statements.*

**WCM International Small Cap Growth Fund**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Six Months Ended<br> June 30, 2025<br> (Unaudited)** | **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) | $148529 | $841608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments, foreign currency transactions and deferred non-U.S. taxes | 16337488 | 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 | 52633867 | (2549081) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 69119884 | 12698165 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | - | (3810934) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | - | (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 | 45748550 | 65005712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 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 | (63143763) | (97626915) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | (17395213) | (28814700) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 51724671 | (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 | $343269023 | $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 | 2116165 | 3129446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 175658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (2793944) | (4725339) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in capital share transactions** | (677779) | (1420235) |

---

*See accompanying Notes to Financial Statements.*

**WCM Small Cap Growth Fund**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Six Months Ended<br> June 30, 2025<br> (Unaudited)** | **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) | $(99746) | $(170234) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | (329338) | 5454622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (681068) | (3585744) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (1110152) | 1698644 |
| **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 |  | 1500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 9224723 | 9301319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (4897) | (1671) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (6143981) | (11402880) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 3075845 | (2101732) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 1965693 | (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 | $42089662 | $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 |  | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 774924 | 729499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (406) | (132) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (518183) | (895103) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in capital share transactions** | 256335 | (165617) |

---

*See accompanying Notes to Financial Statements.*

**WCM SMID Quality Value Fund**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Six Months Ended<br> June 30, 2025<br> (Unaudited)** | **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) | $(28753) | $(158572) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 1591175 | 21321713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (3969408) | (14338688) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (2406986) | 6824453 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | (31568) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | - | (10131208) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | - | (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 |  | 89941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 9299931 | 9641000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | 31568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 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 | (27171) | (135807) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (11536753) | (86317938) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | (2263993) | (73396231) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | (4670979) | (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 | $61677347 | $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 |  | 6852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 847260 | 733177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | 2503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 257021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (2303) | (10607) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (1038056) | (7150860) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in capital share transactions** | (193099) | (6161914) |

---

*See accompanying Notes to Financial Statements.*

**WCM China Quality Growth Fund**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Six Months Ended<br> June 30, 2025<br> (Unaudited)** | **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) | $6056 | $27808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments and foreign currency transactions | 144260 | (1308388) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | 95632 | 937298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 245948 | (343282) |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | (2971) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | - | (36943) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | - | (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 | 4131 | 66674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 432477 | 169443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | 2971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 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 | (44971) | (45556) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (685806) | (2556812) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | (294169) | (2326337) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | (48221) | (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 | $1823952 | $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 | 429 | 7964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 44819 | 20417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | 343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 4241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (4986) | (5278) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (70893) | (314446) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in capital share transactions** | (30631) | (286759) |

---

*See accompanying Notes to Financial Statements.*

**WCM Focused International Equity Fund**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Six Months Ended<br> June 30, 2025<br> (Unaudited)** | **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) | $250501 | $91656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments and foreign currency transactions | 315635 | 995515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | 6582452 | (96869) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 7148588 | 990302 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | (737) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | - | (136037) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | - | (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 | 21303 | 25588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 27198015 | 1398315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | 683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 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 |  | (30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (776459) | (4052731) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 26442859 | (2492138) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 33591447 | (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 | $43022752 | $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 | 1283 | 1722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 1753182 | 97413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 8822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (47374) | (300141) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in capital share transactions** | 1707091 | (192142) |

---

*See accompanying Notes to Financial Statements.*

**WCM Focused International Opportunities Fund**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Six Months Ended<br> June 30, 2025<br> (Unaudited)** | **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) | $56937 | $20868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments, foreign currency transactions and deferred non-U.S. taxes | 1111223 | 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 | 7287390 | (1333513) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 8455550 | 1889201 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | (2577) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | - | (714799) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | - | (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 | 568606 | 85911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 2231763 | 9267761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | 2576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 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 | (79915) | (86809) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (6183719) | (13622102) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | (3463265) | (3639314) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 4992285 | (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 | $39496329 | $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 | 47917 | 8692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 211280 | 944341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | 248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 68328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (7729) | (8902) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (591549) | (1366900) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in capital share transactions** | (340081) | (354193) |

---

*See accompanying Notes to Financial Statements.*

**WCM Mid Cap Quality Value Fund**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Six Months Ended<br> June 30, 2025<br> (Unaudited)** | **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) | $4558 | $(935) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 73337 | 75718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (249434) | (11302) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (171539) | 63481 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | (763) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | (57441) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y\* | - | (555) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | - | (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 | 151921 | 587354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y\* | 3599424 | 1300000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | 763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 57441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y\* |  | 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 | (464402) | (204007) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y\* | (66138) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 3220805 | 1742105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 3049266 | 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 | $5703498 | $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 | 12030 | 47926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y\* | 302843 | 104660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 4436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y\* |  | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (37160) | (15635) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y\* | (5928) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in capital share transactions** | 271785 | 141489 |

---

\* 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> Six Months Ended<br> June 30, 2025<br> (Unaudited)** | **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) | $85249 | $17442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments, foreign currency transactions and deferred non-U.S. taxes | 414867 | 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 | 3903293 | 567730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 4403409 | 1034643 |
| **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | (429) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | - | (390937) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | - | (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 | 7022114 | 7760085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | 429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 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 | (924051) | (867562) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 6098063 | 7281009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 10501472 | 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 | $24985196 | $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 | 451563 | 537195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 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 | (60899) | (61658) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in capital share transactions** | 390664 | 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> April 30,** | **For the Year Ended<br> April 30,** | **For the Year Ended<br> April 30,** |
|  | **For the<br> Six Months<br> Ended<br> June 30,**<br>**2025<br> (Unaudited)** | **2024** | **2023** | **For the Period<br> May 1, 2022<br> through<br> December 31,**<br>**2022^** | **2022** | **2021** | **2020** |
| **Net asset value, beginning of period** | $21.42 | $22.44 | $19.44 | $20.43 | $26.00 | $17.10 | $16.51 |
| **Income from Investment Operations:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | 0.02 | (0.03) | (0.05) | (0.04) | (0.18) | (0.14) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 5.43 | 1.73 | 3.20 | (0.93) | (4.12) | 9.39 | 0.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 5.45 | 1.70 | 3.15 | (0.97) | (4.30) | 9.25 | 0.60 |
| **Less Distributions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income |  |  |  |  |  | (0.01) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gain | - | (2.72) | (0.15) | (0.02) | (1.27) | (0.34) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | - | (2.72) | (0.15) | (0.02) | (1.27) | (0.35) | (0.01) |
| **Net asset value, end of period** | $26.87 | $21.42 | $22.44 | $19.44 | $20.43 | $26.00 | $17.10 |
| **Total return<sup>2</sup>** | 25.44%<sup>3</sup> | 6.71% | 16.24% | (4.75)%<sup>3</sup> | (17.75)% | 54.28% | 3.64% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $807402 | $685789 | $719670 | $695036 | $1106334 | $1537934 | $271693 |
| Ratio of expenses to average net assets: | 1.29%<sup>4,5</sup> | 1.29%<sup>5</sup> | 1.29%<sup>5</sup> | 1.29%<sup>4</sup> | 1.31% | 1.30% | 1.26% |
| Ratio of net investment income (loss) to average net assets: | 0.15%<sup>4</sup> | (0.13)% | (0.22)% | (0.34)%<sup>4</sup> | (0.68)% | (0.62)% | (0.01)% |
| Portfolio turnover rate | 14%<sup>3</sup> | 36% | 33% | 17%<sup>3</sup> | 23% | 25% | 20% |

---

<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> Annualized.

<sup>5</sup> If interest expense and tax expense had been excluded, the expense ratios would have been lowered by 0.00% for the six months ended June 30, 2025, and for the years ended December 31, 2024 and December 31, 2023.

*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> April 30,** | **For the Year Ended<br> April 30,** | **For the Year Ended<br> April 30,** |
|  | **For the<br> Six Months<br> Ended<br> June 30,**<br>**2025<br> (Unaudited)** | **2024** | **2023** | **For the Period<br> May 1, 2022<br> through<br> December 31,**<br>**2022^** | **2022** | **2021** | **2020** |
| **Net asset value, beginning of period** | $21.76 | $22.76 | $19.66 | $20.64 | $26.18 | $17.17 | $16.58 |
| **Income from Investment Operations:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | 0.05 | 0.03 | 0.01 | (0.01) | (0.11) | (0.08) | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 5.53 | 1.75 | 3.24 | (0.95) | (4.16) | 9.44 | 0.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 5.58 | 1.78 | 3.25 | (0.96) | (4.27) | 9.36 | 0.63 |
| **Less Distributions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income |  | (0.06) |  |  |  | (0.01) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gain | - | (2.72) | (0.15) | (0.02) | (1.27) | (0.34) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | - | (2.78) | (0.15) | (0.02) | (1.27) | (0.35) | (0.04) |
| **Net asset value, end of period** | $27.34 | $21.76 | $22.76 | $19.66 | $20.64 | $26.18 | $17.17 |
| **Total return<sup>2</sup>** | 25.64%<sup>3</sup> | 6.95% | 16.56% | (4.65)%<sup>3</sup> | (17.51)% | 54.73% | 3.79% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $20745223 | $16559694 | $16758010 | $15390849 | $19083250 | $22891438 | $12088860 |
| Ratio of expenses to average net assets: | 1.04%<sup>4,5</sup> | 1.04%<sup>5</sup> | 1.04%<sup>5</sup> | 1.04%<sup>4</sup> | 1.06% | 1.05% | 1.04% |
| Ratio of net investment income (loss) to average net assets: | 0.40%<sup>4</sup> | 0.12% | 0.03% | (0.09)%<sup>4</sup> | (0.43)% | (0.37)% | 0.21% |
| Portfolio turnover rate | 14%<sup>3</sup> | 36% | 33% | 17%<sup>3</sup> | 23% | 25% | 20% |

---

<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> Annualized.

<sup>5</sup> If interest expense and tax expense had been excluded, the expense ratios would have been lowered by 0.00% for the six months ended June 30, 2025, and for the years ended December 31, 2024 and December 31, 2023.

*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> April 30,** | **For the Year Ended<br> April 30,** | **For the Year Ended<br> April 30,** |
|  | **For the<br> Six Months<br> Ended<br> June 30,**<br>**2025<br> (Unaudited)** | **2024** | **2023** | **For the Period<br> May 1, 2022<br> through<br> December 31,**<br>**2022^** | **2022** | **2021** | **2020** |
| **Net asset value, beginning of period** | $14.55 | $13.25 | $12.73 | $14.00 | $19.89 | $12.71 | $12.91 |
| **Income from Investment Operations:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | 0.05 | (0.04) | 0.03 | 0.01 | (0.11) | (0.19) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 2.69 | 1.34 | 0.51 | (1.24) | (4.96) | 7.54 | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 2.74 | 1.30 | 0.54 | (1.23) | (5.07) | 7.35 | (0.15) |
| **Less Distributions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income |  |  | (0.02) | (0.04) |  |  | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gain | - | - | - | - | (0.82) | (0.17) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | - | - | (0.02) | (0.04) | (0.82) | (0.17) | (0.05) |
| **Net asset value, end of period** | $17.29 | $14.55 | $13.25 | $12.73 | $14.00 | $19.89 | $12.71 |
| **Total return<sup>2</sup>** | 18.83%<sup>3</sup> | 9.81% | 4.25% | (8.78)%<sup>3</sup> | (26.54)% | 57.93% | (1.17)% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $112368 | $91033 | $89359 | $125641 | $141593 | $55369 | $26583 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 1.62%<sup>4,5</sup> | 1.56%<sup>5</sup> | 1.52% | 1.62%<sup>4</sup> | 1.59% | 1.53% | 1.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.50%<sup>4,5</sup> | 1.51%<sup>5</sup> | 1.50% | 1.50%<sup>4</sup> | 1.50% | 1.50% | 1.49%<sup>6</sup> |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 0.49%<sup>4</sup> | (0.33)% | 0.21% | 0.00%<sup>4</sup> | (0.71)% | (1.07)% | (0.59)% |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 0.61%<sup>4</sup> | (0.28)% | 0.23% | 0.12%<sup>4</sup> | (0.62)% | (1.04)% | (0.39)% |
| Portfolio turnover rate | 33%<sup>3</sup> | 67% | 62% | 18%<sup>3</sup> | 39% | 35% | 23% |

---

<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> Annualized.

<sup>5</sup> If tax expense and interest expense had been excluded, the expense ratios would have been lowered by 0.00% for the six months ended June 30, 2025 and 0.01% for the year ended December 31, 2024.

<sup>6</sup> Effective May 1, 2019, the Advisor has contractually agreed to limit the annual operating expenses to 1.50%. Prior to May 1, 2019, the Advisor had contractually agreed to limit the annual operating expenses to 1.65%, but also voluntarily waived all of its fees, and payed all of the operating expenses.

*See accompanying Notes to Financial Statements.*

**WCM Focused Emerging Markets Fund**

**FINANCIAL HIGHLIGHTS**

**Institutional Class** 

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **For the Year Ended<br> December 31,** | **For the Year Ended<br> December 31,** | | **For the Year Ended<br> April 30,** | **For the Year Ended<br> April 30,** | **For the Year Ended<br> April 30,** |
|  | **For the<br> Six Months<br> Ended<br> June 30,**<br>**2025<br> (Unaudited)** | **2024** | **2023** | **For the Period<br> May 1, 2022<br> through<br> December 31,**<br>**2022^** | **2022** | **2021** | **2020** |
| **Net asset value, beginning of period** | $14.75 | $13.40 | $12.88 | $14.16 | $20.06 | $12.78 | $12.96 |
| **Income from Investment Operations:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | 0.07 |  | 0.06 | 0.03 | (0.07) | (0.15) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 2.72 | 1.35 | 0.52 | (1.25) | (5.01) | 7.60 | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 2.79 | 1.35 | 0.58 | (1.22) | (5.08) | 7.45 | (0.13) |
| **Less Distributions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income |  |  | (0.06) | (0.06) |  |  | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gain | - | - | - | - | (0.82) | (0.17) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | - | - | (0.06) | (0.06) | (0.82) | (0.17) | (0.05) |
| **Net asset value, end of period** | $17.54 | $14.75 | $13.40 | $12.88 | $14.16 | $20.06 | $12.78 |
| **Total return<sup>2</sup>** | 18.92%<sup>3</sup> | 10.07% | 4.54% | (8.62)%<sup>3</sup> | (26.36)% | 58.39% | (1.01)% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $757304 | $819437 | $1101465 | $1309276 | $1717091 | $2116203 | $315868 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 1.37%<sup>4,5</sup> | 1.31%<sup>5</sup> | 1.27% | 1.37%<sup>4</sup> | 1.34% | 1.28% | 1.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.25%<sup>4,5</sup> | 1.26%<sup>5</sup> | 1.25% | 1.25%<sup>4</sup> | 1.25% | 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 | 0.74%<sup>4</sup> | (0.08)% | 0.46% | 0.25%<sup>4</sup> | (0.46)% | (0.82)% | (0.35)% |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 0.86%<sup>4</sup> | (0.03)% | 0.48% | 0.37%<sup>4</sup> | (0.37)% | (0.79)% | (0.15)% |
| Portfolio turnover rate | 33%<sup>3</sup> | 67% | 62% | 18%<sup>3</sup> | 39% | 35% | 23% |

---

<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> Annualized.

<sup>5</sup> If tax expense and interest expense had been excluded, the expense ratios would have been lowered by 0.00% for the six months ended June 30, 2025 and 0.01% for the year ended December 31, 2024.

<sup>6</sup> Effective May 1, 2019, the Advisor has contractually agreed to limit the annual operating expenses to 1.25%. Prior to May 1, 2019, the Advisor had contractually agreed to limit the annual operating expenses to 1.40%, but also voluntarily waived all of its fees, and payed all of the operating expenses.

*See accompanying Notes to Financial Statements.*

**WCM 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> April 30,** | **For the Year Ended<br> April 30,** | **For the Year Ended<br> April 30,** |
|  | **For the<br> Six Months<br> Ended<br> June 30,**<br>**2025<br> (Unaudited)** | **2024** | **2023** | **For the Period<br> May 1, 2022<br> through<br> December 31,**<br>**2022^** | **2022** | **2021** | **2020** |
| **Net asset value, beginning of period** | $20.77 | $20.16 | $16.49 | $20.22 | $28.63 | $16.80 | $15.57 |
| **Income from Investment Operations:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | 0.01 | 0.06 | 0.05 | (0.02) | (0.18) | (0.19) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 4.92 | 0.82 | 3.62 | (3.71) | (5.30) | 12.76 | 1.33 |
| &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 | 4.93 | 0.88 | 3.67 | (3.73) | (5.48) | 12.57 | 1.23 |
| **Less Distributions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income |  | (0.27) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gain | - | - | - | - | (2.93) | (0.74) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | - | (0.27) | - | - | (2.93) | (0.74) | - |
| **Net asset value, end of period** | $25.70 | $20.77 | $20.16 | $16.49 | $20.22 | $28.63 | $16.80 |
| **Total return<sup>3</sup>** | 23.74%<sup>4</sup> | 4.32% | 22.26% | (18.45)%<sup>4</sup> | (22.04)% | 75.46%<sup>5</sup> | 7.90% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $343269 | $291544 | $311472 | $293250 | $533268 | $768496 | $86504 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 1.36%<sup>6,7</sup> | 1.32%<sup>8</sup> | 1.33%<sup>8</sup> | 1.48%<sup>6</sup> | 1.34% | 1.34% | 1.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.25%<sup>6,7</sup> | 1.26%<sup>8</sup> | 1.25%<sup>8</sup> | 1.25%<sup>6</sup> | 1.25% | 1.25% | 1.25%<sup>9</sup> |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (0.01)%<sup>6</sup> | 0.22% | 0.18% | (0.44)%<sup>6</sup> | (0.73)% | (0.84)% | (1.17)% |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 0.10%<sup>6</sup> | 0.28% | 0.26% | (0.21)%<sup>6</sup> | (0.64)% | (0.75)% | (0.63)% |
| Portfolio turnover rate | 60%<sup>4</sup> | 107% | 81% | 56%<sup>4</sup> | 87% | 82% | 67% |

---

<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> Annualized.

<sup>7</sup> If interest expense had been excluded, the expense ratios would have been lowered by 0.00% for the six months ended June 30, 2025.

<sup>8</sup> If interest expense and tax reclaim service fees had been excluded, the expense ratios would have been lowered by 0.01% and 0.00% for the year ended December 31, 2024, and for the year ended December 31, 2023, respectively.

<sup>9</sup> Effective May 1, 2019, the Advisor has contractually agreed to limit the annual operating expenses to 1.25%. Prior to May 1, 2019, the Advisor had contractually agreed to limit the annual operating expenses to 1.40%.

*See accompanying Notes to Financial Statements.*

**WCM Small Cap Growth Fund**

**FINANCIAL HIGHLIGHTS**

**Investor Class**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **For the Year Ended<br> December 31,** | **For the Year Ended<br> December 31,** | | **For the Year Ended<br> April 30,** | **For the Year Ended<br> April 30,** | |
|  | **For the<br> Six Months<br> Ended<br> June 30,**<br>**2025<br> (Unaudited)** | **2024** | **2023** | **For the Period<br> May 1, 2022<br> through<br> December 31,**<br>**2022^** | **2022** | **2021** | **For the Period<br> October 30, 2019\*<br> through<br> April 30,**<br>**2020** |
| **Net asset value, beginning of period** | $12.69 | $12.20 | $10.55 | $11.00 | $15.71 | $9.27 | $10.00 |
| **Income from Investment Operations:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | (0.04) | (0.08) | (0.07) | (0.06) | (0.16) | (0.16) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.36) | 0.57 | 1.72 | (0.37) | (3.28) | 6.75 | (0.68) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (0.40) | 0.49 | 1.65 | (0.43) | (3.44) | 6.59 | (0.73) |
| **Less Distributions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gain | - | - | - | (0.02) | (1.27) | (0.15) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | - | - | - | (0.02) | (1.27) | (0.15) | - |
| **Net asset value, end of period** | $12.29 | $12.69 | $12.20 | $10.55 | $11.00 | $15.71 | $9.27 |
| **Total return<sup>2</sup>** | (3.15)%<sup>3</sup> | 4.02% | 15.64% | (3.92)%<sup>3</sup> | (23.65)% | 71.37% | (7.30)%<sup>3</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $103 | $111 | $107 | $94 | $79 | $78 | $31 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 2.03%<sup>4,5</sup> | 2.04%<sup>5</sup> | 2.11% | 2.19%<sup>4</sup> | 1.85% | 2.33% | 10.10%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.24%<sup>4,5</sup> | 1.24%<sup>5</sup> | 1.24% | 1.30%<sup>4,6</sup> | 1.50% | 1.50% | 1.50%<sup>4</sup> |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (1.53)%<sup>4</sup> | (1.45)% | (1.52)% | (1.74)%<sup>4</sup> | (1.48)% | (2.08)% | (9.69)%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | (0.74)%<sup>4</sup> | (0.65)% | (0.65)% | (0.85)%<sup>4</sup> | (1.13)% | (1.25)% | (1.09)%<sup>4</sup> |
| Portfolio turnover rate | 40%<sup>3</sup> | 83% | 48% | 45%<sup>3</sup> | 57% | 51% | 51%<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> Annualized.

<sup>5</sup> If interest expense and tax expense had been excluded, the expense ratios would have been lowered by 0.00% for the six months ended June 30, 2025, and 0.00% for the year ended December 31, 2024.

<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> April 30,** | **For the Year Ended<br> April 30,** | |
|  | **For the<br> Six Months<br> Ended<br> June 30,**<br>**2025<br> (Unaudited)** | **2024** | **2023** | **For the Period<br> May 1, 2022<br> through<br> December 31,**<br>**2022^** | **2022** | **2021** | **For the Period<br> October 30, 2019\*<br> through<br> April 30,**<br>**2020** |
| **Net asset value, beginning of period** | $12.86 | $12.33 | $10.64 | $11.07 | $15.77 | $9.28 | $10.00 |
| **Income from Investment Operations:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | (0.03) | (0.05) | (0.05) | (0.04) | (0.12) | (0.14) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.37) | 0.58 | 1.74 | (0.37) | (3.31) | 6.78 | (0.68) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (0.40) | 0.53 | 1.69 | (0.41) | (3.43) | 6.64 | (0.72) |
| **Less Distributions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gain | - | - | - | (0.02) | (1.27) | (0.15) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | - | - | - | (0.02) | (1.27) | (0.15) | - |
| **Net asset value, end of period** | $12.46 | $12.86 | $12.33 | $10.64 | $11.07 | $15.77 | $9.28 |
| **Total return<sup>2</sup>** | (3.11)%<sup>3</sup> | 4.30% | 15.88% | (3.72)%<sup>3</sup> | (23.49)% | 71.84% | (7.20)%<sup>3</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $41987 | $40013 | $40420 | $32916 | $40438 | $58164 | $4993 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 1.78%<sup>4,5</sup> | 1.79%<sup>5</sup> | 1.86% | 1.94%<sup>4</sup> | 1.60% | 2.08% | 9.85%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 0.99%<sup>4,5</sup> | 0.99%<sup>5</sup> | 0.99% | 1.05%<sup>4,6</sup> | 1.25% | 1.25% | 1.25%<sup>4</sup> |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (1.28)%<sup>4</sup> | (1.20)% | (1.27)% | (1.49)%<sup>4</sup> | (1.23)% | (1.83)% | (9.43)%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | (0.49)%<sup>4</sup> | (0.40)% | (0.40)% | (0.60)%<sup>4</sup> | (0.88)% | (1.00)% | (0.83)%<sup>4</sup> |
| Portfolio turnover rate | 40%<sup>3</sup> | 83% | 48% | 45%<sup>3</sup> | 57% | 51% | 51%<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 do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

<sup>3</sup> Not annualized.

<sup>4</sup> Annualized.

<sup>5</sup> If interest expense and tax expense had been excluded, the expense ratios would have been lowered by 0.00% for the six months ended June 30, 2025, and 0.00% for the year ended December 31, 2024.

<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> April 30,** | **For the Year Ended<br> April 30,** | |
|  | **For the<br> Six Months<br> Ended<br> June 30,**<br>**2025<br> (Unaudited)** | **2024** | **2023** | **For the Period<br> May 1, 2022<br> through<br> December 31,**<br>**2022^** | **2022** | **2021** | **For the Period<br> October 30, 2019\*<br> through<br> April 30,**<br>**2020** |
| **Net asset value, beginning of period** | $11.78 | $12.08 | $9.84 | $10.30 | $12.11 | $7.71 | $10.00 |
| **Income from Investment Operations:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | (0.02) | (0.06) | (0.04) | (0.04) | (0.08) | (0.07) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.43) | 1.71 | 2.38 | (0.24) | (0.97) | 4.47 | (2.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (0.45) | 1.65 | 2.34 | (0.28) | (1.05) | 4.40 | (2.29) |
| **Less Distributions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gain | - | (1.95) | (0.10) | (0.18) | (0.76) | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | - | (1.95) | (0.10) | (0.18) | (0.76) | - | - |
| **Net asset value, end of period** | $11.33 | $11.78 | $12.08 | $9.84 | $10.30 | $12.11 | $7.71 |
| **Total return<sup>2</sup>** | (3.82)%<sup>3</sup> | 12.59% | 23.83% | (2.71)%<sup>3</sup> | (9.29)% | 57.07% | (22.90)%<sup>3</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $186 | $220 | $241 | $196 | $169 | $161 | $27 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 1.69%<sup>4,5</sup> | 1.70%<sup>5</sup> | 1.52% | 1.64%<sup>4</sup> | 1.77% | 1.97% | 15.49%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.11%<sup>4,5</sup> | 1.15%<sup>5</sup> | 1.10% | 1.23%<sup>4,6</sup> | 1.25% | 1.25%<sup>7</sup> | 1.50%<sup>4</sup> |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (0.92)%<sup>4</sup> | (1.01)% | (0.79)% | (0.98)%<sup>4</sup> | (1.26)% | (1.43)% | (14.51)%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | (0.34)%<sup>4</sup> | (0.46)% | (0.37)% | (0.57)%<sup>4</sup> | (0.74)% | (0.71)% | (0.52)%<sup>4</sup> |
| Portfolio turnover rate | 11%<sup>3</sup> | 15% | 22% | 53%<sup>3</sup> | 32% | 32% | 5%<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> Annualized.

<sup>5</sup> If interest expense had been excluded, the expense ratios would have been lowered by 0.01% and 0.05% for the six months ended June 30, 2025 and for the year ended December 31, 2024, respectively.

<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> April 30,** | **For the Year Ended<br> April 30,** | |
|  | **For the<br> Six Months<br> Ended<br> June 30,**<br>**2025<br> (Unaudited)** | **2024** | **2023** | **For the Period<br> May 1, 2022<br> through<br> December 31,**<br>**2022^** | **2022** | **2021** | **For the Period<br> October 30, 2019\*<br> through<br> April 30,**<br>**2020** |
| **Net asset value, beginning of period** | $11.98 | $12.23 | $9.94 | $10.38 | $12.17 | $7.73 | $10.00 |
| **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) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.43) | 1.73 | 2.40 | (0.24) | (0.97) | 4.49 | (2.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (0.44) | 1.70 | 2.39 | (0.26) | (1.03) | 4.44 | (2.27) |
| **Less Distributions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gain | - | (1.95) | (0.10) | (0.18) | (0.76) | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | - | (1.95) | (0.10) | (0.18) | (0.76) | - | - |
| **Net asset value, end of period** | $11.54 | $11.98 | $12.23 | $9.94 | $10.38 | $12.17 | $7.73 |
| **Total return<sup>2</sup>** | (3.67)%<sup>3</sup> | 12.84% | 24.09% | (2.50)%<sup>3</sup> | (9.08)% | 57.44% | (22.70)%<sup>3</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $61491 | $66128 | $142842 | $117974 | $99042 | $99267 | $4716 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 1.44%<sup>4,5</sup> | 1.45%<sup>5</sup> | 1.27% | 1.39%<sup>4</sup> | 1.52% | 1.72% | 15.24%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 0.86%<sup>4,5</sup> | 0.90%<sup>5</sup> | 0.85% | 0.98%<sup>4,6</sup> | 1.00% | 1.00%<sup>7</sup> | 1.25%<sup>4</sup> |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (0.67)%<sup>4</sup> | (0.76)% | (0.54)% | (0.73)%<sup>4</sup> | (1.01)% | (1.18)% | (14.26)%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | (0.09)%<sup>4</sup> | (0.21)% | (0.12)% | (0.32)%<sup>4</sup> | (0.49)% | (0.46)% | (0.27)%<sup>4</sup> |
| Portfolio turnover rate | 11%<sup>3</sup> | 15% | 22% | 53%<sup>3</sup> | 32% | 32% | 5%<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 do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

<sup>3</sup> Not annualized.

<sup>4</sup> Annualized.

<sup>5</sup> If interest expense had been excluded, the expense ratios would have been lowered by 0.01% and 0.05% for the six months ended June 30, 2025 and for the year ended December 31, 2024, respectively.

<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> April 30,** | **For the Year Ended<br> April 30,** | |
|  | **For the<br> Six Months<br> Ended<br> June 30,**<br>**2025<br> (Unaudited)** | **2024** | **2023** | **For the Period<br> May 1, 2022<br> through<br> December 31,**<br>**2022^** | **2022** | **2021** | **For the Period<br> March 31, 2020\*<br> through<br> April 30,**<br>**2020** |
| **Net asset value, beginning of period** | $8.62 | $9.07 | $11.22 | $11.19 | $18.05 | $10.65 | $10.00 |
| **Income from Investment Operations:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | 0.02 | 0.08 | 0.05 | 0.02 | (0.11) | (0.17) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.14 | (0.36) | (2.13) | 0.03 | (5.44) | 7.95 | 0.66 |
| &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 | 1.16 | (0.28) | (2.08) | 0.05 | (5.55) | 7.78 | 0.65 |
| **Less Distributions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income |  | (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 | - | (0.17) | (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 | $10.65 |
| **Total return<sup>3</sup>** | 13.46%<sup>4</sup> | (3.05)% | (18.49)% | 0.42%<sup>4</sup> | (32.83)% | 73.73%<sup>5</sup> | 6.50%<sup>4</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $126 | $150 | $131 | $157 | $138 | $177 | $11 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 17.38%<sup>6,7</sup> | 13.45%<sup>7,8</sup> | 5.46%<sup>8</sup> | 4.52%<sup>6</sup> | 3.92% | 6.21% | 18.03%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.51%<sup>6,7</sup> | 1.63%<sup>7,8</sup> | 1.50%<sup>8</sup> | 1.50%<sup>6</sup> | 1.50% | 1.50% | 1.50%<sup>6</sup> |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (15.45)%<sup>6</sup> | (10.94)% | (3.46)% | (2.70)%<sup>6</sup> | (3.09)% | (5.72)% | (17.69)%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 0.42%<sup>6</sup> | 0.88% | 0.50% | 0.32%<sup>6</sup> | (0.67)% | (1.01)% | (1.16)%<sup>6</sup> |
| Portfolio turnover rate | 56%<sup>4</sup> | 74% | 57% | 26%<sup>4</sup> | 56% | 57% | -%<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> The Advisor reimbursed the Fund $1,692 for losses from a trade error. This reimbursement had a positive 0.10% impact on the total return.

<sup>6</sup> Annualized.

<sup>7</sup> If interest expense had been excluded, the expense ratios would have been lowered by 0.01% and 0.13% for the six months ended June 30, 2025 and for the year ended December 31, 2024, respectively.

<sup>8</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.

*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> April 30,** | **For the Year Ended<br> April 30,** | |
|  | **For the<br> Six Months<br> Ended<br> June 30,**<br>**2025<br> (Unaudited)** | **2024** | **2023** | **For the Period<br> May 1, 2022<br> through<br> December 31,**<br>**2022^** | **2022** | **2021** | **For the Period<br> March 31, 2020\*<br> through<br> April 30,**<br>**2020** |
| **Net asset value, beginning of period** | $8.68 | $9.12 | $11.28 | $11.25 | $18.10 | $10.65 | $10.00 |
| **Income from Investment Operations:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | 0.03 | 0.10 | 0.08 | 0.04 | (0.07) | (0.12) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.15 | (0.35) | (2.14) | 0.02 | (5.47) | 7.95 | 0.66 |
| &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 | 1.18 | (0.25) | (2.06) | 0.06 | (5.54) | 7.83 | 0.65 |
| **Less Distributions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income |  | (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 | - | (0.19) | (0.10) | (0.03) | (1.31) | (0.38) | - |
| **Net asset value, end of period** | $9.86 | $8.68 | $9.12 | $11.28 | $11.25 | $18.10 | $10.65 |
| **Total return<sup>3</sup>** | 13.59%<sup>4</sup> | (2.73)% | (18.26)% | 0.57%<sup>4</sup> | (32.68)% | 74.20%<sup>5</sup> | 6.50%<sup>4</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $1698 | $1722 | $4451 | $6849 | $10629 | $13605 | $2391 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 17.13%<sup>6,7</sup> | 13.20%<sup>7,8</sup> | 5.21%<sup>8</sup> | 4.27%<sup>6</sup> | 3.67% | 5.96% | 17.78%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.26%<sup>6,7</sup> | 1.38%<sup>7,8</sup> | 1.25%<sup>8</sup> | 1.25%<sup>6</sup> | 1.25% | 1.25% | 1.25%<sup>6</sup> |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (15.20)%<sup>6</sup> | (10.69)% | (3.21)% | (2.45)%<sup>6</sup> | (2.84)% | (5.47)% | (17.42)%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 0.67%<sup>6</sup> | 1.13% | 0.75% | 0.57%<sup>6</sup> | (0.42)% | (0.76)% | (0.89)%<sup>6</sup> |
| Portfolio turnover rate | 56%<sup>4</sup> | 74% | 57% | 26%<sup>4</sup> | 56% | 57% | -%<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> The Advisor reimbursed the Fund $1,692 for losses from a trade error. This reimbursement had a positive 0.10% impact on the total return.

<sup>6</sup> Annualized.

<sup>7</sup> If interest expense had been excluded, the expense ratios would have been lowered by 0.01% and 0.13% for the six months ended June 30, 2025 and for the year ended December 31, 2024, respectively.

<sup>8</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.

*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> April 30,** | |
|  | **For the<br> Six Months<br> Ended<br> June 30,**<br>**2025<br> (Unaudited)** | **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> | 0.12 | 0.11 | 0.05 | 0.05 | -<sup>2</sup> | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 3.41 | 1.51 | 2.00 | (0.70) | (2.18) | 4.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 3.53 | 1.62 | 2.05 | (0.65) | (2.18) | 4.22 |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income |  | (0.19) | (0.09) | (0.04) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gain | - | - | - | - | -<sup>2</sup> | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | - | (0.19) | (0.09) | (0.04) | -<sup>2</sup> | - |
| **Net asset value, end of period** | $18.27 | $14.74 | $13.31 | $11.35 | $12.04 | $14.22 |
| **Total return<sup>3</sup>** | 23.95%<sup>4</sup> | 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) | $94 | $57 | $28 | $48 | $78 | $49 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 2.20%<sup>5,6</sup> | 4.13%<sup>6</sup> | 3.61%<sup>6</sup> | 2.88%<sup>5</sup> | 4.36% | 18.35%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.11%<sup>5,6</sup> | 1.33%<sup>6,7</sup> | 1.51%<sup>6</sup> | 1.50%<sup>5</sup> | 1.50% | 1.50%<sup>5</sup> |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 0.38%<sup>5</sup> | (2.05)% | (1.68)% | (0.76)%<sup>5</sup> | (2.86)% | (17.16)%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.47%<sup>5</sup> | 0.75% | 0.42% | 0.62%<sup>5</sup> | 0.00% | (0.31)%<sup>5</sup> |
| Portfolio turnover rate | 14%<sup>4</sup> | 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> Annualized.

<sup>6</sup> If interest expense and tax expense had been excluded, the expense ratios would have been lowered by 0.01% for the six months ended June 30, 2025, and 0.04% and 0.01% for the years ended December 31, 2024 and 2023, respectively.

<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> April 30,** | |
|  | **For the<br> Six Months<br> Ended<br> June 30,**<br>**2025<br> (Unaudited)** | **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) | 3.42 | 1.52 | 2.01 | (0.71) | (2.19) | 4.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 3.56 | 1.67 | 2.09 | (0.64) | (2.15) | 4.24 |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income |  | (0.22) | (0.13) | (0.07) | -<sup>2</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gain | - | - | - | - | -<sup>2</sup> | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | - | (0.22) | (0.13) | (0.07) | -<sup>2</sup> | - |
| **Net asset value, end of period** | $18.35 | $14.79 | $13.34 | $11.38 | $12.09 | $14.24 |
| **Total return<sup>3</sup>** | 24.07%<sup>4</sup> | 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) | $42929 | $9375 | $11042 | $16030 | $16775 | $3194 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 1.95%<sup>5,6</sup> | 3.88%<sup>6</sup> | 3.36%<sup>6</sup> | 2.63%<sup>5</sup> | 4.11% | 18.10%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 0.86%<sup>5,6</sup> | 1.08%<sup>6,7</sup> | 1.26%<sup>6</sup> | 1.25%<sup>5</sup> | 1.25% | 1.25%<sup>5</sup> |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 0.62%<sup>5</sup> | (1.80)% | (1.43)% | (0.51)%<sup>5</sup> | (2.61)% | (16.91)%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.71%<sup>5</sup> | 1.00% | 0.67% | 0.87%<sup>5</sup> | 0.25% | (0.06)%<sup>5</sup> |
| Portfolio turnover rate | 14%<sup>4</sup> | 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> Annualized.

<sup>6</sup> If interest expense and tax expense had been excluded, the expense ratios would have been lowered by 0.01% for the six months ended June 30, 2025, and 0.04% and 0.01% for the years ended December 31, 2024 and 2023, respectively.

<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> April 30,** | |
|  | **For the<br> Six Months<br> Ended<br> June 30,**<br>**2025<br> (Unaudited)** | **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> |  | (0.02) | (0.01) | (0.02) | (0.11) | -<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 2.61 | 0.44 | 1.96 | (0.69) | (2.40) | 0.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 2.61 | 0.42 | 1.95 | (0.71) | (2.51) | 0.85 |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income |  | (0.17) | (0.02) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gain | - | - | - | - | (0.01) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | - | (0.17) | (0.02) | - | (0.01) | - |
| **Net asset value, end of period** | $12.41 | $9.80 | $9.55 | $7.62 | $8.33 | $10.85 |
| **Total return<sup>3</sup>** | 26.63%<sup>4</sup> | 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) | $684 | $147 | $142 | $87 | $92 | $11 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 2.41%<sup>5,6</sup> | 2.12%<sup>6</sup> | 2.30% | 2.84%<sup>5</sup> | 5.20% | 60.78%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.39%<sup>5,6,7</sup> | 1.50%<sup>6</sup> | 1.50% | 1.50%<sup>5</sup> | 1.50% | 1.50%<sup>5</sup> |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (0.94)%<sup>5</sup> | (0.82)% | (0.89)% | (1.72)%<sup>5</sup> | (4.77)% | (59.25)%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 0.08%<sup>5</sup> | (0.20)% | (0.09)% | (0.38)%<sup>5</sup> | (1.07)% | 0.03%<sup>5</sup> |
| Portfolio turnover rate | 52%<sup>4</sup> | 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> Annualized.

<sup>6</sup> If interest expense and tax expense had been excluded, the expense ratios would have been lowered by 0.02% for the six months ended June 30, 2025, and 0.00% for the year ended December 31, 2024.

<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> April 30,** | |
|  | **For the<br> Six Months<br> Ended<br> June 30,**<br>**2025<br> (Unaudited)** | **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> | 0.02 | 0.01 | 0.01 | (0.01) | (0.09) | -<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 2.62 | 0.46 | 1.96 | (0.68) | (2.41) | 0.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 2.64 | 0.47 | 1.97 | (0.69) | (2.50) | 0.86 |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income |  | (0.20) | (0.04) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gain | - | - | - | - | (0.01) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | - | (0.20) | (0.04) | - | (0.01) | - |
| **Net asset value, end of period** | $12.50 | $9.86 | $9.59 | $7.66 | $8.35 | $10.86 |
| **Total return<sup>3</sup>** | 26.77%<sup>4</sup> | 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) | $38812 | $34357 | $36829 | $24276 | $21038 | $766 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 2.16%<sup>5,6</sup> | 1.87%<sup>6</sup> | 2.05% | 2.59%<sup>5</sup> | 4.95% | 60.53%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.14%<sup>5,6,7</sup> | 1.25%<sup>6,7</sup> | 1.25%<sup>7</sup> | 1.25%<sup>5,7</sup> | 1.25%<sup>7</sup> | 1.25%<sup>5,7</sup> |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (0.69)%<sup>5</sup> | (0.57)% | (0.64)% | (1.47)%<sup>5</sup> | (4.52)% | (59.00)%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 0.33%<sup>5</sup> | 0.05% | 0.16% | (0.13)%<sup>5</sup> | (0.82)% | 0.28%<sup>5</sup> |
| Portfolio turnover rate | 52%<sup>4</sup> | 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> Annualized.

<sup>6</sup> If interest expense and tax expense had been excluded, the expense ratios would have been lowered by 0.02% for the six months ended June 30, 2025, and 0.00% for the year ended December 31, 2024.

<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<br> Six Months<br> Ended<br> June 30,**<br>**2025<br> (Unaudited)** | **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> | (0.01) | (0.04) | (0.03) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.51) | 1.16 | 2.68 | (0.72) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (0.52) | 1.12 | 2.65 | (0.73) |
| **Less Distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income |  | (0.01) | (0.01) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gain | - | (0.72) | (0.18) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | - | (0.73) | (0.19) | - |
| **Net asset value, end of period** | $11.60 | $12.12 | $11.73 | $9.27 |
| **Total return<sup>2</sup>** | (4.29)%<sup>3</sup> | 9.16% | 28.72% | (7.30)%<sup>3</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |
| Net assets, end of period (in thousands) | $13 | $13 | $12 | $9 |
| Ratio of expenses to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 7.93%<sup>4,5</sup> | 25.72%<sup>5</sup> | 36.72% | 56.33%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 0.99%<sup>4,5</sup> | 1.23%<sup>5,6</sup> | 1.25% | 1.25%<sup>4</sup> |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (7.04)%<sup>4</sup> | (24.83)% | (35.78)% | (55.37)%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | (0.10)%<sup>4</sup> | (0.34)% | (0.31)% | (0.29)%<sup>4</sup> |
| Portfolio turnover rate | 8%<sup>3</sup> | 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> Annualized.

<sup>5</sup> If tax expense and interest expense had been excluded, the expense ratios would have been lowered by 0.00% for the six months ended June 30, 2025 and 0.00% for the year ended December 31, 2024.

<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<br> Six Months<br> Ended<br> June 30,**<br>**2025<br> (Unaudited)** | **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> | 0.01 | (0.01) | (0.01) | -<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.52) | 1.16 | 2.70 | (0.72) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (0.51) | 1.15 | 2.69 | (0.72) |
| **Less Distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income |  | (0.04) | (0.04) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gain | - | (0.72) | (0.18) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | - | (0.76) | (0.22) | (0.01) |
| **Net asset value, end of period** | $11.62 | $12.13 | $11.74 | $9.27 |
| **Total return<sup>3</sup>** | (4.20)%<sup>4</sup> | 9.40% | 29.13% | (7.22)%<sup>4</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |
| Net assets, end of period (in thousands) | $1021 | $1371 | $895 | $571 |
| Ratio of expenses to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 7.68%<sup>5,6</sup> | 25.44%<sup>6</sup> | 36.47% | 56.08%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 0.74%<sup>5,6</sup> | 0.98%<sup>6,7</sup> | 1.00% | 1.00%<sup>5</sup> |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (6.79)%<sup>5</sup> | (24.55)% | (35.53)% | (55.12)%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 0.15%<sup>5</sup> | (0.09)% | (0.06)% | (0.04)%<sup>5</sup> |
| Portfolio turnover rate | 8%<sup>4</sup> | 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> Annualized.

<sup>6</sup> If tax expense and interest expense had been excluded, the expense ratios would have been lowered by 0.00% for the six months ended June 30, 2025 and 0.00% for the year ended December 31, 2024.

<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<br> Six Months<br> Ended<br> June 30,**<br>**2025<br> (Unaudited)** | **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> | 0.01 | -<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.51) | (0.85) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (0.50) | (0.85) |
| **Less Distributions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income |  | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gain | - | (0.72) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | - | (0.76) |
| **Net asset value, end of period** | $11.63 | $12.13 |
| **Total return<sup>3</sup>** | (4.12)%<sup>4</sup> | (6.52)%<sup>4</sup> |
| **Ratios and Supplemental Data:** |  |  |
| Net assets, end of period (in thousands) | $4670 | $1270 |
| Ratio of expenses to average net assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 7.59%<sup>5,6</sup> | 18.93%<sup>5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 0.65%<sup>5,6</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 | (6.70)%<sup>5</sup> | (18.14)%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 0.24%<sup>5</sup> | 0.14%<sup>5</sup> |
| Portfolio turnover rate | 8%<sup>4</sup> | 27% |

---

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

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

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

<sup>3</sup> Total returns would have been lower had expenses not been waived or absorbed by the Advisor. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

<sup>4</sup> Not annualized.

<sup>5</sup> Annualized.

<sup>6</sup> If tax expense and interest expense had been excluded, the expense ratios would have been lowered by 0.00% for the six months ended June 30, 2025 and 0.00% for the year ended December 31, 2024.

*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<br> Six Months<br> Ended<br> June 30,**<br>**2025<br> (Unaudited)** | **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> | 0.06 | (0.01) | 0.02 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 3.42 | 1.93 | 2.82 | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 3.48 | 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 | - | (0.43) | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | - | (0.43) | - | - |
| **Net asset value, end of period** | $17.72 | $14.24 | $12.75 | $9.91 |
| **Total return<sup>3</sup>** | 24.44%<sup>4</sup> | 14.91% | 28.70% | (0.90)%<sup>4</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |
| Net assets, end of period (in thousands) | $18 | $15 | $13 | $10 |
| Ratio of expenses to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 3.23%<sup>5</sup> | 4.78% | 16.78% | 416.99%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.50%<sup>5</sup> | 1.50% | 1.50% | 1.50%<sup>5</sup> |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (0.98)%<sup>5</sup> | (3.33)% | (15.07)% | (416.99)%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 0.75%<sup>5</sup> | (0.05)% | 0.21% | (1.50)%<sup>5</sup> |
| Portfolio turnover rate | 21%<sup>4</sup> | 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> 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<br> Six Months<br> Ended<br> June 30,**<br>**2025<br> (Unaudited)** | **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> | 0.07 | 0.03 | 0.05 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 3.44 | 1.93 | 2.82 | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 3.51 | 1.96 | 2.87 | (0.09) |
| **Less Distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income |  | (0.03) | (0.03) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gain | - | (0.43) | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | - | (0.46) | (0.03) | - |
| **Net asset value, end of period** | $17.76 | $14.25 | $12.75 | $9.91 |
| **Total return<sup>2</sup>** | 24.63%<sup>3</sup> | 15.21% | 29.00% | (0.90)%<sup>3</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |
| Net assets, end of period (in thousands) | $24967 | $14469 | $6547 | $485 |
| Ratio of expenses to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 2.98%<sup>4</sup> | 4.53% | 16.53% | 416.74%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.25%<sup>4</sup> | 1.25% | 1.25% | 1.25%<sup>4</sup> |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (0.73)%<sup>4</sup> | (3.08)% | (14.82)% | (416.74)%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.00%<sup>4</sup> | 0.20% | 0.46% | (1.25)%<sup>4</sup> |
| Portfolio turnover rate | 21%<sup>3</sup> | 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> Annualized.

*See accompanying Notes to Financial Statements.*

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS**

**June 30, 2025 (Unaudited)**

**Note 1 – Organization**

WCM Focused International Growth Fund (''International Growth" or "International Growth Fund"), WCM Focused Emerging Markets Fund ("Emerging Markets" or "Emerging Markets Fund"), WCM 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**

**June 30, 2025 (Unaudited)**

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**

**June 30, 2025 (Unaudited)**

**(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**

**June 30, 2025 (Unaudited)**

The Income Tax Statement requires management of the Funds to analyze tax positions taken in the prior three open tax years, if any, and tax positions expected to be taken in the Fund's current tax year, as defined by the IRS statute of limitations for all major jurisdictions, including federal tax authorities and certain state tax authorities. As of June 30, 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**

**June 30, 2025 (Unaudited)**

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

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

These agreements are in effect until April 30, 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 |
|  | Investment<br>Advisory<br> Fees | Investor<br> Class\* | Institutional<br> 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**

**June 30, 2025 (Unaudited)**

 

The table below contains the advisory fees waived and absorbed other expenses for the six months ended June 30, 2025:

---

| | |
|:---|:---|
| Emerging Markets Fund | $506782 |
| International Small Cap Growth Fund | 165724 |
| Small Cap Growth Fund | 162490 |
| SMID Quality Value Fund | 182547 |
| China Quality Growth Fund | 147452 |
| International Equity Fund | 159145 |
| International Opportunities Fund | 175107 |
| Mid Cap Quality Value Fund | 149038 |
| Emerging Markets ex China Fund | 147562 |

---

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 June 30, 2025.

---

| | | | |
|:---|:---|:---|:---|
|  | Emerging Markets Fund | International Small Cap<br> Growth Fund | Small Cap Growth Fund |
| 2025 | $1199965 | $579715 | $210046 |
| 2026 | 256439 | 238836 | 306101 |
| 2027 | 522258 | 178706 | 336034 |
| 2028 | 506782 | 165724 | 162490 |
| Total | $2485444 | $1162981 | $1014671 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SMID Quality Value Fund | China Quality Growth Fund | International Equity Fund |
| 2025 | $276881 | $193141 | $162492 |
| 2026 | 546548 | 246959 | 240691 |
| 2027 | 415405 | 292249 | 256867 |
| 2028 | 182547 | 147452 | 159145 |
| Total | $1421381 | $879801 | $819195 |

---

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**June 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | International<br> Opportunities Fund | Mid Cap Quality Value Fund | Emerging Markets ex<br> China Fund |
| 2025 | $234885 | $111044 | $16970 |
| 2026 | 256598 | 276176 | 322072 |
| 2027 | 244422 | 263233 | 280318 |
| 2028 | 175107 | 149038 | 147562 |
| Total | $911012 | $799491 | $766922 |

---

UMB Fund Services, Inc. ("UMBFS") serves as the Funds' fund accountant, transfer agent and co-administrator; and Mutual Fund Administration, LLC ("MFAC") serves as the Funds' other co-administrator. UMB Bank, n.a., an affiliate of UMBFS, serves as the Funds' custodian. The Funds' allocated fees incurred for fund accounting, fund administration, transfer agency and custody services for the six months ended June 30, 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 six months ended June 30, 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 six months June 30, 2025, are reported on the Statements of Operations.

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**June 30, 2025 (Unaudited)**

**Note 4 – Federal Income Taxes**

At June 30, 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 | $14066788409 | $672897273 | $269276698 |
| Gross unrealized appreciation | $7748841152 | $249955154 | $83614282 |
| Gross unrealized depreciation | (304744071) | (51239286) | (10307538) |
| Net unrealized appreciation (depreciation) on investments | $7444097081 | $198715868 | $73306744 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Small Cap Growth Fund | SMID Quality Value Fund | China Quality Growth Fund |
| Cost of investments | $40359289 | $47375810 | $1625047 |
| Gross unrealized appreciation | $6135047 | $17009056 | $270766 |
| Gross unrealized depreciation | (5010587) | (2191575) | (64490) |
| Net unrealized appreciation (depreciation) on investments | $1124460 | $14817481 | $206276 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | International Equity Fund | International<br> Opportunities Fund | Mid Cap Quality Value Fund |
| Cost of investments | $35542757 | $28204298 | $6021208 |
| Gross unrealized appreciation | $8891787 | $11462078 | $298502 |
| Gross unrealized depreciation | (1524862) | (247803) | (402363) |
| Net unrealized appreciation (depreciation) on investments | $7366925 | $11214275 | $(103861) |

---

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**June 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
|  | Emerging Markets ex China<br> Fund |
| Cost of investments | $17177297 |
| Gross unrealized appreciation | $5582203 |
| Gross unrealized depreciation | (366608) |
| Net unrealized appreciation (depreciation) on investments | $5215595 |

---

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

As of December 31, 2024, 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 | $129952376 | $- | $2053287 |
| Undistributed long-term capital gains | 156669814 | - | - |
| Tax accumulated earnings | 286622190 |  | 2053287 |
| Accumulated capital and other losses |  | (611105170) | (135763385) |
| Unrealized appreciation (depreciation) on foreign currency | (625309) | (2362451) | (20329) |
| Unrealized appreciation (depreciation) on investments | 3754793631 | 125332484 | 18153715 |
| Deferred compensation | (343637) | (39123) | (21533) |
| Unrealized Non-U.S. Taxes | - | - | (410319) |
| Total accumulated earnings/(deficit) | $4040446875 | $(488174260) | $(116008564) |

---

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**June 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | Small Cap<br> Growth Fund | SMID Quality<br> Value Fund | China Quality<br> Growth Fund |
| Undistributed ordinary income | $- | $- | $10454 |
| Undistributed long-term capital gains | 78497 | 4940220 | - |
| Tax accumulated earnings | 78497 | 4940220 | 10454 |
| Accumulated capital and other losses |  |  | (6009553) |
| Unrealized appreciation (depreciation) on foreign currency |  |  |  |
| Unrealized appreciation (depreciation) on investments | 1805529 | 18786889 | 96998 |
| Deferred compensation | (11578) | (12817) | (10084) |
| Total accumulated earnings/(deficit) | $1872448 | $23714292 | $(5912185) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | International<br> Equity Fund | International<br> Opportunities Fund | Mid Cap Quality<br> Value Fund |
| Undistributed ordinary income | $58890 | $98071 | $163 |
| Undistributed long-term capital gains | - | - | 25785 |
| Tax accumulated earnings | 58890 | 98071 | 25948 |
| Accumulated capital and other losses | (2251784) | (4551472) |  |
| Unrealized appreciation (depreciation) on foreign currency | (1505) | (28483) |  |
| Unrealized appreciation (depreciation) on investments | 725072 | 3335103 | 145573 |
| Deferred compensation | (9885) | (9684) | (7461) |
| Total accumulated earnings/(deficit) | $(1479212) | $(1156465) | $164060 |

---

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**June 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
|  | Emerging Markets<br> ex China Fund |
| Undistributed ordinary income | $67374 |
| Undistributed long-term capital gains | 41580 |
| Tax accumulated earnings | 108954 |
| Accumulated capital and other losses |  |
| Unrealized appreciation (depreciation) on foreign currency | (190) |
| Unrealized appreciation (depreciation) on investments | 1301601 |
| Deferred compensation | (6756) |
| Unrealized Non-U.S. Taxes | (24313) |
| Total accumulated earnings | $1379296 |

---

The tax character of the distributions paid during the periods ended December 31, 2024 and December 31, 2023 for the Funds were as follows:

---

| | | |
|:---|:---|:---|
|  | International Growth Fund | International Growth Fund |
| Distributions paid from: | 2024 | 2023 |
| &nbsp;&nbsp;&nbsp;Ordinary Income | $142462572 | $- |
| &nbsp;&nbsp;&nbsp;Net long-term capital gains | 1895689797 | 114405769 |
| Total distributions paid | $2038152369 | $114405769 |

---

---

| | | |
|:---|:---|:---|
|  | Emerging Markets Fund | Emerging Markets Fund |
| Distributions paid from: | 2024 | 2023 |
| &nbsp;&nbsp;&nbsp;Ordinary Income | $- | $5346125 |
| &nbsp;&nbsp;&nbsp;Net long-term capital gains | - | - |
| Total distributions paid | $- | $5346125 |

---

---

| | | |
|:---|:---|:---|
|  | International Small Cap Growth Fund | International Small Cap Growth Fund |
| Distributions paid from: | 2024 | 2023 |
| &nbsp;&nbsp;&nbsp;Ordinary Income | $3810934 | $- |
| &nbsp;&nbsp;&nbsp;Net long-term capital gains | - | - |
| Total distributions paid | $3810934 | $- |

---

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | Small Cap Growth Fund | Small Cap Growth Fund |
| Distributions paid from: | 2024 | 2023 |
| &nbsp;&nbsp;&nbsp;Ordinary Income | $- | $- |
| &nbsp;&nbsp;&nbsp;Net long-term capital gains | - | - |
| Total distributions paid | $- | $- |

---

---

| | | |
|:---|:---|:---|
|  | SMID Quality Value Fund | SMID Quality Value Fund |
| Distributions paid from: | 2024 | 2023 |
| &nbsp;&nbsp;&nbsp;Ordinary Income | $- | $- |
| &nbsp;&nbsp;&nbsp;Net long-term capital gains | 10162776 | 1133783 |
| Total distributions paid | $10162776 | $1133783 |

---

---

| | | |
|:---|:---|:---|
|  | China Quality Growth Fund | China Quality Growth Fund |
| Distributions paid from: | 2024 | 2023 |
| &nbsp;&nbsp;&nbsp;Ordinary Income | $39914 | $48990 |
| &nbsp;&nbsp;&nbsp;Net long-term capital gains | - | - |
| Total distributions paid | $39914 | $48990 |

---

---

| | | |
|:---|:---|:---|
|  | International Equity Fund | International Equity Fund |
| Distributions paid from: | 2024 | 2023 |
| &nbsp;&nbsp;&nbsp;Ordinary Income | $136774 | $104566 |
| &nbsp;&nbsp;&nbsp;Net long-term capital gains | - | - |
| Total distributions paid | $136774 | $104566 |

---

---

| | | |
|:---|:---|:---|
|  | International Opportunities Fund | International Opportunities Fund |
| Distributions paid from: | 2024 | 2023 |
| &nbsp;&nbsp;&nbsp;Ordinary Income | $717376 | $164959 |
| &nbsp;&nbsp;&nbsp;Net long-term capital gains | - | - |
| Total distributions paid | $717376 | $164959 |

---

---

| | | |
|:---|:---|:---|
|  | Mid Cap Quality Value Fund | Mid Cap Quality Value Fund |
| Distributions paid from: | 2024 | 2023 |
| &nbsp;&nbsp;&nbsp;Ordinary Income | $6408 | $14977 |
| &nbsp;&nbsp;&nbsp;Net long-term capital gains | 52351 | 1289 |
| Total distributions paid | $58759 | $16266 |

---

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | Emerging Markets Ex China Fund | Emerging Markets Ex China Fund |
| Distributions paid from: | 2024 | 2023 |
| &nbsp;&nbsp;&nbsp;Ordinary Income | $318515 | $15870 |
| &nbsp;&nbsp;&nbsp;Net long-term capital gains | 72851 | - |
| Total distributions paid | $391366 | $15870 |

---

At December 31, 2024, 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 | $94969324 | $516135846 |
| International Small Cap Growth Fund | 63965626 | 71797759 |
| China Quality Growth Fund | 1674679 | 4334874 |
| International Equity Fund | 836920 | 1414864 |
| International Opportunities Fund | 4551472 |  |

---

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

The International Small Cap Growth Fund utilized $5,223,212 of short-term capital loss carryforward for the tax year ended December 31, 2024. The Small Cap Growth Fund utilized $4,729,310 of capital loss carryforward for the tax year ended December 31, 2024. The SMID Quality Value Fund utilized $2,071,200 of capital loss carryforward for the tax year ended December 31, 2024. The International Equity Fund utilized $832,248 of capital loss carryforward for the tax year ended December 31, 2024. The International Opportunities Fund utilized $2,031,435 of capital loss carryforward for the tax year ended December 31, 2024.

As of December 31, 2024, the Funds did not have qualified Late-Year Losses, or Post October losses.

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**June 30, 2025 (Unaudited)**

**Note 5 – Investment Transactions**

For the six months ended June 30, 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 | $2645400641 | $2827132546 |
| Emerging Markets Fund | 270126900 | 434509397 |
| International Small Cap Growth Fund | 183065670 | 199690084 |
| Small Cap Growth Fund | 18464341 | 15944697 |
| SMID Quality Value Fund | 6630459 | 10785265 |
| China Quality Growth Fund | 1015350 | 1317142 |
| International Equity Fund | 30255658 | 4086756 |
| International Opportunities Fund | 17824413 | 21171002 |
| Mid Cap Quality Value Fund | 3528649 | 341280 |
| Emerging Markets ex China Fund | 9146844 | 3471178 |

---

**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 servings fees.

For the six months ended June 30, 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 six months ended June 30, 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.

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**June 30, 2025 (Unaudited)**

**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.

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

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

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

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

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

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

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the inputs used, as of June 30, 2025, in valuing the Funds' assets carried at fair value:

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**June 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Growth Fund** | **Level 1** | **Level 2** | **Level 3\*\*** | **Total** |
| Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argentina | $518102489 | $- | $- | $518102489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australia | 274500100 |  |  | 274500100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bermuda | 465531912 |  |  | 465531912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | 377713041 |  |  | 377713041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 1098641627 |  |  | 1098641627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China |  | 801787191 |  | 801787191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denmark |  | 369259404 |  | 369259404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France |  | 691592981 |  | 691592981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany |  | 2829298892 |  | 2829298892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | 447762394 |  |  | 447762394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ireland | 478490930 | 337097514 |  | 815588444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Israel | 463187214 |  |  | 463187214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Italy |  | 397379509 |  | 397379509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan |  | 1407301796 |  | 1407301796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands | 469016703 | 912153042 |  | 1381169745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore | 1012531518 |  |  | 1012531518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea | 556716630 |  |  | 556716630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweden | 967812946 |  |  | 967812946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switzerland |  | 375859480 |  | 375859480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan |  | 997831422 |  | 997831422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 367095816 | 3321074208 |  | 3688170024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 843411429 |  |  | 843411429 |
| &nbsp;&nbsp;&nbsp;Bank Deposit Investments | 729735302 | - | - | 729735302 |
| Total Investments | $9070250051 | $12440635439 | $- | $21510885490 |

---

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**June 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Emerging Markets Fund** | **Level 1** | **Level 2** | **Level 3^** | **Total** |
| Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | $78650669 | $- | $- | $78650669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 28138203 |  |  | 28138203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | 52491760 | 163327536 |  | 215819296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greece |  | 22356326 |  | 22356326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India |  | 101032253 |  | 101032253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia |  | 18218273 |  | 18218273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kazakhstan | 5576764 |  |  | 5576764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | 32198085 |  |  | 32198085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peru | 20513325 |  |  | 20513325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russia |  |  | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saudi Arabia | 9806113 |  |  | 9806113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore | 50556554 |  |  | 50556554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Africa | 11938005 | 12768109 |  | 24706114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea | 17062729 | 102277511 |  | 119340240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan |  | 140403116 |  | 140403116 |
| &nbsp;&nbsp;&nbsp;Rights |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bank Deposit Investments | 4297810 | - | - | 4297810 |
| Total Investments | $311230017 | $560383124 | $0 | $871613141 |

---

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**June 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | $- | $4749436 | $- | $4749436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Austria |  | 4859936 |  | 4859936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | 10822413 |  |  | 10822413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 14395038 |  |  | 14395038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China |  | 8206696 |  | 8206696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denmark |  | 3855345 |  | 3855345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France |  | 14266027 |  | 14266027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany |  | 25776550 |  | 25776550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greece |  | 6699656 |  | 6699656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India |  | 12783835 |  | 12783835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia |  | 3443076 |  | 3443076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ireland | 5835309 |  |  | 5835309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Israel | 4071630 |  |  | 4071630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Italy | 7939545 | 5199031 |  | 13138576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan |  | 48036079 |  | 48036079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | 6832103 |  |  | 6832103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands | 5442314 | 8810528 |  | 14252842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norway |  | 7542231 |  | 7542231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Poland |  | 5017455 |  | 5017455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Africa | 3428958 |  |  | 3428958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea |  | 13076503 |  | 13076503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spain |  | 4209700 |  | 4209700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweden | 3250562 | 22647505 |  | 25898067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switzerland |  | 3565680 |  | 3565680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan |  | 7223962 |  | 7223962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 12960509 | 42833302 |  | 55793811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 2849525 | 4884401 |  | 7733926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vietnam |  | 3008964 |  | 3008964 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 4059638 | - | - | 4059638 |
| Total Investments | $81887544 | $260695898 | $- | $342583442 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Small Cap Growth Fund** | **Level 1** | **Level 2\*** | **Level 3\*\*** | **Total** |
| Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks<sup>1</sup> | $40676514 | $- | $- | $40676514 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 807235 | - | - | 807235 |
| Total Investments | $41483749 | $- | $- | $41483749 |

---

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**June 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SMID Quality Value Fund** | **Level 1** | **Level 2\*** | **Level 3\*\*** | **Total** |
| Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks<sup>1</sup> | $59140164 | $- | $- | $59140164 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 3053127 | - | - | 3053127 |
| Total Investments | $62193291 | $- | $- | $62193291 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **China Quality Growth Fund** | **Level 1** | **Level 2** | **Level 3\*\*** | **Total** |
| Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | $452641 | $1174634 | $- | $1627275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands | 92334 |  |  | 92334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore |  | 38140 |  | 38140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan |  | 43535 |  | 43535 |
| &nbsp;&nbsp;&nbsp;Bank Deposit Investments | 30039 | - | - | 30039 |
| Total Investments | $575014 | $1256309 | $- | $1831323 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Equity Fund** | **Level 1** | **Level 2** | **Level 3^** | **Total** |
| Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Belgium | $- | $555622 | $- | $555622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | 1779447 |  |  | 1779447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 3634592 |  |  | 3634592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | 2106069 | 880540 |  | 2986609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France |  | 972509 |  | 972509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany |  | 4852344 |  | 4852344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | 628563 |  |  | 628563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia |  | 369773 |  | 369773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ireland | 1821570 |  |  | 1821570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Israel | 863810 |  |  | 863810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Italy |  | 1382464 |  | 1382464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan | 845194 | 4061605 |  | 4906799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kazakhstan | 466895 |  |  | 466895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | 605999 |  |  | 605999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands |  | 1593485 |  | 1593485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russia |  |  | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweden |  | 518949 |  | 518949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switzerland | 1398334 | 471899 |  | 1870233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan | 2196953 |  |  | 2196953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 2327094 | 7622716 |  | 9949810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 370110 |  |  | 370110 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 583146 | - | - | 583146 |
| Total Investments | $19627776 | $23281906 | $0 | $42909682 |

---

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**June 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Opportunities Fund** | **Level 1** | **Level 2** | **Level 3^** | **Total** |
| Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Austria | $- | $685471 | $- | $685471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Belgium |  | 1166819 |  | 1166819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bermuda | 1032760 |  |  | 1032760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | 1249747 |  |  | 1249747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 3025396 |  |  | 3025396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | 637196 | 869806 |  | 1507002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denmark |  | 539668 |  | 539668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finland | 679850 |  |  | 679850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France |  | 812080 |  | 812080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany |  | 5897181 |  | 5897181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greece |  | 683519 |  | 683519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong |  | 485492 |  | 485492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India |  | 1325657 |  | 1325657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia |  | 445439 |  | 445439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ireland |  | 713588 |  | 713588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Israel | 1606607 |  |  | 1606607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Italy |  | 883609 |  | 883609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan |  | 2448183 |  | 2448183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | 333236 |  |  | 333236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands | 525082 | 477518 |  | 1002600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peru | 507390 |  |  | 507390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Poland |  | 503847 |  | 503847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore | 1683913 |  |  | 1683913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea | 533588 | 495746 |  | 1029334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spain |  | 437137 |  | 437137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweden | 1081949 | 536768 |  | 1618717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan |  | 1097081 |  | 1097081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom |  | 4052665 |  | 4052665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 1471610 |  |  | 1471610 |
| &nbsp;&nbsp;&nbsp;Warrants |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada |  |  | 0 | 0 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 492975 | - | - | 492975 |
| Total Investments | $14861299 | $24557274 | $0 | $39418573 |

---

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**June 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Mid Cap Quality Value Fund** | **Level 1** | **Level 2\*** | **Level 3\*\*** | **Total** |
| Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks<sup>1</sup> | $5557110 | $- | $- | $5557110 |
| &nbsp;&nbsp;&nbsp;Bank Deposit Investments | 360237 | - | - | 360237 |
| Total Investments | $5917347 | $- | $- | $5917347 |

---

 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | $2500838 | $- | $- | $2500838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 1134608 |  |  | 1134608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cyprus | 211083 |  |  | 211083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greece |  | 599267 |  | 599267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India |  | 3658304 |  | 3658304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia |  | 531355 |  | 531355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kazakhstan | 145247 |  |  | 145247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | 1161190 |  |  | 1161190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peru | 528848 |  |  | 528848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saudi Arabia | 340149 |  |  | 340149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore | 1708281 |  |  | 1708281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Africa | 453969 | 393892 |  | 847861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea | 641683 | 3537966 |  | 4179649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan |  | 3521933 |  | 3521933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 593794 |  |  | 593794 |
| &nbsp;&nbsp;&nbsp;Bank Deposit Investments | 730485 | - | - | 730485 |
| Total Investments | $10150175 | $12242717 | $- | $22392892 |

---

 

^ 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 period.

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**June 30, 2025 (Unaudited)**

The following table presents additional quantitative information about valuation methodologies and inputs used for investments that are measured at fair value and categorized within Level 3 as of June 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund | Asset<br> Class | Fair Value at<br> June 30,<br> 2025 | Valuation<br> Technique(s) | Unobservable<br> Input | Range of<br> Input | Weighted<br> Average | Impact to<br> Valuation from<br> an Increase in<br> Input<sup>(1)</sup> |
| Emerging Markets Fund | Common Stocks | $- | Market Approach | Liquidity Discount | 100% | N/A | Decrease |
| International Equity Fund | Common Stocks | $- | Market Approach | Liquidity Discount | 100% | N/A | Decrease |
| International Opportunities Fund | Warrants | $- | Market Approach | Liquidity Discount | 100% | 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 November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07")," which enhances disclosure requirements about significant segment expenses that are regularly provided to the chief operating decision maker (the "CODM"). ASU 2023-07, among other things, (i) requires a single segment public entity to provide all of the disclosures as required by Topic 280, (ii) requires a public entity to disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources and (iii) provides the ability for a public entity to elect more than one performance measure. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Management has evaluated the impact of applying ASU 2023-07, and each Fund has adopted the ASU during the reporting period. The adoption of the ASU does not have a material impact on the financial statements. Required disclosure is included in Note 1.

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**June 30, 2025 (Unaudited)**

**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.

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

**<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>**

Not Applicable.

**<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>**

Not applicable.

**<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.* Not Applicable.

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

[(a) (3) A separate certification for each principal executive and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)), Filed herewith.](fp0095269-1_ex99cert.htm)

(a) (4) Not Applicable.

(a) (5) Not Applicable.

[*(b)*](fp0095269-1_ex99906cert.htm) [*Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Filed herewith.](fp0095269-1_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 | 9/8/2025 |

---

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

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Maureen Quill |
|  | Maureen Quill, President and Principal Executive Officer |
| Date | 9/8/2025 |
| By (Signature and Title) | /s/ Rita Dam |
|  | Rita Dam, Treasurer and Principal Financial Officer |
| Date | 9/8/2025 |

---

## 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: | 9/8/2025 | /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 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: | 9/8/2025 | /s/ Rita Dam |
|  |  | Rita Dam<br> Treasurer and Principal Financial Officer |

---

## Ex-99.Code

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 six months ended **June 30, 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;&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;&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 | 9/8/2025 |
| /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.