# EDGAR Filing Document

**Accession Number:** 0001318342
**File Stem:** 0001398344-23-006026
**Filing Date:** 2023-3
**Character Count:** 501559
**Document Hash:** 09a5ebd4f8402a86ce7add85bf93c16f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-23-006026.hdr.sgml**: 20230310

**ACCESSION NUMBER**: 0001398344-23-006026

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230310

**DATE AS OF CHANGE**: 20230310

**EFFECTIVENESS DATE**: 20230310

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21719
- **FILM NUMBER:** 23723050

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

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

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

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

**235 W. Galena Street**

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

**Diane J. Drake**

**Mutual Fund Administration, LLC**

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

**<u>Glendora, CA 91740</u>**<br> (Name and address of agent for service)

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

Registrant's telephone number, including area code

Date of fiscal year end: **<u>December 31</u>**

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

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

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

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

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**ANNUAL REPORT**

**DECEMBER 31, 2022**

**WCM Funds**

*Each a series of Investment Managers Series Trust*

 

**Table of Contents**

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| | |
|:---|:---|
| Shareholder Letter | 1 |
| Fund Performance | 9 |
| Schedules of Investments | 33 |
| Statements of Assets and Liabilities | 82 |
| Statements of Operations | 87 |
| Statements of Changes in Net Assets | 100 |
| Financial Highlights | 113 |
| Notes to Financial Statements | 138 |
| Report of Independent Registered Public Accounting Firm | 164 |
| Supplemental Information | 166 |
| Expense Examples | 181 |

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

 

www.wcminvestfunds.com

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|  | &nbsp;&nbsp;&nbsp;&nbsp;Dear Fellow Shareholders, |
| 281 Brooks StreetLaguna Beach<br> California 92651  | We believe that understanding (and periodically reviewing) the "how" and the "why" behind our investment approach serves the valuable function of guarding our temperament in the face of all the noise and volatility that "the market" throws at us over time. To that end, and as is our habit, we are again starting this annual report by laying out some broad principles that aim to give you the basics of our philosophy, goals, strategies, and limitations. |
| 949.380.0200<br> wcminvest.com | It starts with our philosophical underpinnings. First and foremost is the idea that to achieve a different result than the benchmark (and everyone else), you absolutely have to do something different. This may seem obvious, but surprisingly few are willing to take the career risk to go there. |
|  | Second, we observe that the best investors in history (among whom we aspire to be counted) think long term and partner with great businesses. Long-term thinking also means paying attention to where the world is going, recognizing that great people are critical to long-term success, and minimizing portfolio turnover. |
|  | Third, we are convinced that success—whether great investments, great businesses, or otherwise—is most often the result of recognizing and capitalizing on the few big ideas that primarily drive the opportunity. Said negatively, more and more data does not always lead to better investment decisions. As evidence, ask yourself if the giant Wall Street firms with their armies of analysts are counted among the best investors in history. |
|  | Fourth, managing to wealth preservation—losing less in the down periods (not every time, but over time)—is perhaps the surest path to long-term outperformance. Our shorthand is "winning by not losing." |
|  | So, how does all that play out in the portfolios? |
|  | First is how it impacts portfolio construction. Philosophical underpinning #1—thinking differently about building our global growth portfolios—drives us to a focused, best ideas approach. If you believe you have a stock selection edge (see below), it makes no sense to dilute the portfolio with lower-conviction holdings. |
|  | Philosophical underpinning #2 is what drives us to partner with great businesses for the long run. And in that partnering is philosophical underpinning #3—keep it simple—that motivates our "bottom-up" quest to find "our" type of company, those that satisfy three simple requirements: a) they are on the threshold of a long growth runway, b) they exhibit a strengthening competitive advantage, and c) they possess and nurture a healthy culture that is aligned with, and propels, that competitive advantage. Consequently, our portfolios, almost by definition, display two distinctions. First, our holdings tend to be high quality, historically profitable businesses. Second, the portfolios have a bias toward healthcare, technology, consumer, and niche industrials, simply because there are many more of "our" types of companies among those sectors. |
|  | These two ideas, a focused portfolio and quality businesses in growth sectors, translate to a portfolio construction difference that, in our opinion, explains a good portion of our funds' historical excess return. |

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| In fact, we refer to this as our "structural advantage." It's based on our belief that growing global consumer prosperity – which advances in fits and starts – means that these growth sectors have become and will continue to become larger weights in those global benchmarks. It's simply the idea that wealthier consumers will do just what you'd think: spend more on consumer goods, technology, and healthcare. That's where the growth is most likely to be, and that trend provides a natural, long-term tailwind (advantage) to our portfolio strategies. |
| Most importantly, all four of our philosophical underpinnings support and inform our primary distinction: stock selection. The essential elements here are principally two: 1) competitive advantage ("moat") dynamics (improving? deteriorating?), and 2) the role corporate culture plays in sustaining and strengthening that moat. |
| Finally, and with due respect to valuation, a portfolio of these competitively advantaged businesses is built using thoughtful, multi-factor diversification. We believe this process gives us the best chance of achieving our objective: long-term capital appreciation. |
| <br>With that foundation laid, here is some context for the period of 1 May through 31 December 2022. |
| In 2022, we matched our fiscal year end, which was 30 April in prior years, to the 31 December calendar year. This letter discusses the full year, but attribution that follows will represent the abbreviated period of 30 April 2022 through 31 December 2022. |
| The year began with Central Banks squarely focused on addressing rapid and severe inflation tearing through economies. The US Federal Reserve led the way initiating a rapid and steep increase in interest rates hoping to walk a fine line of halting inflation without sending the economy into a recession, or worse. |
| Geopolitical events shared center stage influencing global markets in 2022. To the surprise of many, Russia invaded Ukraine putting millions in harms way, destabilizing the region, and creating a commodity price spike that exacerbated already elevated prices. China's zero-COVID policy continued to disrupt global supply chains and fueled a trend of de-globalization across many industries. Businesses sought out ways to bring manufacturing and operations closer to home in a broad onshoring trend. Most of these uncertainties continue to influence markets as we turn the calendar page and enter 2023. |
| The challenges listed above led to broad market losses across all asset classes frustrating investors by providing no safe harbor and nowhere to hide. Returns were particularly disappointing in the first six months of 2022 but improved somewhat for equities heading into year end. Using the MSCI All Country World Index as a proxy for equities, only the Energy sector managed a positive result, and losses were made in every geographic region for the year. |
| While the cocktail of issues last year impacting markets was unique, it is typical to see markets react (overreact?) swiftly and significantly in response to change. In these periods of volatility, we find it helpful to focus on a steady temperament, maintain a long-term perspective, and rely on the actions and activities that have served us well in past periods of market turmoil. Portfolio activity in 2022 took advantage of dramatic price changes, across all sectors, to position the portfolios in high quality businesses, with growing competitive advantages and long-term tailwinds. |

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| As for outlook on the market in the near-term, we'd be disingenuous if we said anything very specific – nobody really knows what's next, least of all us. Uncertainty persists, and predictions about inflation, central bank policies, currency moves, geopolitics, etc. are low return on time exercises. Little wonder we choose to keep our focus on individual businesses – businesses that are adapting and finding ways to grow their competitive advantages. While we have no idea what they will do next quarter, we believe they will generate compelling returns over the long run. |
| As always, we remain optimistic and steadfast in our commitment to owning businesses with expanding moats and complimentary cultures, which we believe will reward long-term investors. |
| <br> Now to the specifics of our funds. |
| The WCM Focused International Growth Fund ("FIG"; Institutional Class symbol WCMIX; Investor Class symbol WCMRX) returned -4.65% / -4.75%, respectively, and outperformed its benchmark for the 8 months from 30 April through 31 December 2022. FIG's benchmark, the MSCI ACWI ex USA Index, returned -5.22% over the same 8-month period. |
| From a sector allocation perspective, Communication Services (no weight) was the largest positive contributor to our relative performance, followed by Real Estate (no weight) and Consumer Discretionary (overweight). On the other hand, Information Technology (overweight) detracted from our relative performance, as did Energy (no weight) and Financials (underweight). |
| Looking at stock selection, Health Care was the best performing sector relative to the benchmark, followed by Financials and Information Technology. On the flipside, Materials was the worst performing sector relative to the benchmark, followed by Consumer Discretionary and Consumer Staples.  |
| <br>The WCM Focused Emerging Markets Fund ("FEM"; Institutional Class symbol WCMEX; Investor Class symbol WFEMX) returned -8.62% / -8.78%, respectively, and performed very close to its benchmark for the 8 months from 30 April through 31 December 2022. FEM's benchmark, the MSCI Emerging Markets Index, returned -9.04% over the same 8-month period.  |
| From a sector allocation perspective, Consumer Staples (overweight) was the largest positive contributor to our relative performance, followed by Industrials (overweight) and Health Care (overweight). On the other hand, Information Technology (overweight) detracted from our relative performance, as did Energy (no weight) and Consumer Discretionary (underweight). |
| Looking at stock selection, Information Technology was the best performing sector relative to the benchmark, followed by Financials and Materials. On the flipside, Health Care was the worst performing sector relative to the benchmark, followed by Communication Services and Consumer Discretionary. |
| <br> The WCM Focused Global Growth Fund ("FGG"; Institutional Class symbol WCMGX; Investor Class symbol WFGGX) returned -7.55% / -7.71%, respectively, and underperformed its benchmark for the 8 months from 30 April through 31 December 2022. FGG's benchmark, the MSCI ACWI Index, returned -6.23% over the same 8-month period. Attribution analysis reveals that the majority of our underperformance can be attributed to stock selection. |

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| From a sector allocation perspective, Health Care (overweight) was the largest positive contributor to our relative performance, followed by Communication Services (no weight) and Industrials (overweight). On the other hand, Energy (no weight) detracted from our relative performance, as did Information Technology (overweight) and Consumer Staples (underweight). |
| Looking at stock selection, Financials was the best performing sector relative to the benchmark. On the flipside, Information Technology was the worst performing sector relative to the benchmark, followed by Materials and Industrials. |
| <br> The WCM International Small Cap Growth Fund ("SIG"; Institutional Class symbol WCMSX) returned -18.45% and underperformed its benchmark for the 8 months from 30 April through 31 December 2022. SIG's benchmark, the MSCI ACWI ex USA Small Cap Index, returned -8.49% over the same 8-month period. Attribution analysis reveals that the majority of our underperformance can be attributed to stock selection. |
| From a sector allocation perspective, Real Estate (no weight) was the largest positive contributor to our relative performance, followed by Materials (no weight) and Consumer Staples (overweight). On the other hand, Information Technology (overweight) detracted from our relative performance, as did Energy (underweight) and Health Care (overweight). |
| Looking at stock selection, Consumer Staples was the best performing sector relative to the benchmark, followed by Communication Services. On the flipside, Health Care was the worst performing sector relative to the benchmark, followed by Information Technology and Industrials. |
| <br> The WCM Small Cap Growth Fund ("SCG"; Institutional Class Symbol WCMLX, Investor Class symbol WCMNX) returned -3.72% / -3.92%, respectively, and outperformed its benchmark for the 8 months from 30 April through 31 December 2022. SCG's benchmark, the Russell 2000 Growth, returned -3.93% over the same 8-month period. Attribution analysis reveals that the majority of our outperformance can be attributed to stock selection. |
| From a sector allocation perspective, Communication Services (underweight) was the largest positive contributor to our relative performance, followed by Real Estate (underweight) and Financials (underweight). On the other hand, Energy (underweight) detracted from our relative performance, as did Information Technology (overweight) and Consumer Discretionary (overweight). |
| Looking at stock selection, Industrials was the best performing sector relative to the benchmark, followed by Information Technology and Consumer Discretionary. On the flipside, Health Care was the worst performing sector relative to the benchmark, followed by Communication Services and Materials. |
| <br> The WCM SMID Quality Value Fund ("FSDC"; Institutional Class Symbol WCMFX, Investor Class Symbol WCMJX) returned -2.50% / -2.71%, respectively, and outperformed its benchmark for the 8 months from 30 April through 31 December 2022. FSC's benchmark, the Russell 2500 Value Index, returned -5.34% over the same 8-month period. Attribution analysis reveals that the majority of our outperformance can be attributed to stock selection. |

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| From a sector allocation perspective, Real Estate (underweight) was the largest positive contributor to our relative performance, followed by Industrials (overweight) and Communication Services (no weight). On the other hand, Energy (no weight) detracted from our relative performance, as did Financials (underweight) and Utilities (no weight). |
| Looking at stock selection, Industrials was the best performing sector relative to the benchmark, followed by Consumer Staples and Health Care. On the flipside, Consumer Discretionary was the worst performing sector relative to the benchmark, followed by Real Estate and Financials. |
| <br> The WCM China Quality Growth Fund ("CQG"; Institutional Class symbol WCMCX, Investor Class symbol WCQGX) returned +0.57% / +0.42%, respectively, and outperformed its benchmark during the 8 months from 30 April through 31 December 2022. CQG's benchmark, the MSCI China All Shares Index, returned -4.94% over the same 8-month period. Attribution analysis reveals that the majority of our outperformance can be attributed to stock selection. |
| From a sector allocation perspective, Industrials (overweight) was the largest positive contributor to our relative performance, followed by Consumer Staples (overweight) and Materials (underweight). On the other hand, Energy (no weight) detracted from our relative performance, as did Communication Services (underweight) and Consumer Discretionary (underweight). |
| Looking at stock selection, Industrials was the best performing sector relative to the benchmark, followed by Financials and Information Technology. On the flipside, Health Care was the worst performing sector relative to the benchmark, followed by Consumer Staples and Consumer Discretionary. |
| <br> The WCM Developing World Equity Fund ("DW"; Institutional Class Symbol WCMDX, Investor Class symbol WCMUX) returned -4.22% / -4.42%, respectively, and outperformed its benchmark for the 8 months from 30 April through 31 December 2022. DW's benchmark, the MSCI Emerging Markets Index, returned -9.04% over the same the 8-month period. Attribution analysis reveals that the majority of our outperformance can be attributed to stock selection. |
| From a sector allocation perspective, Information Technology (underweight) was the largest positive contributor to our relative performance, followed by Health Care (overweight) and Industrials (overweight). On the other hand, Energy (underweight) detracted from our relative performance, as did Communication Services (overweight) and Consumer Discretionary (underweight). |
| Looking at stock selection, Financials was the best performing sector relative to the benchmark, followed by Information Technology and Energy. On the flipside, Health Care was the worst performing sector relative to the benchmark, followed by Industrials and Materials. |
| <br> The WCM International Equity Fund ("IE"; Institutional Class symbol WCMMX, Investor Class symbol WESGX) returned –2.90% / -3.07%, respectively, and outperformed its benchmark over the 8 months from 30 April through 31 December 2022. IE's benchmark, the MSCI ACWI ex USA Index, returned -5.22% over the same 8-month period. Attribution analysis reveals that the majority of our outperformance can be attributed to sector allocation. |

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| From a sector allocation perspective, Information Technology (overweight) was the largest positive contributor to our relative performance, followed by Health Care (overweight) and Consumer Discretionary (underweight). On the other hand, Energy (underweight) detracted from our relative performance, as did Materials (underweight) and Consumer Staples (underweight). |
| Looking at stock selection, Financials was the best performing sector relative to the benchmark, followed by Health Care. On the flipside, Consumer Discretionary was the worst performing sector relative to the benchmark, followed by Materials and Communication Services. |
| <br> The WCM Focused International Value Fund ("FIV"; Institutional Class symbol WCMVX, Investor Class symbol WLIVX) returned -5.28% / -5.43%, respectively, and underperformed its benchmark over the 8 months from 30 April through 31 December 2022. FIV's benchmark, the MSCI ACWI ex USA Index, returned -5.22% over the same 8-month period. Attribution analysis reveals that the majority of our underperformance can be attributed to stock selection. |
| From a sector allocation perspective, Consumer Discretionary (underweight) was the largest positive contributor to our relative performance, followed by Real Estate (no weight) and Communication Services (overweight). On the other hand, Information Technology (overweight) detracted from our relative performance, as did Energy (overweight) and Financials (underweight). |
| Looking at stock selection, Information Technology was the best performing sector relative to the benchmark, followed by Financials and Communication Services. On the flipside, Industrials was the worst performing sector relative to the benchmark, followed by Consumer Staples and Consumer Discretionary. |
| <br> The WCM Focused International Opportunities Fund ("FIO"; Institutional Class symbol WCMOX, Investor Class symbol WCFOX) returned -8.26% / -8.52%, respectively, and underperformed its benchmark for the 8 months from 30 April through 31 December 2022. FIO's benchmark, the MSCI ACWI ex USA Index, returned -5.22% over the same 8-month period. Attribution analysis reveals that the majority of our underperformance can be attributed to stock selection. |
| From a sector allocation perspective, Communication Services (underweight) was the largest positive contributor to our relative performance, followed by Consumer Discretionary (overweight) and Industrials (overweight). On the other hand, Information Technology (overweight) detracted from our relative performance, as did Financials (underweight) and Energy (underweight). |
| Looking at stock selection, Consumer Staples was the best performing sector relative to the benchmark, followed by Information Technology and Financials. On the flipside, Industrials was the worst performing sector relative to the benchmark, followed by Health Care and Communication Services. |
| <br> The WCM Mid Cap Quality Value Fund ("MCQV"; Institutional Class symbol WCMAX, Investor Class symbol WMIDX), which launched 28 July 2022, returned -7.22% / -7.30%, respectively through 31 December 2022, and underperformed its benchmark over that period. The Russell Midcap Value Index returned -0.90% during those 5 months ended 31 December 2022. Attribution analysis reveals that the majority of our underperformance can be attributed to stock selection. |

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| From a sector allocation perspective, Industrials (overweight) was the largest positive contributor to our relative performance, followed by Real Estate (underweight) and Communication Services (no weight). On the other hand, Information Technology (overweight) detracted from our relative performance, as did Energy (no weight) and Utilities (no weight). |
| Looking at stock selection, Materials was the best performing sector relative to the benchmark. On the flipside, Consumer Discretionary was the worst performing sector relative to the benchmark, followed by Industrials and Financials. |
| <br> The WCM Focused Emerging Market ex-China Fund ("FEM"; Institutional Class symbol WCMWX, Investor Class symbol WCFEX), which launched 29 December 2022, returned -0.90% / -0.90%, respectively through 31 December 2022, and underperformed its benchmark over that period. The MSCI Emerging Markets ex China Index returned -0.21% during those 3 days ending 31 December 2022. Attribution analysis reveals that the majority of our outperformance can be attributed to sector allocation. |
| From a sector allocation perspective, Materials (no weight) was the largest positive contributor to our relative performance, followed by Information Technology (underweight) and Industrials (underweight). On the other hand, Financials (underweight) detracted from our relative performance, as did Utilities (no weight) and Energy (no weight). |
| Looking at stock selection, Information Technology (Globant SA, EPAM Systems, Inc., Freshworks, Inc.) was the best performing sector relative to the benchmark, followed by Financials (Nu Holdings Ltd., Credicorp Ltd.) and Consumer Discretionary (Coupang, Inc.). On the flipside, Industrials (Grupo Aeroportuario del Centro Norte SAB de CV, Grupo Aeroportuario del Sureste SAB de CV) was the worst performing sector relative to the benchmark, followed by Consumer Staples (Wal-Mart de Mexico SAB de CV, Gruma SAB de CV) and Health Care (Hapvida Participacoes e Investimentos SA). |
| <br> Thank you for your confidence and trust, |
| WCM Investment Management, LLC |
| 1 February 2023 |

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| IMPORTANT INFORMATION |
| Performance data quoted represents net of fee past performance and is no guarantee of future results and includes the reinvestment of all dividends and income. |
| Foreign investments present risks due to currency fluctuations, economic and political factors, government regulations, differences in accounting standards and other factors. The WCM China Quality Growth Fund and WCM Developing World Equity Fund are non-diversified and may hold fewer securities than a diversified fund. Holding fewer securities increases the risk that the value of the Fund could go down because of the poor performance of a single investment. |
| The MSCI ACWI ex USA Index captures large-cap and mid-cap representation across 22 of 23 Developed Markets countries (excluding the U.S.) and 24 Emerging Markets countries. The index covers approximately 85% of the global equity opportunity set outside the U.S. The MSCI ACWI Index captures large-cap and mid-cap representation across Developed Markets countries (including the U.S.) and 21 Emerging Markets countries. The index covers approximately 85% of the global equity opportunity set outside the U.S. The MSCI Emerging Markets Index captures large-cap and mid-cap representation across 24 Emerging Markets (EM) countries. With 1,398 constituents, the index covers approximately 85% of the free-float-adjusted market capitalization in each country. The MSCI ACWI ex USA Small Cap Index captures small-cap representation across 22 of 23 large Developed Markets countries (excluding the U.S.). One cannot invest directly in an index. The Russell 2000 Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe. It is unmanaged and represents total returns including reinvestment of dividends. The Russell 2000 Value Index measures the performance of the approximately 2,000 smallest-cap American companies in the Russell 3000 Index, which is made up of 3,000 of the largest U.S. stocks. It is a market-cap weighted index. The MSCI China All Shares Index captures large to mid-cap representation across China A-shares, B-shares, H-shares, Red-chips, P-chips and foreign listings. The index aims to reflect the opportunity set of China share classes listed in Hong Kong, Shanghai, Shenzhen and outside of China. The MSCI Emerging Markets ex China Index captures large and mid-cap representation across 23 of the 24 Emerging Markets (EM) countries excluding China. With 661 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. The Russell Midcap Value Index measures the performance of mid-cap value segment of the US equity universe. The index seeks to provide a comprehensive and unbiased barometer of the mid-cap value market. The Russell 2500 Index measures the performance of the 2,500 smallest-cap American companies in the Russell 3000 Index. It is a market-cap weighted index. |
| The views in this report were those of the Fund managers as of the date this report was written and may not reflect their views on the date this report is first published or anytime thereafter. These views are intended to assist the shareholders of the Fund in understanding their investments in the Fund and do not constitute investment advice. This report may contain discussions about investments that may or may not be held by the Fund as of the date of this report. All current and future holdings are subject to risk and to change. |

---

**WCM Focused International Growth Fund**

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

![](fp0082532-1_02.jpg)

This graph compares a hypothetical $100,000 investment in the Fund's Institutional Class shares, made at its inception, with a similar investment in the MSCI All Country World ex USA Index (MSCI ACWI ex USA). The performance graph above is shown for the Fund's Institutional Class shares. Investor Class shares performance may vary. Results include the reinvestment of all dividends and capital gains.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** *as of December 31, 2022* | 8 Months\* | 1 Year | 5 Years | 10 years |
| Investor Class shares | -4.75% | -29.06% | 6.48% | 8.66% |
| Institutional Class shares | -4.65% | -28.90% | 6.73% | 8.91% |
| MSCI ACWI ex USA Index | -5.22% | -16.00% | 0.88% | 3.80% |

---

*\** *For the period May 1, 2022 through December 31, 2022. Not annualized.*

 

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

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

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

**WCM Focused Emerging Markets Fund**

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

![](fp0082532-1_03.jpg)

This graph compares a hypothetical $100,000 investment in the Fund's Institutional Class shares, made at its inception, with a similar investment in the MSCI Emerging Markets Index (MSCI EM). The performance graph above is shown for the Fund's Institutional Class shares. Investor Class shares performance may vary. Results include the reinvestment of all dividends and capital gains.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** *as of December 31, 2022* | 8 Months\* | 1 Year | 5 Years | Since<br> Inception | Inception<br> Date |
| Investor Class shares | -8.78% | -30.86% | 2.05% | 3.49% | 6/28/13 |
| Institutional Class shares | -8.62% | -30.69% | 2.24% | 3.64% | 6/28/13 |
| MSCI EM Index | -9.04% | -20.09% | -1.40% | 2.59% | 6/28/13 |

---

*\** *For the period May 1, 2022 through December 31, 2022. Not annualized.*

 

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

 

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

**WCM Focused Emerging Markets Fund**

**FUND PERFORMANCE at December 31, 2022 (Unaudited) - Continued**

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

**WCM Focused Global Growth Fund**

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

![](fp0082532-1_04.jpg)

This graph compares a hypothetical $100,000 investment in the Fund's Institutional Class shares, made at its inception, with a similar investment in the MSCI All Country World Index (MSCI ACWI). The performance graph above is shown for the Fund's Institutional Class shares. Investor Class shares performance may vary. Results include the reinvestment of all dividends and capital gains.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** *as of December 31, 2022* | 8 Months\* | 1 Year | 5 Years | Since<br> Inception | Inception<br> Date |
| Investor Class shares | -7.71% | -30.76% | 7.29% | &nbsp;&nbsp;&nbsp;9.79% | 6/28/13 |
| Institutional Class shares | -7.55% | -30.57% | 7.58% | 10.04% | 6/28/13 |
| MSCI ACWI Index | -6.23% | -18.36% | 5.23% | &nbsp;&nbsp;&nbsp;&nbsp;7.74% | 6/28/13 |

---

*\** *For the period May 1, 2022 through December 31, 2022. Not annualized.*

 

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

 

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

**WCM Focused Global Growth Fund**

**FUND PERFORMANCE at December 31, 2022 (Unaudited) - Continued**

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

**WCM International Small Cap Growth Fund**

**FUND PERFORMANCE at December 31, 2022 (Unaudited)**![](fp0082532-1_05.jpg)

This graph compares a hypothetical $100,000 investment in the Fund's Institutional Class shares, made at its inception, with a similar investment in the MSCI All Country World ex USA Small Cap Index (MSCI ACWI ex USA Small Cap). Results include the reinvestment of all dividends and capital gains.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br> **Average Annual Total Returns** *as of December 31, 2022* | <br> 8 Months\* | <br> 1 Year | <br> 5 Years | Since<br> Inception | Inception<br> Date |
| Institutional Class shares | -18.45% | -42.12% | 6.60% | 10.11% | 11/30/15 |
| MSCI ACWI ex USA Small Cap Index | &nbsp;&nbsp;&nbsp;&nbsp;-8.49% | &nbsp;&nbsp;&nbsp;&nbsp;-19.97% | 0.67% | &nbsp;&nbsp;&nbsp;&nbsp;5.03% | 11/30/15 |

---

\* *For* *the period May 1, 2022 through December 31, 2022. Not annualized.*

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

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

**WCM International Small Cap Growth Fund**

**FUND PERFORMANCE at December 31, 2022 (Unaudited) - Continued**

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

**WCM Small Cap Growth Fund**

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

![](fp0082532-1_06.jpg)

This graph compares a hypothetical $100,000 investment in the Fund's Institutional Class shares, made at its inception, with a similar investment in the Russell 2000 Growth Index. The performance graph above is shown for the Fund's Institutional Class shares. Investor Class shares performance may vary. Results include the reinvestment of all dividends and capital gains.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** *as of December 31, 2022* | 8 Months\* | 1 Year | 3 Years | Since<br> Inception | Inception<br> Date |
| Investor Class shares | -3.92% | -23.47% | 3.70% | 4.95% | 10/30/19 |
| Institutional Class shares | -3.72% | -23.26% | 3.98% | 5.21% | 10/30/19 |
| Russell 2000 Growth Index | -3.93% | -26.36% | 0.65% | 2.99% | 10/30/19 |

---

*\** *For the period May 1, 2022 through December 31, 2022. Not annualized.*

 

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

 

Gross and net expense ratios for the Investor Class shares were 1.84% and 1.24%, respectively, and the Institutional Class shares were 1.59% and 0.99%, respectively, which were stated in the current prospectus dated September 1, 2022. For the Fund's current one year expense ratios, please refer to the Financial Highlights section of this report. The Fund's Advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (excluding, as applicable, taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, acquired fund fees and expenses as determined in accordance with Form N-1A, expenses incurred in connection with any merger or reorganization, or extraordinary expenses such as (litigation expenses) do not exceed 1.24% and 0.99% of the average daily net assets of the Fund's Investor Class and Institutional Class shares, respectively. Prior to July 1, 2022, the Fund's annual operating expense limits were 1.50% and 1.25% of the average daily net assets of the Fund's Investor Class and Institutional Class, respectively. This agreement is in effect until August 31, 2032, and it may be terminated before that date only by the Trust's Board of Trustees. In the absence of such waivers, the Fund's returns would be lower.

**WCM Small Cap Growth Fund**

**FUND PERFORMANCE at December 31, 2022 (Unaudited) - Continued**

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

**WCM SMID Quality Value Fund**

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

![](fp0082532-1_07.jpg)

This graph compares a hypothetical $100,000 investment in the Fund's Institutional Class shares, made at its inception, with a similar investment in the Russell 2500 Value Index and Russell 2000 Value Index. The performance graph above is shown for the Fund's Institutional Class shares. Investor Class shares performance may vary. Results include the reinvestment of all dividends and capital gains.

The Russell 2500 Value Index measures the performance of the small to mid-cap value segment of the US equity universe. The Russell 2000 Value Index measures the performance of the approximately 2,000 smallest-cap American companies in the Russell 3000 Index, which is made up of 3,000 of the largest U.S. stocks. It is a market-cap weighted index. These indices do not reflect expenses, fees, or sales charge, which would lower performance. These indices are unmanaged and they are not available for investment.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** *as of December 31, 2022* | 8 Months\* | 1 Year | Since Inception | Inception Date |
| Investor Class shares | -2.71% | -13.91% | 2.12% | 10/30/19 |
| Institutional Class shares | -2.50% | -13.65% | 2.42% | 10/30/19 |
| Russell 2500 Value Index \*\* | -5.34% | -13.08% | 6.50% | 10/30/19 |
| Russell 2000 Value Index | -3.93% | -14.48% | 12.09% | 10/30/19 |

---

*\** *For the period May 1, 2022 through December 31, 2022. Not annualized.*

*\*\** *Effective November 30, 2022, the Fund changed its primary performance benchmark from the Russell 2000® Value Index to the Russell 2500® Value Index. WCM Investment Management, LLC, the Fund's advisor, believes the Russell 2500® Value Index represents a better benchmark with which to compare performance of the Fund in light of the Fund's investment strategy change as of November 30, 2022.*

 

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

Gross and net expense ratios for the Investor Class shares were 1.62% and 1.10%, respectively, and the Institutional Class shares were 1.37% and 0.85%, respectively, which were stated in the current prospectus dated November 30, 2022. For the Fund's current one year expense ratios, please refer to the Financial Highlights section of this report. The Fund's Advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (excluding, as applicable, taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, acquired fund fees and expenses as determined in accordance with Form N-1A, expenses incurred in connection with any merger or reorganization, or extraordinary expenses such as litigation expenses) do not exceed 1.10% and 0.85% of the average daily net assets of the Fund's Investor Class and Institutional Class shares, respectively. Prior to November 30, 2022, the Fund's annual operating expense limits were 1.25% and 1.00% of the average daily net assets of the Fund's Investor Class and Institutional Class, respectively. This agreement is in effect until August 31, 2033, and it may be terminated before that date only by the Trust's Board of Trustees. In the absence of such waivers, the Fund's returns would be lower.

**WCM SMID Quality Value Fund**

**FUND PERFORMANCE at December 31, 2022 (Unaudited) - Continued**

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

**WCM China Quality Growth Fund**

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

![](fp0082532-1_08.jpg)

This graph compares a hypothetical $100,000 investment in the Fund's Institutional Class shares, made at its inception, with a similar investment in the MSCI China All Shares Index (MSCI CASI). The performance graph above is shown for the Fund's Institutional Class shares. Investor Class shares performance may vary. Results include the reinvestment of all dividends and capital gains.

The MSCI CASI Index captures large to mid-cap representation across China A-shares, B-shares, H-shares, Red-chips, P-chips and foreign listings. The index aims to reflect the opportunity set of China share classes listed in Hong Kong, Shanghai, Shenzhen and outside of China. This index does not reflect expenses, fees, or sales charge, which would lower performance. The index is unmanaged and it is not available for investment.

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Average Annual Total Returns** *as of December 31, 2022* | <br>8 Months\* | <br>1 Year | <br> Since<br> Inception | <br> Inception<br> Date |
| Investor Class shares | 0.42% | -26.79% | 8.38% | 3/31/20 |
| Institutional Class shares | 0.57% | -26.62% | 8.63% | 3/31/20 |
| MSCI China All Shares Index | -4.94% | -23.61% | -0.55% | 3/31/20 |

---

*\** *For the period May 1, 2022 through December 31, 2022. Not annualized.*

 

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

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

**WCM China Quality Growth Fund**

**FUND PERFORMANCE at December 31, 2022 (Unaudited) - Continued**

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

**WCM Developing World Equity Fund**

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

![](fp0082532-1_09.jpg)

This graph compares a hypothetical $100,000 investment in the Fund's Institutional Class shares, made at its inception, with a similar investment in the MSCI Emerging Markets Index (MSCI EMI). The performance graph above is shown for the Fund's Institutional Class shares. Investor Class shares performance may vary. Results include the reinvestment of all dividends and capital gains.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** *as of December 31, 2022* | 8 Months\* | 1 Year | Since<br> Inception | Inception<br> Date |
| Investor Class shares | -4.42% | -13.82% | 10.16% | 3/31/20 |
| Institutional Class shares | -4.22% | -13.61% | 10.44% | 3/31/20 |
| MSCI Emerging Markets Index | -9.04% | -20.09% | 7.04% | 3/31/20 |

---

*\*For the period May 1, 2022 through December 31, 2022. Not annualized.*

 

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

 

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

**WCM Developing World Equity Fund**

**FUND PERFORMANCE at December 31, 2022 (Unaudited) - Continued**

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

**WCM International Equity Fund**

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

![](fp0082532-1_10.jpg)

This graph compares a hypothetical $100,000 investment in the Fund's Institutional Class shares, made at its inception, with a similar investment in the MSCI All Country World ex USA Index (MSCI ACWI ex USA). The performance graph above is shown for the Fund's Institutional Class shares. Investor Class shares performance may vary. Results include the reinvestment of all dividends and capital gains.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** *as of December 31, 2022* | 8 Months\* | 1 Year | Since<br> Inception | Inception<br> Date |
| Investor Class shares | -3.07% | -13.48% | 12.37% | 3/31/20 |
| Institutional Class shares | -2.90% | -13.25% | 12.67% | 3/31/20 |
| MSCI ACWI ex USA Index | -5.22% | -16.00% | 10.23% | 3/31/20 |

---

*\*For the period May 1, 2022 through December 31, 2022. Not annualized.*

 

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

 

Gross and net expense ratios for the Investor Class shares were 7.92% and 1.35%, respectively, and the Institutional Class shares were 7.67% and 1.10%, respectively, which were stated in the current prospectus dated September 1, 2022, as supplemented December 29, 2022. For the Fund's current one year expense ratios, please refer to the Financial Highlights section of this report. The Fund's Advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (excluding, as applicable, taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, acquired fund fees and expenses as determined in accordance with Form N-1A, professional fees related to services for the collection of foreign tax reclaims, expenses incurred in connection with any merger or reorganization, or extraordinary expenses such as litigation expenses) do not exceed 1.35% and 1.10% of the average daily net assets of the Fund's Investor Class and Institutional Class shares, respectively. Prior to December 31, 2022, the Fund's annual operating expense limits were 1.50% and 1.25% of the average daily net assets of the Fund's Investor Class and Institutional Class, respectively. This agreement is in effect until August 31, 2032, and it may be terminated before that date only by the Trust's Board of Trustees. In the absence of such waivers, the Fund's returns would be lower.

**WCM International Equity Fund**

**FUND PERFORMANCE at December 31, 2022 (Unaudited) - Continued**

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

**WCM Focused International Value Fund**

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

![](fp0082532-1_11.jpg)

This graph compares a hypothetical $100,000 investment in the Fund's Institutional Class shares, made at its inception, with a similar investment in the MSCI All Country World ex USA Index (MSCI ACWI ex USA). The performance graph above is shown for the Fund's Institutional Class shares; Investor Class shares performance may vary. Results include the reinvestment of all dividends and capital gains.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** *as of December 31, 2022* | 8 Months\* | 1 Year | Since<br> Inception | Inception<br> Date |
| Investor Class shares | -5.43% | -26.40% | 5.33% | 6/29/20 |
| Institutional Class shares | -5.28% | -26.21% | 5.57% | 6/29/20 |
| MSCI ACWI ex USA Index | -5.22% | -16.00% | 4.98% | 6/29/20 |

---

*\*For the period May 1, 2022 through December 31, 2022. Not annualized.*

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

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

**WCM Focused International Value Fund**

**FUND PERFORMANCE at December 31, 2022 (Unaudited) - Continued**

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

**WCM Focused International Opportunities Fund**

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

![](fp0082532-1_12.jpg)

This graph compares a hypothetical $100,000 investment in the Fund's Institutional Class shares, made at its inception, with a similar investment in the MSCI ACWI ex USA Index. The performance graph above is shown for the Fund's Institutional Class shares. Investor Class shares performance may vary. Results include the reinvestment of all dividends and capital gains.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** *as of December 31, 2022* | 8 Months\* | 1 Year | Since<br> Inception | Inception<br> Date |
| Investor Class shares | -8.52% | -35.42% | -14.28% | 3/30/21 |
| Institutional Class shares | -8.26% | -35.25% | -14.03% | 3/30/21 |
| MSCI ACWI ex USA Index | -5.22% | -16.00% | &nbsp;&nbsp;&nbsp;&nbsp;-7.45% | 3/30/21 |

---

*\*For the period May 1, 2022 through December 31, 2022. Not annualized.*

 

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

 

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

**WCM Focused International Opportunities Fund**

**FUND PERFORMANCE at December 31, 2022 (Unaudited) - Continued**

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

**WCM Mid Cap Quality Value Fund**

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

![](fp0082532-1_13.jpg)

This graph compares a hypothetical $100,000 investment in the Fund's Institutional Class shares, made at its inception, with a similar investment in the MSCI Emerging Markets ex China Index. The performance graph above is shown for the Fund's Institutional Class shares; Investor Class shares performance may vary. Results include the reinvestment of all dividends and capital gains.

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

---

| | | | |
|:---|:---|:---|:---|
| **Total Returns** *as of December 31, 2022* | 3 Months | Since<br> Inception<br> (Cumulative) | Inception<br> Date |
| Investor Class shares | 6.92% | -7.30% | 7/28/22 |
| Institutional Class shares | 6.88% | -7.22% | 7/28/22 |
| Russell Midcap Value Index | 10.45% | -2.31% | 7/28/22 |

---

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

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

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

**WCM Focused Emerging Markets ex China Fund**

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

![](fp0082532-1_14.jpg)

This graph compares a hypothetical $100,000 investment in the Fund's Institutional Class shares, made at its inception, with a similar investment in the MSCI Emerging Markets ex China Index. The performance graph above is shown for the Fund's Institutional Class shares; Investor Class shares performance may vary. Results include the reinvestment of all dividends and capital gains.

The MSCI Emerging Markets ex China Index captures large and mid-cap representation across 23 of the 24 Emerging Markets (EM) countries excluding China. With 663 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. This index does not reflect expenses, fees, or sales charge, which would lower performance. The index is unmanaged and it is not available for investment.

---

| | | |
|:---|:---|:---|
| **Total Returns** *as of December 31, 2022* | Since<br> Inception<br> (Cumulative) | Inception<br> Date |
| Investor Class shares | -0.90% | 12/29/22 |
| Institutional Class shares | -0.90% | 12/29/22 |
| MSCI Emerging Markets ex China Index | -0.21% | 12/29/22 |

---

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

Gross and net expense ratios for the Investor Class shares were 3.70% and 1.50%, respectively, and the Institutional Class shares were 3.45% and 1.25%, respectively, which were stated in the current prospectus dated November 2, 2022. For the Fund's current period ended December 31, 2022 expense ratios, please refer to the Financial Highlights section of this report. The Fund's Advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (excluding, as applicable, taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, acquired fund fees and expenses as determined in accordance with Form N-1A, expenses incurred in connection with any merger or reorganization, or extraordinary expenses such as litigation expenses) do not exceed 1.50% and 1.25% of the average daily net assets of the Fund's Investor Class and Institutional Class shares, respectively. This agreement is in effect until August 31, 2032, and it may be terminated before that date only by the Trust's Board of Trustees. In the absence of such waivers, the Fund's returns would be lower.

**WCM Focused Emerging Markets ex China Fund**

**FUND PERFORMANCE at December 31, 2022 (Unaudited) - Continued**

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

**WCM Focused International Growth Fund**

**SCHEDULE OF INVESTMENTS**

**As of December 31, 2022**

---

| | | |
|:---|:---|:---|
| Number of Shares |  | Value |
|  | **COMMON STOCKS — 98.1%** |  |
|  | **AUSTRALIA — 5.6%** |  |
| 3090634 | Atlassian Corp. - Class A\* | $397702783 |
| 2557653 | CSL Ltd. | 501082671 |
|  |  | **898785454** |
|  | **CANADA — 10.9%** |  |
| 10480244 | Canadian Pacific Railway Ltd. | 781721400 |
| 1025409 | Lululemon Athletica, Inc.\* | 328520535 |
| 2934740 | Thomson Reuters Corp. | 334785776 |
| 2292930 | Waste Connections, Inc. | 303950801 |
|  |  | **1748978512** |
|  | **CHINA — 2.0%** |  |
| 37142124 | Li Ning Co., Ltd. | **322385357** |
|  | **DENMARK — 6.0%** |  |
| 1467775 | DSV A/S | 231677217 |
| 5390764 | Novo Nordisk A/S - Class B | 727894373 |
|  |  | **959571590** |
|  | **FRANCE — 8.3%** |  |
| 641942 | LVMH Moet Hennessy Louis Vuitton S.E. | 467197994 |
| 1889150 | Pernod Ricard S.A. | 371581366 |
| 3590055 | Schneider Electric S.E. | 502346382 |
|  |  | **1341125742** |
|  | **HONG KONG — 2.5%** |  |
| 36598215 | AIA Group Ltd. | **406985467** |
|  | **INDIA — 2.7%** |  |
| 19420465 | ICICI Bank Ltd. - ADR | **425113979** |
|  | **IRELAND — 15.9%** |  |
| 2003497 | Accenture PLC - Class A | 534613139 |
| 2053921 | Aon PLC - Class A | 616463849 |
| 15919922 | Experian PLC | 541377425 |
| 2331606 | ICON PLC\* | 452914465 |
| 2201601 | STERIS PLC | 406613689 |
|  |  | **2551982567** |
|  | **ITALY — 3.5%** |  |
| 2610027 | Ferrari N.V. | **559331412** |

---

**WCM Focused International Growth Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022**

---

| | | |
|:---|:---|:---|
| Number of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **JAPAN — 4.7%** |  |
| 1096554 | Keyence Corp. | $429631261 |
| 1975220 | Lasertec Corp. | 327271860 |
|  |  | **756903121** |
|  | **NETHERLANDS — 7.0%** |  |
| 304724 | Adyen N.V.\* | 420259475 |
| 1173851 | ASM International N.V. | 296101465 |
| 753346 | ASML Holding N.V. | 411628254 |
|  |  | **1127989194** |
|  | **SWEDEN — 4.3%** |  |
| 21451951 | Atlas Copco A.B. - A Shares | 253067606 |
| 4568309 | Evolution A.B. | 444533341 |
|  |  | **697600947** |
|  | **SWITZERLAND — 12.8%** |  |
| 7266342 | Alcon, Inc. | 496471815 |
| 478857 | Lonza Group A.G. | 234638376 |
| 261495 | Mettler-Toledo International, Inc.\* | 377977948 |
| 4196769 | Nestle S.A. | 486256981 |
| 1955276 | Sika A.G. | 468784135 |
|  |  | **2064129255** |
|  | **UNITED KINGDOM — 7.3%** |  |
| 3876300 | AstraZeneca PLC | 525681013 |
| 2527077 | Ferguson PLC | 318939602 |
| 1007140 | Linde PLC | 329298772 |
|  |  | **1173919387** |
|  | **UNITED STATES — 4.6%** |  |
| 1353387 | EPAM Systems, Inc.\* | 443559055 |
| 1422742 | ResMed, Inc. | 296115293 |
|  |  | **739674348** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $13,130,714,661) | **15774476332** |

---

**WCM Focused International Growth Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022**

---

| | | |
|:---|:---|:---|
| Principal Amount |  | Value |
|  | **SHORT-TERM INVESTMENTS — 1.9%** |  |
| $309504025 | UMB Bank Demand Deposit, 3.95%<sup>1</sup> | $309504025 |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $309,504,025) | **309504025** |
|  | **TOTAL INVESTMENTS — 100.0%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $13,440,218,686) | **16083980357** |
|  | Other Assets in Excess of Liabilities — 0.0% | 1904755 |
|  | **TOTAL NET ASSETS — 100.0%** | $**16085885112** |

---

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

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

 

*See accompanying Notes to Financial Statements.*

**WCM Focused International Growth Fund**

**SUMMARY OF INVESTMENTS**

**As of December 31, 2022**

---

| | |
|:---|:---|
| Security Type/Sector | Percent of Total<br> Net Assets |
| Common Stocks |  |
| &nbsp;&nbsp;Health Care | 25.0% |
| &nbsp;&nbsp;Technology | 23.1% |
| &nbsp;&nbsp;Industrials | 17.5% |
| &nbsp;&nbsp;Consumer Discretionary | 13.2% |
| &nbsp;&nbsp;Financials | 9.0% |
| &nbsp;&nbsp;Consumer Staples | 5.3% |
| &nbsp;&nbsp;Materials | 5.0% |
| **Total Common Stocks** | **98.1%** |
| Short-Term Investments | 1.9% |
| **Total Investments** | **100.0%** |
| Other Assets in Excess of Liabilities | 0.0% |
| **Total Net Assets** | **100.0%** |

---

*See accompanying Notes to Financial Statements.*

**WCM Focused Emerging Markets Fund**

**SCHEDULE OF INVESTMENTS**

**As of December 31, 2022**

---

| | | |
|:---|:---|:---|
| Number of Shares |  | Value |
|  | **COMMON STOCKS — 94.9%** |  |
|  | **ARGENTINA — 1.8%** |  |
| 153725 | Globant S.A.\* | $**25850396** |
|  | **BRAZIL — 1.7%** |  |
| 24751791 | Hapvida Participacoes e Investimentos S.A.\* | **23815125** |
|  | **CHINA — 27.6%** |  |
| 5022361 | Angel Yeast Co., Ltd. - Class A | 32669874 |
| 11248330 | China Mengniu Dairy Co., Ltd.\* | 51014141 |
| 20305000 | China Overseas Property Holdings Ltd. | 21149145 |
| 840806 | Eastroc Beverage Group Co., Ltd. - Class A | 21516951 |
| 86700 | Kweichow Moutai Co., Ltd. - Class A | 21538746 |
| 6794000 | Li Ning Co., Ltd. | 58970405 |
| 1445249 | Qingdao Haier Biomedical Co., Ltd. - Class A | 13159984 |
| 6237395 | Shenzhen H&T Intelligent Control Co., Ltd. - Class A | 13081868 |
| 4113620 | Shenzhou International Group Holdings Ltd. | 46271967 |
| 3484402 | WuXi AppTec Co., Ltd. - Class H | 36805963 |
| 1299224 | Xiamen Faratronic Co., Ltd. - Class A | 29880452 |
| 8376000 | Yadea Group Holdings Ltd. | 14014549 |
| 1329140 | ZTO Express Cayman, Inc. - ADR | 35713992 |
|  |  | **395788037** |
|  | **CYPRUS — 0.0%** |  |
| 358615 | TCS Group Holding PLC - GDR\*,<sup>1</sup> | **—** |
|  | **HONG KONG — 10.6%** |  |
| 7508246 | AIA Group Ltd. | 83494427 |
| 613417 | Hong Kong Exchanges & Clearing Ltd. | 26499803 |
| 3847885 | Techtronic Industries Co., Ltd. | 42937773 |
|  |  | **152932003** |
|  | **INDIA — 17.5%** |  |
| 965593 | Divi's Laboratories Ltd. | 39837568 |
| 2083897 | HDFC Bank Ltd. | 41011688 |
| 2461150 | Kotak Mahindra Bank Ltd. | 54359197 |
| 536792 | PI Industries Ltd. | 22189955 |
| 1571043 | Star Health & Allied Insurance Co., Ltd.\* | 10754039 |
| 703293 | Tata Consultancy Services Ltd. | 27685414 |
| 686161 | WNS Holdings Ltd. - ADR\* | 54886018 |
|  |  | **250723879** |
|  | **INDONESIA — 2.4%** |  |
| 63730575 | Bank Central Asia Tbk P.T. | **35002179** |

---

**WCM Focused Emerging Markets Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022**

---

| | | |
|:---|:---|:---|
| Number of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **MEXICO — 8.0%** |  |
| 2545103 | Arca Continental SAB de C.V. | $20667493 |
| 3028213 | Grupo Aeroportuario del Centro Norte SAB de C.V. | 23320962 |
| 160019 | Grupo Aeroportuario del Sureste S.A.B. de C.V. - ADR | 37282826 |
| 9744889 | Wal-Mart de Mexico SAB de C.V. | 34300769 |
|  |  | **115572050** |
|  | **NETHERLANDS — 1.4%** |  |
| 339960 | BE Semiconductor Industries N.V. | **20582464** |
|  | **POLAND — 2.9%** |  |
| 479558 | Dino Polska S.A.\* | **41077764** |
|  | **RUSSIA — 0.0%** |  |
| 15336645 | Moscow Exchange MICEX-RTS PJSC\*<sup>,1</sup> |  |
| 801002 | Yandex N.V. - Class A\*<sup>,1</sup> |  |
|  |  | **—** |
|  | **SOUTH AFRICA — 2.0%** |  |
| 259948 | Capitec Bank Holdings Ltd. | **28434055** |
|  | **SOUTH KOREA — 1.7%** |  |
| 729434 | Coupang, Inc.\* | 10729974 |
| 310241 | Samsung Electronics Co., Ltd. | 13617484 |
|  |  | **24347458** |
|  | **TAIWAN — 11.1%** |  |
| 831629 | Airtac International Group | 25190630 |
| 1182860 | Silergy Corp. | 16798763 |
| 8006000 | Taiwan Semiconductor Manufacturing Co., Ltd. | 116825527 |
|  |  | **158814920** |
|  | **THAILAND — 2.0%** |  |
| 222341 | Fabrinet\* | **28508563** |
|  | **UNITED KINGDOM — 1.7%** |  |
| 136466 | Endava PLC - ADR\* | 10439649 |
| 633680 | Wizz Air Holdings PLC\* | 14589501 |
|  |  | **25029150** |
|  | **UNITED STATES — 2.5%** |  |
| 85966 | EPAM Systems, Inc.\* | 28174497 |

---

**WCM Focused Emerging Markets Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022**

---

| | | |
|:---|:---|:---|
| Number of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **UNITED STATES (Continued)** |  |
| 484507 | Freshworks, Inc. - Class A\* | $7127098 |
|  |  | **35301595** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,605,030,916) | **1361779638** |

---

---

| | | |
|:---|:---|:---|
| Principal Amount |  |  |
|  | **SHORT-TERM INVESTMENTS — 5.2%** |  |
| $74334302 | UMB Bank Demand Deposit, 3.95%<sup>2</sup> | 74334302 |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $74,334,302) | **74334302** |
|  | **TOTAL INVESTMENTS — 100.1%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,679,365,218) | **1436113940** |
|  | Liabilities in Excess of Other Assets — (0.1)% | (1197247) |
|  | **TOTAL NET ASSETS — 100.0%** | $**1434916693** |

---

---

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

---

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

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

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

*See accompanying Notes to Financial Statements.*

**WCM Focused Emerging Markets Fund**

**SUMMARY OF INVESTMENTS**

**As of December 31, 2022**

---

| | |
|:---|:---|
| Security Type/Sector | Percent of Total<br> Net Assets |
| Common Stocks |  |
| &nbsp;&nbsp;Technology | 27.4% |
| &nbsp;&nbsp;Financials | 19.5% |
| &nbsp;&nbsp;Consumer Staples | 15.5% |
| &nbsp;&nbsp;Industrials | 12.5% |
| &nbsp;&nbsp;Consumer Discretionary | 9.1% |
| &nbsp;&nbsp;Health Care | 7.9% |
| &nbsp;&nbsp;Materials | 1.5% |
| &nbsp;&nbsp;Real Estate | 1.5% |
| &nbsp;&nbsp;Communications | 0.0% |
| **Total Common Stocks** | **94.9%** |
| Short-Term Investments | 5.2% |
| **Total Investments** | **100.1%** |
| Liabilities in Excess of Other Assets | (0.1)% |
| **Total Net Assets** | **100.0%** |

---

*See accompanying Notes to Financial Statements.*

**WCM Focused Global Growth Fund**

**SCHEDULE OF INVESTMENTS**

**As of December 31, 2022**

---

| | | |
|:---|:---|:---|
| Number of Shares |  | Value |
|  | **COMMON STOCKS — 96.3%** |  |
|  | **AUSTRALIA — 2.0%** |  |
| 44240 | Atlassian Corp. - Class A\* | $**5692803** |
|  | **CANADA — 5.3%** |  |
| 81570 | Canadian Pacific Railway Ltd. | 6084306 |
| 71200 | Waste Connections, Inc. | 9438272 |
|  |  | **15522578** |
|  | **DENMARK — 3.8%** |  |
| 81630 | Novo Nordisk A/S - Class B | **11022189** |
|  | **FRANCE — 5.6%** |  |
| 12890 | LVMH Moet Hennessy Louis Vuitton S.E. | 9381193 |
| 34860 | Pernod Ricard S.A. | 6856696 |
|  |  | **16237889** |
|  | **INDIA — 2.0%** |  |
| 263220 | ICICI Bank Ltd. - ADR | **5761886** |
|  | **ITALY — 2.2%** |  |
| 30620 | Ferrari N.V. | **6561897** |
|  | **NETHERLANDS — 1.7%** |  |
| 3550 | Adyen N.V.\* | **4895975** |
|  | **SWEDEN — 3.9%** |  |
| 537950 | Atlas Copco A.B. - A Shares | 6346170 |
| 50420 | Evolution A.B. | 4906273 |
|  |  | **11252443** |
|  | **SWITZERLAND — 3.1%** |  |
| 6180 | Mettler-Toledo International, Inc.\* | **8932881** |
|  | **UNITED KINGDOM — 3.0%** |  |
| 26940 | Linde PLC | **8808417** |
|  | **UNITED STATES — 63.7%** |  |
| 68320 | Amazon.com, Inc.\* | 5738880 |
| 163150 | Amphenol Corp. - Class A | 12422241 |
| 53910 | Arthur J. Gallagher & Co. | 10164191 |
| 30260 | Bill.com Holdings, Inc.\* | 3297130 |
| 53300 | Booz Allen Hamilton Holding Corp. | 5570916 |
| 88790 | Corteva, Inc. | 5219076 |
| 11030 | Costco Wholesale Corp. | 5035195 |

---

**WCM Focused Global Growth Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022**

---

| | | |
|:---|:---|:---|
| Number of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **UNITED STATES (Continued)** |  |
| 93220 | Datadog, Inc.\* | $6851670 |
| 64390 | Entegris, Inc. | 4223340 |
| 93000 | Floor & Decor Holdings, Inc. - Class A\* | 6475590 |
| 55870 | HEICO Corp. - Class A | 6696019 |
| 17910 | Lam Research Corp. | 7527573 |
| 49180 | LPL Financial Holdings, Inc. | 10631240 |
| 18780 | McKesson Corp. | 7044754 |
| 29330 | Microsoft Corp. | 7033921 |
| 16720 | MSCI, Inc. | 7777642 |
| 21840 | Old Dominion Freight Line, Inc. | 6197755 |
| 16200 | Procore Technologies, Inc.\* | 764316 |
| 29670 | Repligen Corp.\* | 5023428 |
| 9645 | ServiceNow, Inc.\* | 3744864 |
| 30120 | Snowflake, Inc. - Class A\* | 4323425 |
| 41040 | Stryker Corp. | 10033870 |
| 25770 | Thermo Fisher Scientific, Inc. | 14191281 |
| 24300 | Union Pacific Corp. | 5031801 |
| 24960 | UnitedHealth Group, Inc. | 13233293 |
| 51800 | Visa, Inc. - Class A | 10761968 |
|  |  | **185015379** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $287,463,226) | **279704337** |

---

---

| | | |
|:---|:---|:---|
| Principal<br> Amount |  |  |
|  | **SHORT-TERM INVESTMENTS — 1.6%** |  |
| $4553976 | UMB Bank Demand Deposit, 3.95%<sup>1</sup> | 4553976 |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $4,553,976) | **4553976** |
|  | **TOTAL INVESTMENTS — 97.9%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $292,017,202) | **284258313** |
|  | Other Assets in Excess of Liabilities — 2.1% | 6122204 |
|  | **TOTAL NET ASSETS — 100.0%** | $**290380517** |

---

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

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

*See accompanying Notes to Financial Statements.*

**WCM Focused Global Growth Fund**

**SUMMARY OF INVESTMENTS**

**As of December 31, 2022**

---

| | |
|:---|:---|
| Security Type/Sector | Percent of Total<br> Net Assets |
| Common Stocks |  |
| &nbsp;&nbsp;Technology | 25.0% |
| &nbsp;&nbsp;Health Care | 23.9% |
| &nbsp;&nbsp;Industrials | 18.0% |
| &nbsp;&nbsp;Consumer Discretionary | 11.4% |
| &nbsp;&nbsp;Financials | 9.1% |
| &nbsp;&nbsp;Materials | 4.8% |
| &nbsp;&nbsp;Consumer Staples | 4.1% |
| **Total Common Stocks** | **96.3%** |
| Short-Term Investments | 1.6% |
| **Total Investments** | **97.9%** |
| Other Assets in Excess of Liabilities | 2.1% |
| **Total Net Assets** | **100.0%** |

---

*See accompanying Notes to Financial Statements.*

**WCM International Small Cap Growth Fund**

**SCHEDULE OF INVESTMENTS**

**As of December 31, 2022**

---

| | | |
|:---|:---|:---|
| Number of Shares |  | Value |
|  | **COMMON STOCKS — 98.4%** |  |
|  | **ARGENTINA — 1.8%** |  |
| 30553 | Globant S.A.\* | $**5137792** |
|  | **AUSTRALIA — 4.0%** |  |
| 360184 | HUB24 Ltd. | 6520488 |
| 323707 | Lovisa Holdings Ltd. | 5093184 |
|  |  | **11613672** |
|  | **BELGIUM — 1.8%** |  |
| 27319 | D'ieteren Group | **5240382** |
|  | **BRAZIL — 3.5%** |  |
| 485999 | CI&T, Inc. - Class A\* | 3158994 |
| 1469010 | Grupo SBF S.A. | 3555807 |
| 1479510 | Vamos Locacao de Caminhoes Maquinas e Equipamentos S.A. | 3541991 |
|  |  | **10256792** |
|  | **CANADA — 4.6%** |  |
| 45095 | Cargojet, Inc. | 3875039 |
| 46115 | Descartes Systems Group, Inc.\* | 3214767 |
| 400172 | PrairieSky Royalty Ltd. | 6413392 |
|  |  | **13503198** |
|  | **CHINA — 1.2%** |  |
| 159170 | Xiamen Faratronic Co., Ltd. - Class A | **3660702** |
|  | **DENMARK — 3.7%** |  |
| 281920 | ALK-Abello A/S\* | 3897970 |
| 99013 | Royal Unibrew A/S | 7059529 |
|  |  | **10957499** |
|  | **FAROE ISLANDS — 2.3%** |  |
| 105843 | Bakkafrost P/F | **6655162** |
|  | **FRANCE — 4.2%** |  |
| 50398 | Gaztransport Et Technigaz S.A. | 5383986 |
| 42451 | SOITEC\* | 6945660 |
|  |  | **12329646** |
|  | **GERMANY — 7.6%** |  |
| 109004 | Eckert & Ziegler Strahlen- und Medizintechnik A.G. | 5414029 |
| 24432 | Hypoport S.E.\* | 2547289 |
| 152957 | Puma S.E. | 9283517 |

---

**WCM International Small Cap Growth Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022**

---

| | | |
|:---|:---|:---|
| Number of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **GERMANY (Continued)** |  |
| 97773 | Scout24 S.E. | $4911675 |
|  |  | **22156510** |
|  | **INDIA — 2.3%** |  |
| 510003 | Syngene International Ltd. | 3609721 |
| 41003 | WNS Holdings Ltd. - ADR\* | 3279830 |
|  |  | **6889551** |
|  | **ISRAEL — 0.8%** |  |
| 246682 | Maytronics Ltd. | **2456223** |
|  | **ITALY — 5.1%** |  |
| 514504 | Ariston Holding N.V. | 5298146 |
| 213469 | Stevanato Group S.p.A. | 3836038 |
| 796418 | Technoprobe S.p.A.\* | 5711840 |
|  |  | **14846024** |
|  | **JAPAN — 17.4%** |  |
| 231400 | BayCurrent Consulting, Inc. | 7255494 |
| 52500 | GMO Payment Gateway, Inc. | 4368333 |
| 309460 | Japan Elevator Service Holdings Co., Ltd. | 3900083 |
| 138300 | Jeol Ltd. | 3783122 |
| 169440 | Kobe Bussan Co., Ltd. | 4893155 |
| 353800 | Nihon M&A Center Holdings, Inc. | 4391498 |
| 371000 | Rakus Co., Ltd. | 4477781 |
| 43500 | SHIFT, Inc.\* | 7736132 |
| 161100 | TechnoPro Holdings, Inc. | 4327015 |
| 89700 | Visional, Inc.\* | 5959951 |
|  |  | **51092564** |
|  | **MEXICO — 3.1%** |  |
| 631626 | Controladora Vuela Cia de Aviacion S.A.B. de C.V. - ADR\* | 5280393 |
| 853800 | Qualitas Controladora S.A.B. de C.V. | 3764581 |
|  |  | **9044974** |
|  | **NORWAY — 2.3%** |  |
| 3723438 | AutoStore Holdings Ltd.\* | **6812697** |
|  | **POLAND — 1.4%** |  |
| 48752 | Dino Polska S.A.\* | **4175977** |
|  | **RUSSIA — 0.0%** |  |
| 781116 | Cian PLC - ADR<sup>\*,1</sup> |  |

---

**WCM International Small Cap Growth Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022**

---

| | | |
|:---|:---|:---|
| Number of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **RUSSIA (Continued)** |  |
| 125247 | HeadHunter Group PLC - ADR<sup>1</sup> | $— |
|  |  | **—** |
|  | **SWEDEN — 8.6%** |  |
| 168506 | Avanza Bank Holding A.B. | 3610762 |
| 324740 | Hemnet Group A.B. | 3908743 |
| 402209 | Nordnet A.B. publ | 5818307 |
| 135848 | Sdiptech A.B. - Class B\* | 2942208 |
| 868710 | SwedenCare A.B. | 2559951 |
| 146617 | Thule Group A.B. | 3058824 |
| 83281 | Vitec Software Group A.B. | 3337657 |
|  |  | **25236452** |
|  | **SWITZERLAND — 7.5%** |  |
| 67530 | Bachem Holding A.G. | 5831373 |
| 688013 | Global Blue Group Holding A.G.\* | 3185500 |
| 307735 | Medmix A.G.<sup>2</sup> | 5857182 |
| 111627 | PolyPeptide Group A.G.\*<sup>,2</sup> | 3056554 |
| 6061 | Siegfried Holding A.G.\* | 4021221 |
|  |  | **21951830** |
|  | **TAIWAN — 4.7%** |  |
| 45000 | ASPEED Technology, Inc. | 2467017 |
| 698000 | E Ink Holdings, Inc. | 3656293 |
| 270000 | Silergy Corp. | 3834491 |
| 441000 | Sinbon Electronics Co., Ltd. | 3945763 |
|  |  | **13903564** |
|  | **UNITED ARAB EMIRATES — 1.3%** |  |
| 1020465 | Network International Holdings PLC\* | **3676240** |
|  | **UNITED KINGDOM — 7.4%** |  |
| 2660246 | Baltic Classifieds Group PLC | 4528078 |
| 126990 | Diploma PLC | 4261657 |
| 74359 | Endava PLC - ADR\* | 5688464 |
| 37680 | Games Workshop Group PLC | 3901465 |
| 147079 | Wizz Air Holdings PLC\* | 3386266 |
|  |  | **21765930** |
|  | **VIETNAM — 1.8%** |  |
| 1576500 | FPT Corp. | **5142433** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $340,164,900) | **288505814** |

---

**WCM International Small Cap Growth Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022**

---

| | | |
|:---|:---|:---|
| Principal Amount |  | Value |
|  | **SHORT-TERM INVESTMENTS — 0.6%** |  |
| $1708394 | UMB Bank Demand Deposit, 3.95%<sup>3</sup> | $1708394 |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,708,394) | **1708394** |
|  | **TOTAL INVESTMENTS — 99.0%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $341,873,294) | **290214208** |
|  | Other Assets in Excess of Liabilities — 1.0% | 3035461 |
|  | **TOTAL NET ASSETS — 100.0%** | $**293249669** |

---

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

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

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

<sup>2</sup> Restricted security - Investments in securities not registered under the Securities Act of 1933, excluding 144A securities. At December 31, 2022, the value of these restricted securities amounted to $8,913,736 or 3.04% of net assets. These restricted securities have not been deemed illiquid.

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

*See accompanying Notes to Financial Statements.*

**WCM International Small Cap Growth Fund**

**SUMMARY OF INVESTMENTS**

**As of December 31, 2022**

---

| | |
|:---|:---|
| Security Type/Sector | Percent of Total<br> Net Assets |
| Common Stocks |  |
| &nbsp;&nbsp;Technology | 37.5% |
| &nbsp;&nbsp;Health Care | 13.4% |
| &nbsp;&nbsp;Industrials | 13.1% |
| &nbsp;&nbsp;Consumer Discretionary | 12.0% |
| &nbsp;&nbsp;Consumer Staples | 7.8% |
| &nbsp;&nbsp;Financials | 6.0% |
| &nbsp;&nbsp;Communications | 4.6% |
| &nbsp;&nbsp;Energy | 4.0% |
| **Total Common Stocks** | **98.4%** |
| Short-Term Investments | 0.6% |
| **Total Investments** | **99.0%** |
| Other Assets in Excess of Liabilities | 1.0% |
| **Total Net Assets** | **100.0%** |

---

*See accompanying Notes to Financial Statements.*

**WCM Small Cap Growth Fund**

**SCHEDULE OF INVESTMENTS**

**As of December 31, 2022**

---

| | | |
|:---|:---|:---|
| Number of Shares |  | Value |
|  | **COMMON STOCKS — 100.6%** |  |
|  | **COMMUNICATIONS — 1.6%** |  |
| 11876 | IAC, Inc.\* | $**527294** |
|  | **CONSUMER DISCRETIONARY — 14.0%** |  |
| 9182 | Boot Barn Holdings, Inc.\* | 574059 |
| 13496 | Caesars Entertainment, Inc.\* | 561434 |
| 30493 | Clarus Corp. | 239065 |
| 6195 | Fox Factory Holding Corp.\* | 565170 |
| 10749 | Planet Fitness, Inc. - Class A\* | 847021 |
| 6631 | Texas Roadhouse, Inc. | 603089 |
| 28199 | Topgolf Callaway Brands Corp.\* | 556930 |
| 4914 | Wingstop, Inc. | 676265 |
|  |  | **4623033** |
|  | **CONSUMER STAPLES — 6.5%** |  |
| 3029 | Casey's General Stores, Inc. | 679556 |
| 3744 | Five Below, Inc.\* | 662201 |
| 13720 | Performance Food Group Co.\* | 801111 |
|  |  | **2142868** |
|  | **ENERGY — 3.1%** |  |
| 11301 | Matador Resources Co. | 646869 |
| 38915 | Permian Resources Corp. | 365801 |
|  |  | **1012670** |
|  | **FINANCIALS — 4.0%** |  |
| 7870 | Pinnacle Financial Partners, Inc. | 577658 |
| 5280 | Primerica, Inc. | 748810 |
|  |  | **1326468** |
|  | **HEALTH CARE — 21.1%** |  |
| 31196 | AdaptHealth Corp.\* | 599587 |
| 8468 | Arrowhead Pharmaceuticals, Inc.\* | 343462 |
| 9526 | AtriCure, Inc.\* | 422764 |
| 4731 | Axsome Therapeutics, Inc.\* | 364902 |
| 10029 | Azenta, Inc.\* | 583888 |
| 18238 | Bridgebio Pharma, Inc.\* | 138974 |
| 9749 | Fate Therapeutics, Inc.\* | 98367 |
| 14066 | Insmed, Inc.\* | 281039 |
| 4129 | Keros Therapeutics, Inc.\* | 198275 |
| 24280 | NanoString Technologies, Inc.\* | 193512 |
| 6846 | Natera, Inc.\* | 275004 |
| 12588 | NuVasive, Inc.\* | 519129 |
| 3131 | Penumbra, Inc.\* | 696522 |
| 2555 | Repligen Corp.\* | 432587 |

---

**WCM Small Cap Growth Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022**

---

| | | |
|:---|:---|:---|
| Number of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **HEALTH CARE (Continued)** |  |
| 13091 | Rocket Pharmaceuticals, Inc.\* | $256191 |
| 2415 | Shockwave Medical, Inc.\* | 496548 |
| 18413 | Surgery Partners, Inc.\* | 512986 |
| 7611 | Tandem Diabetes Care, Inc.\* | 342114 |
| 4575 | Ultragenyx Pharmaceutical, Inc.\* | 211960 |
|  |  | **6967811** |
|  | **INDUSTRIALS — 14.3%** |  |
| 3758 | Axon Enterprise, Inc.\* | 623565 |
| 14182 | CryoPort, Inc.\* | 246057 |
| 5701 | John Bean Technologies Corp. | 520672 |
| 12866 | Mercury Systems, Inc.\* | 575625 |
| 3213 | Saia, Inc.\* | 673702 |
| 5109 | Tetra Tech, Inc. | 741776 |
| 8640 | Timken Co. | 610589 |
| 16029 | WillScot Mobile Mini Holdings Corp.\* | 724030 |
|  |  | **4716016** |
|  | **MATERIALS — 7.3%** |  |
| 16626 | Avient Corp. | 561294 |
| 8648 | Ingevity Corp.\* | 609165 |
| 13585 | Trex Co., Inc.\* | 575053 |
| 8492 | UFP Industries, Inc. | 672991 |
|  |  | **2418503** |
|  | **REAL ESTATE — 1.8%** |  |
| 10679 | Rexford Industrial Realty, Inc. - REIT | **583501** |
|  | **TECHNOLOGY — 26.9%** |  |
| 22373 | ACI Worldwide, Inc.\* | 514579 |
| 5409 | Bill.com Holdings, Inc.\* | 589365 |
| 5828 | Euronet Worldwide, Inc.\* | 550047 |
| 12479 | Five9, Inc.\* | 846825 |
| 29774 | Health Catalyst, Inc.\* | 316498 |
| 10156 | MACOM Technology Solutions Holdings, Inc.\* | 639625 |
| 6779 | Power Integrations, Inc. | 486190 |
| 10247 | Procore Technologies, Inc.\* | 483453 |
| 5002 | Science Applications International Corp. | 554872 |
| 11927 | Shift4 Payments, Inc. - Class A\* | 667077 |
| 17868 | Smartsheet, Inc. - Class A\* | 703284 |
| 9192 | Sprout Social, Inc. - Class A\* | 518980 |
| 5114 | SPS Commerce, Inc.\* | 656791 |
| 4630 | WEX, Inc.\* | 757699 |

---

**WCM Small Cap Growth Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022**

---

| | | |
|:---|:---|:---|
| Number of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **TECHNOLOGY (Continued)** |  |
| 7635 | WNS Holdings Ltd. - ADR\* | $610724 |
|  |  | **8896009** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $34,025,496) | **33214173** |

---

---

| | | |
|:---|:---|:---|
| Principal Amount |  |  |
|  | **SHORT-TERM INVESTMENTS — 1.7%** |  |
| $555455 | UMB Bank Demand Deposit, 3.95%<sup>1</sup> | 555455 |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $555,455) | **555455** |
|  | **TOTAL INVESTMENTS — 102.3%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $34,580,951) | **33769628** |
|  | Liabilities in Excess of Other Assets — (2.3)% | (759279) |
|  | **Net Assets — 100.0%** | $**33010349** |

---

ADR – American Depository Receipt <br> REIT – Real Estate Investment Trust

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

*See accompanying Notes to Financial Statements.*

**WCM Small Cap Growth Fund**

**SUMMARY OF INVESTMENTS**

**As of December 31, 2022** 

---

| | |
|:---|:---|
| Security Type/Sector | Percent of <br> Total<br> Net Assets |
| Common Stocks |  |
| &nbsp;&nbsp;Technology | 26.9% |
| &nbsp;&nbsp;Health Care | 21.1% |
| &nbsp;&nbsp;Industrials | 14.3% |
| &nbsp;&nbsp;Consumer Discretionary | 14.0% |
| &nbsp;&nbsp;Materials | 7.3% |
| &nbsp;&nbsp;Consumer Staples | 6.5% |
| &nbsp;&nbsp;Financials | 4.0% |
| &nbsp;&nbsp;Energy | 3.1% |
| &nbsp;&nbsp;Real Estate | 1.8% |
| &nbsp;&nbsp;Communications | 1.6% |
| **Total Common Stocks** | **100.6%** |
| Short-Term Investments | 1.7% |
| **Total Investments** | **102.3%** |
| Liabilities in Excess of Other Assets | (2.3)% |
| **Total Net Assets** | **100.0%** |

---

*See accompanying Notes to Financial Statements.*

**WCM SMID Quality Value Fund**

**SCHEDULE OF INVESTMENTS**

**As of December 31, 2022**

---

| | | |
|:---|:---|:---|
| Number of Shares |  | Value |
|  | **COMMON STOCKS — 98.5%** |  |
|  | **COMMUNICATIONS — 3.8%** |  |
| 60300 | GoDaddy, Inc. - Class A\* | $**4511646** |
|  | **CONSUMER DISCRETIONARY — 17.9%** |  |
| 91202 | AZEK Co., Inc.\* | 1853225 |
| 62619 | Beacon Roofing Supply, Inc.\* | 3305657 |
| 32243 | CarMax, Inc.\* | 1963276 |
| 24037 | Dorman Products, Inc.\* | 1943872 |
| 260765 | Leslie's, Inc.\* | 3183941 |
| 56234 | Masco Corp. | 2624441 |
| 38592 | Wyndham Hotels & Resorts, Inc. | 2751995 |
| 85290 | YETI Holdings, Inc.\* | 3523330 |
|  |  | **21149737** |
|  | **CONSUMER STAPLES — 10.4%** |  |
| 110769 | Grocery Outlet Holding Corp.\* | 3233347 |
| 35487 | Inter Parfums, Inc. | 3425205 |
| 13924 | Lancaster Colony Corp. | 2747205 |
| 60642 | Ollie's Bargain Outlet Holdings, Inc.\* | 2840472 |
|  |  | **12246229** |
|  | **FINANCIALS — 10.5%** |  |
| 77287 | Brown & Brown, Inc. | 4403040 |
| 14644 | Enstar Group Ltd.\* | 3383350 |
| 122770 | Focus Financial Partners, Inc. - Class A\* | 4575638 |
|  |  | **12362028** |
|  | **HEALTH CARE — 5.9%** |  |
| 34449 | Addus HomeCare Corp.\* | 3427331 |
| 22577 | ICU Medical, Inc.\* | 3555426 |
|  |  | **6982757** |
|  | **INDUSTRIALS — 24.7%** |  |
| 24009 | EMCOR Group, Inc. | 3555973 |
| 47230 | Graco, Inc. | 3176690 |
| 113101 | Hayward Holdings, Inc.\* | 1063149 |
| 23161 | Landstar System, Inc. | 3772927 |
| 24139 | Lincoln Electric Holdings, Inc. | 3487844 |
| 474212 | R1 RCM, Inc.\* | 5192621 |
| 20111 | SiteOne Landscape Supply, Inc.\* | 2359423 |
| 18884 | UniFirst Corp. | 3644423 |
| 11779 | Watsco, Inc. | 2937683 |
|  |  | **29190733** |

---

**WCM SMID Quality Value Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022**

---

| | | |
|:---|:---|:---|
| Number of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **MATERIALS — 5.5%** |  |
| 20522 | Ashland, Inc. | $2206730 |
| 238552 | Element Solutions, Inc. | 4339261 |
|  |  | **6545991** |
|  | **REAL ESTATE — 4.3%** |  |
| 168550 | Cushman & Wakefield PLC\* | 2100133 |
| 18520 | Jones Lang LaSalle, Inc.\* | 2951532 |
|  |  | **5051665** |
|  | **TECHNOLOGY — 15.5%** |  |
| 30959 | Booz Allen Hamilton Holding Corp. | 3235835 |
| 384001 | E2open Parent Holdings, Inc.\* | 2254086 |
| 45259 | Entegris, Inc. | 2968538 |
| 35682 | MKS Instruments, Inc. | 3023336 |
| 25707 | PTC, Inc.\* | 3085868 |
| 50400 | Thoughtworks Holding, Inc.\* | 513576 |
| 233387 | Verra Mobility Corp.\* | 3227742 |
|  |  | **18308981** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $112,929,811) | **116349767** |

---

---

| | | |
|:---|:---|:---|
| Principal Amount |  |  |
|  | **SHORT-TERM INVESTMENTS — 7.2%** |  |
| $8506846 | UMB Bank Demand Deposit, 3.95%<sup>1</sup> | 8506846 |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $8,506,846) | **8506846** |
|  | **TOTAL INVESTMENTS — 105.7%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $121,436,657) | **124856613** |
|  | Liabilities in Excess of Other Assets — (5.7)% | (6686904) |
|  | **Net Assets — 100.0%** | $**118169709** |

---

PLC – Public Limited Company

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

*See accompanying Notes to Financial Statements.*

**WCM SMID Quality Value Fund**

**SUMMARY OF INVESTMENTS**

**As of December 31, 2022**

---

| | |
|:---|:---|
| Security Type/Sector | Percent of Total<br> Net Assets |
| Common Stocks |  |
| &nbsp;&nbsp;Industrials | 24.7% |
| &nbsp;&nbsp;Consumer Discretionary | 17.9% |
| &nbsp;&nbsp;Technology | 15.5% |
| &nbsp;&nbsp;Financials | 10.5% |
| &nbsp;&nbsp;Consumer Staples | 10.4% |
| &nbsp;&nbsp;Health Care | 5.9% |
| &nbsp;&nbsp;Materials | 5.5% |
| &nbsp;&nbsp;Real Estate | 4.3% |
| &nbsp;&nbsp;Communications | 3.8% |
| **Total Common Stocks** | **98.5%** |
| Short-Term Investments | 7.2% |
| **Total Investments** | **105.7%** |
| Liabilities in Excess of Other Assets | (5.7)% |
| **Total Net Assets** | **100.0%** |

---

*See accompanying Notes to Financial Statements.*

**WCM China Quality Growth Fund**

**SCHEDULE OF INVESTMENTS**

**As of December 31, 2022**

---

| | | |
|:---|:---|:---|
| Number of Shares |  | Value |
|  | **COMMON STOCKS — 99.2%** |  |
|  | **CHINA — 76.5%** |  |
| 4800 | Acrobiosystems Co., Ltd. - Class A | $70905 |
| 43300 | Angel Yeast Co., Ltd. - Class A | 281661 |
| 13480 | Asymchem Laboratories Tianjin Co., Ltd. - Class H | 198258 |
| 5600 | Changzhou Xingyu Automotive Lighting Systems Co., Ltd. - Class A | 102604 |
| 92500 | China Mengniu Dairy Co., Ltd.\* | 419512 |
| 275000 | China Overseas Property Holdings Ltd. | 286433 |
| 3600 | Eastroc Beverage Group Co., Ltd. - Class A | 92127 |
| 22340 | Hongfa Technology Co., Ltd. - Class A | 107366 |
| 14567 | Huali Industrial Group Co., Ltd. - Class A | 119672 |
| 21344 | Hundsun Technologies, Inc. - Class A | 124226 |
| 1100 | Kweichow Moutai Co., Ltd. - Class A | 273271 |
| 41500 | Li Ning Co., Ltd. | 360211 |
| 2379 | Pinduoduo, Inc. - ADR\* | 194007 |
| 34200 | Ping An Insurance Group Co. of China Ltd. - Class H | 226306 |
| 17009 | Qingdao Haier Biomedical Co., Ltd. - Class A | 154879 |
| 23684 | Qingdao Hiron Commercial Cold Chain Co., Ltd. - Class A | 108068 |
| 10700 | Rianlon Corp. - Class A | 83994 |
| 22200 | Shandong Sinocera Functional Material Co., Ltd. - Class A | 88044 |
| 54300 | Shenzhen H&T Intelligent Control Co., Ltd. - Class A | 113885 |
| 5393 | Shenzhen Xinyichang Technology Co., Ltd. - Class A | 73606 |
| 29900 | Shenzhou International Group Holdings Ltd. | 336330 |
| 12150 | Tencent Holdings Ltd. | 519903 |
| 20964 | WuXi AppTec Co., Ltd. - Class H | 221444 |
| 6700 | Xiamen Faratronic Co., Ltd. - Class A | 154091 |
| 4300 | Xi'an Sinofuse Electric Co., Ltd. - Class A | 100818 |
| 52000 | Yadea Group Holdings Ltd. | 87005 |
| 40100 | Zhejiang Jiemei Electronic & Technology Co., Ltd. - Class A | 162841 |
| 10949 | ZTO Express Cayman, Inc. - ADR | 294200 |
|  |  | **5355667** |
|  | **HONG KONG — 15.7%** |  |
| 48351 | AIA Group Ltd. | 537681 |
| 3800 | Hong Kong Exchanges & Clearing Ltd. | 164161 |
| 118400 | Man Wah Holdings Ltd. | 117861 |
| 25200 | Techtronic Industries Co., Ltd. | 281202 |
|  |  | **1100905** |
|  | **TAIWAN — 7.0%** |  |
| 5104 | Airtac International Group | 154604 |
| 4880 | Silergy Corp. | 69305 |

---

**WCM China Quality Growth Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022**

---

| | | |
|:---|:---|:---|
| Number of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **TAIWAN (Continued)** |  |
| 30000 | Sinbon Electronics Co., Ltd. | $268419 |
|  |  | **492328** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $7,552,062) | **6948900** |

---

---

| | | |
|:---|:---|:---|
| Principal Amount |  |  |
|  | **SHORT-TERM INVESTMENTS — 2.2%** |  |
| $152541 | UMB Bank Demand Deposit, 3.95%<sup>1</sup> | 152541 |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $152,541) | **152541** |
|  | **TOTAL INVESTMENTS — 101.4%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $7,704,603) | **7101441** |
|  | Liabilities in Excess of Other Assets — (1.4)% | (95180) |
|  | **TOTAL NET ASSETS — 100.0%** | $**7006261** |

---

ADR – American Depository Receipt

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

*See accompanying Notes to Financial Statements.*

**WCM China Quality Growth Fund**

**SUMMARY OF INVESTMENTS**

**As of December 31, 2022**

---

| | |
|:---|:---|
| Security Type/Sector | Percent of Total<br> Net Assets |
| Common Stocks |  |
| &nbsp;&nbsp;Consumer Discretionary | 18.8% |
| &nbsp;&nbsp;Consumer Staples | 15.2% |
| &nbsp;&nbsp;Industrials | 14.9% |
| &nbsp;&nbsp;Financials | 13.3% |
| &nbsp;&nbsp;Technology | 11.5% |
| &nbsp;&nbsp;Health Care | 9.2% |
| &nbsp;&nbsp;Communications | 7.4% |
| &nbsp;&nbsp;Materials | 4.8% |
| &nbsp;&nbsp;Real Estate | 4.1% |
| **Total Common Stocks** | **99.2%** |
| Short-Term Investments | 2.2% |
| **Total Investments** | **101.4%** |
| Liabilities in Excess of Other Assets | (1.4)% |
| **Total Net Assets** | **100.0%** |

---

*See accompanying Notes to Financial Statements.*

**WCM Developing World Equity Fund**

**SCHEDULE OF INVESTMENTS**

**As of December 31, 2022**

---

| | | |
|:---|:---|:---|
| Number of Shares |  | Value |
|  | **COMMON STOCKS — 94.1%** |  |
|  | **ARGENTINA — 2.2%** |  |
| 57 | MercadoLibre, Inc.\* | $**48236** |
|  | **BRAZIL — 3.1%** |  |
| 46400 | Hapvida Participacoes e Investimentos S.A.\* | 44644 |
| 4500 | TOTVS S.A. | 23541 |
|  |  | **68185** |
|  | **CANADA — 1.4%** |  |
| 3886 | Ivanhoe Mines Ltd. - Class A\* | **30709** |
|  | **CHINA — 13.7%** |  |
| 3900 | Glodon Co., Ltd. - Class A | 33633 |
| 1645 | JD.com, Inc. - Class A | 46407 |
| 700 | Shenzhen Mindray Bio-Medical Electronics Co., Ltd. - Class A | 31816 |
| 6400 | Shenzhou International Group Holdings Ltd. | 71990 |
| 2200 | Tencent Holdings Ltd. | 94139 |
| 2400 | WuXi AppTec Co., Ltd. - Class H | 25351 |
|  |  | **303336** |
|  | **HONG KONG — 10.1%** |  |
| 13214 | AIA Group Ltd. | 146944 |
| 1800 | Hong Kong Exchanges & Clearing Ltd. | 77761 |
|  |  | **224705** |
|  | **INDIA — 9.3%** |  |
| 1378 | HDFC Bank Ltd. - ADR | 94269 |
| 2670 | ICICI Bank Ltd. - ADR | 58446 |
| 1348 | Tata Consultancy Services Ltd. | 53065 |
|  |  | **205780** |
|  | **INDONESIA — 4.4%** |  |
| 17830 | Bank Central Asia Tbk P.T. | 9793 |
| 367132 | Telkom Indonesia Persero Tbk P.T. | 88437 |
|  |  | **98230** |
|  | **MALAYSIA — 1.4%** |  |
| 22700 | IHH Healthcare Bhd | **32053** |
|  | **MEXICO — 5.8%** |  |
| 4590 | Grupo Aeroportuario del Pacifico S.A.B. de C.V. - Class B | 65753 |
| 23396 | Megacable Holdings S.A.B. de C.V. | 62169 |
|  |  | **127922** |

---

**WCM Developing World Equity Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022**

---

| | | |
|:---|:---|:---|
| Number of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **NETHERLANDS — 1.9%** |  |
| 30 | Adyen N.V.\* | $**41374** |
|  | **PERU — 3.3%** |  |
| 547 | Credicorp Ltd. | **74206** |
|  | **SINGAPORE — 4.7%** |  |
| 4577 | United Overseas Bank Ltd. | **104908** |
|  | **SOUTH AFRICA — 3.2%** |  |
| 3635 | Bid Corp. Ltd. | **70566** |
|  | **SOUTH KOREA — 1.4%** |  |
| 2125 | Coupang, Inc.\* | **31259** |
|  | **SWEDEN — 4.2%** |  |
| 5106 | Sandvik A.B. | **92188** |
|  | **TAIWAN — 8.0%** |  |
| 7000 | Feng TAY Enterprise Co., Ltd. | 47030 |
| 1736 | Taiwan Semiconductor Manufacturing Co., Ltd. - ADR | 129315 |
|  |  | **176345** |
|  | **UNITED KINGDOM — 6.3%** |  |
| 499 | AstraZeneca PLC | 67672 |
| 576 | Endava PLC - ADR\* | 44064 |
| 1251 | Wizz Air Holdings PLC\* | 28802 |
|  |  | **140538** |
|  | **UNITED STATES — 6.7%** |  |
| 133 | American Tower Corp. - REIT | 28177 |
| 2545 | Baker Hughes Co. | 75154 |
| 131 | Mastercard, Inc. - Class A | 45553 |
|  |  | **148884** |
|  | **VIETNAM — 3.0%** |  |
| 20774 | Vietnam Dairy Products JSC | **67058** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $2,126,580) | **2086482** |

---

**WCM Developing World Equity Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022**

---

| | | |
|:---|:---|:---|
| Principal Amount |  | Value |
|  | **SHORT-TERM INVESTMENTS — 3.7%** |  |
| $81065 | UMB Bank Demand Deposit, 3.95%<sup>1</sup> | $81065 |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $81,065) | **81065** |
|  | **TOTAL INVESTMENTS — 97.8%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $2,207,645) | **2167547** |
|  | Other Assets in Excess of Liabilities — 2.2% | 49363 |
|  | **TOTAL NET ASSETS — 100.0%** | $**2216910** |

---

---

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

---

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

*See accompanying Notes to Financial Statements.*

**WCM Developing World Equity Fund**

**SUMMARY OF INVESTMENTS**

**As of December 31, 2022**

---

| | |
|:---|:---|
| Security Type/Sector | Percent of Total Net Assets |
| Common Stocks |  |
| &nbsp;&nbsp;Financials | 25.5% |
| &nbsp;&nbsp;Technology | 16.7% |
| &nbsp;&nbsp;Consumer Discretionary | 11.1% |
| &nbsp;&nbsp;Communications | 11.0% |
| &nbsp;&nbsp;Health Care | 9.1% |
| &nbsp;&nbsp;Industrials | 8.4% |
| &nbsp;&nbsp;Consumer Staples | 6.2% |
| &nbsp;&nbsp;Energy | 3.4% |
| &nbsp;&nbsp;Materials | 1.4% |
| &nbsp;&nbsp;Real Estate | 1.3% |
| **Total Common Stocks** | **94.1%** |
| Short-Term Investments | 3.7% |
| **Total Investments** | **97.8%** |
| Other Assets in Excess of Liabilities | 2.2% |
| **Total Net Assets** | **100.0%** |

---

*See accompanying Notes to Financial Statements.*

**WCM International Equity Fund**

**SCHEDULE OF INVESTMENTS**

**As of December 31, 2022**

---

| | | |
|:---|:---|:---|
| Number of Shares |  | Value |
|  | **COMMON STOCKS — 94.5%** |  |
|  | **ARGENTINA — 0.8%** |  |
| 560 | MercadoLibre, Inc.\* | $**473894** |
|  | **CANADA — 5.7%** |  |
| 14742 | Canadian National Railway Co. | 1751184 |
| 4830 | Intact Financial Corp. | 695285 |
| 68936 | Ivanhoe Mines Ltd. - Class A\* | 544767 |
| 11070 | Shopify, Inc. - Class A\* | 384240 |
|  |  | **3375476** |
|  | **DENMARK — 5.2%** |  |
| 17860 | Novo Nordisk A/S - Class B | 2411568 |
| 23490 | Vestas Wind Systems A/S | 683383 |
|  |  | **3094951** |
|  | **FRANCE — 2.3%** |  |
| 11610 | Airbus S.E. | **1379728** |
|  | **GERMANY — 2.7%** |  |
| 7200 | adidas A.G. | 982350 |
| 36800 | Evotec S.E.\* | 601122 |
|  |  | **1583472** |
|  | **HONG KONG — 4.3%** |  |
| 232080 | AIA Group Ltd. | **2580814** |
|  | **INDIA — 3.9%** |  |
| 34290 | HDFC Bank Ltd. - ADR | **2345779** |
|  | **INDONESIA — 2.2%** |  |
| 5533700 | Telkom Indonesia Persero Tbk P.T. | **1332993** |
|  | **IRELAND — 7.2%** |  |
| 5600 | Accenture PLC - Class A | 1494304 |
| 9390 | Aon PLC - Class A | 2818315 |
|  |  | **4312619** |
|  | **JAPAN — 3.6%** |  |
| 8734 | Cosmos Pharmaceutical Corp. | 887775 |
| 8120 | Daikin Industries Ltd. | 1249802 |
|  |  | **2137577** |
|  | **MEXICO — 3.2%** |  |
| 61890 | Grupo Aeroportuario del Pacifico S.A.B. de C.V. - Class B | 886593 |

---

**WCM International Equity Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022**

---

| | | |
|:---|:---|:---|
| Number of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **MEXICO (Continued)** |  |
| 392580 | Megacable Holdings S.A.B. de C.V. | $1043173 |
|  |  | **1929766** |
|  | **NETHERLANDS — 2.7%** |  |
| 850 | Adyen N.V.\* | 1172276 |
| 750 | ASML Holding N.V. | 409800 |
|  |  | **1582076** |
|  | **PERU — 2.9%** |  |
| 12530 | Credicorp Ltd. | **1699820** |
|  | **SINGAPORE — 4.8%** |  |
| 125513 | United Overseas Bank Ltd. | **2876847** |
|  | **SOUTH KOREA — 1.0%** |  |
| 42180 | Coupang, Inc.\* | **620468** |
|  | **SPAIN — 4.5%** |  |
| 230080 | Iberdrola S.A. | **2691902** |
|  | **SWEDEN — 4.1%** |  |
| 134770 | Sandvik A.B. | **2433245** |
|  | **SWITZERLAND — 2.4%** |  |
| 20756 | Alcon, Inc. | **1422824** |
|  | **TAIWAN — 3.9%** |  |
| 158000 | Feng TAY Enterprise Co., Ltd. | 1061541 |
| 16960 | Taiwan Semiconductor Manufacturing Co., Ltd. - ADR | 1263351 |
|  |  | **2324892** |
|  | **UNITED KINGDOM — 15.2%** |  |
| 40150 | AstraZeneca PLC - ADR | 2722170 |
| 93824 | Compass Group PLC | 2174898 |
| 15660 | Endava PLC - ADR\* | 1197990 |
| 16010 | London Stock Exchange Group PLC | 1381133 |
| 79035 | Persimmon PLC | 1162785 |
| 8970 | Unilever PLC - ADR | 451640 |
|  |  | **9090616** |
|  | **UNITED STATES — 11.9%** |  |
| 4331 | American Tower Corp. - REIT | 917565 |
| 72562 | Baker Hughes Co. | 2142756 |

---

**WCM International Equity Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022**

---

| | | |
|:---|:---|:---|
| Number of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **UNITED STATES (Continued)** |  |
| 16850 | International Flavors & Fragrances, Inc. | $1766554 |
| 6630 | Mastercard, Inc. - Class A | 2305450 |
|  |  | **7132325** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $53,398,620) | **56422084** |

---

---

| | | |
|:---|:---|:---|
| Principal Amount |  |  |
|  | **SHORT-TERM INVESTMENTS — 5.6%** |  |
| $3363671 | UMB Bank Demand Deposit, 3.95%<sup>1</sup> | 3363671 |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $3,363,671) | **3363671** |
|  | **TOTAL INVESTMENTS — 100.1%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $56,762,291) | **59785755** |
|  | Liabilities in Excess of Other Assets — (0.1)% | (37425) |
|  | **TOTAL NET ASSETS — 100.0%** | $**59748330** |

---

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

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

*See accompanying Notes to Financial Statements.*

**WCM International Equity Fund**

**SUMMARY OF INVESTMENTS**

**As of December 31, 2022**

---

| | |
|:---|:---|
| Security Type/Sector | Percent of Total Net Assets |
| Common Stocks |  |
| &nbsp;&nbsp;Financials | 24.1% |
| &nbsp;&nbsp;Industrials | 16.5% |
| &nbsp;&nbsp;Technology | 13.8% |
| &nbsp;&nbsp;Health Care | 12.0% |
| &nbsp;&nbsp;Consumer Discretionary | 7.2% |
| &nbsp;&nbsp;Energy | 4.7% |
| &nbsp;&nbsp;Utilities | 4.5% |
| &nbsp;&nbsp;Communications | 4.0% |
| &nbsp;&nbsp;Materials | 3.9% |
| &nbsp;&nbsp;Consumer Staples | 2.3% |
| &nbsp;&nbsp;Real Estate | 1.5% |
| **Total Common Stocks** | **94.5%** |
| Short-Term Investments | 5.6% |
| **Total Investments** | **100.1%** |
| Liabilities in Excess of Other Assets | (0.1)% |
| **Total Net Assets** | **100.0%** |

---

*See accompanying Notes to Financial Statements.*

**WCM Focused International Value Fund**

**SCHEDULE OF INVESTMENTS**

**As of December 31, 2022**

---

| | | |
|:---|:---|:---|
| Number of Shares |  | Value |
|  | **COMMON STOCKS — 99.2%** |  |
|  | **BELGIUM — 7.4%** |  |
| 4850 | D'ieteren Group | $930336 |
| 4100 | KBC Group N.V. | 263678 |
|  |  | **1194014** |
|  | **CANADA — 7.0%** |  |
| 8001 | Brookfield Asset Management Ltd. - Class A\* | 229374 |
| 7350 | Brookfield Corp. | 231231 |
| 5770 | Canadian Natural Resources Ltd. | 320408 |
| 4020 | CGI, Inc.\* | 346243 |
|  |  | **1127256** |
|  | **CHINA — 3.6%** |  |
| 1600 | Baidu, Inc. - ADR\* | 183008 |
| 87000 | China Mengniu Dairy Co., Ltd.\* | 394568 |
|  |  | **577576** |
|  | **FRANCE — 1.8%** |  |
| 1700 | Capgemini S.E. | **283788** |
|  | **GERMANY — 5.2%** |  |
| 15840 | Deutsche Telekom A.G. | 316020 |
| 2700 | Merck KGaA | 522832 |
|  |  | **838852** |
|  | **HONG KONG — 4.0%** |  |
| 28170 | AIA Group Ltd. | 313261 |
| 29940 | Techtronic Industries Co., Ltd. | 334094 |
|  |  | **647355** |
|  | **INDIA — 6.6%** |  |
| 30600 | ICICI Bank Ltd. - ADR | 669834 |
| 6330 | Reliance Industries Ltd. - GDR | 389295 |
|  |  | **1059129** |
|  | **IRELAND — 5.9%** |  |
| 2840 | ICON PLC\* | 551670 |
| 2360 | Trane Technologies PLC | 396692 |
|  |  | **948362** |
|  | **ISRAEL — 3.5%** |  |
| 60980 | Israel Discount Bank Ltd. - Class A | 320591 |
| 1280 | Nice Ltd. - ADR\* | 246144 |
|  |  | **566735** |

---

**WCM Focused International Value Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022**

---

| | | |
|:---|:---|:---|
| Number of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **JAPAN — 19.2%** |  |
| 4100 | Advantest Corp. | $264919 |
| 6900 | Bandai Namco Holdings, Inc. | 437112 |
| 10300 | FUJIFILM Holdings Corp. | 519945 |
| 9600 | Recruit Holdings Co., Ltd. | 305541 |
| 6050 | Sony Group Corp. - ADR | 461494 |
| 11400 | Square Enix Holdings Co., Ltd. | 532475 |
| 12000 | TechnoPro Holdings, Inc. | 322310 |
| 800 | Tokyo Electron Ltd. | 237001 |
|  |  | **3080797** |
|  | **MEXICO — 3.7%** |  |
| 20200 | Controladora Vuela Cia de Aviacion S.A.B. de C.V. - ADR\* | 168872 |
| 58710 | Grupo Financiero Banorte S.A.B. de C.V. - Class O | 421529 |
|  |  | **590401** |
|  | **NORWAY — 2.2%** |  |
| 20230 | Mowi A.S.A. | **345261** |
|  | **RUSSIA — 0.0%** |  |
| 8120 | HeadHunter Group PLC - ADR<sup>1</sup> |  |
| 34600 | Sberbank of Russia PJSC - ADR\*<sup>,1</sup> |  |
|  |  | **—** |
|  | **SWEDEN — 5.0%** |  |
| 22590 | Atlas Copco A.B. - A Shares | 266493 |
| 12760 | Getinge A.B. - B Shares | 264496 |
| 14940 | Sandvik A.B. | 269739 |
|  |  | **800728** |
|  | **SWITZERLAND — 9.5%** |  |
| 2080 | Chubb Ltd. | 458848 |
| 83700 | Glencore PLC\* | 558944 |
| 850 | Roche Holding A.G. | 267033 |
| 2170 | TE Connectivity Ltd. | 249116 |
|  |  | **1533941** |
|  | **TAIWAN — 1.5%** |  |
| 3310 | Taiwan Semiconductor Manufacturing Co., Ltd. - ADR | **246562** |
|  | **THAILAND — 2.9%** |  |
| 3590 | Fabrinet\* | **460310** |
|  | **UNITED ARAB EMIRATES — 2.9%** |  |
| 130460 | Network International Holdings PLC\* | **469984** |

---

**WCM Focused International Value Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022**

---

| | | |
|:---|:---|:---|
| Number of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **UNITED KINGDOM — 4.8%** |  |
| 5250 | AstraZeneca PLC - ADR | $355950 |
| 15130 | RELX PLC - ADR | 419404 |
|  |  | **775354** |
|  | **UNITED STATES — 2.5%** |  |
| 7610 | Schlumberger Ltd. | **406831** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $18,140,775) | **15953236** |

---

---

| | | |
|:---|:---|:---|
| Principal Amount |  |  |
|  | **SHORT-TERM INVESTMENTS — 1.5%** |  |
| $232558 | UMB Bank Demand Deposit, 3.95%<sup>2</sup> | 232558 |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $232,558) | **232558** |
|  | **TOTAL INVESTMENTS — 100.7%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $18,373,333) | **16185794** |
|  | Liabilities in Excess of Other Assets — (0.7)% | (108166) |
|  | **TOTAL NET ASSETS — 100.0%** | $**16077628** |

---

---

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

---

\* Non-income producing security.

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

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

*See accompanying Notes to Financial Statements.*

**WCM Focused International Value Fund**

**SUMMARY OF INVESTMENTS**

**As of December 31, 2022**

---

| | |
|:---|:---|
| Security Type/Sector | Percent of Total Net Assets |
| Common Stocks |  |
| &nbsp;&nbsp;Technology | 26.6% |
| &nbsp;&nbsp;Financials | 18.1% |
| &nbsp;&nbsp;Industrials | 12.4% |
| &nbsp;&nbsp;Health Care | 12.2% |
| &nbsp;&nbsp;Communications | 9.1% |
| &nbsp;&nbsp;Energy | 6.9% |
| &nbsp;&nbsp;Consumer Discretionary | 5.8% |
| &nbsp;&nbsp;Consumer Staples | 4.6% |
| &nbsp;&nbsp;Materials | 3.5% |
| **Total Common Stocks** | **99.2%** |
| Short-Term Investments | 1.5% |
| **Total Investments** | **100.7%** |
| Liabilities in Excess of Other Assets | (0.7)% |
| **Total Net Assets** | **100.0%** |

---

*See accompanying Notes to Financial Statements.*

**WCM Focused International Opportunities Fund**

**SCHEDULE OF INVESTMENTS**

**As of December 31, 2022**

---

| | | |
|:---|:---|:---|
| Number of Shares |  | Value |
|  | **COMMON STOCKS — 92.4%** |  |
|  | **ARGENTINA — 2.4%** |  |
| 3530 | Globant S.A.\* | $**593605** |
|  | **BELGIUM — 3.7%** |  |
| 4626 | D'ieteren Group | **887368** |
|  | **BRAZIL — 1.3%** |  |
| 320300 | Hapvida Participacoes e Investimentos S.A.\* | **308179** |
|  | **CANADA — 4.0%** |  |
| 330 | Constellation Software, Inc. | 515219 |
| 28910 | PrairieSky Royalty Ltd. | 463329 |
|  |  | **978548** |
|  | **CHINA — 5.7%** |  |
| 72000 | Li Ning Co., Ltd. | 624944 |
| 68800 | Shenzhou International Group Holdings Ltd. | 773895 |
|  |  | **1398839** |
|  | **CYPRUS — 0.0%** |  |
| 3700 | TCS Group Holding PLC - GDR\*<sup>,1</sup> | **—** |
|  | **FAROE ISLANDS — 2.3%** |  |
| 8690 | Bakkafrost P/F | **546407** |
|  | **FRANCE — 5.2%** |  |
| 12290 | Edenred | 669359 |
| 5550 | Gaztransport Et Technigaz S.A. | 592903 |
|  |  | **1262262** |
|  | **GERMANY — 7.2%** |  |
| 2370 | MTU Aero Engines A.G. | 512967 |
| 11315 | Puma S.E. | 686749 |
| 11140 | Scout24 S.E. | 559623 |
|  |  | **1759339** |
|  | **HONG KONG — 1.8%** |  |
| 39850 | Techtronic Industries Co., Ltd. | **444678** |
|  | **INDIA — 1.5%** |  |
| 8860 | Divi's Laboratories Ltd. | **365538** |
|  | **IRELAND — 8.4%** |  |
| 3540 | Flutter Entertainment PLC\* | 483155 |

---

**WCM Focused International Opportunities Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022**

---

| | | |
|:---|:---|:---|
| Number of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **IRELAND (Continued)** |  |
| 1920 | ICON PLC\* | $372960 |
| 6090 | Ryanair Holdings PLC - ADR\* | 455288 |
| 4030 | STERIS PLC | 744301 |
|  |  | **2055704** |
|  | **ITALY — 8.1%** |  |
| 12430 | Amplifon S.p.A. | 370159 |
| 49700 | Davide Campari-Milano N.V. | 504555 |
| 12070 | Moncler S.p.A. | 639547 |
| 25870 | Stevanato Group S.p.A. | 464884 |
|  |  | **1979145** |
|  | **JAPAN — 15.0%** |  |
| 20070 | BayCurrent Consulting, Inc. | 629290 |
| 2028 | Disco Corp. | 583336 |
| 6828 | GMO Payment Gateway, Inc. | 568133 |
| 22500 | Kobe Bussan Co., Ltd. | 649764 |
| 3240 | Lasertec Corp. | 536831 |
| 16900 | MonotaRO Co., Ltd. | 239129 |
| 35300 | Nihon M&A Center Holdings, Inc. | 438157 |
|  |  | **3644640** |
|  | **NETHERLANDS — 6.3%** |  |
| 2140 | ASM International N.V. | 539811 |
| 10080 | Elastic N.V.\* | 519120 |
| 6370 | Euronext N.V. | 471579 |
|  |  | **1530510** |
|  | **NORWAY — 1.7%** |  |
| 221160 | AutoStore Holdings Ltd.\* | **404652** |
|  | **POLAND — 2.2%** |  |
| 6190 | Dino Polska S.A.\* | **530220** |
|  | **RUSSIA — 0.0%** |  |
| 9200 | Yandex N.V. - Class A\*<sup>,1</sup> | **—** |
|  | **SPAIN — 1.9%** |  |
| 8850 | Amadeus IT Group S.A.\* | **459931** |
|  | **SWEDEN — 5.9%** |  |
| 7940 | Evolution A.B. | 772626 |

---

**WCM Focused International Opportunities Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022**

---

| | | |
|:---|:---|:---|
| Number of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **SWEDEN (Continued)** |  |
| 71560 | Nibe Industrier A.B. - B Shares | $665888 |
|  |  | **1438514** |
|  | **SWITZERLAND — 4.0%** |  |
| 6510 | Bachem Holding A.G. | 562154 |
| 3680 | Straumann Holding A.G. | 420253 |
|  |  | **982407** |
|  | **UNITED KINGDOM — 3.8%** |  |
| 18930 | Halma PLC | 451739 |
| 70180 | Howden Joinery Group PLC | 476464 |
|  |  | **928203** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $23,359,956) | **22498689** |

---

---

| | | |
|:---|:---|:---|
| Principal Amount |  |  |
|  | **SHORT-TERM INVESTMENTS — 6.0%** |  |
| $1465918 | UMB Bank Demand Deposit, 3.95%<sup>2</sup> | 1465918 |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,465,918) | **1465918** |
|  | **TOTAL INVESTMENTS — 98.4%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $24,825,874) | **23964607** |
|  | Other Assets in Excess of Liabilities — 1.6% | 398229 |
|  | **TOTAL NET ASSETS — 100.0%** | $**24362836** |

---

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

\* Non-income producing security.

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

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

*See accompanying Notes to Financial Statements.*

**WCM Focused International Opportunities Fund**

**SUMMARY OF INVESTMENTS**

**As of December 31, 2022**

---

| | |
|:---|:---|
| Security Type/Sector | Percent of Total<br> Net Assets |
| Common Stocks |  |
| &nbsp;&nbsp;Consumer Discretionary | 22.9% |
| &nbsp;&nbsp;Technology | 19.6% |
| &nbsp;&nbsp;Industrials | 15.5% |
| &nbsp;&nbsp;Health Care | 14.8% |
| &nbsp;&nbsp;Consumer Staples | 9.2% |
| &nbsp;&nbsp;Energy | 4.4% |
| &nbsp;&nbsp;Financials | 3.7% |
| &nbsp;&nbsp;Communications | 2.3% |
| **Total Common Stocks** | **92.4%** |
| Short-Term Investments | 6.0% |
| **Total Investments** | **98.4%** |
| Other Assets in Excess of Liabilities | 1.6% |
| **Total Net Assets** | **100.0%** |

---

*See accompanying Notes to Financial Statements.*

**WCM Mid Cap Quality Value Fund**

**SCHEDULE OF INVESTMENTS**

**As of December 31, 2022**

---

| | | |
|:---|:---|:---|
| Number of Shares |  | Value |
|  | **COMMON STOCKS — 100.4%** |  |
|  | **COMMUNICATIONS — 4.4%** |  |
| 338 | GoDaddy, Inc. - Class A\* | $**25289** |
|  | **CONSUMER DISCRETIONARY — 13.9%** |  |
| 296 | CarMax, Inc.\* | 18023 |
| 389 | Masco Corp. | 18154 |
| 39 | Pool Corp. | 11791 |
| 170 | Wyndham Hotels & Resorts, Inc. | 12123 |
| 493 | YETI Holdings, Inc.\* | 20366 |
|  |  | **80457** |
|  | **CONSUMER STAPLES — 2.4%** |  |
| 301 | Ollie's Bargain Outlet Holdings, Inc.\* | **14099** |
|  | **FINANCIALS — 11.9%** |  |
| 483 | Brown & Brown, Inc. | 27517 |
| 627 | Focus Financial Partners, Inc. - Class A\* | 23368 |
| 14 | Markel Corp.\* | 18445 |
|  |  | **69330** |
|  | **HEALTH CARE — 8.2%** |  |
| 35 | Chemed Corp. | 17865 |
| 35 | Molina Healthcare, Inc.\* | 11558 |
| 141 | Zimmer Biomet Holdings, Inc. | 17977 |
|  |  | **47400** |
|  | **INDUSTRIALS — 20.3%** |  |
| 267 | Graco, Inc. | 17958 |
| 45 | IDEX Corp. | 10275 |
| 131 | Landstar System, Inc. | 21340 |
| 103 | Lincoln Electric Holdings, Inc. | 14882 |
| 2383 | R1 RCM, Inc.\* | 26094 |
| 102 | SiteOne Landscape Supply, Inc.\* | 11967 |
| 62 | Watsco, Inc. | 15463 |
|  |  | **117979** |
|  | **MATERIALS — 12.4%** |  |
| 139 | Ashland, Inc. | 14947 |
| 83 | Carlisle Cos., Inc. | 19559 |
| 1242 | Element Solutions, Inc. | 22592 |
| 353 | Trex Co., Inc.\* | 14942 |
|  |  | **72040** |
|  | **REAL ESTATE — 6.2%** |  |
| 203 | CBRE Group, Inc. - Class A\* | 15623 |

---

**WCM Mid Cap Quality Value Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022**

---

| | | |
|:---|:---|:---|
| Number of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **REAL ESTATE (Continued)** |  |
| 129 | Jones Lang LaSalle, Inc.\* | $20559 |
|  |  | **36182** |
|  | **TECHNOLOGY — 20.7%** |  |
| 207 | Booz Allen Hamilton Holding Corp. | 21636 |
| 150 | CDW Corp. | 26787 |
| 276 | Entegris, Inc. | 18103 |
| 184 | MKS Instruments, Inc. | 15590 |
| 162 | PTC, Inc.\* | 19446 |
| 72 | Zebra Technologies Corp. - Class A\* | 18462 |
|  |  | **120024** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $600,467) | **582800** |

---

---

| | | |
|:---|:---|:---|
| Principal Amount |  |  |
|  | **SHORT-TERM INVESTMENTS — 2.2%** |  |
| $13024 | UMB Bank Demand Deposit, 3.95%<sup>1</sup> | 13024 |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $13,024) | **13024** |
|  | **TOTAL INVESTMENTS — 102.6%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $613,491) | **595824** |
|  | Liabilities in Excess of Other Assets — (2.6)% | (15380) |
|  | **Net Assets — 100.0%** | $**580444** |

---

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

*See accompanying Notes to Financial Statements.*

**WCM Mid Cap Quality Value Fund**

**SUMMARY OF INVESTMENTS**

**As of December 31, 2022**

---

| | |
|:---|:---|
| Security Type/Sector | Percent of Total<br> Net Assets |
| Common Stocks |  |
| &nbsp;&nbsp;Technology | 20.7% |
| &nbsp;&nbsp;Industrials | 20.3% |
| &nbsp;&nbsp;Consumer Discretionary | 13.9% |
| &nbsp;&nbsp;Materials | 12.4% |
| &nbsp;&nbsp;Financials | 11.9% |
| &nbsp;&nbsp;Health Care | 8.2% |
| &nbsp;&nbsp;Real Estate | 6.2% |
| &nbsp;&nbsp;Communications | 4.4% |
| &nbsp;&nbsp;Consumer Staples | 2.4% |
| **Total Common Stocks** | **100.4%** |
| Short-Term Investments | 2.2% |
| **Total Investments** | **102.6%** |
| Liabilities in Excess of Other Assets | (2.6)% |
| **Total Net Assets** | **100.0%** |

---

*See accompanying Notes to Financial Statements.*

**WCM Focused Emerging Markets Ex China Fund**

**SCHEDULE OF INVESTMENTS**

**As of December 31, 2022**

---

| | | |
|:---|:---|:---|
| Number of Shares |  | Value |
|  | **COMMON STOCKS — 85.7%** |  |
|  | **ARGENTINA — 1.7%** |  |
| 50 | Globant S.A.\* | $**8408** |
|  | **BRAZIL — 4.6%** |  |
| 8100 | Hapvida Participacoes e Investimentos S.A.\* | 7793 |
| 2076 | NU Holdings Ltd. - Class A\* | 8449 |
| 1300 | TOTVS S.A. | 6801 |
|  |  | **23043** |
|  | **INDIA — 21.5%** |  |
| 315 | Divi's Laboratories Ltd. | 12996 |
| 683 | HDFC Bank Ltd. | 13442 |
| 897 | ICICI Bank Ltd. | 9659 |
| 751 | Kotak Mahindra Bank Ltd. | 16587 |
| 572 | Muthoot Finance Ltd. | 7350 |
| 259 | PI Industries Ltd. | 10707 |
| 561 | Star Health & Allied Insurance Co., Ltd.\* | 3840 |
| 260 | Tata Consultancy Services Ltd. | 10235 |
| 742 | Tata Consumer Products Ltd.\* | 6879 |
| 183 | WNS Holdings Ltd. - ADR\* | 14638 |
|  |  | **106333** |
|  | **INDONESIA — 3.0%** |  |
| 27300 | Bank Central Asia Tbk P.T. | **14994** |
|  | **MEXICO — 11.1%** |  |
| 700 | Arca Continental SAB de C.V. | 5684 |
| 2600 | Becle SAB de C.V. | 5653 |
| 450 | Gruma SAB de C.V. - Series B | 6021 |
| 1100 | Grupo Aeroportuario del Centro Norte SAB de C.V. | 8472 |
| 355 | Grupo Aeroportuario del Sureste SAB de C.V. - Series B | 8283 |
| 1300 | Regional SAB de C.V. | 9346 |
| 3300 | Wal-Mart de Mexico SAB de C.V. | 11616 |
|  |  | **55075** |
|  | **NETHERLANDS — 2.0%** |  |
| 162 | BE Semiconductor Industries N.V. | **9808** |
|  | **PERU — 1.1%** |  |
| 39 | Credicorp Ltd. | **5291** |
|  | **POLAND — 3.7%** |  |
| 216 | Dino Polska S.A.\* | **18502** |

---

**WCM Focused Emerging Markets Ex China Fund**

**SCHEDULE OF INVESTMENTS - Continued**

**As of December 31, 2022**

---

| | | |
|:---|:---|:---|
| Number of Shares |  | Value |
|  | **COMMON STOCKS (Continued)** |  |
|  | **SOUTH AFRICA — 4.9%** |  |
| 305 | Bid Corp. Ltd. | $5921 |
| 125 | Capitec Bank Holdings Ltd. | 13673 |
| 296 | Clicks Group Ltd. | 4705 |
|  |  | **24299** |
|  | **SOUTH KOREA — 1.7%** |  |
| 586 | Coupang, Inc.\* | **8620** |
|  | **TAIWAN — 20.4%** |  |
| 499 | Advantech Co., Ltd. | 5374 |
| 498 | Airtac International Group | 15085 |
| 114 | ASPEED Technology, Inc. | 6250 |
| 498 | King Slide Works Co., Ltd. | 6222 |
| 279 | momo.com, Inc. | 5827 |
| 1000 | Nien Made Enterprise Co., Ltd. | 9582 |
| 496 | Silergy Corp. | 7044 |
| 1000 | Sinbon Electronics Co., Ltd. | 8947 |
| 2487 | Taiwan Semiconductor Manufacturing Co., Ltd. | 36291 |
| 27 | Universal Vision Biotechnology Co., Ltd. | 262 |
|  |  | **100884** |
|  | **THAILAND — 2.6%** |  |
| 101 | Fabrinet\* | **12950** |
|  | **UNITED ARAB EMIRATES — 1.6%** |  |
| 2226 | Network International Holdings PLC\* | **8019** |
|  | **UNITED KINGDOM — 2.6%** |  |
| 3349 | Baltic Classifieds Group PLC | 5700 |
| 92 | Endava PLC - ADR\* | 7038 |
|  |  | **12738** |
|  | **UNITED STATES — 3.2%** |  |
| 32 | EPAM Systems, Inc.\* | 10488 |
| 350 | Freshworks, Inc. - Class A\* | 5148 |
|  |  | **15636** |
|  | **TOTAL COMMON STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $428,645) | **424600** |
|  | **EXCHANGE-TRADED FUNDS — 5.4%** |  |
| 711 | iShares MSCI Saudi Arabia ETF | **26819** |
|  | **EXCHANGE-TRADED FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $27,138) | **26819** |

---

**WCM Focused Emerging Markets Ex China Fund**

**SCHEDULE OF INVESTMENTS – Continued**

**As of December 31, 2022**

---

| | | |
|:---|:---|:---|
| Principal Amount |  | Value |
|  | **SHORT-TERM INVESTMENTS — 99.0%** |  |
| $490135 | UMB Bank Demand Deposit, 3.95%<sup>1</sup> | $490135 |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $490,135) | **490135** |
|  | **TOTAL INVESTMENTS — 190.1%** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $945,918) | **941554** |
|  | Liabilities in Excess of Other Assets — (90.1)% | (446173) |
|  | **TOTAL NET ASSETS — 100.0%** | $**495381** |

---

ADR – American Depository Receipt <br> ETF – Exchange-Traded Fund <br> PLC – Public Limited Company

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

*See accompanying Notes to Financial Statements.*

**WCM Focused Emerging Markets Ex China Fund**

**SUMMARY OF INVESTMENTS**

**As of December 31, 2022**

---

| | |
|:---|:---|
| Security Type/Sector | Percent of Total Net Assets |
| Common Stocks |  |
| &nbsp;&nbsp;Technology | 31.8% |
| &nbsp;&nbsp;Financials | 20.7% |
| &nbsp;&nbsp;Consumer Staples | 13.1% |
| &nbsp;&nbsp;Industrials | 7.7% |
| &nbsp;&nbsp;Consumer Discretionary | 4.8% |
| &nbsp;&nbsp;Health Care | 4.2% |
| &nbsp;&nbsp;Materials | 2.2% |
| &nbsp;&nbsp;Communications | 1.2% |
| **Total Common Stocks** | **85.7%** |
| Exchange-Traded Funds | 5.4% |
| Short-Term Investments | 99.0% |
| **Total Investments** | **190.1%** |
| Liabilities in Excess of Other Assets | (90.1)% |
| **Total Net Assets** | **100.0%** |

---

*See accompanying Notes to Financial Statements.*

**STATEMENTS OF ASSETS AND LIABILITIES**

**As of December 31, 2022**

---

| | | | |
|:---|:---|:---|:---|
|  | **WCM Focused International Growth Fund** | **WCM Focused Emerging Markets Fund** | **WCM Focused Global Growth Fund** |
| **Assets:** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments, at cost | $13440218686 | $1679365218 | $292017202 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency, at cost | - | 1656894 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments, at value | $16083980357 | $1436113940 | $284258313 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency, at value |  | 1694027 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold | 27614895 |  | 6668544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 9108651 | 2598243 | 359325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reclaims receivable | 25748260 |  | 119834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest | 4672332 | 864041 | 168742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from Advisor |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offering costs |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 10426 | 49359 | 28575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 16151134921 | 1441319610 | 291603333 |
| **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities purchased | 20987879 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed | 28154794 | 3592441 | 806330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 12039038 | 1191935 | 195126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 7) | 451395 | 621201 | 38591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution fees (Note 8) | 155338 | 26400 | 2950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund administration fees | 1216644 | 154715 | 47498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund accounting fees | 527311 | 69697 | 36546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 224901 | 66347 | 17948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custody fees | 773000 | 552478 | 29828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder reporting fees | 361279 | 51051 | 2374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' deferred compensation (Note 3) | 107986 | 13951 | 8628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auditing fees | 19093 | 19093 | 19093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 15694 | 3264 | 2094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 6475 | 8208 | 3903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 1134 | 834 | 2473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offering costs - Advisor |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-U.S. Taxes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offering costs - Related Parties |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued other expenses | 207848 | 31302 | 9434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 65249809 | 6402917 | 1222816 |
| **Net Assets** | $**16085885112** | $**1434916693** | $**290380517** |
| **Components of Net Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized) | 13767051631 | 2052550440 | 324087870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings (accumulated deficit) | 2318833481 | (617633747) | (33707353) |
| **Net Assets** | $**16085885112** | $**1434916693** | $**290380517** |
| **Maximum Offering Price per Share:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $695035914 | $125641183 | $12942866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and<br> outstanding | 35761960 | 9869462 | 766770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | $19.44 | $12.73 | $16.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $15390849198 | $1309275510 | $277437651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and <br>outstanding | 782855201 | 101644643 | 16056833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | $19.66 | $12.88 | $17.28 |

---

*See accompanying Notes to Financial Statements.*

**STATEMENTS OF ASSETS AND LIABILITIES - Continued**

**As of December 31, 2022**

---

| | | | |
|:---|:---|:---|:---|
|  | **WCM International Small Cap Growth Fund** | **WCM Small Cap Growth Fund** | **WCM SMID Quality Value Fund** |
| **Assets:** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments, at cost | $341873294 | $34580951 | $121436657 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency, at cost | 318488 | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments, at value | $290214208 | $33769628 | $124856613 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency, at value | 322120 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold | 3707992 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 28995 | 937 | 568240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reclaims receivable | 318856 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest | 253624 | 10069 | 34940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from Advisor |  | 1554 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offering costs |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 90 | 21042 | 11254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 294845885 | 33803230 | 125471047 |
| **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities purchased |  |  | 7128832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed | 881427 | 721820 | 58683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 228658 |  | 41642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 7) | 175753 | 6236 | 4567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution fees (Note 8) |  | 20 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund administration fees | 62542 | 10049 | 13320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund accounting fees | 24866 | 8677 | 2935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 24582 | 5610 | 5394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custody fees | 102039 | 3756 | 4068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder reporting fees | 38075 | 2620 | 745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' deferred compensation (Note 3) | 9008 | 3528 | 3784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auditing fees | 19089 | 19089 | 19092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 1708 | 2357 | 2887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 3416 | 3316 | 5201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 155 | 136 | 636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offering costs - Advisor |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-U.S. Taxes | 2888 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offering costs - Related Parties |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued other expenses | 22010 | 5667 | 9510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 1596216 | 792881 | 7301338 |
| **Net Assets** | $**293249669** | $**33010349** | $**118169709** |
| **Components of Net Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized) | 477045931 | 38484617 | 114229882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings (accumulated deficit) | (183796262) | (5474268) | 3939827 |
| **Net Assets** | $**293249669** | $**33010349** | $**118169709** |
| **Maximum Offering Price per Share:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $- | $94478 | $195744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding | - | 8952 | 19891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | $- | $10.55 | $9.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $293249669 | $32915871 | $117973965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding | 17785672 | 3094198 | 11872346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | $16.49 | $10.64 | $9.94 |

---

*See accompanying Notes to Financial Statements.*

**STATEMENTS OF ASSETS AND LIABILITIES - Continued**

**As of December 31, 2022**

---

| | | | |
|:---|:---|:---|:---|
|  | **WCM China Quality Growth Fund** | **WCM Developing World Equity Fund** | **WCM International Equity Fund** |
| **Assets:** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments, at cost | $7704603 | $2207645 | $56762291 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency, at cost | 5869 | 321 | 11320 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments, at value | $7101441 | $2167547 | $59785755 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency, at value | 5885 | 338 | 11283 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold |  | 78267 | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reclaims receivable |  |  | 718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest | 279 | 2305 | 38959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from Advisor | 15902 | 25276 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offering costs |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 2724 | 21092 | 16026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 7126231 | 2294825 | 59853741 |
| **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities purchased |  | 66 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees |  |  | 29785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 7) | 9658 | 407 | 2938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution fees (Note 8) | 32 | 45 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund administration fees | 12473 | 11339 | 6887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund accounting fees | 16483 | 14027 | 11286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 10338 | 7502 | 5981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custody fees | 22959 | 3609 | 8843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder reporting fees | 7018 | 1771 | 4983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' deferred compensation (Note 3) | 2638 | 2604 | 2616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auditing fees | 19092 | 19092 | 19093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 2192 | 3507 | 3428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 10106 | 8484 | 5271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 1570 | 2378 | 1568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offering costs - Advisor |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-U.S. Taxes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offering costs - Related Parties |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued other expenses | 5411 | 3084 | 2666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 119970 | 77915 | 105411 |
| **Net Assets** | $**7006261** | $**2216910** | $**59748330** |
| **Components of Net Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized) | 11221741 | 2495116 | 56966698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings (accumulated deficit) | (4215480) | (278206) | 2781632 |
| **Net Assets** | $**7006261** | $**2216910** | $**59748330** |
| **Maximum Offering Price per Share:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $156970 | $321169 | $323373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding | 13995 | 26497 | 24499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | $11.22 | $12.12 | $13.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $6849291 | $1895741 | $59424957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding | 607180 | 155628 | 4482048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | $11.28 | $12.18 | $13.26 |

---

*See accompanying Notes to Financial Statements.*

**STATEMENTS OF ASSETS AND LIABILITIES - Continued**

**As of December 31, 2022**

---

| | | | |
|:---|:---|:---|:---|
|  | **WCM Focused International Value Fund** | **WCM Focused International Opportunities Fund** | **WCM Mid Cap Quality Value Fund** |
| **Assets:** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments, at cost | $18373333 | $24825874 | $613491 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency, at cost | - | 244153 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments, at value | $16185794 | $23964607 | $595824 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency, at value |  | 244927 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold | 103326 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 12005 | 662811 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reclaims receivable | 17904 | 10836 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest | 10453 | 17035 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from Advisor | 7821 | 3133 | 25310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offering costs |  |  | 6577 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 12429 | 3131 | 24277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 16349732 | 24906480 | 652223 |
| **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities purchased | 138422 | 421156 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed | 50618 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 7) | 5004 | 12624 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution fees (Note 8) | 10 | 18 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund administration fees | 6777 | 12253 | 3026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund accounting fees | 12632 | 16767 | 2949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 7235 | 8557 | 619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custody fees | 9663 | 22979 | 565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder reporting fees | 3435 | 6410 | 1143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' deferred compensation (Note 3) | 2428 | 2054 | 587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auditing fees | 19093 | 19176 | 14963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 2079 | 3764 | 1438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 6902 | 9392 | 1811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 1367 | 3279 | 376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offering costs - Advisor |  |  | 43691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-U.S. Taxes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offering costs - Related Parties |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued other expenses | 6439 | 5215 | 489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 272104 | 543644 | 71779 |
| **Net Assets** | $**16077628** | $**24362836** | $**580444** |
| **Components of Net Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized) | 20359595 | 33898943 | 599586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings (accumulated deficit) | (4281967) | (9536107) | (19142) |
| **Net Assets** | $**16077628** | $**24362836** | $**580444** |
| **Maximum Offering Price per Share:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $47708 | $87102 | $9270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding | 4204 | 11425 | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | $11.35 | $7.62 | $9.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $16029920 | $24275734 | $571174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding | 1408630 | 3168565 | 61599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | $11.38 | $7.66 | $9.27 |

---

*See accompanying Notes to Financial Statements.*

**STATEMENTS OF ASSETS AND LIABILITIES - Continued** 

**As of December 31, 2022**

---

| | |
|:---|:---|
|  | **WCM Focused Emerging Markets Ex China Fund** |
| **Assets:** | |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments, at cost | $945918 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency, at cost | 9865 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments, at value | $941554 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency, at value | 9898 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities sold |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reclaims receivable |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from Advisor | 16930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offering costs | 9739 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 45034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 1023155 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities purchased | 456019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 7) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution fees (Note 8) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund administration fees | 219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund accounting fees | 340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custody fees | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder reporting fees | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' deferred compensation (Note 3) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auditing fees | 15500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offering costs - Advisor | 45246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-U.S. Taxes |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offering costs - Related Parties | 9793 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued other expenses | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 527774 |
| **Net Assets** | $**495381** |
| **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) | 499948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings (accumulated deficit) | (4567) |
| **Net Assets** | $**495381** |
| **Maximum Offering Price per Share:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $9908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | $9.91 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding | $485473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding | 49000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | $9.91 |

---

 

*See accompanying Notes to Financial Statements.*

**WCM Focused International Growth Fund**

**STATEMENTS OF OPERATIONS**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Period<br> May 1, 2022<br> through<br> December 31, 2022^** | **For the<br> Year Ended<br> April 30, 2022** |
| **Investment Income:** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends (net of foreign withholding taxes of $9,483,217 and $16,477,385, respectively) | $105959205 | $163891884 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | 4739243 | 168863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 110698448 | 164060747 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 98580762 | 221498750 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 7) | 11568803 | 28167749 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution fees (Note 8) | 1414294 | 4138062 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund administration fees | 5892018 | 12778439 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund accounting fees | 1364634 | 2791032 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 712952 | 2114311 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custody fees | 1717019 | 5108532 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder reporting fees | 423567 | 1225488 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous | 203332 | 463680 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | 179478 | 616210 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 124364 | 190091 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 42370 | 61393 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance fees | 30569 | 40735 |
| &nbsp;&nbsp;&nbsp;&nbsp;Auditing fees | 19092 | 19000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 3557 | 6468 |
| &nbsp;&nbsp;&nbsp;&nbsp;Offering costs | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 122276811 | 279219940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees (waived) recovered |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expenses absorbed | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 122276811 | 279219940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income (loss)** | (11578363) | (115159193) |
| **Realized and Unrealized Gain (Loss):** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (308865603) | 587341290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | (917033) | 6645434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred non-U.S. taxes | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | (309782636) | 593986724 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (673092399) | (5069808086) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | 1310659 | (1964281) |
| &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) | (671781740) | (5071772367) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (981564376) | (4477785643) |
| **Net Increase (Decrease) in Net Assets from Operations** | $**(993142739)** | $**(4592944836)** |

---

^ Fiscal year end changed to December 31, effective December 14, 2022.

*See accompanying Notes to Financial Statements.*

**WCM Focused Emerging Markets Fund**

**STATEMENTS OF OPERATIONS**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Period<br> May 1, 2022<br> through<br> December 31, 2022^** | **For the<br> Year Ended<br> April 30, 2022** |
| **Investment Income:** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends (net of foreign withholding taxes of $1,852,658 and $1,930,723, respectively) | $15682386 | $20465581 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | 1131826 | 34208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 16814212 | 20499789 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 10427232 | 23313666 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 7) | 1343720 | 3174739 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution fees (Note 8) | 183691 | 206243 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund administration fees | 636716 | 1379287 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund accounting fees | 189107 | 356416 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 168886 | 330055 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custody fees | 1178775 | 2171789 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder reporting fees | 92219 | 200220 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous | 41592 | 157391 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | 97683 | 184559 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 16040 | 20882 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 14596 | 16932 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance fees | 4792 | 6166 |
| &nbsp;&nbsp;&nbsp;&nbsp;Auditing fees | 19093 | 19001 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 3556 | 5950 |
| &nbsp;&nbsp;&nbsp;&nbsp;Offering costs | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 14417698 | 31543296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees (waived) recovered | (1199965) | (2194968) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expenses absorbed | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 13217733 | 29348328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income (loss)** | 3596479 | (8848539) |
| **Realized and Unrealized Gain (Loss):** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (267643280) | (94063207) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | (757913) | (909093) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred non-U.S. taxes | (1838954) | (796575) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | (270240147) | (95768875) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 110179871 | (572016460) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | 58006 | (19797) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred non-U.S. taxes | 1571355 | 1147629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 111809232 | (570888628) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (158430915) | (666657503) |
| **Net Increase (Decrease) in Net Assets from Operations** | $**(154834436)** | $**(675506042)** |

---

^ Fiscal year end changed to December 31, effective December 14, 2022.

 

*See accompanying Notes to Financial Statements.*

**WCM Focused Global Growth Fund**

**STATEMENTS OF OPERATIONS**

---

| | | |
|:---|:---|:---|
|  | **For the**<br> **Period**<br> **May 1, 2022**<br> **through**<br> **December 31, 2022^**<br>**  | **For the**<br> **Year Ended**<br> **April 30, 2022**<br>**  |
| **Investment Income:** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends (net of foreign withholding taxes of $88,562 and $182,167, respectively) | $1944557 | $2794180 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | 218808 | 5211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 2163365 | 2799391 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 1960909 | 4594743 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 7) | 241681 | 634523 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution fees (Note 8) | 24896 | 54083 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund administration fees | 208328 | 408859 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund accounting fees | 95116 | 139171 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 46824 | 89325 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custody fees | 61291 | 114297 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder reporting fees | 16201 | 36055 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous | 10218 | 23068 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | 70797 | 100542 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 6847 | 10052 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 7440 | 9435 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance fees | 2900 | 3528 |
| &nbsp;&nbsp;&nbsp;&nbsp;Auditing fees | 19093 | 19000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 5556 | 5450 |
| &nbsp;&nbsp;&nbsp;&nbsp;Offering costs | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 2778097 | 6242131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees (waived) recovered | (330902) | (512187) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expenses absorbed | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 2447195 | 5729944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income (loss)** | (283830) | (2930553) |
| **Realized and Unrealized Gain (Loss):** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (24009799) | 28755356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | (3489) | (13453) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred non-U.S. taxes | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | (24013288) | 28741903 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (7370137) | (126828734) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | 5014 | (8032) |
| &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) | (7365123) | (126836766) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (31378411) | (98094863) |
| **Net Increase (Decrease) in Net Assets from Operations** | $**(31662241)** | $**(101025416)** |

---

^ Fiscal year end changed to December 31, effective December 14, 2022.

*See accompanying Notes to Financial Statements.*

**WCM International Small Cap Growth Fund**

**STATEMENTS OF OPERATIONS**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Period<br> May 1, 2022<br> through<br> December 31, 2022^**<br>**  | **For the<br> Year Ended<br> April 30, 2022**<br>**  |
| **Investment Income:** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends (net of foreign withholding taxes of $319,145 and $658,722, respectively) | $2423875 | $5061332 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | 165628 | 4918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 2589503 | 5066250 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 2490418 | 8271001 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 7) | 335288 | 1046462 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution fees (Note 8) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund administration fees | 223067 | 564538 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund accounting fees | 105256 | 173690 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 49167 | 103164 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custody fees | 334672 | 625773 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder reporting fees | 41633 | 75031 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous | 14524 | 65415 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | 56286 | 117505 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 7175 | 11068 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 9242 | 10886 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance fees | 3163 | 4234 |
| &nbsp;&nbsp;&nbsp;&nbsp;Auditing fees | 19290 | 18699 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 3554 | 4950 |
| &nbsp;&nbsp;&nbsp;&nbsp;Offering costs | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 3692735 | 11092416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees (waived) recovered | (579715) | (753667) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expenses absorbed | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 3113020 | 10338749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income (loss)** | (523517) | (5272499) |
| **Realized and Unrealized Gain (Loss):** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (107133977) | 26810696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | (15775) | (127413) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred non-U.S. taxes | (800670) | (2125109) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | (107950422) | 24558174 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 18648277 | (190043452) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | 32475 | (33136) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred non-U.S. taxes | 1041526 | 388787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 19722278 | (189687801) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (88228144) | (165129627) |
| **Net Increase (Decrease) in Net Assets from Operations** | $**(88751661)** | $**(170402126)** |

---

^ Fiscal year end changed to December 31, effective December 14, 2022.

*See accompanying Notes to Financial Statements.*

**WCM Small Cap Growth Fund**

**STATEMENTS OF OPERATIONS**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Period<br> May 1, 2022<br> through<br> December 31, 2022^** | **For the<br> Year Ended<br> April 30, 2022** |
| **Investment Income:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | $88326 | $198858 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | 17685 | 624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 106011 | 199482 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 234582 | 531966 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 7) | 29108 | 46464 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution fees (Note 8) | 135 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund administration fees | 39693 | 75542 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund accounting fees | 39085 | 65257 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 22827 | 40762 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custody fees | 12518 | 12409 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder reporting fees | 8602 | 2030 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous | 5755 | 6500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | 29629 | 35140 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 5413 | 5632 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 6928 | 5114 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance fees | 2351 | 2950 |
| &nbsp;&nbsp;&nbsp;&nbsp;Auditing fees | 19310 | 18679 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 3554 | 4950 |
| &nbsp;&nbsp;&nbsp;&nbsp;Offering costs | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 459490 | 853624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees (waived) recovered | (210046) | (188353) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expenses absorbed | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 249444 | 665271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income (loss)** | (143433) | (465789) |
| **Realized and Unrealized Gain (Loss):** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (4471823) | 2964759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred non-U.S. taxes | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | (4471823) | 2964759 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 2654126 | (15542258) |
| &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) | 2654126 | (15542258) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (1817697) | (12577499) |
| **Net Increase (Decrease) in Net Assets from Operations** | $**(1961130)** | $**(13043288)** |

---

^ Fiscal year end changed to December 31, effective December 14, 2022.

*See accompanying Notes to Financial Statements.*

**WCM SMID Quality Value Fund**

**STATEMENTS OF OPERATIONS**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Period<br> May 1, 2022<br> through<br> December 31, 2022^** | **For the<br> Year Ended<br> April 30, 2022** |
| **Investment Income:** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | $348911 | $525910 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | 93546 | 1775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 442457 | 527685 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 660849 | 1033940 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 7) | 63529 | 113394 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution fees (Note 8) | 285 | 424 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund administration fees | 76170 | 128022 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund accounting fees | 40718 | 73644 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 26492 | 42724 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custody fees | 9521 | 16111 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder reporting fees | 2965 | 6214 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous | 4670 | 16380 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | 19679 | 88442 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 4703 | 8112 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 3370 | 12337 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance fees | 2415 | 2965 |
| &nbsp;&nbsp;&nbsp;&nbsp;Auditing fees | 19093 | 18900 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 3556 | 5950 |
| &nbsp;&nbsp;&nbsp;&nbsp;Offering costs | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 938015 | 1567559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees (waived) recovered | (276881) | (533195) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expenses absorbed | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 661134 | 1034364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income (loss)** | (218677) | (506679) |
| **Realized and Unrealized Gain (Loss):** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 1598172 | 6151683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred non-U.S. taxes | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | 1598172 | 6151683 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (3955382) | (15414433) |
| &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) | (3955382) | (15414433) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (2357210) | (9262750) |
| **Net Increase (Decrease) in Net Assets from Operations** | $**(2575887)** | $**(9769429)** |

---

^ Fiscal year end changed to December 31, effective December 14, 2022.

*See accompanying Notes to Financial Statements.*

**WCM China Quality Growth Fund**

**STATEMENTS OF OPERATIONS**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Period<br> May 1, 2022<br> through<br> December 31, 2022^** | **For the<br> Year Ended<br> April 30, 2022** |
| **Investment Income:** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends (net of foreign withholding taxes of $7,285 and $4,912, respectively) | $111621 | $119605 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | 4442 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 116063 | 119794 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 64012 | 144514 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 7) | 9619 | 21694 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution fees (Note 8) | 234 | 467 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund administration fees | 34812 | 57504 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund accounting fees | 44364 | 63388 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 27555 | 35512 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custody fees | 21604 | 90668 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder reporting fees | 4778 | 5979 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous | 3627 | 5601 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | 27517 | 55869 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 4270 | 6848 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 6032 | 15514 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance fees | 2319 | 2270 |
| &nbsp;&nbsp;&nbsp;&nbsp;Auditing fees | 19092 | 18900 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 3556 | 5992 |
| &nbsp;&nbsp;&nbsp;&nbsp;Offering costs | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 273391 | 530720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees (waived) recovered | (64012) | (144514) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expenses absorbed | (129129) | (205067) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 80250 | 181139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income (loss)** | 35813 | (61345) |
| **Realized and Unrealized Gain (Loss):** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (2377950) | (912972) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | (2222) | (759) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred non-U.S. taxes | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | (2380172) | (913731) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 1997664 | (4353971) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | 413 | (392) |
| &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) | 1998077 | (4354363) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (382095) | (5268094) |
| **Net Increase (Decrease) in Net Assets from Operations** | $**(346282)** | $**(5329439)** |

---

^ Fiscal year end changed to December 31, effective December 14, 2022.

*See accompanying Notes to Financial Statements.*

 **WCM Developing World Equity Fund**

**STATEMENTS OF OPERATIONS**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Period<br> May 1, 2022<br> through<br> December 31, 2022^** | **For the<br> Year Ended<br> April 30, 2022** |
| **Investment Income:** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends (net of foreign withholding taxes of $2,915 and $2,920, respectively) | $39131 | $41439 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | 1482 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 40613 | 41486 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 16708 | 25138 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 7) | 2041 | 2113 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution fees (Note 8) | 173 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund administration fees | 39462 | 52549 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund accounting fees | 41821 | 52317 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 24524 | 35486 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custody fees | 17408 | 57530 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder reporting fees | 5201 | 6979 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous | 3249 | 3421 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | 31412 | 47638 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 6912 | 4326 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 14447 | 13803 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance fees | 1926 | 1956 |
| &nbsp;&nbsp;&nbsp;&nbsp;Auditing fees | 19092 | 18900 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 5555 | 4801 |
| &nbsp;&nbsp;&nbsp;&nbsp;Offering costs | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 229931 | 327031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees (waived) recovered | (16708) | (25138) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expenses absorbed | (192168) | (270398) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 21055 | 31495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income (loss)** | 19558 | 9991 |
| **Realized and Unrealized Gain (Loss):** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (200016) | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | (850) | (296) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred non-U.S. taxes | (82) | (1776) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | (200948) | (1826) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 85041 | (379544) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | 248 | (233) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred non-U.S. taxes | 273 | (273) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 85562 | (380050) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (115386) | (381876) |
| **Net Increase (Decrease) in Net Assets from Operations** | $**(95828)** | $**(371885)** |

---

^ Fiscal year end changed to December 31, effective December 14, 2022.

*See accompanying Notes to Financial Statements.*

**WCM International Equity Fund**

**STATEMENTS OF OPERATIONS**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Period<br> May 1, 2022<br> through<br> December 31, 2022^** | **For the<br> Year Ended<br> April 30, 2022** |
| **Investment Income:** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends (net of foreign withholding taxes of $8,164 and $4,094, respectively) | $118222 | $68674 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | 31951 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 150173 | 68732 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 99193 | 33473 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 7) | 11323 | 3408 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution fees (Note 8) | 211 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund administration fees | 35330 | 52484 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund accounting fees | 39479 | 52310 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 23525 | 34487 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custody fees | 22558 | 38994 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder reporting fees | 8492 | 6795 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous | 3356 | 2804 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | 31219 | 33232 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 6897 | 4326 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 10798 | 13787 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance fees | 2302 | 1956 |
| &nbsp;&nbsp;&nbsp;&nbsp;Auditing fees | 19093 | 18900 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 4554 | 4992 |
| &nbsp;&nbsp;&nbsp;&nbsp;Offering costs | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 318330 | 302018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees (waived) recovered | (99193) | (33473) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expenses absorbed | (73033) | (219250) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 146104 | 49295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income (loss)** | 4069 | 19437 |
| **Realized and Unrealized Gain (Loss):** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (218210) | 70341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | (2499) | (356) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred non-U.S. taxes | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | (220709) | 69985 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 3104443 | (384361) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | 153 | (64) |
| &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) | 3104596 | (384425) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 2883887 | (314440) |
| **Net Increase (Decrease) in Net Assets from Operations** | $**2887956** | $**(295003)** |

---

^ Fiscal year end changed to December 31, effective December 14, 2022.

*See accompanying Notes to Financial Statements.*

**WCM Focused International Value Fund**

**STATEMENTS OF OPERATIONS**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Period<br> May 1, 2022<br> through<br> December 31, 2022^** | **For the<br> Year Ended<br> April 30, 2022** |
| **Investment Income:** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends (net of foreign withholding taxes of $28,196 and $17,483, respectively) | $243729 | $137149 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | 5957 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 249686 | 137263 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 99920 | 77490 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 7) | 12138 | 12334 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution fees (Note 8) | 95 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund administration fees | 33403 | 47059 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund accounting fees | 43211 | 63486 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 24534 | 35573 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custody fees | 20215 | 34393 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder reporting fees | 3872 | 5512 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous | 4933 | 7002 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | 30249 | 44853 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 4198 | 5616 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 6797 | 12870 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance fees | 2314 | 2454 |
| &nbsp;&nbsp;&nbsp;&nbsp;Auditing fees | 19093 | 18900 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 4556 | 4992 |
| &nbsp;&nbsp;&nbsp;&nbsp;Offering costs | - | 2469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 309528 | 375156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees (waived) recovered | (99920) | (77490) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expenses absorbed | (62572) | (183561) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 147036 | 114105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income (loss)** | 102650 | 23158 |
| **Realized and Unrealized Gain (Loss):** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (1965902) | (146191) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | (1641) | (380) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred non-U.S. taxes | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | (1967543) | (146571) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 809300 | (3451959) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | 1596 | (1516) |
| &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) | 810896 | (3453475) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (1156647) | (3600046) |
| **Net Increase (Decrease) in Net Assets from Operations** | $**(1053997)** | $**(3576888)** |

---

^ Fiscal year end changed to December 31, effective December 14, 2022.

*See accompanying Notes to Financial Statements.*

**WCM Focused International Opportunities Fund**

**STATEMENTS OF OPERATIONS**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Period<br> May 1, 2022<br> through<br> December 31, 2022^** | **For the<br> Year Ended<br> April 30, 2022** |
| **Investment Income:** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends (net of foreign withholding taxes of $20,798 and $4,926, respectively) | $176549 | $42783 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | 19718 | 438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 196267 | 43221 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 175173 | 101256 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 7) | 25055 | 15114 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution fees (Note 8) | 155 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund administration fees | 39695 | 53346 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund accounting fees | 51060 | 64402 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 25276 | 37697 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custody fees | 57275 | 89399 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder reporting fees | 9582 | 4336 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous | 5769 | 6124 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | 32118 | 61336 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 6042 | 6501 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 13713 | 15001 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance fees | 806 | 1151 |
| &nbsp;&nbsp;&nbsp;&nbsp;Auditing fees | 6093 | 31082 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 6192 | 5501 |
| &nbsp;&nbsp;&nbsp;&nbsp;Offering costs | - | 8773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 454004 | 501206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees (waived) recovered | (175173) | (101256) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expenses absorbed | (59712) | (273190) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 219119 | 126760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income (loss)** | (22852) | (83539) |
| **Realized and Unrealized Gain (Loss):** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (7210370) | (1407831) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | 2154 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred non-U.S. taxes | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | (7208216) | (1407744) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 4685750 | (5593396) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | 1737 | (1822) |
| &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) | 4687487 | (5595218) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (2520729) | (7002962) |
| **Net Increase (Decrease) in Net Assets from Operations** | $**(2543581)** | $**(7086501)** |

---

^ Fiscal year end changed to December 31, effective December 14, 2022.

*See accompanying Notes to Financial Statements.*

**WCM Mid Cap Quality Value Fund**

**STATEMENT OF OPERATIONS**

---

| | |
|:---|:---|
|  | **For the<br> Period<br> July 28, 2022\*<br> through<br> December 31, 2022^** |
| **Investment Income:** | |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | $1423 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 1923 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 1713 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 7) | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution fees (Note 8) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund administration fees | 18038 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund accounting fees | 14795 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 10857 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custody fees | 2450 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder reporting fees | 4025 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous | 2772 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | 18068 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 3827 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 13140 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance fees | 513 |
| &nbsp;&nbsp;&nbsp;&nbsp;Auditing fees | 14963 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 2351 |
| &nbsp;&nbsp;&nbsp;&nbsp;Offering costs | 5248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 113070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees (waived) recovered | (1713) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expenses absorbed | (109331) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income (loss)** | (103) |
| **Realized and Unrealized Gain (Loss):** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (1293) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred non-U.S. taxes | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | (1293) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (17667) |
| &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) | (17667) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (18960) |
| **Net Increase (Decrease) in Net Assets from Operations** | $**(19063)** |

---

\* Commencement of operations. <br> ^ Fiscal year end changed to December 31, effective December 14, 2022.

*See accompanying Notes to Financial Statements.*

**WCM Focused Emerging Markets Ex China Fund**

**STATEMENT OF OPERATIONS**

---

| | |
|:---|:---|
|  | **For the<br> Period<br> December 29, 2022\*<br> through<br> December 31, 2022** |
| **Investment Income:** | |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | - |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees (Note 7) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution fees (Note 8) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund administration fees | 219 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund accounting fees | 340 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custody fees | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder reporting fees | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance fees | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Auditing fees | 15500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Offering costs | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 17021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees (waived) recovered | (41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expenses absorbed | (16929) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income (loss)** | (51) |
| **Realized and Unrealized Gain (Loss):** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred non-U.S. taxes | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (4364) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | (203) |
| &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) | (4567) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (4568) |
| **Net Increase (Decrease) in Net Assets from Operations** | $**(4619)** |

---

\* Commencement of operations.

*See accompanying Notes to Financial Statements.*

**WCM Focused International Growth Fund**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | |
|:---|:---|:---|:---|
|  | **For the**<br> **Period**<br> **May 1, 2022**<br> **through**<br> **December 31, 2022^**<br>**  | **For the**<br> **Year Ended**<br> **April 30, 2022**<br>**  | **For the**<br> **Year Ended**<br> **April 30, 2021**<br>**  |
| **Increase (Decrease) in Net Assets from:** | | | |
| **Operations:** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $(11578363) | $(115159193) | $(73284889) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments and foreign currency transactions | (309782636) | 593986724 | 1177031196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | (671781740) | (5071772367) | 6531863446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (993142739) | (4592944836) | 7635609753 |
| **Distributions to Shareholders:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (792458) | (82734321) | (19617552) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (16408459) | (1198249547) | (281277964) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | (17200917) | (1280983868) | (300895516) |
| **Capital Transactions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from shares sold: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 27358771 | 518278322 | 1179261264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 1609897154 | 5873297782 | 7384907392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 790531 | 82592645 | 19585649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 14876353 | 1094411720 | 246783016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (379789348) | (665394020) | (380102408) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (4366488358) | (5269046333) | (3716329694) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | (3093354897) | 1634140116 | 4734105219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | (4103698553) | (4239788588) | 12068819456 |
| **Net Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 20189583665 | 24429372253 | 12360552797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $16085885112 | $20189583665 | $24429372253 |
| **Capital Share Transactions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 1436244 | 19728497 | 58831985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 83127015 | 222042533 | 329786999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 39448 | 3033149 | 828490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 734273 | 39840252 | 10373393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (19852887) | (27769262) | (16405010) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (225753828) | (211447870) | (169880208) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in capital share transactions** | (160269735) | 45427299 | 213535649 |

---

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

*See accompanying Notes to Financial Statements.*

**WCM Focused Emerging Markets Fund**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | |
|:---|:---|:---|:---|
|  | **For the**<br> **Period**<br> **May 1, 2022**<br> **through**<br> **December 31, 2022^**<br>**  | **For the**<br> **Year Ended**<br> **April 30, 2022**<br>**  | **For the**<br> **Year Ended**<br> **April 30, 2021**<br>**  |
| **Increase (Decrease) in Net Assets from:** | | | |
| **Operations:** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $3596479 | $(8848539) | $(9163039) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments, foreign currency transactions and deferred non-U.S. taxes | (270240147) | (95768875) | 112959904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments, foreign currency translations and deferred non-U.S. taxes | 111809232 | (570888628) | 216157114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (154834436) | (675506042) | 319953979 |
| **Distributions to Shareholders:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (401049) | (2826823) | (448851) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (6139190) | (100035505) | (10353698) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | (6540239) | (102862328) | (10802549) |
| **Capital Transactions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from shares sold: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 227079228 | 260506831 | 40053512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 535438659 | 1469353271 | 1749846602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 383681 | 2578231 | 412235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 4852399 | 82871311 | 9107886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (236672893) | (145368858) | (28499287) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (793473817) | (1204460353) | (250951139) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | (262392743) | 465480433 | 1519969809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | (423767418) | (312887937) | 1829121239 |
| **Net Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 1858684111 | 2171572048 | 342450809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $1434916693 | $1858684111 | $2171572048 |
| **Capital Share Transactions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 18212188 | 16099076 | 2189209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 41082828 | 78903465 | 93931052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 29952 | 138095 | 21892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 374414 | 4391696 | 480121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (18486564) | (8907137) | (1519158) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (61068269) | (67542974) | (13619443) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in capital**<br> **share transactions** | (19855451) | 23082221 | 81483673 |

---

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

*See accompanying Notes to Financial Statements.*

**WCM Focused Global Growth Fund**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | |
|:---|:---|:---|:---|
|  | **For the**<br> **Period**<br> **May 1, 2022**<br> **through**<br> **December 31, 2022^**<br>**  | **For the**<br> **Year Ended**<br> **April 30, 2022**<br>**  | **For the**<br> **Year Ended**<br> **April 30, 2021**<br>**  |
| **Increase (Decrease) in Net Assets from:** | | | |
| **Operations:** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $(283830) | $(2930553) | $(1685000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments and foreign currency transactions | (24013288) | 28741903 | 57026839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | (7365123) | (126836766) | 98677603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (31662241) | (101025416) | 154019442 |
| **Distributions to Shareholders:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (472100) | (2212086) | (590354) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (10182529) | (53428250) | (14845357) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | (10654629) | (55640336) | (15435711) |
| **Capital Transactions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from shares sold: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 2112178 | 6366794 | 10590501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 95208490 | 280075915 | 318693384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 471972 | 2212087 | 589479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 10162459 | 53350711 | 14718151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (4373731) | (7873611) | (3600478) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (225296291) | (212504626) | (244090392) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | (121714923) | 121627270 | 96900645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | (164031793) | (35038482) | 235484376 |
| **Net Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 454412310 | 489450792 | 253966416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $290380517 | $454412310 | $489450792 |
| **Capital Share Transactions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 117851 | 257604 | 465647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 5227604 | 11465445 | 14131084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 27297 | 87469 | 25343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 574475 | 2067857 | 623122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (244461) | (324608) | (155040) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (12403606) | (9086122) | (10445366) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in capital share transactions** | (6700840) | 4467645 | 4644790 |

---

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

*See accompanying Notes to Financial Statements.*

**WCM International Small Cap Growth Fund**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | |
|:---|:---|:---|:---|
|  | **For the**<br> **Period**<br> **May 1, 2022**<br> **through**<br> **December 31, 2022^** | **For the**<br> **Year Ended**<br> **April 30, 2022** | **For the**<br> **Year Ended**<br> **April 30, 2021** |
| **Increase (Decrease) in Net Assets from:** | | | |
| **Operations:** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $(523517) | $(5272499) | $(2801037) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments, foreign currency transactions and deferred non-U.S. taxes | (107950422) | 24558174 | 48034098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments, foreign currency translations and deferred non-U.S. taxes | 19722278 | (189687801) | 112539356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase from payment by affiliates (Note 3) | - | - | 2951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (88751661) | (170402126) | 157775368 |
| **Distributions to Shareholders:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions | - | (85948627) | (11529953) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | - | (85948627) | (11529953) |
| **Capital Transactions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from shares sold: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional class | 47611724 | 254552436 | 578933817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional class |  | 85596317 | 11387132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional class | (198878717) | (319026110) | (54574413) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | (151266993) | 21122643 | 535746536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | (240018654) | (235228110) | 681991951 |
| **Net Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 533268323 | 768496433 | 86504482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $293249669 | $533268323 | $768496433 |
| **Capital Share Transactions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional class | 2856246 | 8844760 | 23370076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional class |  | 3022469 | 457498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional class | (11443636) | (12334192) | (2137327) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in capital share transactions** | (8587390) | (466963) | 21690247 |

---

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

*See accompanying Notes to Financial Statements.*

**WCM Small Cap Growth Fund**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | |
|:---|:---|:---|:---|
|  | **For the**<br> **Period**<br> **May 1, 2022**<br> **through**<br> **December 31, 2022^** | **For the**<br> **Year Ended**<br> **April 30, 2022** | **For the**<br> **Year Ended**<br> **April 30, 2021** |
| **Increase (Decrease) in Net Assets from:** | | | |
| **Operations:** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $(143433) | $(465789) | $(309773) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | (4471823) | 2964759 | 3050310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 2654126 | (15542258) | 12066248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (1961130) | (13043288) | 14806785 |
| **Distributions to Shareholders:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (169) | (8947) | (645) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (59625) | (4642991) | (409027) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | (59794) | (4651938) | (409672) |
| **Capital Transactions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from shares sold: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 20200 | 39675 | 28250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 13564948 | 16781334 | 38739588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 169 | 8947 | 645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 59607 | 4642991 | 409027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (1825) | (14170) | (6501) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (19128791) | (21489079) | (349037) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | (5485692) | (30302) | 38821972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | (7506616) | (17725528) | 53219085 |
| **Net Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 40516965 | 58242493 | 5023408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $33010349 | $40516965 | $58242493 |
| **Capital Share Transactions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 1899 | 2576 | 2033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 1268547 | 1276872 | 3147577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 16 | 640 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 5504 | 330227 | 29704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (174) | (993) | (426) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (1832463) | (1643613) | (26208) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in capital share transactions** | (556671) | (34291) | 3152727 |

---

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

*See accompanying Notes to Financial Statements.*

**WCM SMID Quality Value Fund**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | |
|:---|:---|:---|:---|
|  | **For the**<br> **Period**<br> **May 1, 2022**<br> **through**<br> **December 31, 2022^** | **For the**<br> **Year Ended**<br> **April 30, 2022** | **For the**<br> **Year Ended**<br> **April 30, 2021** |
| **Increase (Decrease) in Net Assets from:** | | | |
| **Operations:** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $(218677) | $(506679) | $(269468) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | 1598172 | 6151683 | 2359180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (3955382) | (15414433) | 23583776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (2575887) | (9769429) | 25673488 |
| **Distributions to Shareholders:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (3547) | (11632) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (1978746) | (6732771) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | (1982293) | (6744403) | - |
| **Capital Transactions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from shares sold: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 41801 | 41311 | 277900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 30891842 | 20185465 | 73097851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 3547 | 11632 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 1578375 | 5850536 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (12679) | (17470) | (175385) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (8986247) | (9774983) | (4188601) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 23516639 | 16296491 | 69011765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 18958459 | (217341) | 94685253 |
| **Net Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 99211250 | 99428591 | 4743338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $118169709 | $99211250 | $99428591 |
| **Capital Share Transactions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 4378 | 3554 | 24987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 3052176 | 1740069 | 7956284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 358 | 1022 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 157837 | 510518 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (1256) | (1492) | (15172) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (882030) | (865414) | (407594) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in capital share transactions** | 2331463 | 1388257 | 7558505 |

---

^ Fiscal year end changed to December 31, effective December 14, 2022.

*See accompanying Notes to Financial Statements.*

**WCM China Quality Growth Fund**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | |
|:---|:---|:---|:---|
|  | **For the**<br> **Period**<br> **May 1, 2022**<br> **through**<br> **December 31, 2022^**<br>**  | **For the**<br> **Year Ended**<br> **April 30, 2022**<br>**  | **For the**<br> **Year Ended**<br> **April 30, 2021**<br>**  |
| **Increase (Decrease) in Net Assets from:** | | | |
| **Operations:** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $35813 | $(61345) | $(51976) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments and foreign currency transactions | (2380172) | (913731) | 1199318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | 1998077 | (4354363) | 1598713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase from payment by affiliates (Note 3) | - | - | 1692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (346282) | (5329439) | 2747747 |
| **Distributions to Shareholders:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (224) | (15604) | (1826) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (20988) | (1232777) | (171359) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | (21212) | (1248381) | (173185) |
| **Capital Transactions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from shares sold: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 23591 | 117302 | 158731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 521178 | 6652617 | 9817499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 223 | 15604 | 1826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 20988 | 1232777 | 171230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (4680) | (85426) | (15197) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (3954160) | (4369953) | (1328954) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | (3392860) | 3562921 | 8805135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | (3760354) | (3014899) | 11379697 |
| **Net Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 10766615 | 13781514 | 2401817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $7006261 | $10766615 | $13781514 |
| **Capital Share Transactions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 2095 | 7274 | 9573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 46094 | 396078 | 593466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 21 | 994 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 1910 | 78172 | 11221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (448) | (5743) | (891) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (385449) | (281405) | (77391) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in capital share transactions** | (335777) | 195370 | 536098 |

---

^ Fiscal year end changed to December 31, effective December 14, 2022.

*See accompanying Notes to Financial Statements.*

**WCM Developing World Equity Fund**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | |
|:---|:---|:---|:---|
|  | **For the**<br> **Period**<br> **May 1, 2022**<br> **through**<br> **December 31, 2022^**<br>**  | **For the**<br> **Year Ended**<br> **April 30, 2022**<br>**  | **For the**<br> **Year Ended April 30, 2021**<br>**  |
| **Increase (Decrease) in Net Assets from:** | | | |
| **Operations:** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $19558 | $9991 | $42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments, foreign currency transactions and deferred non-U.S. taxes | (200948) | (1826) | 82469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments, foreign currency translations and deferred non-U.S. taxes | 85562 | (380050) | 204066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (95828) | (371885) | 286577 |
| **Distributions to Shareholders:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (1741) | (1061) | (529) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (23193) | (95777) | (32633) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | (24934) | (96838) | (33162) |
| **Capital Transactions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from shares sold: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 284586 | 15600 | 7500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 145906 | 1961578 | 674463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 1741 | 1061 | 528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 23194 | 95777 | 32634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (5109) | (162) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (914794) | (321057) | (32411) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | (464476) | 1752797 | 682714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | (585238) | 1284074 | 936129 |
| **Net Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 2802148 | 1518074 | 581945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $2216910 | $2802148 | $1518074 |
| **Capital Share Transactions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 24038 | 1118 | 523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 12110 | 132677 | 46608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 144 | 75 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 1906 | 6769 | 2216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (426) | (11) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (73227) | (23235) | (2127) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in capital share transactions** | (35455) | 117393 | 47256 |

---

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

*See accompanying Notes to Financial Statements.*

**WCM International Equity Fund**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | |
|:---|:---|:---|:---|
|  | **For the**<br> **Period**<br> **May 1, 2022**<br> **through**<br> **December 31, 2022^**<br>**  | **For the**<br> **Year Ended <br> April 30, 2022**<br>**  | **For the**<br> **Year Ended**<br> **April 30, 2021**<br>**  |
| **Increase (Decrease) in Net Assets from:** | | | |
| **Operations:** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $4069 | $19437 | $782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments and foreign currency transactions | (220709) | 69985 | 37015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | 3104596 | (384425) | 254786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 2887956 | (295003) | 292583 |
| **Distributions to Shareholders:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (51) | (620) | (220) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (17350) | (117649) | (17476) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | (17401) | (118269) | (17696) |
| **Capital Transactions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from shares sold: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 299115 | 35420 | 1500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 52042884 | 2282401 | 1873430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 52 | 620 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 17350 | 117649 | 17476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (10000) | (26166) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (226294) | (10000) | (6681) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 52123107 | 2399924 | 1885945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 54993662 | 1986652 | 2160832 |
| **Net Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 4754668 | 2768016 | 607184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $59748330 | $4754668 | $2768016 |
| **Capital Share Transactions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 23549 | 2350 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 4151994 | 154992 | 128966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 3 | 41 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 1302 | 7812 | 1263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (759) | (1808) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (17741) | (669) | (478) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in capital share transactions** | 4158348 | 162718 | 129874 |

---

^ Fiscal year end changed to December 31, effective December 14, 2022.

*See accompanying Notes to Financial Statements.*

**WCM Focused International Value Fund**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | |
|:---|:---|:---|:---|
|  | **For the**<br> **Period**<br> **May 1, 2022**<br> **through**<br> **December 31, 2022^**<br>**  | **For the**<br> **Year Ended**<br> **April 30, 2022**<br>**  | **For the**<br> **Period**<br> **June 29, 2020\* through**<br> **April 30, 2021**<br>**  |
| **Increase (Decrease) in Net Assets from:** | | | |
| **Operations:** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $102650 | $23158 | $(827) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments and foreign currency transactions | (1967543) | (146571) | 2613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | 810896 | (3453475) | 455097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (1053997) | (3576888) | 456883 |
| **Distributions to Shareholders:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (154) | (17) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (105574) | (3047) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | (105728) | (3064) | - |
| **Capital Transactions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from shares sold: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 500 | 42870 | 42792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 6365442 | 19032345 | 4157960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 143 | 16 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 105487 | 3047 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (25806) | (405) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (6061766) | (1887646) | (1414557) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 384000 | 17190227 | 2786195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | (775725) | 13610275 | 3243078 |
| **Net Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 16853353 | 3243078 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $16077628 | $16853353 | $3243078 |
| **Capital Share Transactions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 47 | 3119 | 3419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 540336 | 1306519 | 330218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 12 | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 9141 | 197 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (2367) | (27) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (528223) | (143658) | (105900) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in capital share transactions** | 18946 | 1166151 | 227737 |

---

<sup>\*</sup> Commencement of operations. <br> <sup>^</sup> Fiscal year end changed to December 31, effective December 14, 2022.

*See accompanying Notes to Financial Statements.*

**WCM Focused International Opportunities Fund**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | |
|:---|:---|:---|:---|
|  | **For the**<br> **Period**<br> **May 1, 2022 through**<br> **December 31, 2022^**<br>**  | **For the**<br> **Year Ended**<br> **April 30, 2022**<br>**  | **For the**<br> **Period**<br> **March 30, 2021\* through**<br> **April 30, 2021**<br>**  |
| **Increase (Decrease) in Net Assets from:** | | | |
| **Operations:** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $(22852) | $(83539) | $160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments and foreign currency transactions | (7208216) | (1407744) | 461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | 4687487 | (5595218) | 46378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (2543581) | (7086501) | 46999 |
| **Distributions to Shareholders:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | (89) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | - | (18947) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | - | (19036) | - |
| **Capital Transactions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from shares sold: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 80250 | 202021 | 10000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 21883721 | 30809705 | 720000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | 89 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 18947 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (75015) | (71875) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (16112711) | (3500177) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 5776245 | 27458710 | 730000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 3232664 | 20353173 | 776999 |
| **Net Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 21130172 | 776999 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $24362836 | $21130172 | $776999 |
| **Capital Share Transactions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 10409 | 17139 | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 2895718 | 2817914 | 70579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | 7 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 1606 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (10088) | (7042) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (2246732) | (370520) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in capital share transactions** | 649307 | 2459104 | 71579 |

---

<sup>\*</sup> Commencement of operations. <br> <sup>^</sup> Fiscal year end changed to December 31, effective December 14, 2022.

*See accompanying Notes to Financial Statements.*

**WCM Mid Cap Quality Value Fund**

**STATEMENT OF CHANGES IN NET ASSETS**

---

| | |
|:---|:---|
|  | **For the**<br> **Period**<br> **July 28, 2022\***<br> **through**<br> **December 31, 2022^**<br>**  |
| **Increase (Decrease) in Net Assets from:** | |
| **Operations:** | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $(103) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | (1293) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (17667) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (19063) |
| **Distributions to Shareholders:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (470) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | (470) |
| **Capital Transactions:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from shares sold: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 10000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 589506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 599977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 580444 |
| **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $580444 |
| **Capital Share Transactions:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 61549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in capital share transactions** | 62599 |

---

<sup>\*</sup> Commencement of operations. <br> <sup>^</sup> Fiscal year end changed to December 31, effective December 14, 2022.

*See accompanying Notes to Financial Statements.*

**WCM Focused Emerging Markets Ex China Fund**

**STATEMENT OF CHANGES IN NET ASSETS**

---

| | |
|:---|:---|
|  | **For the**<br> **Period**<br> **December 29, 2022\***<br> **through**<br> **December 31, 2022**<br>**  |
| **Increase (Decrease) in Net Assets from:** | |
| **Operations:** | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $(51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on foreign currency transactions | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | (4567) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (4619) |
| **Capital Transactions:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from shares sold: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 10000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 490000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from capital transactions** | 500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | 495381 |
| **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $495381 |
| **Capital Share Transactions:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 49000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in capital share transactions** | 50000 |

---

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

*See accompanying Notes to Financial Statements.*

**WCM Focused International Growth Fund**

**FINANCIAL HIGHLIGHTS**

**Investor Class**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Period May 1, 2022 through<br> December 31,** | **For the Year Ended April 30,**<br>**  | **For the Year Ended April 30,**<br>**  | **For the Year Ended April 30,**<br>**  | **For the Year Ended April 30,**<br>**  | **For the Year Ended April 30,**<br>**  |
|  | **2022^**<br>**  | **2022%**  | **2021%**  | **2020%**  | **2019%**  | **2018%**  |
| **Net asset value, beginning of period** | $20.43 | $26.00 | $17.10 | $16.51 | $15.87 | $13.84 |
| **Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | (0.04) | (0.18) | (0.14) |  | 0.03 | 0.03 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.93) | (4.12) | 9.39 | 0.60 | 1.15 | 2.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (0.97) | (4.30) | 9.25 | 0.60 | 1.18 | 2.07 |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  |  | (0.01) | (0.01) | (0.01) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gain | (0.02) | (1.27) | (0.34) | - | (0.53) | -<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.02) | (1.27) | (0.35) | (0.01) | (0.54) | (0.04) |
| **Redemption fee proceeds<sup>1</sup>** | - | - | - | - | -<sup>2</sup> | -<sup>2</sup> |
| **Net asset value, end of period** | $19.44 | $20.43 | $26.00 | $17.10 | $16.51 | $15.87 |
| **Total return<sup>3</sup>** | (4.75)%<sup>4</sup> | (17.75)% | 54.28% | 3.64% | 7.99% | 14.98% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $695036 | $1106334 | $1537934 | $271693 | $200100 | $162025 |
| Ratio of expenses to average net assets | 1.29%<sup>5</sup> | 1.31% | 1.30% | 1.26% | 1.24% | 1.30% |
| Ratio of net investment income (loss) to average net assets | (0.34)%<sup>5</sup> | (0.68)% | (0.62)% | (0.01)% | 0.17% | 0.21% |
| Portfolio turnover rate | 17%<sup>4</sup> | 23% | 25% | 20% | 21% | 26% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;^ | Fiscal year end changed to December 31, effective December 14, 2022. |
| &nbsp;&nbsp;&nbsp;1 | Calculated based on average shares outstanding for the period. |
| &nbsp;&nbsp;&nbsp;2 | Amount represents less than $0.01 per share. |
| &nbsp;&nbsp;&nbsp;3 | Returns shown include Rule 12b-1 fees of up to 0.25% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
| &nbsp;&nbsp;&nbsp;4 | Not annualized. |
| &nbsp;&nbsp;&nbsp;5 | Annualized. |

---

*See accompanying Notes to Financial Statements.*

**WCM Focused International Growth Fund**

**FINANCIAL HIGHLIGHTS**

**Institutional Class**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Period May 1, 2022 through<br> December 31,** | **For the Year Ended April 30,**<br>**  | **For the Year Ended April 30,**<br>**  | **For the Year Ended April 30,**<br>**  | **For the Year Ended April 30,**<br>**  | **For the Year Ended April 30,**<br>**  |
|  | **2022^**<br>**  | **2022%**  | **2021%**  | **2020%**  | **2019%**  | **2018%**  |
| **Net asset value, beginning of period** | $20.64 | $26.18 | $17.17 | $16.58 | $15.94 | $13.89 |
| **Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | (0.01) | (0.11) | (0.08) | 0.04 | 0.06 | 0.07 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.95) | (4.16) | 9.44 | 0.59 | 1.16 | 2.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (0.96) | (4.27) | 9.36 | 0.63 | 1.22 | 2.12 |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income |  |  | (0.01) | (0.04) | (0.05) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gain | (0.02) | (1.27) | (0.34) | - | (0.53) | -<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.02) | (1.27) | (0.35) | (0.04) | (0.58) | (0.07) |
| **Redemption fee proceeds<sup>1</sup>** | - | - | - | - | -<sup>2</sup> | -<sup>2</sup> |
| **Net asset value, end of period** | $19.66 | $20.64 | $26.18 | $17.17 | $16.58 | $15.94 |
| **Total return<sup>3</sup>** | (4.65)%<sup>4</sup> | (17.51)% | 54.73% | 3.79% | 8.25% | 15.30% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $15390849 | $19083250 | $22891438 | $12088860 | $7420808 | $5576795 |
| Ratio of expenses to average net assets | 1.04%<sup>5</sup> | 1.06% | 1.05% | 1.04% | 1.03% | 1.05% |
| Ratio of net investment income (loss) to average net assets | (0.09)%<sup>5</sup> | (0.43)% | (0.37)% | 0.21% | 0.38% | 0.46% |
| Portfolio turnover rate | 17%<sup>4</sup> | 23% | 25% | 20% | 21% | 26% |

---

---

| | |
|:---|:---|
| <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> | Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
| <sup>4</sup> | Not annualized. |
| <sup>5</sup> | Annualized. |

---

*See accompanying Notes to Financial Statements.*

**WCM Focused Emerging Markets Fund**

**FINANCIAL HIGHLIGHTS**

**Investor Class**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Period May 1, 2022 through<br> December 31,** | **For the Year Ended April 30,**<br>**  | **For the Year Ended April 30,**<br>**  | **For the Year Ended April 30,**<br>**  | **For the Year Ended April 30,**<br>**  | **For the Year Ended April 30,**<br>**  |
|  | **2022^**<br>**  | **2022%**  | **2021%**  | **2020%**  | **2019%**  | **2018%**  |
| **Net asset value, beginning of period** | $14.00 | $19.89 | $12.71 | $12.91 | $12.43 | $10.28 |
| **Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | 0.01 | (0.11) | (0.19) | (0.05) | 0.14 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (1.24) | (4.96) | 7.54 | (0.10) | 0.42 | 2.11 |
| &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 | (1.23) | (5.07) | 7.35 | (0.15) | 0.56 | 2.24 |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.04) |  |  | (0.03) | (0.08) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gain | - | (0.82) | (0.17) | (0.02) | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.04) | (0.82) | (0.17) | (0.05) | (0.08) | (0.09) |
| **Redemption fee proceeds<sup>1</sup>** | - | - | - | - | -<sup>2</sup> | -<sup>2</sup> |
| **Net asset value, end of period** | $12.73 | $14.00 | $19.89 | $12.71 | $12.91 | $12.43 |
| **Total return<sup>3</sup>** | (8.78)%<sup>4</sup> | (26.54)% | 57.93% | (1.17)% | 4.64%<sup>5</sup> | 21.87% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $125641 | $141593 | $55369 | $26583 | $6540 | $8950 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 1.62%<sup>6</sup> | 1.59% | 1.53% | 1.69% | 2.05% | 2.26% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.50%<sup>6</sup> | 1.50% | 1.50% | 1.49%<sup>7</sup> | 0.00% | 0.00% |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 0.00%<sup>6</sup> | (0.71)% | (1.07)% | (0.59)% | (0.88)% | (1.17)% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 0.12%<sup>6</sup> | (0.62)% | (1.04)% | (0.39)% | 1.17% | 1.09% |
| Portfolio turnover rate | 18%<sup>4</sup> | 39% | 35% | 23% | 48% | 47% |

---

---

| | |
|:---|:---|
| <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 $327 for losses from a trade error. Payments had no impact to the total return. |
| <sup>6</sup> | Annualized. |
| <sup>7</sup> | Effective May 1, 2019, the Advisor has contractually agreed to limit the annual operating expenses to 1.50%. Prior to May 1, 2019, the Advisor had contractually agreed to limit the annual operating expenses to 1.65%, but also voluntarily waived all of its fees, and payed all of the operating expenses. |

---

*See accompanying Notes to Financial Statements.*

**WCM Focused Emerging Markets Fund**

**FINANCIAL HIGHLIGHTS**

**Institutional Class**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Period May 1, 2022 through<br> December 31,** | **For the Year Ended April 30,**<br>**  | **For the Year Ended April 30,**<br>**  | **For the Year Ended April 30,**<br>**  | **For the Year Ended April 30,**<br>**  | **For the Year Ended April 30,**<br>**  |
|  | **2022^**<br>**  | **2022%**  | **2021%**  | **2020%**  | **2019%**  | **2018%**  |
| **Net asset value, beginning of period** | $14.16 | $20.06 | $12.78 | $12.96 | $12.47 | $10.32 |
| **Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | 0.03 | (0.07) | (0.15) | (0.02) | 0.14 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (1.25) | (5.01) | 7.60 | (0.11) | 0.43 | 2.11 |
| &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 | (1.22) | (5.08) | 7.45 | (0.13) | 0.57 | 2.24 |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.06) |  |  | (0.03) | (0.08) | (0.09) |
| &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) | (0.82) | (0.17) | (0.05) | (0.08) | (0.09) |
| **Redemption fee proceeds<sup>1</sup>** | - | - | - | - | -<sup>2</sup> | - |
| **Net asset value, end of period** | $12.88 | $14.16 | $20.06 | $12.78 | $12.96 | $12.47 |
| **Total return3** | (8.62)%<sup>4</sup> | (26.36)% | 58.39% | (1.01)% | 4.70%<sup>5</sup> | 21.79% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $1309276 | $1717091 | $2116203 | $315868 | $50850 | $22251 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 1.37%<sup>6</sup> | 1.34% | 1.28% | 1.45% | 1.80% | 2.01% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.25%<sup>6</sup> | 1.25% | 1.25% | 1.25%<sup>7</sup> | 0.00% | 0.00% |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 0.25%<sup>6</sup> | (0.46)% | (0.82)% | (0.35)% | (0.63)% | (0.92)% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 0.37%<sup>6</sup> | (0.37)% | (0.79)% | (0.15)% | 1.17% | 1.09% |
| Portfolio turnover rate | 18%<sup>4</sup> | 39% | 35% | 23% | 48% | 47% |

---

---

| | |
|:---|:---|
| <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 $327 for losses from a trade error. Payments had no impact to the total return. |
| <sup>6</sup> | Annualized. |
| <sup>7</sup> | Effective May 1, 2019, the Advisor has contractually agreed to limit the annual operating expenses to 1.25%. Prior to May 1, 2019, the Advisor had contractually agreed to limit the annual operating expenses to 1.40%, but also voluntarily waived all of its fees, and payed all of the operating expenses. |

---

*See accompanying Notes to Financial Statements.*

**WCM Focused Global Growth Fund**

**FINANCIAL HIGHLIGHTS**

**Investor Class**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Period May 1, 2022 through<br> December 31,** | **For the Year Ended April 30,**<br>**  | **For the Year Ended April 30,**<br>**  | **For the Year Ended April 30,**<br>**  | **For the Year Ended April 30,**<br>**  | **For the Year Ended April 30,**<br>**  |
|  | **2022^**<br>**  | **2022%**  | **2021%**  | **2020%**  | **2019%**  | **2018%**  |
| **Net asset value, beginning of period** | $18.93 | $25.28 | $17.39 | $16.68 | $14.96 | $13.00 |
| **Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | (0.04) | (0.19) | (0.15) | (0.05) | (0.08) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (1.41) | (3.52) | 8.87 | 1.08 | 2.21 | 2.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (1.45) | (3.71) | 8.72 | 1.03 | 2.13 | 2.18 |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income |  |  |  |  |  | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gain | (0.60) | (2.64) | (0.83) | (0.32) | (0.41) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.60) | (2.64) | (0.83) | (0.32) | (0.41) | (0.22) |
| **Redemption fee proceeds<sup>1</sup>** | - | - | - | - | -<sup>2</sup> | -<sup>2</sup> |
| **Net asset value, end of period** | $16.88 | $18.93 | $25.28 | $17.39 | $16.68 | $14.96 |
| **Total return3** | (7.71)%<sup>4</sup> | (17.30)% | 50.55% | 6.15% | 14.59% | 16.81% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $12943 | $16396 | $21378 | $8865 | $4541 | $3540 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 1.44%<sup>5</sup> | 1.40% | 1.44% | 1.50% | 1.73% | 2.29% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.30%<sup>5</sup> | 1.30% | 1.30% | 1.28%<sup>6</sup> | 1.40% | 1.40% |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (0.51)%<sup>5</sup> | (0.88)% | (0.80)% | (0.52)% | (0.83)% | (1.13)% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | (0.37)%<sup>5</sup> | (0.78)% | (0.66)% | (0.30)% | (0.50)% | (0.24)% |
| Portfolio turnover rate | 36%<sup>4</sup> | 44% | 56% | 37% | 48% | 38% |

---

---

| | |
|:---|:---|
| ^ | Fiscal year end changed to December 31, effective December 14, 2022. |
| 1 | Calculated based on average shares outstanding for the period. |
| 2 | Amount represents less than $0.01 per share. |
| 3 | Total returns would have been lower had expenses not been waived or absorbed by the Advisor. Returns shown include Rule 12b-1 fees of up to 0.25% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
| 4 | Not annualized. |
| 5 | Annualized. |
| 6 | Effective May 1, 2019, the Advisor has contractually agreed to limit the annual operating expenses to 1.30%. Prior to May 1, 2019, the Advisor had contractually agreed to limit the annual operating expenses to 1.40%. |

---

*See accompanying Notes to Financial Statements.*

**WCM Focused Global Growth Fund**

**FINANCIAL HIGHLIGHTS**

**Institutional Class**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Period May 1, 2022 through<br> December 31,** | **For the Year Ended April 30,**<br>**  | **For the Year Ended April 30,**<br>**  | **For the Year Ended April 30,**<br>**  | **For the Year Ended April 30,**<br>**  | **For the Year Ended April 30,**<br>**  |
|  | **2022^**<br>**  | **2022%**  | **2021%**  | **2020%**  | **2019%**  | **2018%**  |
| **Net asset value, beginning of period** | $19.33 | $25.70 | $17.63 | $16.87 | $15.06 | $13.05 |
| **Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | (0.01) | (0.13) | (0.09) | (0.01) | (0.04) | -<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (1.44) | (3.60) | 8.99 | 1.09 | 2.25 | 2.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (1.45) | (3.73) | 8.90 | 1.08 | 2.21 | 2.23 |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  |  |  |  |  | (0.04) |
| &nbsp;&nbsp;&nbsp;From net realized gain | (0.60) | (2.64) | (0.83) | (0.32) | (0.41) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.60) | (2.64) | (0.83) | (0.32) | (0.41) | (0.22) |
| **Redemption fee proceeds<sup>1</sup>** | - | - | - | - | 0.01 | -<sup>2</sup> |
| **Net asset value, end of period** | $17.28 | $19.33 | $25.70 | $17.63 | $16.87 | $15.06 |
| **Total return<sup>3</sup>** | (7.55)%<sup>4</sup> | (17.09)% | 50.89% | 6.38% | 15.09% | 17.13% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $277438 | $438016 | $468073 | $245101 | $93974 | $32124 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 1.19%<sup>5</sup> | 1.15% | 1.19% | 1.27% | 1.48% | 2.04% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.05%<sup>5</sup> | 1.05% | 1.05% | 1.05%<sup>6</sup> | 1.15% | 1.15% |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (0.26)%<sup>5</sup> | (0.63)% | (0.55)% | (0.29)% | (0.58)% | (0.88)% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | (0.12)%<sup>5</sup> | (0.53)% | (0.41)% | (0.07)% | (0.25)% | 0.01% |
| Portfolio turnover rate | 36%<sup>4</sup> | 44% | 56% | 37% | 48% | 38% |

---

---

| | |
|:---|:---|
| <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> | Effective May 1, 2019, the Advisor has contractually agreed to limit the annual operating expenses to 1.05%. Prior to May 1, 2019, the Advisor had contractually agreed to limit the annual operating expenses to 1.15%. |

---

*See accompanying Notes to Financial Statements.*

**WCM International Small Cap Growth Fund**

**FINANCIAL HIGHLIGHTS**

**Institutional Class**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Period May 1, 2022 through<br> December 31,** | **For the Year Ended April 30,**<br>**  | **For the Year Ended April 30,**<br>**  | **For the Year Ended April 30,**<br>**  | **For the Year Ended April 30,**<br>**  | **For the Year Ended April 30,**<br>**  |
|  | **2022^**<br>**  | **2022%**  | **2021%**  | **2020%**  | **2019%**  | **2018%**  |
| **Net asset value, beginning of period** | $20.22 | $28.63 | $16.80 | $15.57 | $14.79 | $11.58 |
| **Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | (0.02) | (0.18) | (0.19) | (0.10) | (0.09) | (0.05) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (3.71) | (5.30) | 12.76 | 1.33 | 1.37 | 3.41 |
| &nbsp;&nbsp;&nbsp;Net increase from payments by affiliates | - | - | -<sup>2</sup> | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (3.73) | (5.48) | 12.57 | 1.23 | 1.28 | 3.36 |
| **Less Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gain | - | (2.93) | (0.74) | - | (0.50) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | - | (2.93) | (0.74) | - | (0.50) | (0.15) |
| **Redemption fee proceeds<sup>1</sup>** | - | - | - | - | -<sup>2</sup> | -<sup>2</sup> |
| **Net asset value, end of period** | $16.49 | $20.22 | $28.63 | $16.80 | $15.57 | $14.79 |
| **Total return<sup>3</sup>** | (18.45)%<sup>4</sup> | (22.04)% | 75.46%<sup>5</sup> | 7.90% | 9.29% | 29.18% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $293250 | $533268 | $768496 | $86504 | $11922 | $2705 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 1.48%<sup>6</sup> | 1.34% | 1.34% | 1.79% | 4.34% | 11.35% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.25%<sup>6</sup> | 1.25% | 1.25% | 1.25%<sup>7</sup> | 1.40% | 1.40% |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (0.44)%<sup>6</sup> | (0.73)% | (0.84)% | (1.17)% | (3.55)% | (10.33)% |
| &nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | (0.21)%<sup>6</sup> | (0.64)% | (0.75)% | (0.63)% | (0.61)% | (0.38)% |
| Portfolio turnover rate | 56%<sup>4</sup> | 87% | 82% | 67% | 81% | 58% |

---

---

| | |
|:---|:---|
| <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> | 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 Period<br> May 1, 2022<br> through<br> December 31,** | **For the Year Ended April 30,**<br>**  | **For the Year Ended April 30,**<br>**  | **For the Period**<br> **October 30, 2019\***<br> **through**<br> **April 30,** |
|  | **2022^**<br>**  | **2022%**  | **2021%**  | **2020%**  |
| **Net asset value, beginning of period** | $11.00 | $15.71 | $9.27 | $10.00 |
| **Income from Investment Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | (0.06) | (0.16) | (0.16) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.37) | (3.28) | 6.75 | (0.68) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (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** | $10.55 | $11.00 | $15.71 | $9.27 |
| **Total return<sup>2</sup>** | (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) | $94 | $79 | $78 | $31 |
| Ratio of expenses to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 2.19%<sup>4</sup> | 1.85% | 2.33% | 10.10%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.30%<sup>4,5</sup> | 1.50% | 1.50% | 1.50%<sup>4</sup> |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (1.74)%<sup>4</sup> | (1.48)% | (2.08)% | (9.69)%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | (0.85)%<sup>4</sup> | (1.13)% | (1.25)% | (1.09)%<sup>4</sup> |
| Portfolio turnover rate | 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> | 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 Period<br> May 1, 2022<br> through<br> December 31,** | **For the Year Ended April 30,**<br>**  | **For the Year Ended April 30,**<br>**  | **For the Period**<br> **October 30, 2019\***<br> **through**<br> **April 30,** |
|  | **2022^**<br>**  | **2022%**  | **2021%**  | **2020%**  |
| **Net asset value, beginning of period** | $11.07 | $15.77 | $9.28 | $10.00 |
| **Income from Investment Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | (0.04) | (0.12) | (0.14) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.37) | (3.31) | 6.78 | (0.68) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (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** | $10.64 | $11.07 | $15.77 | $9.28 |
| **Total return<sup>2</sup>** | (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) | $32916 | $40438 | $58164 | $4993 |
| Ratio of expenses to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 1.94%<sup>4</sup> | 1.60% | 2.08% | 9.85%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.05%<sup>4,5</sup> | 1.25% | 1.25% | 1.25%<sup>4</sup> |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (1.49)%<sup>4</sup> | (1.23)% | (1.83)% | (9.43)%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | (0.60)%<sup>4</sup> | (0.88)% | (1.00)% | (0.83)%<sup>4</sup> |
| Portfolio turnover rate | 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> | 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 Period<br> May 1, 2022<br> through<br> December 31,** | **For the Year Ended April 30,**<br>**  | **For the Year Ended April 30,**<br>**  | **For the Period**<br> **October 30, 2019\***<br> **through**<br> **April 30,** |
|  | **2022^**<br>**  | **2022%**  | **2021%**  | **2020%**  |
| **Net asset value, beginning of period** | $10.30 | $12.11 | $7.71 | $10.00 |
| **Income from Investment Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | (0.04) | (0.08) | (0.07) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.24) | (0.97) | 4.47 | (2.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (0.28) | (1.05) | 4.40 | (2.29) |
| **Less Distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gain | (0.18) | (0.76) | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.18) | (0.76) | - | - |
| **Net asset value, end of period** | $9.84 | $10.30 | $12.11 | $7.71 |
| **Total return<sup>2</sup>** | (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) | $196 | $169 | $161 | $27 |
| Ratio of expenses to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 1.64%<sup>4</sup> | 1.77% | 1.97% | 15.49%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.23%<sup>4,5</sup> | 1.25% | 1.25%<sup>6</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 | (0.98)%<sup>4</sup> | (1.26)% | (1.43)% | (14.51)%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | (0.57)%<sup>4</sup> | (0.74)% | (0.71)% | (0.52)%<sup>4</sup> |
| Portfolio turnover rate | 53%<sup>3</sup> | 32% | 32% | 5%<sup>3</sup> |

---

---

| | |
|:---|:---|
| \* | Commencement of operations. |
| ^ | Fiscal year end changed to December 31, effective December 14, 2022. |
| 1 | Calculated based on average shares outstanding for the period. |
| 2 | Total returns would have been lower had expenses not been waived or absorbed by the Advisor. Returns shown include Rule 12b-1 fees of up to 0.25% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
| 3 | Not annualized. |
| 4 | Annualized. |
| 5 | 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%. |
| 6 | 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 Period<br> May 1, 2022<br> through<br> December 31,** | **For the Year Ended April 30,**<br>**  | **For the Year Ended April 30,**<br>**  | **For the Period**<br> **October 30, 2019\***<br> **through**<br> **April 30,** |
|  | **2022^**<br>**  | **2022%**  | **2021%**  | **2020%**  |
| **Net asset value, beginning of period** | $10.38 | $12.17 | $7.73 | $10.00 |
| **Income from Investment Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | (0.02) | (0.06) | (0.05) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.24) | (0.97) | 4.49 | (2.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (0.26) | (1.03) | 4.44 | (2.27) |
| **Less Distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gain | (0.18) | (0.76) | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.18) | (0.76) | - | - |
| **Net asset value, end of period** | $9.94 | $10.38 | $12.17 | $7.73 |
| **Total return<sup>2</sup>** | (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) | $117974 | $99042 | $99267 | $4716 |
| Ratio of expenses to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 1.39%<sup>4</sup> | 1.52% | 1.72% | 15.24%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 0.98%<sup>4,5</sup> | 1.00% | 1.00%<sup>6</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 | (0.73)%<sup>4</sup> | (1.01)% | (1.18)% | (14.26)%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | (0.32)%<sup>4</sup> | (0.49)% | (0.46)% | (0.27)%<sup>4</sup> |
| Portfolio turnover rate | 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> | 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>6</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 April 30,** | **For the Year Ended April 30,** | |
|  | **For the Period<br> May 1, 2022<br> through<br> December 31,**<br>**2022^** | **2022** | **2021** | **For the Period<br> March 31,**<br> **2020\*<br> through<br> April 30,**<br>**2020** |
| **Net asset value, beginning of period** | $11.19 | $18.05 | $10.65 | $10.00 |
| **Income from Investment Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | 0.02 | (0.11) | (0.17) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 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 | 0.05 | (5.55) | 7.78 | 0.65 |
| **Less Distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.02) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gain | - | (1.31) | (0.38) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.02) | (1.31) | (0.38) | - |
| **Net asset value, end of period** | $11.22 | $11.19 | $18.05 | $10.65 |
| **Total return<sup>3</sup>** | 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) | $157 | $138 | $177 | $11 |
| Ratio of expenses to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 4.52%<sup>6</sup> | 3.92% | 6.21% | 18.03%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.50%<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 | (2.70)%<sup>6</sup> | (3.09)% | (5.72)% | (17.69)%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 0.32%<sup>6</sup> | (0.67)% | (1.01)% | (1.16)%<sup>6</sup> |
| Portfolio turnover rate | 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. |

---

*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 April 30,** | **For the Year Ended April 30,** | |
|  | **For the Period<br> May 1, 2022<br> through<br> December 31,**<br>**2022^** | **2022** | **2021** | **For the Period<br> March 31,**<br> **2020\*<br> through<br> April 30,**<br>**2020** |
| **Net asset value, beginning of period** | $11.25 | $18.10 | $10.65 | $10.00 |
| **Income from Investment Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | 0.04 | (0.07) | (0.12) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 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 | 0.06 | (5.54) | 7.83 | 0.65 |
| **Less Distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.03) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gain | - | (1.31) | (0.38) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.03) | (1.31) | (0.38) | - |
| **Net asset value, end of period** | $11.28 | $11.25 | $18.10 | $10.65 |
| **Total return<sup>3</sup>** | 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) | $6849 | $10629 | $13605 | $2391 |
| Ratio of expenses to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 4.27%<sup>6</sup> | 3.67% | 5.96% | 17.78%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.25%<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 | (2.45)%<sup>6</sup> | (2.84)% | (5.47)% | (17.42)%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 0.57%<sup>6</sup> | (0.42)% | (0.76)% | (0.89)%<sup>6</sup> |
| Portfolio turnover rate | 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. |

---

*See accompanying Notes to Financial Statements.*

**WCM Developing World Equity Fund**

**FINANCIAL HIGHLIGHTS**

**Investor Class**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **For the Year Ended April 30,** | **For the Year Ended April 30,** | |
|  | **For the Period<br> May 1, 2022<br> through<br> December 31,**<br>**2022^** | **2022** | **2021** | **For the Period<br> March 31,**<br> **2020\*<br> through<br> April 30,**<br>**2020** |
| **Net asset value, beginning of period** | $12.83 | $15.11 | $10.99 | $10.00 |
| **Income from Investment Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | 0.07 | 0.02 | (0.03) | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.64) | (1.83) | 4.59 | 0.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (0.57) | (1.81) | 4.56 | 0.99 |
| **Less Distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.14) |  | (0.03) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gain | - | (0.47) | (0.41) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.14) | (0.47) | (0.44) | - |
| **Net asset value, end of period** | $12.12 | $12.83 | $15.11 | $10.99 |
| **Total return<sup>2</sup>** | (4.42)%<sup>3</sup> | (12.24)% | 41.48% | 10.00%<sup>3</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |
| Net assets, end of period (in thousands) | $321 | $35 | $24 | $11 |
| Ratio of expenses to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 14.00%<sup>4</sup> | 13.25% | 32.13% | 71.14%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.50%<sup>4</sup> | 1.50% | 1.50% | 1.50%<sup>4</sup> |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (11.57)%<sup>4</sup> | (11.60)% | (30.87)% | (66.39)%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 0.93%<sup>4</sup> | 0.15% | (0.24)% | 3.25%<sup>4</sup> |
| Portfolio turnover rate | 30%<sup>3</sup> | 67% | 41% | 6%<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. |

---

*See accompanying Notes to Financial Statements.*

**WCM Developing World Equity Fund**

**FINANCIAL HIGHLIGHTS**

**Institutional Class**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **For the Year Ended April 30,** | **For the Year Ended April 30,** | |
|  | **For the Period<br> May 1, 2022<br> through<br> December 31,**<br>**2022^** | **2022** | **2021** | **For the Period<br> March 31,**<br> **2020\*<br> through<br> April 30,**<br>**2020** |
| **Net asset value, beginning of period** | $12.88 | $15.15 | $10.99 | $10.00 |
| **Income from Investment Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | 0.09 | 0.06 |  | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.63) | (1.85) | 4.60 | 0.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (0.54) | (1.79) | 4.60 | 0.99 |
| **Less Distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.16) | (0.01) | (0.03) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gain | - | (0.47) | (0.41) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.16) | (0.48) | (0.44) | - |
| **Net asset value, end of period** | $12.18 | $12.88 | $15.15 | $10.99 |
| **Total return<sup>2</sup>** | (4.22)%<sup>3</sup> | (12.06)% | 41.73% | 10.10%<sup>3</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |
| Net assets, end of period (in thousands) | $1896 | $2767 | $1495 | $571 |
| Ratio of expenses to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 13.75%<sup>4</sup> | 13.00% | 31.88% | 70.89%<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 | (11.32)%<sup>4</sup> | (11.35)% | (30.62)% | (66.08)%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.18%<sup>4</sup> | 0.40% | 0.01% | 3.56%<sup>4</sup> |
| Portfolio turnover rate | 30%<sup>3</sup> | 67% | 41% | 6%<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. |

---

*See accompanying Notes to Financial Statements.*

**WCM International Equity Fund**

**FINANCIAL HIGHLIGHTS**

**Investor Class**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **For the Year Ended April 30,** | **For the Year Ended April 30,** | |
|  | **For the Period<br> May 1, 2022<br> through<br> December 31,**<br>**2022^** | **2022** | **2021** | **For the Period<br> March 31,**<br> **2020\*<br> through<br> April 30,**<br>**2020** |
| **Net asset value, beginning of period** | $13.62 | $14.90 | $10.92 | $10.00 |
| **Income from Investment Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | (0.02) | 0.04 | (0.02) | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.40) | (0.90) | 4.22 | 0.91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (0.42) | (0.86) | 4.20 | 0.92 |
| **Less Distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income | -<sup>2</sup> | (0.01) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gain | -<sup>2</sup> | (0.41) | (0.22) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | - | (0.42) | (0.22) | - |
| **Net asset value, end of period** | $13.20 | $13.62 | $14.90 | $10.92 |
| **Total return<sup>3</sup>** | (3.07)%<sup>4</sup> | (6.04)% | 38.49% | 9.30%<sup>4</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |
| Net assets, end of period (in thousands) | $323 | $23 | $17 | $11 |
| Ratio of expenses to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 2.98%<sup>5</sup> | 7.92% | 29.79% | 69.30%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.50%<sup>5,6</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 | (1.69)%<sup>5</sup> | (6.17)% | (28.46)% | (66.82)%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | (0.21)%<sup>5</sup> | 0.25% | (0.17)% | 0.98%<sup>5</sup> |
| Portfolio turnover rate | 20%<sup>4</sup> | 59% | 19% | 9%<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> | Effective December 31, 2022, the Advisor has contractually agreed to limit the annual operating expenses to 1.35%. Prior to December 31, 2022, the Advisor had contractually agreed to limit the annual operating expenses to 1.50%. |

---

*See accompanying Notes to Financial Statements.*

**WCM International Equity Fund**

**FINANCIAL HIGHLIGHTS**

**Institutional Class**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **For the Year Ended April 30,**  | **For the Year Ended April 30,**  | |
|  | **For the Period<br> May 1, 2022<br> through<br> December 31,**<br>**2022^** | **2022** | **2021** | **For the Period<br> March 31,**<br> **2020\*<br> through<br> April 30,**<br>**2020** |
| **Net asset value, beginning of period** | $13.66 | $14.92 | $10.92 | $10.00 |
| **Income from Investment Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> |  | 0.07 | 0.01 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.40) | (0.89) | 4.23 | 0.91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (0.40) | (0.82) | 4.24 | 0.92 |
| **Less Distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income | -<sup>2</sup> | (0.03) | (0.02) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gain | -<sup>2</sup> | (0.41) | (0.22) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | - | (0.44) | (0.24) | - |
| **Net asset value, end of period** | $13.26 | $13.66 | $14.92 | $10.92 |
| **Total return<sup>3</sup>** | (2.90)%<sup>4</sup> | (5.74)% | 38.83% | 9.30%<sup>4</sup> |
| **Ratios and Supplemental Data:** |  |  |  |  |
| Net assets, end of period (in thousands) | $59425 | $4731 | $2751 | $596 |
| Ratio of expenses to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 2.73%<sup>5</sup> | 7.67% | 29.54% | 69.05%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.25%<sup>5,6</sup> | 1.25% | 1.25% | 1.25%<sup>5</sup> |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (1.44)%<sup>5</sup> | (5.92)% | (28.21)% | (66.62)%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 0.04%<sup>5</sup> | 0.50% | 0.08% | 1.18%<sup>5</sup> |
| Portfolio turnover rate | 20%<sup>4</sup> | 59% | 19% | 9%<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> | Effective December 31, 2022, the Advisor has contractually agreed to limit the annual operating expenses to 1.10%. Prior to December 31, 2022, the Advisor had contractually agreed to limit the annual operating expenses to 1.25%. |

---

*See accompanying Notes to Financial Statements.*

**WCM Focused International Value Fund**

**FINANCIAL HIGHLIGHTS**

**Investor Class**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Period<br> May 1, 2022<br> through<br> December 31,<br> **2022^** | **For the Year Ended <br> April 30,**<br> **2022** | **For the Period<br> June 29, 2020\*<br> through<br> April 30,**<br> **2021** |
| **Net asset value, beginning of period** | $12.04 | $14.22 | $10.00 |
| **Income from Investment Operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | 0.05 | -<sup>2</sup> | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.70) | (2.18) | 4.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (0.65) | (2.18) | 4.22 |
| **Less Distributions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.04) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gain | - | -<sup>2</sup> | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.04) | -<sup>2</sup> | - |
| **Net asset value, end of period** | $11.35 | $12.04 | $14.22 |
| **Total return<sup>3</sup>** | (5.43)%<sup>4</sup> | (15.31)% | 42.20%<sup>4</sup> |
| **Ratios and Supplemental Data:** |  |  |  |
| Net assets, end of period (in thousands) | $48 | $78 | $49 |
| Ratio of expenses to average net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 2.88%<sup>5</sup> | 4.36% | 18.35%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.50%<sup>5</sup> | 1.50% | 1.50%<sup>5</sup> |
| Ratio of net investment income (loss) to average net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (0.76)%<sup>5</sup> | (2.86)% | (17.16)%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 0.62%<sup>5</sup> | 0.00% | (0.31)%<sup>5</sup> |
| Portfolio turnover rate | 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. |

---

*See accompanying Notes to Financial Statements.*

**WCM Focused International Value Fund**

**FINANCIAL HIGHLIGHTS**

**Institutional Class**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Period<br> May 1, 2022<br> through<br> December 31,<br> **2022^** | **For the Year Ended <br> April 30,**<br> **2022** | **For the Period<br> June 29, 2020\*<br> through<br> April 30,**<br> **2021** |
| **Net asset value, beginning of period** | $12.09 | $14.24 | $10.00 |
| **Income from Investment Operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | 0.07 | 0.04 | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.71) | (2.19) | 4.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (0.64) | (2.15) | 4.24 |
| **Less Distributions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (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 | (0.07) | -<sup>2</sup> | - |
| **Net asset value, end of period** | $11.38 | $12.09 | $14.24 |
| **Total return<sup>3</sup>** | (5.28)%<sup>4</sup> | (15.07)% | 42.40%<sup>4</sup> |
| **Ratios and Supplemental Data:** |  |  |  |
| Net assets, end of period (in thousands) | $16030 | $16775 | $3194 |
| Ratio of expenses to average net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 2.63%<sup>5</sup> | 4.11% | 18.10%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.25%<sup>5</sup> | 1.25% | 1.25%<sup>5</sup> |
| Ratio of net investment income (loss) to average net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (0.51)%<sup>5</sup> | (2.61)% | (16.91)%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 0.87%<sup>5</sup> | 0.25% | (0.06)%<sup>5</sup> |
| Portfolio turnover rate | 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. |

---

*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 Period<br> May 1, 2022<br> through<br> December 31,<br> **2022^** | **For the Year Ended <br> April 30,**<br> **2022** | **For the Period<br> March 30, 2021\*<br> through<br> April 30,**<br> **2021** |
| **Net asset value, beginning of period** | $8.33 | $10.85 | $10.00 |
| **Income from Investment Operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | (0.02) | (0.11) | -<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.69) | (2.40) | 0.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (0.71) | (2.51) | 0.85 |
| **Less Distributions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gain | - | (0.01) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | - | (0.01) | - |
| **Net asset value, end of period** | $7.62 | $8.33 | $10.85 |
| **Total return<sup>3</sup>** | (8.52)%<sup>4</sup> | (23.14)% | 8.50%<sup>4</sup> |
| **Ratios and Supplemental Data:** |  |  |  |
| Net assets, end of period (in thousands) | $87 | $92 | $11 |
| Ratio of expenses to average net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 2.84%<sup>5</sup> | 5.20% | 60.78%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.50%<sup>5</sup> | 1.50% | 1.50%<sup>5</sup> |
| Ratio of net investment income (loss) to average net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (1.72)%<sup>5</sup> | (4.77)% | (59.25)%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | (0.38)%<sup>5</sup> | (1.07)% | 0.03%<sup>5</sup> |
| Portfolio turnover rate | 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. |

---

*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 Period<br> May 1, 2022<br> through<br> December 31,<br> **2022^** | **For the Year Ended <br> April 30,**<br> **2022** | **For the Period<br> March 30, 2021\*<br> through<br> April 30,**<br> **2021** |
| **Net asset value, beginning of period** | $8.35 | $10.86 | $10.00 |
| **Income from Investment Operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | (0.01) | (0.09) | -<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.68 | (2.41) | 0.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (0.69 | (2.50) | 0.86 |
| **Less Distributions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net realized gain | - | (0.01) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | - | (0.01) | - |
| **Net asset value, end of period** | $7.66 | $8.35 | $10.86 |
| **Total return<sup>3</sup>** | (8.26) | (23.02)% | 8.60%<sup>4</sup> |
| **Ratios and Supplemental Data:** |  |  |  |
| Net assets, end of period (in thousands) | $24276 | $21038 | $766 |
| Ratio of expenses to average net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 2.59 | 4.95% | 60.53%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.25 | 1.25% | 1.25%<sup>5</sup> |
| Ratio of net investment income (loss) to average net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (1.47) | (4.52)% | (59.00)%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | (0.13) | (0.82)% | 0.28%<sup>5</sup> |
| Portfolio turnover rate | 74 | 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. |

---

*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 Period<br> July 28, 2022\*<br> through<br> December 31,**<br>**2022^** |
| **Net asset value, beginning of period** | $10.00 |
| **Income from Investment Operations:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.72) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (0.73) |
| **Net asset value, end of period** | $9.27 |
| **Total return<sup>2</sup>** | (7.30)%<sup>3</sup> |
| **Ratios and Supplemental Data:** |  |
| Net assets, end of period (in thousands) | $9 |
| Ratio of expenses to average net assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 56.33%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.25%<sup>4</sup> |
| Ratio of net investment income (loss) to average net assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (55.37)%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | (0.29)%<sup>4</sup> |
| Portfolio turnover rate | 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. |

---

*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 Period<br> July 28, 2022\*<br> through<br> December 31,**<br>**2022^** |
| **Net asset value, beginning of period** | $10.00 |
| **Income from Investment Operations:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | -<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.72) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (0.72) |
| **Less Distributions:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;From net investment income | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.01) |
| **Net asset value, end of period** | $9.27 |
| **Total return<sup>3</sup>** | (7.22)%<sup>4</sup> |
| **Ratios and Supplemental Data:** |  |
| Net assets, end of period (in thousands) | $571 |
| Ratio of expenses to average net assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 56.08%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.00%<sup>5</sup> |
| Ratio of net investment income (loss) to average net assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (55.12)%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | (0.04)%<sup>5</sup> |
| Portfolio turnover rate | 13%<sup>4</sup> |

---

---

| | |
|:---|:---|
| \* | Commencement of operations. |
| ^ | Fiscal year end changed to December 31, effective December 14, 2022. |
| 1 | Calculated based on average shares outstanding for the period. |
| 2 | Amount represents less than $0.01 per share. |
| 3 | Total returns would have been lower had expenses not been waived or absorbed by the Advisor. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
| 4 | Not annualized. |
| 5 | Annualized. |

---

*See accompanying Notes to Financial Statements.*

**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 Period<br> December 29,**<br> **2022\*<br> through<br> December 31,**<br>**2022** |
| **Net asset value, beginning of period** | $10.00 |
| **Income from Investment Operations:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (0.09) |
| **Net asset value, end of period** | $9.91 |
| **Total return<sup>2</sup>** | (0.90)%<sup>3</sup> |
| **Ratios and Supplemental Data:** |  |
| Net assets, end of period (in thousands) | $10 |
| Ratio of expenses to average net assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 416.99%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 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 | (416.99)%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | (1.50)%<sup>4</sup> |
| Portfolio turnover rate | -%<sup>3</sup> |

---

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

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

<sup>2</sup> Total returns would have been lower had expenses not been waived or absorbed by the Advisor. Returns shown include Rule 12b-1 fees of up to 0.25% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

<sup>3</sup> Not annualized.

<sup>4</sup> Annualized.

*See accompanying Notes to Financial Statements.*

**WCM Focused Emerging Markets Ex China Fund**

**FINANCIAL HIGHLIGHTS**

**Institutional Class**

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | |
|:---|:---|
|  | **For the Period<br> December 29,**<br> **2022\*<br> through<br> December 31,**<br>**2022** |
| **Net asset value, beginning of period** | $10.00 |
| **Income from Investment Operations:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (0.09) |
| **Net asset value, end of period** | $9.91 |
| **Total return<sup>2</sup>** | (0.90)%<sup>3</sup> |
| **Ratios and Supplemental Data:** |  |
| Net assets, end of period (in thousands) | $485 |
| Ratio of expenses to average net assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | 416.74%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | 1.25%<sup>4</sup> |
| Ratio of net investment income (loss) to average net assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before fees waived and expenses absorbed | (416.74)%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;After fees waived and expenses absorbed | (1.25)%<sup>4</sup> |
| Portfolio turnover rate | -%<sup>3</sup> |

---

---

| | |
|:---|:---|
| \* | Commencement of operations. |
| 1 | Calculated based on average shares outstanding for the period. |
| 2 | Total returns would have been lower had expenses not been waived or absorbed by the Advisor. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
| 3 | Not annualized. |
| 4 | Annualized. |

---

*See accompanying Notes to Financial Statements.*

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS**

**December 31, 2022**

**Note 1 – Organization**

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

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | Commencement of Operations | Commencement of Operations |
| Fund Name | Investment Objective | Institutional Class | Investor<br> Class |
| International Growth Fund | Provide long-term capital appreciation | 5/31/2011 | 8/31/2011 |
| Emerging Markets Fund | Provide long-term capital appreciation | 6/28/2013 | 6/28/2013 |
| Global Growth Fund | Provide long-term capital appreciation | 6/28/2013 | 6/28/2013 |
| International Small Cap Growth Fund | Provide long-term capital appreciation | 11/30/2015 |  |
| Small Cap Growth Fund | Provide long-term capital appreciation | 10/30/2019 | 10/30/2019 |
| SMID Quality Value Fund | Provide long-term capital appreciation | 10/30/2019 | 10/30/2019 |
| China Quality Growth Fund | Provide long-term capital appreciation | 3/31/2020 | 3/31/2020 |
| Developing World Equity Fund | Provide long-term capital appreciation | 3/31/2020 | 3/31/2020 |
| International Equity Fund | Provide long-term capital appreciation | 3/31/2020 | 3/31/2020 |
| International Value Fund | Provide long-term capital appreciation | 6/29/2020 | 6/29/2020 |
| International Opportunities Fund | Provide long-term capital appreciation | 3/30/2021 | 3/30/2021 |
| Mid Cap Quality Value Fund | Provide long-term capital appreciation | 7/28/2022 | 7/28/2022 |
| Emerging Markets ex China Fund | Provide long-term capital appreciation | 12/29/2022 | 12/29/2022 |

---

The shares of each class of each Fund represent an interest in the same portfolio of investments of each particular Fund and have equal rights as to voting, redemptions, dividends and liquidation, subject to the approval of the Trustees. Income, expenses (other than expenses attributable to a specific class) and realized and unrealized gains and losses on investments are allocated to each class of shares in proportion to their relative net assets. Shareholders of a class that bears distribution and service expenses under the terms of a distribution plan have exclusive voting rights to that distribution plan.

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2022**

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 "Financial Services—Investment Companies".

**Note 2 – Accounting Policies**

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

**(a) Valuation of Investments**

Each Fund values equity securities at the last reported sale price on the principal exchange or in the principal over the counter ("OTC") market in which such securities are traded, as of the close of regular trading on the NYSE on the day the securities are being valued or, if the last-quoted sales price is not readily available, the securities will be valued at the last bid or the mean between the last available bid and ask price. Securities traded on the NASDAQ are valued at the NASDAQ Official Closing Price ("NOCP"). Participation certificates are valued at the last sale price of the underlying security as of the close of the primary exchange. Investments in open-end investment companies are valued at the daily closing net asset value of the respective investment company. Debt securities are valued by utilizing a price supplied by independent pricing service providers. The independent pricing service providers may use various valuation methodologies including matrix pricing and other analytical pricing models as well as market transactions and dealer quotations. These models generally consider such factors as yields or prices of bonds of comparable quality, type of issue, coupon, maturity, ratings and general market conditions. If a price is not readily available for a portfolio security, the security will be valued at fair value (the amount which the Fund might reasonably expect to receive for the security upon its current sale). The Board of Trustees has designated the Advisor as the Funds' valuation designee (the "Valuation Designee") to make all fair value determinations with respect to the Funds' portfolio investments, subject to the Board's oversight. As the Valuation Designee, the Advisor has adopted and implemented policies and procedures to be followed when each Fund must utilize fair value pricing. Prior to September 8, 2022, securities were valued at fair value as determined in good faith by the Funds' advisor, subject to review and approval by the Valuation Committee, pursuant to procedures adopted by the Board of Trustees. The actions of the Valuation Committee were subsequently reviewed by the Board at its next regularly scheduled board meeting. The Valuation Committee met as needed. The Valuation Committee was comprised of all the Trustees, but action may have been taken by any one of the Trustees.

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

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

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2022**

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

The Emerging Markets ex China Fund incurred offering costs of approximately $9,793, which are being amortized over a one-year period from December 29, 2022 (commencement of operations).

**(c) Foreign Currency Translation**

The Funds' records are maintained in U.S. dollars. The value of securities, currencies and other assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the reporting period. The currencies are translated into U.S. dollars by using the exchange rates quoted at the close of the London Stock Exchange prior to when the Funds' NAV is next determined. Purchases and sales of investment securities, income and expenses are translated on the respective dates of such transactions.

The Funds do not isolate that portion of their net realized and unrealized gains and losses on investments resulting from changes in foreign exchange rates from the impact arising from changes in market prices. Such fluctuations are included with net realized and unrealized gain or loss from investments and foreign currency.

Net realized foreign currency transaction gains and losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the differences between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds' books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency translation gains and losses arise from changes in the value of assets and liabilities, other than investments in securities, resulting from changes in the exchange rates.

**(d) Exchange Traded Funds ("ETFs")** 

ETFs typically trade on securities exchanges and their shares may, at times, trade at a premium or discount to their net asset values. In addition, an ETF may not replicate exactly the performance of the benchmark index it seeks to track for a number of reasons, including transaction costs incurred by the ETF, the temporary unavailability of certain index securities in the secondary market or discrepancies between the ETF and the index with respect to the weighting of securities or the number of securities held. Investing in ETFs, which are investment companies, may involve duplication of advisory fees and certain other expenses. As a result, Fund shareholders indirectly bear their proportionate share of these acquired expenses. Therefore, the cost of investing in the Fund will be higher than the cost of investing directly in ETFs and may be higher than other mutual funds that invest directly in securities.

Each ETF in which the Fund invests is subject to specific risks, depending on the nature of the ETF. Each ETF is subject to the risks associated with direct ownership of the securities comprising the index on which the ETF is based. These risks could include liquidity risk, sector risk as well as risks associated with fixed-income securities.

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2022**

**(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.

The Income Tax Statement requires management of the Funds to analyze tax positions taken in the prior three open tax years, if any, and tax positions expected to be taken in the Fund's current tax year, as defined by the IRS statute of limitations for all major jurisdictions, including federal tax authorities and certain state tax authorities. As of December 31, 2022, and during the prior three open tax years, the Funds did not have a liability for any unrecognized tax benefits. The Funds have no examination in progress and are not aware of any tax positions for which they are reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

**(f) Distributions to Shareholders**

The Funds will make distributions of net investment income and net capital gains, if any, at least annually. Distributions to shareholders are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.

The character of distributions made during the year from net investment income or net realized gains may differ from the characterization for federal income tax purposes due to differences in the recognition of income, expense and gain (loss) items for financial statement and tax purposes. Where appropriate, reclassifications between net asset accounts are made for such differences that are permanent in nature. Certain funds may utilize earnings and profits on redemption of shares as part of the dividends paid deduction.

**(g) Illiquid Securities.**

Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a Liquidity Risk Management Program ("LRMP") that requires, among other things, that the Funds limit their illiquid investments that are assets to no more than 15% of net assets. An illiquid investment is any security which may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. If the Advisor, at any time, determines that the value of illiquid securities held by a Fund exceeds 15% of its net asset value, the Advisor will take such steps as it considers appropriate to reduce them as soon as reasonably practicable in accordance with the Funds' written LRMP.

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2022**

**(h) Short-Term Investments**

The Focused Emerging Markets Ex China Fund invests a significant amount (99.0% as of December 31, 2022) in the UMB Bank Demand Deposit ("SMMFIDU"). SMMFIDU acts as a bank deposit for the Fund, providing an interest-bearing account for short-term investment purposes. This investment vehicle is not publicly traded on open markets. The Fund's investment in the SMMFIDU is in excess of federally insured limits. Accounting Standards Codification Topic 825, *Financial Instruments* identifies this situation as a concentration of credit risk requiring disclosure, regardless of degree of risk. The risk is managed by monitoring the financial institution in which the deposits are made.

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

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

These agreements are in effect until August 31, 2023 for the International Growth Fund, Emerging Markets Fund, Global Growth Fund, International Small Cap Growth Fund, August 31, 2031 for the Mid Cap Quality Value Fund, and August 31, 2032 for the Small Cap Growth Fund, China Quality Growth Fund, Developing World Equity Fund, International Equity Fund, International Value Fund, International Opportunities Fund, Emerging Markets ex China Fund and August 31, 2033 for SMID Quality Value Fund and they may be terminated before that date only by the Trust's Board of Trustees. The table below contains the expense cap by Fund and by Class:

---

| | | | |
|:---|:---|:---|:---|
|  | Investment Advisory Fees | Total Limit on Annual Operating Expenses Investor Class† | Total Limit on Annual Operating Expenses Institutional Class† |
| International Growth Fund | 0.85% | 1.50% | 1.25% |
| Emerging Markets Fund | 1.00% | 1.50% | 1.25% |
| Global Growth Fund | 0.85% | 1.30% | 1.05% |
| International Small Cap Growth Fund | 1.00% |  | 1.25% |
| Small Cap Growth Fund<sup>\*</sup> | 0.99% | 1.24% | 0.99% |
| SMID Quality Value Fund<sup>\*\*</sup> | 0.85% | 1.10% | 0.85% |
| China Quality Growth Fund | 1.00% | 1.50% | 1.25% |
| Developing World Equity Fund | 1.00% | 1.50% | 1.25% |
| International Equity Fund<sup>\*\*\*</sup> | 0.85% | 1.35% | 1.10% |
| International Value Fund | 0.85% | 1.50% | 1.25% |
| International Opportunities Fund | 1.00% | 1.50% | 1.25% |
| Mid Cap Quality Value Fund | 0.85% | 1.25% | 1.00% |
| Emerging Markets ex China Fund | 1.00% | 1.50% | 1.25% |

---

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2022**

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

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

---

| | |
|:---|:---|
| <sup>\*\*</sup> | Effective November 30, 2022, the Advisor agreed to lower its management fee from 1.00% to 0.85% as well as reduce the expense caps from 1.25% and 1.00% to 1.10% and 0.85% for the Investor Class and Institutional Class shares, respectively. |

---

---

| | |
|:---|:---|
| <sup>\*\*\*</sup> | Effective December 31, 2022, the Advisor agreed to reduce the expense caps from 1.50% and 1.25% to 1.35% and 1.10% for the Investor Class and Institutional Class shares, respectively. |

---

The table below contains the advisory fees waived and absorbed other expenses for the periods ended December 31, 2022 and for the year ended April 30, 2022:

---

| | | |
|:---|:---|:---|
|  | Period Ended <br> December 31, 2022 | Period Ended April 30, 2022 |
| International Growth Fund | $- | $- |
| Emerging Markets Fund | 1199965 | 2194968 |
| Global Growth Fund | 330902 | 512187 |
| International Small Cap Growth Fund | 579715 | 753667 |
| Small Cap Growth Fund | 210046 | 188353 |
| SMID Quality Value Fund | 276881 | 533195 |
| China Quality Growth Fund | 193141 | 349581 |
| Developing World Equity Fund | 208876 | 295536 |
| International Equity Fund | 172226 | 252723 |
| International Value Fund | 162492 | 261051 |
| International Opportunities Fund | 234885 | 374446 |
| Mid Cap Quality Value Fund | 111044 |  |
| Emerging Markets ex China Fund | 16970 |  |

---

The Advisor is permitted to seek reimbursement from the Funds, subject to certain limitations, of fees waived or payments made to the Fund for a period ending three full fiscal years after the date of the waiver or payment with respect to the Emerging Markets, Global Growth and International Small Cap Growth. The Advisor is permitted to seek reimbursement from the Funds, subject to certain limitations, of fees waived or payments made to the Fund for a period ending three full years after the date of the waiver or payment with respect to the Small Cap Growth, SMID Quality Value, China Quality Growth, Developing World Equity, International Equity, International Value, International Opportunities, Mid Cap Quality Value and Emerging Markets ex China Funds. This reimbursement may be requested from the Fund if the reimbursement will not cause the Fund's annual expense ratio to exceed the lesser of (a) the expense limitation amount in effect at the time such fees were waived or payments made, or (b) the expense limitation amount in effect at the time of the reimbursement.

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2022**

The Advisor may recapture all or a portion of these amounts no later than the dates stated below. The total is the amount of these potentially recoverable expenses as of December 31, 2022.

---

| | | | |
|:---|:---|:---|:---|
| | Emerging Markets Fund | Global Growth Fund | International Small Cap Growth Fund |
| 4/30/2023 | $225653 | $313198 | $192336 |
| 4/30/2024 | 376409 | 560831 | 325930 |
| 4/30/2025 | 2194968 | 512187 | 753667 |
| 12/31/2025 | 1199965 | 330902 | 579715 |
| Total | $3996995 | $1717118 | $1851648 |

---

---

| | | | |
|:---|:---|:---|:---|
| | Small Cap Growth Fund | SMID Quality Value Fund | China Quality Growth Fund |
| 4/30/2023 | $122609 | $123415 | $32031 |
| 4/30/2024 | 254994 | 421601 | 322890 |
| 4/30/2025 | 188353 | 533195 | 349581 |
| 12/31/2025 | 210046 | 276881 | 193141 |
| Total | $776002 | $1355092 | $897643 |

---

---

| | | | |
|:---|:---|:---|:---|
| | Developing World Equity Fund | International Equity Fund | International Value Fund |
| 4/30/2023 | $32187 | $32114 | $- |
| 4/30/2024 | 296104 | 287224 | 227076 |
| 4/30/2025 | 295536 | 252723 | 261051 |
| 12/31/2025 | 208876 | 172226 | 162492 |
| Total | $832703 | $744287 | $650619 |

---

---

| | | | |
|:---|:---|:---|:---|
| | International Opportunities Fund | Mid Cap Quality Value Fund | Emerging Markets ex China Fund |
| 4/30/2024 | $33627 | $- | $- |
| 4/30/2025 | 374446 |  |  |
| 12/31/2025 | 234885 | 111044 | 16970 |
| Total | $642958 | $111044 | $16970 |

---

The Advisor reimbursed the China Quality Growth Fund $1,692 for losses from a trade error during the period ended April 30, 2021. This amount is reported on the Fund's Statements of Changes and Financial Highlights under the caption "Net increase from payment by affiliates." This reimbursement had a positive 0.10% impact to the total return.

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2022**

The Advisor reimbursed the International Small Cap Growth Fund $2,951 for losses from a trade error during the year ended April 30, 2021. This amount is reported on the Fund's Statements of Changes and Financial Highlights under the caption "Net increase from payment by affiliates." This reimbursement had no impact to the total return.

UMB Fund Services, Inc. ("UMBFS") serves as the Funds' fund accountant, transfer agent and co-administrator; and Mutual Fund Administration, LLC ("MFAC") serves as the Funds' other co-administrator. UMB Bank, n.a., an affiliate of UMBFS, serves as the Funds' custodian. The Funds' allocated fees incurred for fund accounting, fund administration, transfer agency and custody services for the periods ended December 31, 2022, and for the year ended April 30, 2022 are reported on the Statements of Operations.

Natixis Distribution, LLC, an affiliate of the Advisor, serves as the Funds' distributor (the "Distributor"). The Distributor does not receive compensation from the Funds for its distribution services; the Advisor pays the Distributor a fee for its distribution-related services.

Certain trustees and officers of the Trust are employees of UMBFS or MFAC. The Funds do not compensate trustees and officers affiliated with the Funds' co-administrators. For the periods ended December 31, 2022, and for the year ended April 30, 2022 the Funds' allocated fees incurred to Trustees who are not affiliated with the Funds' co-administrators are reported on the Statements of Operations.

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

Dziura Compliance Consulting, LLC provides Chief Compliance Officer ("CCO") services to the Trust. The Funds' allocated fees incurred for CCO services for the periods ended December 31, 2022, and for the year ended April 30, 2022, are reported on the Statements of Operations.

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2022**

**Note 4 – Federal Income Taxes**

At December 31, 2022, gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | International Growth Fund | Emerging Markets Fund | Global Growth Fund |
| Cost of investments | $13496603841 | $1694505421 | $299934953 |
| Gross unrealized appreciation | $3873322006 | $132389177 | $32737761 |
| Gross unrealized depreciation | (1285945490) | (390780658) | (48414401) |
| Net unrealized appreciation (depreciation) on investments | $2587376516 | $(258391481) | $(15676640) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | International Small Cap Growth Fund | Small Cap Growth Fund | SMID Quality Value Fund |
| Cost of investments | $359578977 | $36619838 | $122046721 |
| Gross unrealized appreciation | $24550715 | $4323915 | $11767834 |
| Gross unrealized depreciation | (93915484) | (7174125) | (8957942) |
| Net unrealized appreciation (depreciation) on investments | $(69364769) | $(2850210) | $2809892 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | China Quality Growth Fund | Developing World Equity Fund | International Equity Fund |
| Cost of investments | $8033729 | $2281698 | $56942506 |
| Gross unrealized appreciation | $491773 | $163774 | $4339262 |
| Gross unrealized depreciation | (1424061) | (277925) | (1496013) |
| Net unrealized appreciation (depreciation) on investments | $(932288) | $(114151) | $2843249 |

---

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2022**

---

| | | | |
|:---|:---|:---|:---|
|  | International Value Fund | International Opportunities Fund | Mid Cap Quality Value Fund |
| Cost of investments | $18698475 | $26582695 | $613491 |
| Gross unrealized appreciation | $882978 | $1289852 | $24913 |
| Gross unrealized depreciation | (3395659) | (3907940) | (42580) |
| Net unrealized appreciation (depreciation) on investments | $(2512681) | $(2618088) | $(17667) |

---

---

| | |
|:---|:---|
|  | Emerging Markets ex China Fund |
| Cost of investments | $945918 |
| Gross unrealized appreciation | $312 |
| Gross unrealized depreciation | (4676) |
| Net unrealized appreciation (depreciation) on investments | $(4364) |

---

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

GAAP requires that certain components of net assets be reclassified between financial and tax reporting. These reclassifications have no effect on the net assets or net asset value per share. For the periods ended December 31, 2022, permanent differences in book and tax accounting have been reclassified to paid-in-capital and distributable earnings/(accumulated deficit) as follows:

---

| | | |
|:---|:---|:---|
| | Paid in Capital | Total Distributable Earnings/(Accumulated Deficit) |
| International Growth Fund | $47105248 | $(47105248) |
| Emerging Markets Fund | (5537512) | 5537512 |
| Global Growth Fund | 4836665 | (4836665) |
| International Small Cap Growth Fund | (1338878) | 1338878 |
| Small Cap Growth Fund | (142594) | 142594 |
| SMID Quality Value Fund | (217718) | 217718 |
| China Quality Growth Fund |  |  |
| Developing World Equity Fund | (5446) | 5446 |
| International Equity Fund |  |  |
| International Value Fund |  |  |
| International Opportunities Fund | (64728) | 64728 |
| Mid Cap Quality Value Fund | (391) | 391 |
| Emerging Markets ex China Fund | (52) | 52 |

---

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2022**

As of December 31, 2022, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | International Growth Fund | Emerging Markets Fund | Global Growth Fund |
| Undistributed ordinary income | $- | $- | $- |
| Undistributed long-term capital gains | - | - | - |
| Tax accumulated earnings |  |  |  |
| Accumulated capital and other losses | (268462293) | (359262621) | (18018920) |
| Unrealized appreciation (depreciation) on foreign currency | 27244 | 34306 | (3166) |
| Unrealized appreciation (depreciation) on investments | 2587376516 | (258391481) | (15676640) |
| Deferred compensation | (107986) | (13951) | (8627) |
| Total accumulated earnings | $2318833481 | $(617633747) | $(33707353) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | International Small Cap Growth Fund | Small Cap Growth Fund | SMID Quality Value Fund |
| Undistributed ordinary income | $- | $- | $- |
| Undistributed long-term capital gains | - | - | 1133719 |
| Tax accumulated earnings |  |  | 1133719 |
| Accumulated capital and other losses | (114417910) | (2620530) |  |
| Unrealized appreciation (depreciation) on foreign currency | 106 |  |  |
| Unrealized appreciation (depreciation) on investments | (69364769) | (2850210) | 2809892 |
| Deferred compensation | (9008) | (3528) | (3784) |
| Unrealized Non-U.S. Taxes | (4681) | - | - |
| Total accumulated earnings | $(183796262) | $(5474268) | $3939827 |

---

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2022**

---

| | | | |
|:---|:---|:---|:---|
|  | China Quality Growth Fund | Developing World Equity Fund | International Equity Fund |
| Undistributed ordinary income | $4826 | $- | $2403 |
| Undistributed long-term capital gains | - | - | - |
| Tax accumulated earnings | 4826 |  | 2403 |
| Accumulated capital and other losses | (3285397) | (161475) | (61517) |
| Unrealized appreciation (depreciation) on foreign currency | 17 | 24 | 113 |
| Unrealized appreciation (depreciation) on investments | (932288) | (114151) | 2843249 |
| Deferred compensation | (2638) | (2604) | (2616) |
| Unrealized Non-U.S. Taxes | - | - | - |
| Total accumulated earnings | $(4215480) | $(278206) | $2781632 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | International Value Fund | International Opportunities Fund | Mid Cap Quality Value Fund |
| Undistributed ordinary income | $20036 | $- | $405 |
| Undistributed long-term capital gains | - | - | - |
| Tax accumulated earnings | 20036 |  | 405 |
| Accumulated capital and other losses | (1786951) | (6915879) | (1293) |
| Unrealized appreciation (depreciation) on foreign currency | 57 | (86) |  |
| Unrealized appreciation (depreciation) on investments | (2512681) | (2618088) | (17667) |
| Deferred compensation | (2428) | (2054) | (587) |
| Total accumulated earnings | $(4281967) | $(9536107) | $(19142) |

---

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2022**

---

| | |
|:---|:---|
|  | Emerging Markets ex China Fund |
| Undistributed ordinary income | $- |
| Undistributed long-term capital gains | - |
| Tax accumulated earnings |  |
| Accumulated capital and other losses |  |
| Unrealized appreciation (depreciation) on foreign currency | (203) |
| Unrealized appreciation (depreciation) on investments | (4364) |
| Deferred compensation | - |
| Total accumulated earnings | $(4567) |

---

The tax character of the distributions paid during the periods ended December 31, 2022, April 30, 2022 and April 30, 2021, for the Funds were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | International Growth Fund | International Growth Fund | International Growth Fund |
| Distributions paid from: | 2022 | 2022 | 2021 |
| &nbsp;&nbsp;&nbsp;Ordinary Income | $- | $- | $12092088 |
| &nbsp;&nbsp;&nbsp;Net long-term capital gains | 17200917 | 1280983868 | 288803428 |
| Total distributions paid | $17200917 | $1280983868 | $300895516 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Emerging Markets Fund | Emerging Markets Fund | Emerging Markets Fund |
| Distributions paid from: | 2022 | 2022 | 2021 |
| &nbsp;&nbsp;&nbsp;Ordinary Income | $6540239 | $67237247 | $1183044 |
| &nbsp;&nbsp;&nbsp;Net long-term capital gains | - | 35625081 | 9619505 |
| Total distributions paid | $6540239 | $102862328 | $10802549 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Global Growth Fund | Global Growth Fund | Global Growth Fund |
| Distributions paid from: | 2022 | 2022 | 2021 |
| &nbsp;&nbsp;&nbsp;Ordinary Income | $- | $6694647 | $- |
| &nbsp;&nbsp;&nbsp;Net long-term capital gains | 10654629 | 48945689 | 15435711 |
| Total distributions paid | $10654629 | $55640336 | $15435711 |

---

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2022**

---

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

---

---

| | | | |
|:---|:---|:---|:---|
|  | Small Cap Growth Fund | Small Cap Growth Fund | Small Cap Growth Fund |
| Distributions paid from: | 2022 | 2022 | 2021 |
| &nbsp;&nbsp;&nbsp;Ordinary Income | $- | $1546154 | $409672 |
| &nbsp;&nbsp;&nbsp;Net long-term capital gains | 59794 | 3105784 | - |
| Total distributions paid | $59794 | $4651938 | $409672 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SMID Quality Value Fund | SMID Quality Value Fund | SMID Quality Value Fund |
| Distributions paid from: | 2022 | 2022 | 2021 |
| &nbsp;&nbsp;&nbsp;Ordinary Income | $202517 | $3645341 | $- |
| &nbsp;&nbsp;&nbsp;Net long-term capital gains | 1779776 | 3099062 | - |
| Total distributions paid | $1982293 | $6744403 | $- |

---

---

| | | | |
|:---|:---|:---|:---|
|  | China Quality Growth Fund | China Quality Growth Fund | China Quality Growth Fund |
| Distributions paid from: | 2022 | 2022 | 2021 |
| &nbsp;&nbsp;&nbsp;Ordinary Income | $21212 | $906564 | $173185 |
| &nbsp;&nbsp;&nbsp;Net long-term capital gains | - | 341817 | - |
| Total distributions paid | $21212 | $1248381 | $173185 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Developing World Equity Fund | Developing World Equity Fund | Developing World Equity Fund |
| Distributions paid from: | 2022 | 2022 | 2021 |
| &nbsp;&nbsp;&nbsp;Ordinary Income | $24934 | $50590 | $33162 |
| &nbsp;&nbsp;&nbsp;Net long-term capital gains | - | 46248 | - |
| Total distributions paid | $24934 | $96838 | $33162 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | International Equity Fund | International Equity Fund | International Equity Fund |
| Distributions paid from: | 2022 | 2022 | 2021 |
| &nbsp;&nbsp;&nbsp;Ordinary Income | $12735 | $29788 | $17696 |
| &nbsp;&nbsp;&nbsp;Net long-term capital gains | 4666 | 88481 | - |
| Total distributions paid | $17401 | $118269 | $17696 |

---

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2022**

---

| | | | |
|:---|:---|:---|:---|
|  | International Value Fund | International Value Fund | International Value Fund |
| Distributions paid from: | 2022 | 2022 | 2021 |
| &nbsp;&nbsp;&nbsp;Ordinary Income | $105728 | $3064 | $- |
| &nbsp;&nbsp;&nbsp;Net long-term capital gains | - | - | - |
| Total distributions paid | $105728 | $3604 | $- |

---

---

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

---

---

| | | | |
|:---|:---|:---|:---|
|  | Mid Cap Quality Value Fund | Mid Cap Quality Value Fund | Mid Cap Quality Value Fund |
| Distributions paid from: | 2022 | 2022 | 2021 |
| &nbsp;&nbsp;&nbsp;Ordinary Income | $470 | $- | $- |
| &nbsp;&nbsp;&nbsp;Net long-term capital gains | - | - | - |
| Total distributions paid | $470 | $- | $- |

---

At December 31, 2022, the below Funds had an accumulated capital loss carry forward as follows:

---

| | | |
|:---|:---|:---|
|  | Short-term Capital Loss<br>Carryforward | Long-term Capital Loss<br>Carryforward |
| International Growth Fund | $154238051 | 114224242 |
| Emerging Markets Fund | 85224285 | 274038336 |
| Global Growth Fund | 18018920 |  |
| International Small Cap Growth Fund | 71519968 | 42897942 |
| Small Cap Growth Fund | 714305 | 1906225 |
| China Quality Growth Fund | 1298550 | 1986847 |
| Developing World Equity Fund | 73517 | 87958 |
| International Equity Fund | 61517 |  |
| International Value Fund | 1177975 | 608976 |
| International Opportunities Fund | 5144858 | 1771021 |
| Mid Cap Quality Value Fund | 1293 |  |

---

The SMID 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.

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2022**

As of December 31, 2022, the Funds did not have qualified Late-Year Losses.

As of December 31, 2022, the Funds did not have Post October losses.

**Note 5 – Redemption Fee**

Effective May 1, 2019, the International Growth, Emerging Markets, Global Growth, and International Small Cap Growth Funds no longer charge a redemption fee.

**Note 6 – Investment Transactions**

For the periods ended December 31, 2022, purchases and sales of investments, excluding short-term investments, futures contracts, options contracts and securities sold short, were as follows:

---

| | | |
|:---|:---|:---|
|  | Purchases | Sales |
| International Growth Fund | $2945490469 | $5914664567 |
| Emerging Markets Fund | 266911788 | 523895671 |
| Global Growth Fund | 119582386 | 250488351 |
| International Small Cap Growth Fund | 205018297 | 349332912 |
| Small Cap Growth Fund | 15454651 | 19061112 |
| SMID Quality Value Fund | 74746772 | 51044833 |
| China Quality Growth Fund | 2381254 | 5519713 |
| Developing World Equity Fund | 717527 | 1199981 |
| International Equity Fund | 52517350 | 3555016 |
| International Value Fund | 7659140 | 7275009 |
| International Opportunities Fund | 23958581 | 18247592 |
| Mid Cap Quality Value Fund | 660673 | 58913 |
| Emerging Markets ex China Fund | 455783 |  |

---

**Note 7 – Shareholder Servicing Plan**

The Trust, on behalf of each Fund, has adopted a Shareholder Servicing Plan to pay a fee at an annual rate of up to 0.15% of each Fund's average daily net assets of shares serviced by shareholder servicing agents who provide administrative and support services to their customers.

For the periods ended December 31, 2022 and for the year ended April 30, 2022, the Funds' shareholder servicing fees incurred are disclosed on the Statements of Operations.

**Note 8 – Distribution Plan**

The Trust, on behalf of each Fund, has adopted a Distribution Plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act, which allows each Fund to pay distribution fees for the sale and distribution of its Investor Class shares. The Plan provides for the payment of distribution fees at the annual rate of up to 0.25% of each Fund's average daily net assets attributable to Investor Class shares, payable to the Distributor. The Institutional Class shares do not pay any distribution fees.

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2022**

For the periods ended December 31, 2022 and for the year ended April 30, 2022, distribution fees incurred by each Fund's Investor Class shares are disclosed on the Statements of Operations.

**Note 9 – Indemnifications**

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds expect the risk of loss to be remote.

**Note 10 – Fair Value Measurements and Disclosure**

*Fair Value Measurements and Disclosures* defines fair value, establishes a framework for measuring fair value in accordance with GAAP, and expands disclosure about fair value measurements. It also provides guidance on determining when there has been a significant decrease in the volume and level of activity for an asset or a liability, when a transaction is not orderly, and how that information must be incorporated into a fair value measurement.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2022**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Growth Fund** | **Level 1** | **Level 2\*** | **Level 3\*\*** | **Total** |
| Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stock<sup>1</sup> | $15774476332 | $- | $- | $15774476332 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 309504025 | - | - | 309504025 |
| Total Investments | $16083980357 | $- | $- | $16083980357 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Emerging Markets Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argentina | $25850396 | $- | $- | $25850396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil |  | 23815125 |  | 23815125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | 374638892 |  |  | 374638892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cyprus^ |  |  | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong | 174081148 |  |  | 174081148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | 250723879 |  |  | 250723879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia | 35002179 |  |  | 35002179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | 115572050 |  |  | 115572050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands | 20582464 |  |  | 20582464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Poland | 41077764 |  |  | 41077764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russia^ |  |  | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Africa | 28434055 |  |  | 28434055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea | 10729974 | 13617484 |  | 24347458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan | 158814920 |  |  | 158814920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thailand | 28508563 |  |  | 28508563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 25029150 |  |  | 25029150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 35301595 |  |  | 35301595 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 74334302 | - | - | 74334302 |
| Total Investments | $1398681331 | $37432609 | $0 | $1436113940 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Global Growth Fund** | **Level 1** | **Level 2\*** | **Level 3\*\*** | **Total** |
| Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stock<sup>1</sup> | $279704337 | $- | $- | $279704337 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 4553976 | - | - | 4553976 |
| Total Investments | $284258313 | $- | $- | $284258313 |

---

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2022**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Small Cap Growth Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australia | $11613672 | $- | $- | $11613672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Belgium | 5240382 |  |  | 5240382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | 3158994 | 7097798 |  | 10256792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 13503198 |  |  | 13503198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | 3660702 |  |  | 3660702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denmark | 10957499 |  |  | 10957499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Faroe Islands | 6655162 |  |  | 6655162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France | 12329646 |  |  | 12329646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany | 22156510 |  |  | 22156510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | 6889551 |  |  | 6889551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Israel |  | 2456223 |  | 2456223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Italy | 14846024 |  |  | 14846024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan | 51092564 |  |  | 51092564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | 9044974 |  |  | 9044974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norway | 6812697 |  |  | 6812697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Poland | 4175977 |  |  | 4175977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russia^ |  |  | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweden | 25236452 |  |  | 25236452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switzerland | 21951830 |  |  | 21951830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan | 13903564 |  |  | 13903564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Arab Emirates | 3676240 |  |  | 3676240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 21765930 |  |  | 21765930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uruguay | 5137792 |  |  | 5137792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vietnam | 5142433 |  |  | 5142433 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 1708394 | - | - | 1708394 |
| Total Investments | $280660187 | $9554021 | $0 | $290214208 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Small Cap Growth Fund** | **Level 1** | **Level 2\*** | **Level 3\*\*** | **Total** |
| Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks<sup>1</sup> | $33214173 | $- | $- | $33214173 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 555455 | - | - | 555455 |
| Total Investments | $33769628 | $- | $- | $33769628 |

---

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2022**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SMID Quality Value Fund** | **Level 1** | **Level 2\*** | **Level 3\*\*** | **Total** |
| Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks<sup>1</sup> | $116349767 | $- | $- | $116349767 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 8506846 | - | - | 8506846 |
| Total Investments | $124856613 | $- | $- | $124856613 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **China Quality Growth Fund** | **Level 1** | **Level 2\*** | **Level 3\*\*** | **Total** |
| Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks<sup>1</sup> | $6948900 | $- | $- | $6948900 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 152541 | - | - | 152541 |
| Total Investments | $7101441 | $- | $- | $7101441 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Developing World Equity Fund** | **Level 1** | **Level 2** | **Level 3\*\*** | **Total** |
| Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argentina | $48236 | $- | $- | $48236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil |  | 68185 |  | 68185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 30709 |  |  | 30709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | 303336 |  |  | 303336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong | 224705 |  |  | 224705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | 205780 |  |  | 205780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia | 98230 |  |  | 98230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Malaysia | 32053 |  |  | 32053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | 127922 |  |  | 127922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands | 41374 |  |  | 41374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peru | 74206 |  |  | 74206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore | 104908 |  |  | 104908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Africa | 70566 |  |  | 70566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea | 31259 |  |  | 31259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweden | 92188 |  |  | 92188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan | 176345 |  |  | 176345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 140538 |  |  | 140538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 148884 |  |  | 148884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vietnam | 67058 |  |  | 67058 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 81065 | - | - | 81065 |
| Total Investments | $2099362 | $68185 | $- | $2167547 |

---

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2022**

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**International Equity Fund** | **Level 1** | **Level 2\*** | **Level 3\*\*** | **Total** |
| Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks<sup>1</sup> | $56422084 | $- | $- | $56422084 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 3363671 | - | - | 3363671 |
| Total Investments | $59785755 | $- | $- | $59785755 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Value Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Belgium | $1194014 | $- | $- | $1194014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 1127256 |  |  | 1127256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | 577576 |  |  | 577576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France | 283788 |  |  | 283788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany | 838852 |  |  | 838852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong | 647355 |  |  | 647355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | 1059129 |  |  | 1059129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ireland | 948362 |  |  | 948362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Israel | 246144 | 320591 |  | 566735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan | 3080797 |  |  | 3080797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | 590401 |  |  | 590401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norway | 345261 |  |  | 345261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russia^ |  |  | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweden | 800728 |  |  | 800728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switzerland | 1533941 |  |  | 1533941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan | 246562 |  |  | 246562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thailand | 460310 |  |  | 460310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Arab Emirates | 469984 |  |  | 469984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 775354 |  |  | 775354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 406831 |  |  | 406831 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 232558 | - | - | 232558 |
| Total Investments | $15865203 | $320591 | $0 | $16185794 |

---

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2022**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Opportunities Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argentina | $593605 | $- | $- | $593605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Belgium | 887368 |  |  | 887368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil |  | 308179 |  | 308179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 978548 |  |  | 978548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | 1398839 |  |  | 1398839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cyprus^ |  |  | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Faroe Islands | 546407 |  |  | 546407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France | 1262262 |  |  | 1262262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany | 1759339 |  |  | 1759339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong | 444678 |  |  | 444678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | 365538 |  |  | 365538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ireland | 2055704 |  |  | 2055704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Italy | 1979145 |  |  | 1979145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan | 3644640 |  |  | 3644640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands | 1530510 |  |  | 1530510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norway | 404652 |  |  | 404652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Poland | 530220 |  |  | 530220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russia<sup>^</sup> |  |  | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spain | 459931 |  |  | 459931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweden | 1438514 |  |  | 1438514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switzerland | 982407 |  |  | 982407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 928203 |  |  | 928203 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 1465918 | - | - | 1465918 |
| Total Investments | $23656428 | $308179 | $0 | $23964607 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Mid Cap Quality Value Fund** | **Level 1** | **Level 2\*** | **Level 3\*\*** | **Total** |
| Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks<sup>1</sup> | $582800 | $- | $- | $582800 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 13024 | - | - | 13024 |
| Total Investments | $595824 | $- | $- | $595824 |

---

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2022**

 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Emerging Markets ex China Fund** | **Level 1** | **Level 2** | **Level 3<sup>\*\*</sup>** | **Total** |
| Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | $8449 | $14594 | $- | $23043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | 106333 |  |  | 106333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia | 14994 |  |  | 14994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | 55075 |  |  | 55075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands | 9808 |  |  | 9808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peru | 5291 |  |  | 5291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Poland | 18502 |  |  | 18502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Africa | 24299 |  |  | 24299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea | 8620 |  |  | 8620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan | 100884 |  |  | 100884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thailand | 12950 |  |  | 12950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Arab Emirates | 8019 |  |  | 8019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 12738 |  |  | 12738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 15636 |  |  | 15636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uruguay | 8408 |  |  | 8408 |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Funds | 26819 |  |  | 26819 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | 490135 | - | - | 490135 |
| Total Investments | $926960 | $14594 | $- | $941554 |

---

^ The Fund held a Level 3 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 country or sector, please refer to the Schedule of Investments.

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2022**

 

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

---

| | | |
|:---|:---|:---|
|  | Emerging Markets Fund | International Small Cap Growth Fund |
| | Common Stocks | Common Stocks |
| Balance as of April 30, 2022 | $10680691 | $13112744 |
| &nbsp;&nbsp;&nbsp;Transfers into Level 3<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Transfers out of Level 3 |  |  |
| &nbsp;&nbsp;&nbsp;Total gains or losses for the period |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized loss included in earnings (or changes in net assets) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation (depreciation) included in earnings (or changes in net assets) | (10680691) | (1311274) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in other comprehensive income income |  |  |
| &nbsp;&nbsp;&nbsp;Net purchases |  |  |
| &nbsp;&nbsp;&nbsp;Net sales | - | - |
| Balance as of December 31, 2022 | $0 | $0 |
| Change in unrealized gains or losses for the period included in earnings (or changes in net assets) for assets held at the end of the reporting period | $(10680691) | $(1311274) |

---

---

| | | |
|:---|:---|:---|
|  | International Value Fund | International Opportunities Fund |
| | Common Stocks | Common Stocks |
| Balance as of April 30, 2022 | $36236 | $62967 |
| &nbsp;&nbsp;&nbsp;Transfers into Level 3<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Transfers out of Level 3 |  |  |
| &nbsp;&nbsp;&nbsp;Total gains or losses for the period |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized loss included in earnings (or changes in net assets) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation (depreciation) included in earnings (or changes in net assets) | (36236) | (62967) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in other comprehensive income income |  |  |
| &nbsp;&nbsp;&nbsp;Net purchases |  |  |
| &nbsp;&nbsp;&nbsp;Net sales | - | - |
| Balance as of December 31, 2022 | $0 | $0 |
| Change in unrealized gains or losses for the period included in earnings (or changes in net assets) for assets held at the end of the reporting period | $(36236) | $(62967) |

---

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2022**

 

The following table presents additional quantitative information about valuation methodologies and inputs used for investments that are measured at fair value and categorized within Level 3 as of December 31, 2022:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund | Asset Class | Fair Value at December 31, 2022 | Valuation Technique(s) | Unobservable Input | Range of Input | Weighted Average of Input | Impact to Valuation from an Increase in Input<sup>(1)</sup> |
| Emerging Markets Fund | Common Stocks | $- | Market Approach | Liquidity Discount | 100% | N/A | Decrease |
| International Small Cap Growth Fund | Common Stocks | $- | Market Approach | Liquidity Discount | 100% | N/A | Decrease |
| International Value Fund | Common Stocks | $- | Market Approach | Liquidity Discount | 100% | N/A | Decrease |
| International Opportunities Fund | Common Stocks | $- | 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 11 - Investments by Other Registered Investment Companies** 

For purposes of the 1940 Act, the Focused International Growth Fund and Focused Emerging Markets Fund are treated as a registered investment company. Section 12(d)(1) of the 1940 Act restricts investments by investment companies in the securities of other investment companies, including shares of the Fund. Rule 12d1-4 of the 1940 Act permits other investment companies to invest in the Fund beyond the limits in Section 12(d)(1), subject to certain terms and conditions, including that such investment companies enter into an agreement with the Fund.

**Note 12 – Market Disruption and Geopolitical Risks** 

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

**WCM Funds**

**NOTES TO FINANCIAL STATEMENTS - Continued**

**December 31, 2022**

**Note 13 – New Accounting Pronouncements**

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

**Note 14 – Events Subsequent to the Fiscal Period End**

The Funds have adopted financial reporting rules regarding subsequent events which require an entity to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the balance sheet. Management has evaluated the Funds' related events and transactions that occurred through the date of issuance of the Funds' financial statements.

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

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**To the Board of Trustees of Investment Managers Series Trust and**

**Shareholders of WCM Funds**

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of the WCM Focused International Growth Fund, WCM Focused Emerging Markets Fund, WCM Focused Global Growth Fund, WCM International Small Cap Growth Fund, WCM Small Cap Growth Fund, WCM SMID Quality Value Fund (formerly, WCM Focused Small Cap Fund), WCM China Quality Growth Fund, WCM Developing World Equity Fund, WCM International Equity Fund, WCM Focused International Value Fund, WCM Focused International Opportunities Fund, WCM Mid Cap Quality Value Fund (formerly, WCM Focused Mid Cap Fund), and WCM Focused Emerging Markets ex China Fund (the "Funds"), each a series of Investment Managers Series Trust (the "Trust"), including the schedules of investments, as of December 31, 2022, the related statements of operations, the statements of changes in net assets, and the financial highlights for each of the periods indicated in the table below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of December 31, 2022, the results of their operations, the changes in their net assets, and their financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Individual Funds Constituting WCM Funds** | **Statement Of Operations** | **Statements Of Changes In Net Assets** | **Financial Highlights** |
| WCM Focused International Growth Fund, WCM Focused Emerging Markets Fund, WCM Focused Global Growth Fund, and WCM International Small Cap Growth Fund | For the eight months period ended December 31, 2022 and for the year ended April 30, 2022 | For the eight months period ended December 31, 2022 and for each of the two years in the period ended April 30, 2022 | For the eight months period ended December 31, 2022 and for each of the five years in the period ended<br> April 30, 2022 |
| WCM Small Cap Growth Fund and WCM SMID Quality Value Fund | For the eight months period ended December 31, 2022 and for the year ended April 30, 2022 | For the eight months period ended December 31, 2022 and for each of the two years in the period ended April 30, 2022 | For the eight months period ended December 31, 2022 and for each of the two years in the period ended April 30, 2022 and the period October 30, 2019 (commencement of operations) through April 30, 2020 |
| WCM China Quality Growth Fund, WCM Developing World Equity Fund, and WCM International Equity Fund | For the eight months period ended December 31, 2022 and for the year ended April 30, 2022 | For the eight months period ended December 31, 2022 and for each of the two years in the period ended April 30, 2022 | For the eight months period ended December 31, 2022 and for each of the two years in the period ended April 30, 2022 and the period March 31, 2020 (commencement of operations) through April 30, 2020 |
| WCM Focused International Value Fund | For the eight months period ended December 31, 2022 and for the year ended April 30, 2022 | For the eight months period ended December 31, 2022, for the year ended April 30, 2022 and for the period June 29, 2020 (commencement of operations) through April 30, 2021 | For the eight months period ended December 31, 2022, for the year ended April 30, 2022 and for the period June 29, 2020 (commencement of operations) through April 30, 2021 |
| WCM Focused International Opportunities Fund<br>WCM Mid Cap Quality Value Fund | For the eight months period ended December 31, 2022 and for the year ended April 30, 2022<br>For the period July 28, 2022 (commencement of operations) through December 31, 2022 | For the eight months period ended December 31, 2022, for the year ended April 30, 2022 and for the period March 30, 2021 (commencement of operations) through April 30, 2021<br>For the period July 28, 2022 (commencement of operations) through December 31, 2022 | For the eight months period ended December 31, 2022, for the year ended April 30, 2022 and for the period March 30, 2021 (commencement of operations) through April 30, 2021<br>For the period July 28, 2022 (commencement of operations) through December 31, 2022 |
| WCM Focused Emerging Markets Ex China Fund | For the period December 29, 2022 (commencement of operations) through December 31, 2022 | For the period December 29, 2022 (commencement of operations) through December 31, 2022 | For the period December 29, 2022 (commencement of operations) through December 31, 2022 |

---

**To the Board of Trustees of Investment Managers Series Trust and**

**Shareholders of WCM Funds**

**Page Two**

**Basis for Opinion**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 2007.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of the Funds' internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

---

| | |
|:---|:---|
|  | ![](fp0082532-1_15.jpg) |
|  | **TAIT, WELLER & BAKER LLP** |
| **Philadelphia, Pennsylvania** |  |
| **March 1, 2023** |  |

---

**WCM Funds**

**SUPPLEMENTAL INFORMATION (Unaudited)**

For Federal income tax purposes, the International Growth Fund, Global Growth Fund, Small Cap Growth Fund, SMID Quality Value Fund and and International Equity Fund designates long-term capital gain dividends of $17,200,917, $10,654,629, $59,794, $1,779,776 and $4,666, respectively, or amounts determined to be necessary, for the year ended December 31, 2022.

For the period ended December 31, 2022, 100%, 77.08%, 100%, 100%, 100% and 100% of dividends paid from net investment income, including short-term capital gains from the Emerging Markets Fund, SMID Quality Value Fund, Developing World Equity Fund, International Equity Fund, International Value Fund and Mid Cap Quality Value Fund, respectively, are designated as qualified dividend income.

For the period ended December 31, 2022, 21.64%, 9.38%, 2.49% and 100% of the dividends paid from net investment income, including short-term capital gains from the Developing World Equity Fund, International Equity Fund, International Value Fund and Mid Cap Quality Value Fund, respectively, are designated as dividends received deduction available to corporate shareholders.

***Trustees and Officers Information***

Additional information about the Trustees is included in the Funds' Statement of Additional Information which is available, without charge, upon request by calling (888) 988-9801. The Trustees and officers of the Funds and their principal occupations during the past five years are as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Address, Year of Birth and Position(s) held with Trust** | **Term of Office<sup>c</sup> and Length of Time Served** | **Principal Occupation During the Past Five Years and Other Affiliations** | **Number of Portfolios in the Fund Complex Overseen by Trustee**<sup>d</sup> | **Other Directorships Held During the Past Five Years by Trustee**<sup>e</sup> |
| **Independent Trustees:** | **Independent Trustees:** | | | |
| Charles H. Miller <sup>a</sup> <br> (born 1947)<br> Trustee | Since November 2007 | Retired (2013 – present). Executive Vice President, Client Management and Development, Access Data, a Broadridge company, a provider of technology and services to asset management firms (1997-2012). | 13 | None. |
| Ashley Toomey Rabun <sup>a</sup> (born 1952)<br> Trustee and Chairperson of the Board | Since November 2007 | Retired (2016 – present). President and Founder, InvestorReach, Inc., a financial services consulting firm (1996 – 2015). | 13 | Select Sector SPDR Trust, a registered investment company (includes 11 portfolios). |
| William H. Young <sup>a</sup><br> (born 1950)<br> Trustee<br>| Since November 2007 | Retired (2014 - present). Independent financial services consultant (1996 – 2014). Interim CEO, Unified Fund Services Inc. (now Huntington Fund Services), a mutual fund service provider (2003 – 2006). Senior Vice President, Oppenheimer Management Company (1983 – 1996). Chairman, NICSA, an investment management trade association (1993 – 1996). | 13 | None. |

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**WCM Funds**

**SUPPLEMENTAL INFORMATION (Unaudited) - Continued**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Address, Year of Birth and Position(s) held with Trust** | **Term of Office<sup>c</sup> and Length of Time Served** | **Principal Occupation During the Past Five Years and Other Affiliations** | **Number of Portfolios in the Fund Complex Overseen by Trustee**<sup>d</sup> | **Other Directorships Held During the Past Five Years by Trustee**<sup>e</sup> |
| James E. Ross <sup>a</sup><br> (born 1965)<br> Trustee | Since December 2022 | Non-Executive Chairman and Director, Fusion Acquisition Corp. II, a special purpose acquisition company (March 2021 – present); Non-Executive Chairman and Director, Fusion Acquisition Corp., a special purpose acquisition company (June 2020 – September 2021); Executive Vice President, State Street Global Advisors, a global asset management firm (2012 – March 2020); Chairman and Director, SSGA Funds Management, Inc., a registered investment advisor (2005 – March 2020); Chief Executive Officer, Manager and Director, SSGA Funds Distributor, LLC, a broker-dealer (2017 – March 2020). | 13 | SPDR Series Trust, a registered investment company (includes 125 portfolios); Select Sector SPDR Trust, a registered investment company (includes 11 portfolios); Fusion Acquisition Corp II. |
| **Interested Trustee:** |  |  |  |  |
| Maureen Quill ᵃ\*<br> (born 1963)<br> Trustee and President | Since June 2019 | President, Investment Managers Series Trust (June 2014 – present); EVP/Executive Director Registered Funds (January 2018 – present), Chief Operating Officer (June 2014 – January 2018), and Executive Vice President (January 2007 – June 2014), UMB Fund Services, Inc.; President, UMB Distribution Services (March 2013 – December 2020); Vice President, Investment Managers Series Trust (December 2013 – June 2014). | 13 | None. |
| **Officers of the Trust:** |  |  |  |  |
| Rita Dam <sup>b</sup><br> (born 1966)<br> Treasurer and Assistant Secretary | Since December 2007 | Co-Chief Executive Officer (2016 – present), and Vice President (2006 – 2015), Mutual Fund Administration, LLC; Co-President, Foothill Capital Management, LLC, a registered investment advisor (2018 – 2022). | N/A | N/A |
| Joy Ausili <sup>b</sup><br> (born 1966)<br> Vice President, Assistant Secretary and Assistant Treasurer<br>| Since March 2016 | Co-Chief Executive Officer (2016 – present), and Vice President (2006 – 2015), Mutual Fund Administration, LLC; Co-President, Foothill Capital Management, LLC, a registered investment advisor (2018 – 2022); Secretary and Assistant Treasurer, Investment Managers Series Trust (December 2007 – March 2016). | N/A | N/A |

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**WCM Funds**

**SUPPLEMENTAL INFORMATION (Unaudited) - Continued**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Address, Year of Birth and Position(s) held with Trust** | **Term of Office<sup>c</sup> and Length of Time Served** | **Principal Occupation During the Past Five Years and Other Affiliations** | **Number of Portfolios in the Fund Complex Overseen by Trustee**<sup>d</sup> | **Other Directorships Held During the Past Five Years by Trustee**<sup>e</sup> |
| Diane Drake<sup>b</sup><br> (born 1967)<br> Secretary | Since March 2016 | Senior Counsel, Mutual Fund Administration, LLC (October 2015 – present); Chief Compliance Officer, Foothill Capital Management, LLC, a registered investment advisor (2018 – 2019). | N/A | N/A |
| Martin Dziura <sup>b</sup><br> (born 1959)<br> Chief Compliance Officer | Since June 2014 | Principal, Dziura Compliance Consulting, LLC (October 2014 – present); Managing Director, Cipperman Compliance Services (2010 – September 2014); Chief Compliance Officer, Hanlon Investment Management (2009 – 2010); Vice President - Compliance, Morgan Stanley Investment Management (2000 - 2009). | N/A | N/A |

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<sup>a</sup> Address for certain Trustees and certain officers: 235 West Galena Street, Milwaukee, Wisconsin 53212.

<sup>b</sup> Address for Ms. Ausili, Ms. Dam and Ms. Drake: 2220 E. Route 66, Suite 226, Glendora, California 91740. <br> Address for Mr. Dziura: 309 Woodridge Lane, Media, Pennsylvania 19063.

<sup>c</sup> Trustees and officers serve until their successors have been duly elected.

<sup>d</sup> The Trust is comprised of 52 series managed by unaffiliated investment advisors. The term "Fund Complex" applies only to the Funds managed by the same investment advisor. The Funds do not hold themselves out as related to any other series within the Trust, for purposes of investment and investor services, nor do they share the same investment advisor with any other series.

<sup>e</sup> "Other Directorships Held" includes only directorships of companies required to register or file reports with the SEC under the Securities Exchange Act of 1934, as amended (that is, "public companies") or other investment companies registered under the 1940 Act.

<sup>\*</sup> Ms. Quill is an "interested person" of the Trust by virtue of her position with UMB Fund Services, Inc.

**WCM Funds**

**SUPPLEMENTAL INFORMATION (Unaudited) - Continued**

***Board Consideration of Investment Advisory Agreement***

At an in-person meeting held on September 13-14, 2022, the Board of Trustees (the "*Board*") of Investment Managers Series Trust (the "*Trust*"), including the trustees who are not "interested persons" of the Trust (the "*Independent Trustees*") as defined in the Investment Company Act of 1940, as amended (the "*1940 Act*"), reviewed and unanimously approved the investment advisory agreement (the "*Advisory Agreement*") between the Trust and WCM Investment Management, LLC (the "*Investment Advisor*") for an initial two-year term with respect to the WCM Focused Emerging Markets ex China Fund (the "*New Fund*"), a new series of the Trust.

At an in-person meeting held on December 12-14, 2022, the Board and the Independent Trustees also reviewed and unanimously approved the renewal of the Advisory Agreement between the Trust and the Investment Advisor for an additional one-year term from when it otherwise would expire, with respect to the following series of the Trust (each, a "*Fund*" and collectively, the *"Funds"*):

&nbsp;&nbsp;&nbsp;&nbsp;· WCM China Quality Growth Fund (the "*China Quality Growth Fund* "),

&nbsp;&nbsp;&nbsp;&nbsp;· WCM Developing World Equity Fund (the "*Developing World Equity Fund* "),

&nbsp;&nbsp;&nbsp;&nbsp;· WCM Focused Emerging Markets Fund (the *"Focused Emerging Markets Fund"*),

&nbsp;&nbsp;&nbsp;&nbsp;· WCM Focused Global Growth Fund (the *"Focused Global Growth Fund"*),

&nbsp;&nbsp;&nbsp;&nbsp;· WCM Focused International Growth Fund (the *"Focused International Growth Fund"*),

&nbsp;&nbsp;&nbsp;&nbsp;· WCM Focused International Opportunities Fund (the "*Focused International Opportunities Fund* "),

&nbsp;&nbsp;&nbsp;&nbsp;· WCM Focused International Value Fund (the "*Focused International Value Fund* "),

&nbsp;&nbsp;&nbsp;&nbsp;· WCM SMID Quality Value Fund (the "*SMID Quality Value Fund* "),

&nbsp;&nbsp;&nbsp;&nbsp;· WCM International Equity Fund (the "*International Equity Fund* "),

&nbsp;&nbsp;&nbsp;&nbsp;· WCM International Small Cap Growth Fund (the *"International Small Cap Growth Fund* "),
and

&nbsp;&nbsp;&nbsp;&nbsp;· WCM Small Cap Growth Fund (the "*Small Cap Growth Fund* ").

In approving the Advisory Agreement with respect to the New Fund, the Board, including the Independent Trustees, determined that such approval was in the best interests of the New Fund and its shareholders. In renewing the Advisory Agreement with respect to each Fund, the Board, including the Independent Trustees, determined that such renewal was in the best interests of the Fund and its shareholders.

***<u>WCM Focused Emerging Markets ex China Fund</u>***

***Background***

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

**WCM Funds**

**SUPPLEMENTAL INFORMATION (Unaudited) - Continued**

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

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

The Trustees considered that the Investment Advisor had not previously managed any portfolios using the strategies it would use to manage the New Fund, but they noted that the performance of the Focused Emerging Markets Fund, which the Investment Advisor managed using similar strategies, was strong. The Board also noted its familiarity with the Investment Advisor as the investment advisor for other series of the Trust, and considered the services to be provided by the Investment Advisor to the New Fund. In doing so, the Board considered the Investment Advisor's specific responsibilities in day-to-day management and oversight of the New Fund, as well as the qualifications, experience, and responsibilities of the personnel who would be involved in the activities of the New Fund. The Board also considered the overall quality of the organization and operations, and the compliance structure and compliance procedures, of the Investment Advisor.

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

***Advisory Fee and Expense Ratio***

The Board reviewed information regarding the New Fund's proposed advisory fee and estimated total expenses. The meeting materials indicated that the New Fund's proposed annual investment advisory fee (gross of fee waivers) was the same as the Peer Group median, but higher than the Fund Universe median by 0.10%. The Trustees considered the Investment Advisor's assertion that in light of the Investment Advisor's active, concentrated style of management, as well as the limited capacity of the strategy, the New Fund's proposed advisory fee was competitive. The Trustees also noted that the New Fund's proposed advisory fee was the same as that of the Focused Emerging Markets Fund and within the range of advisory fees paid by other series of the Trust managed by the Investment Advisor.

The meeting materials indicated that the estimated annual total expenses (net of fee waivers) of the New Fund were higher than the Peer Group and Fund Universe medians by 0.03% and 0.18%, respectively. The Trustees observed, however, that the estimated assets of the New Fund were significantly lower than the average net assets of corresponding classes of funds in the Peer Group and Fund Universe, and that certain of those other funds also had significant assets in other classes.

**WCM Funds**

**SUPPLEMENTAL INFORMATION (Unaudited) - Continued**

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

 ****

***Profitability and Economies of Scale***

The Board next reviewed the estimated profitability to the Investment Advisor of its relationship with the New Fund in the New Fund's first year of operations, taking into account estimated assets of $10 million. The Board observed that the Investment Advisor anticipated waiving its entire advisory fee and subsidizing certain of the operating expenses for the New Fund, and that the Investment Advisor anticipated that it would not realize a profit with respect to the New Fund in the first year of operations.

The Board noted that the potential benefits received by the Investment Advisor as a result of its relationship with the New Fund, other than the receipt of its advisory fee, would include the usual types of "fall out" benefits received by advisors to the Trust, including any research received from broker-dealers providing execution services to the New Fund, the beneficial effects from the review by the Trust's Chief Compliance Officer of the Investment Advisor's compliance program, the intangible benefits of its association with the New Fund generally, and any favorable publicity arising in connection with the New Fund's performance. The Board also noted that although the Advisory Agreement does not provide for any advisory fee breakpoints, the New Fund's asset level would likely be too low to achieve significant economies of scale during the initial startup period, and that any such economies would be considered in the future as the New Fund's assets grow.

***Conclusion***

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

***<u>WCM China Quality Growth Fund, WCM Developing World Equity Fund, WCM Focused Emerging Markets Fund, WCM Focused Global Growth Fund, WCM Focused International Growth Fund, WCM Focused International Opportunities Fund, WCM Focused International Value Fund, WCM SMID Quality Value Fund, WCM International Equity Fund, WCM International Small Cap Growth Fund, and WCM Small Cap Growth Fund</u>***

 ****

***Background***

In advance of the December meeting, the Board received information about the Funds and the Advisory Agreement from the Investment Advisor and from Mutual Fund Administration, LLC and UMB Fund Services, Inc., the Trust's co-administrators, certain portions of which are discussed below. The materials, among other things, included information about the Investment Advisor's organization and financial condition; information regarding the background, experience, and compensation structure of relevant personnel providing services to the Funds; information about the Investment Advisor's compliance policies and procedures, disaster recovery and contingency planning, and policies with respect to portfolio execution and trading; information regarding the profitability of the Investment Advisor's overall relationship with the Funds; reports comparing the performance of each Fund with returns of its benchmark index and its Peer Group selected by Broadridge from Morningstar, Inc.'s relevant Fund Universe for various periods ended September 30, 2022; and reports comparing the investment advisory fee and total expenses of each Fund with those of its Peer Group and Fund Universe. The Board also received a memorandum from legal counsel to the Trust discussing the legal standards under the 1940 Act and other applicable law for their consideration of the proposed renewal of the Advisory Agreement. In addition, the Board considered information reviewed by the Board during the year at other Board and Board committee meetings. No representatives of the Investment Advisor were present during the Board's consideration of the Advisory Agreement, and the Independent Trustees were represented by their legal counsel with respect to the matters considered.

**WCM Funds**

**SUPPLEMENTAL INFORMATION (Unaudited) - Continued**

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

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

The Board considered information included in the meeting materials regarding the performance of each Fund. The materials they reviewed indicated the following:

&nbsp;&nbsp;&nbsp;&nbsp;· The China Quality Growth Fund's total return for the one-year period was below the MSCI China Index
return, the China Region Fund Universe and Peer Group median returns, and the MSCI China All Shares Index return by 2.92%, 3.94%, 5.31%,
and 6.57%, respectively. The Trustees observed that the Fund's volatility of returns, as measured by its standard deviation, and
its downside volatility, as measured by its Morningstar risk score, ranked it in the first quartile of the funds (which is the most favorable)
in the Peer Group and Fund Universe for the one-year period. The Trustees also considered that the Fund had been operating for a relatively
short period, and that performance over longer periods would be more meaningful.

&nbsp;&nbsp;&nbsp;&nbsp;· The Developing World Equity Fund's total return for the one-year period was above the Peer Group
and Diversified Emerging Markets Fund Universe median returns and the MSCI Emerging Markets Index return.

&nbsp;&nbsp;&nbsp;&nbsp;· The Focused Emerging Markets Fund's annualized total returns for the three- and five-year periods
were above the Peer Group and Diversified Emerging Markets Fund Universe median returns and the MSCI Emerging Markets Index returns. The
Fund's total return for the one-year period was below the Peer Group and Fund Universe median returns and the MSCI Index return
by 4.64%, 9.45%, and 11.16%, respectively. The Trustees considered the Investment Advisor's assertion that the Fund's underperformance
relative to the Peer Group over the one-year period was mainly due to stock selection in the financials, consumer discretionary, and communication
services sectors.

&nbsp;&nbsp;&nbsp;&nbsp;· The Focused Global Growth Fund's annualized total returns for the three- and five-year periods were
above the Peer Group and Global Large-Stock Growth Fund Universe median returns and the MSCI All Country World Index returns. The Fund's
total return for the one-year period was the same as the Peer Group median return, but below the Fund Universe median return and the MSCI
Index return by 0.41% and 9.38%, respectively. The Trustees considered the Investment Advisor's explanation that the Fund's
underperformance relative to the MSCI Index for the one-year period was due to stock selection in the information technology and healthcare
sectors, and due to the Fund's avoidance of the energy sector, which was the best performing sector in the MSCI Index during the
period.

&nbsp;&nbsp;&nbsp;&nbsp;· The Focused International Growth Fund's annualized total returns for the three-, five-, and ten-year
periods were above the returns of the MSCI All Country World Ex-USA Index and the median returns of the Peer Group and Foreign Large Growth
Fund Universe. The Fund's total return for the one-year period was above the Fund Universe median return, but below the Peer Group
median return and the MSCI Index return by 4.50% and 8.58%, respectively. The Trustees considered the Investment Advisor's assertion
that the Fund's underperformance relative to the Peer Group for the one-year period was due to the Fund's overweight allocation
to (and stock selection within) the information technology sector, and due to the Fund's avoidance of the energy sector, which was
the best performing sector during the period. The Trustees observed that the Fund's risk-adjusted returns, as measured by its Sharpe
ratio, and its risk-adjusted returns relative to the benchmark, as measured by its information ratio, ranked it in the first quartile
of the funds (which is the most favorable) in the Peer Group and Fund Universe for the three-, five-, and ten-year periods.

**WCM Funds**

**SUPPLEMENTAL INFORMATION (Unaudited) - Continued**

&nbsp;&nbsp;&nbsp;&nbsp;· The Focused International Opportunities Fund's total return for the one-year period was below the
Peer Group and Foreign Small/Mid Blend Fund Universe median returns and the MSCI All Country World Ex-USA Index return by 11.88%, 13.51%,
and 19.67%, respectively. The Trustees considered the Investment Advisor's explanation that the Fund's underperformance relative
to the MSCI Index for the one-year period was primarily due to stock selection in the industrials, health care, and consumer discretionary
sectors, and also due to the Fund's avoidance of the energy sector, which was the best performing sector in the MSCI Index during
the period. The Trustees also considered that the Fund had been operating for a relatively short period, and that performance over longer
periods would be more meaningful.

&nbsp;&nbsp;&nbsp;&nbsp;· The Focused International Value Fund's total return for the one-year period was below the Peer Group
and Foreign Large Blend Fund Universe median returns and the MSCI All Country World Ex-USA Index return by 3.74%, 6.03%, and 7.28%, respectively.
The Trustees considered the Investment Advisor's assertion that the Fund's underperformance compared to the Peer Group over
the one-year period was mainly attributable to stock selection within the industrials, financials, and consumer staples sectors, as well
as the Fund's overweight allocation to the information technology sector. The Trustees also considered that the Fund had been operating
for a relatively short period, and that performance over longer periods would be more meaningful.

&nbsp;&nbsp;&nbsp;&nbsp;· The SMID Quality Value Fund's total return for the one-year period was above the Small Value Fund
Universe median return and the Russell 2000 Value Index return, but below the Peer Group median return by 0.11%. The Trustees considered
the Investment Advisor's belief that the Fund's underperformance relative to the Peer Group for the one-year period was mainly
due to the Fund's avoidance of the energy sector, which was the best performing sector during the period, as well as the Fund's
underweight allocation to the financials sector. The Trustees also considered that the Fund had been operating for a relatively short
period, and that performance over longer periods would be more meaningful.

&nbsp;&nbsp;&nbsp;&nbsp;· The International Equity Fund's total return for the one-year period was above the Peer Group and
Foreign Large Growth Fund Universe median returns and the MSCI All Country World Ex-USA Index return.

&nbsp;&nbsp;&nbsp;&nbsp;· The International Small Cap Growth Fund's annualized total returns for the three- and five-year
periods were above the Peer Group and Foreign Small/Mid Growth Fund Universe median returns and the MSCI All Country World Ex-USA Small
Cap Index returns. The Fund's total return for the one-year period was below the Peer Group and Fund Universe median returns and
the MSCI Index return by 7.53%, 9.93%, and 18.60%, respectively. The Trustees considered the Investment Advisor's explanation that
the Fund's underperformance relative to the Peer Group for the one-year period was mainly due to stock selection in the industrials,
information technology, and consumer discretionary sectors, as well as the Fund's overweight allocation to (and stock selection
within) the health care sector. The Trustees observed that the Fund's risk-adjusted returns, as measured by its Sharpe ratio, and
its risk-adjusted returns relative to the benchmark, as measured by its information ratio, ranked it in the first quartile of the funds
(which is the most favorable) in the Peer Group and Fund Universe for the three- and five-year periods.

&nbsp;&nbsp;&nbsp;&nbsp;· The Small Cap Growth Fund's total return for the one-year period was above the Small Growth Fund
Universe median return and the Russell 2000 Growth Index return, but below the Peer Group median return by 1.70%. The Trustees considered
the Investment Advisor's belief that the Fund's underperformance relative to the Peer Group was largely due to stock selection
in health care sector. The Trustees also noted that the Fund had been operating for a relatively short period, and that performance over
longer periods would be more meaningful.

The Board considered the overall quality of services provided by the Investment Advisor to the Funds. In doing so, the Board considered the Investment Advisor's specific responsibilities in day-to-day management and oversight of the Funds, as well as the qualifications, experience, and responsibilities of the personnel involved in the activities of the Funds. The Board also considered the overall quality of the organization and operations of the Investment Advisor, as well as its compliance structure. The Board and the Independent Trustees concluded that based on the various factors they had reviewed, the nature, overall quality, and extent of the management and oversight services provided by the Investment Advisor to each Fund were satisfactory.

**WCM Funds**

**SUPPLEMENTAL INFORMATION (Unaudited) - Continued**

***Advisory Fees and Expense Ratios***

With respect to the advisory fees and expenses paid by the Funds, the meeting materials indicated the following:

&nbsp;&nbsp;&nbsp;&nbsp;· The China Quality Growth Fund's annual investment advisory fee (gross of fee waivers) was higher
than the Peer Group and China Region Fund Universe medians by 0.05% and 0.14%, respectively. The Trustees noted that the Fund's
advisory fee was higher than the sub-advisory fees that the Investment Advisor charges to sub-advise mutual funds using the same strategy
as the Fund. The Trustees observed, however, that the Investment Advisor provides more services to the Fund than it does to funds for
which it serves as sub-advisor. The Trustees also considered that the Fund's advisory fee was within the range of advisory fees
paid by other series of the Trust managed by the Investment Advisor.

The annual total expenses paid by the Fund (net of fee waivers) for the Fund's most recent fiscal year were higher than the Peer Group and Fund Universe medians by 0.10% and 0.15%, respectively. The Trustees noted the Investment Advisor's observation that some of the funds in the Peer Group are part of larger fund complexes and therefore could have lower expenses or support lower expense caps. The Trustees also noted that the average net assets of the Fund's class considered by Broadridge were significantly lower than the average net assets of corresponding classes of funds in the Fund Universe, and that certain of those other funds also had significant assets in other classes.

&nbsp;&nbsp;&nbsp;&nbsp;· The Developing World Equity Fund's annual investment advisory fee (gross of fee waivers) was slightly
higher than the Peer Group median by 0.01%, and higher than the Diversified Emerging Markets Fund Universe median by 0.10%. The Trustees
considered that the Investment Advisor does not manage any other accounts with the same objectives and policies as the Fund, and therefore
they did not have a good basis for comparing the Fund's advisory fee with those of other similar client accounts of the Investment
Advisor. The Trustees also considered that the Fund's advisory fee was within the range of advisory fees paid by other series of
the Trust managed by the Investment Advisor.

The annual total expenses paid by the Fund (net of fee waivers) for the Fund's most recent fiscal year were higher than the Peer Group and Fund Universe medians by 0.11% and 0.20%, respectively. The Trustees noted, however, that the average net assets of the Fund's class considered by Broadridge were quite low and were significantly lower than the average net assets of corresponding classes of funds in the Peer Group and Fund Universe, and that certain of those other funds also had significant assets in other classes.

&nbsp;&nbsp;&nbsp;&nbsp;· The Focused Emerging Markets Fund's annual investment advisory fee (gross of fee waivers) was higher
than the Peer Group and Diversified Emerging Markets Fund Universe medians by 0.0375% and 0.1175%, respectively. The Trustees noted that
the Fund's advisory fee was within the range of advisory fees that the Investment Advisor charges to manage private funds using
the same strategy as the Fund, but higher than the fees that the Investment Advisor charges to sub-advise mutual funds using the same
strategy as the Fund. The Trustees observed, however, that management of mutual fund assets requires compliance with certain requirements
under the 1940 Act that do not apply to the private funds that the Investment Advisor manages, that the demands on the Investment Advisor's
personnel and trading infrastructure are greater for the Fund as a result of the daily cash inflows and outflows, that the Investment
Advisor provides more services to the Fund than it does to funds for which it serves as sub-advisor, and that the Investment Advisor has
contractually agreed to limit the Fund's total operating expenses. The Trustees also considered that the Fund's advisory fee
was within the range of advisory fees paid by other series of the Trust managed by the Investment Advisor.

**WCM Funds**

**SUPPLEMENTAL INFORMATION (Unaudited) - Continued**

The annual total expenses paid by the Fund (net of fee waivers) for the Fund's most recent fiscal year were higher than the Peer Group and Fund Universe medians by 0.16% and 0.20%, respectively. The Trustees noted the Investment Advisor's observation that some of the funds in the Peer Group are part of larger fund complexes and therefore could have lower expenses or support lower expense caps.

&nbsp;&nbsp;&nbsp;&nbsp;· The Focused Global Growth Fund's annual investment advisory fee (gross of fee waivers) was higher
than the Peer Group and Global Large-Stock Growth Fund Universe medians by 0.05% and 0.075%, respectively. The Trustees noted that the
Fund's advisory fee was within the range of advisory fees that the Investment Advisor charges to manage private funds using the
same strategy as the Fund, but higher than the sub-advisory fees that the Investment Advisor charges to sub-advise mutual funds using
the same strategy as the Fund. The Trustees observed, however, that management of mutual fund assets requires compliance with certain
requirements under the 1940 Act that do not apply to the private funds that the Investment Advisor manages, that the demands on the Investment
Advisor's personnel and trading infrastructure are greater for the Fund as a result of the daily cash inflows and outflows, that
the Investment Advisor provides more services to the Fund than it does to funds for which it serves as sub-advisor, and that the Investment
Advisor has contractually agreed to limit the Fund's total expenses. The Trustees also considered that the Fund's advisory
fee was within the range of advisory fees paid by other series of the Trust managed by the Investment Advisor.

The annual total expenses paid by the Fund (net of fee waivers) for the Fund's most recent fiscal year were higher than the Peer Group and Fund Universe medians by 0.08% and 0.16%, respectively. The Trustees noted the Investment Advisor's observation that some of the funds in the Peer Group are part of larger fund complexes and therefore could have lower expenses or support lower expense caps.

&nbsp;&nbsp;&nbsp;&nbsp;· The Focused International Growth Fund's annual investment advisory fee (gross of fee waivers) was
higher than the Peer Group and Foreign Large Growth Fund Universe medians by 0.1387% and 0.1667%, respectively. The Trustees considered
the Investment Advisor's belief that the Fund's advisory fee is reasonable given the active style of management and the limited
capacity of the strategy. The Trustees noted that the Fund's advisory fee was within the range of advisory fees that the Investment
Advisor charges to manage private funds using the same strategy as the Fund, but higher than the sub-advisory fees that the Investment
Advisor charges to sub-advise mutual funds using the same strategy as the Fund. The Trustees observed, however, that management of mutual
fund assets requires compliance with certain requirements under the 1940 Act that do not apply to the private funds that the Investment
Advisor manages, that the demands on the Investment Advisor's personnel and trading infrastructure are greater for the Fund as a
result of the daily cash inflows and outflows, and that the Investment Advisor provides more services to the Fund than it does to funds
for which it serves as sub-advisor. The Trustees also considered that the Fund's advisory fee was within the range of advisory fees
paid by other series of the Trust managed by the Investment Advisor.

The annual total expenses paid by the Fund (net of fee waivers) for the Fund's most recent fiscal year were higher than the Peer Group and Fund Universe medians by 0.14% and 0.21%, respectively. The Trustees noted the Investment Advisor's observation that some of the funds in the Peer Group are part of larger fund complexes and therefore could have lower expenses or support lower expense caps.

**WCM Funds**

**SUPPLEMENTAL INFORMATION (Unaudited) - Continued**

&nbsp;&nbsp;&nbsp;&nbsp;· The Focused International Opportunities Fund's annual investment advisory fee (gross of fee waivers)
was higher than both the Peer Group and Foreign Small/Mid Blend Fund Universe medians by 0.10%. The Trustees considered that the Investment
Advisor does not manage any other accounts with the same objectives and policies as the Fund, and therefore they did not have a good basis
for comparing the Fund's advisory fee with those of other similar client accounts of the Investment Advisor. The Trustees also considered
that the Fund's advisory fee was within the range of advisory fees paid by other series of the Trust managed by the Investment Advisor.

The annual total expenses paid by the Fund (net of fee waivers) for the Fund's most recent fiscal year were higher than the Fund Universe and Peer Group medians by 0.21% and 0.26%, respectively. The Trustees noted, however, that the average net assets of the Fund's class considered by Broadridge were significantly lower than the average net assets of corresponding classes of funds in the Peer Group and Fund Universe, and that certain of those other funds also had significant assets in other classes.

&nbsp;&nbsp;&nbsp;&nbsp;· The Focused International Value Fund's annual investment advisory fee (gross of fee waivers) was
higher than the Peer Group and Foreign Large Blend Fund Universe medians by 0.05% and 0.10%, respectively. The Trustees noted that the
Investment Advisor does not manage any other accounts with the same objectives and policies as the Fund, and therefore they did not have
a good basis for comparing the Fund's advisory fee with those of other similar client accounts of the Investment Advisor. The Trustees
also considered that the Fund's advisory fee was within the range of advisory fees paid by other series of the Trust managed by
the Investment Advisor.

The annual total expenses paid by the Fund (net of fee waivers) for the Fund's most recent fiscal year were higher than the Peer Group and Fund Universe medians by 0.25% and 0.41%, respectively. The Trustees noted, however, that the average net assets of the Fund's class considered by Broadridge were significantly lower than the average net assets of corresponding classes of funds in the Peer Group and Fund Universe, and that certain of those other funds also had significant assets in other classes.

&nbsp;&nbsp;&nbsp;&nbsp;· The SMID Quality Value Fund's annual investment advisory fee (gross of fee waivers) was the same
as the Peer Group median, but higher than the Small Value Fund Universe median by 0.05%. The Trustees noted that the Fund's advisory
fee was higher than the sub-advisory fees that the Investment Advisor charges to sub-advise mutual funds using the same strategy as the
Fund. The Trustees observed, however, that the Investment Advisor provides more services to the Fund than it does to funds for which it
serves as sub-advisor. The Trustees also considered that the Fund's advisory fee was within the range of advisory fees paid by other
series of the Trust managed by the Investment Advisor.

The annual total expenses paid by the Fund (net of fee waivers) for the Fund's most recent fiscal year were lower than the Peer Group and Fund Universe medians.

&nbsp;&nbsp;&nbsp;&nbsp;· The International Equity Fund's annual investment advisory fee (gross of fee waivers) was higher
than the Peer Group and Foreign Large Growth Fund Universe medians by 0.05% and 0.10%, respectively. The Trustees noted that the Investment
Advisor does not manage any other accounts with the same objectives and policies as the Fund, and therefore they did not have a good basis
for comparing the Fund's advisory fee with those of other similar client accounts of the Investment Advisor. The Trustees also considered
that the Fund's advisory fee was within the range of advisory fees paid by other series of the Trust managed by the Investment Advisor.

The annual total expenses paid by the Fund (net of fee waivers) for the Fund's most recent fiscal year were higher than the Peer Group and Fund Universe medians by 0.34% and 0.40%, respectively. The Trustees noted, however, that the average net assets of the Fund's class considered by Broadridge were quite low and were significantly lower than the average net assets of corresponding classes of funds in the Peer Group and Fund Universe, and that certain of those other funds also had significant assets in other classes.

**WCM Funds**

**SUPPLEMENTAL INFORMATION (Unaudited) - Continued**

&nbsp;&nbsp;&nbsp;&nbsp;· The International Small Cap Growth Fund's annual investment advisory fee (gross of fee waivers)
was the same as the Peer Group median, but higher than the Foreign Small/Mid Growth Fund Universe median by 0.075%. The Trustees noted
that the Fund's advisory fee was within the range of advisory fees that the Investment Advisor charges to manage private funds using
the same strategy as the Fund, but higher than the sub-advisory fees that the Investment Advisor charges to sub-advise mutual funds using
the same strategy as the Fund. The Trustees observed, however, that management of mutual fund assets requires compliance with certain
requirements under the 1940 Act that do not apply to the private funds that the Investment Advisor manages, that the demands on the Investment
Advisor's personnel and trading infrastructure are greater for the Fund as a result of the daily cash inflows and outflows, and
that the Investment Advisor provides more services to the Fund than it does to funds for which it serves as sub-advisor. The Trustees
also considered that the Fund's advisory fee was within the range of advisory fees paid by other series of the Trust managed by
the Investment Advisor.

The annual total expenses paid by the Fund (net of fee waivers) for the Fund's most recent fiscal year were higher than the Peer Group and Fund Universe medians by 0.14% and 0.18%, respectively. The Trustees considered that the Fund's total expenses were not in the highest quartile of those funds in the Peer Group.

&nbsp;&nbsp;&nbsp;&nbsp;· The Small Cap Growth Fund's annual investment advisory fee (gross of fee waivers) was higher than
the Small Growth Fund Universe and Peer Group medians by 0.18% and 0.19%, respectively. The Trustees considered the Investment Advisor's
belief that the Fund's advisory fee is reasonable given the active, concentrated style of management and the limited capacity of
the strategy. The Trustees noted that the Fund's advisory fee was higher than the sub-advisory fees that the Investment Advisor
charges to sub-advise mutual funds using the same strategy as the Fund. The Trustees observed, however, that the Investment Advisor provides
more services to the Fund than it does to funds for which it serves as sub-advisor. The Trustees also considered that the Fund's
advisory fee was within the range of advisory fees paid by other series of the Trust managed by the Investment Advisor.

The annual total expenses paid by the Fund (net of fee waivers) for the Fund's most recent fiscal year were slightly higher than both the Peer Group and Fund Universe medians by 0.02%. The Trustees noted, however, that the average net assets of the Fund's class considered by Broadridge were significantly lower than the average net assets of corresponding classes of funds in the Peer Group and Fund Universe, and that certain of those other funds also had significant assets in other classes.

The Board and the Independent Trustees concluded that based on the factors they had reviewed, the compensation payable to the Investment Advisor under the Advisory Agreement was fair and reasonable in light of the nature and quality of the services the Investment Advisor provides to the Funds.

***Profitability and Economies of Scale***

The Board next considered information prepared by the Investment Advisor relating to its costs and profits with respect to each Fund for the year ended September 30, 2022, noting that the Investment Advisor had waived its entire advisory fee and subsidized certain of the operating expenses for the China Quality Growth Fund, Developing World Equity Fund, Focused International Opportunities Fund, Focused International Value Fund, and International Equity Fund; had waived a significant portion of its advisory fee for the SMID Quality Value Fund and Small Cap Growth Fund; had waived a portion of its advisory fee for the Focused Emerging Markets Fund, Focused Global Growth Fund, and International Small Cap Growth Fund; and had not realized a profit with respect to the China Quality Growth Fund, Developing World Equity Fund, Focused International Opportunities Fund, Focused International Value Fund, and International Equity Fund. Recognizing the difficulty in evaluating an investment advisor's profitability with respect to the funds it manages in the context of an advisor with multiple lines of business, and noting that other profitability methodologies might also be reasonable, the Board and the Independent Trustees concluded that the profits of the Investment Advisor from its relationships with the Focused Emerging Markets Fund, Focused Global Growth Fund, Focused International Growth Fund, SMID Quality Value Fund, International Small Cap Growth Fund, and Small Cap Growth Fund were reasonable.

**WCM Funds**

**SUPPLEMENTAL INFORMATION (Unaudited) - Continued**

The Board also considered the benefits received by the Investment Advisor as a result of the Investment Advisor's relationship with the Funds, other than the receipt of its investment advisory fees, including any research received from broker-dealers providing execution services to the Funds, the beneficial effects from the review by the Trust's Chief Compliance Officer of the Investment Advisor's compliance program, the intangible benefits of the Investment Advisor's association with the Funds generally, and any favorable publicity arising in connection with the Funds' performance. The Board noted that although there were no advisory fee breakpoints, the asset levels of the Funds, other than the Focused International Growth Fund and Focused Emerging Markets Fund, were not currently likely to lead to significant economies of scale, and that any such economies would be considered in the future as the assets of the Funds grow. With respect to the Focused International Growth Fund and Focused Emerging Markets Fund, the Board noted that the Investment Advisor was sharing some benefits of economies of scale with the Funds' shareholders by making additional investments with respect to personnel, compliance and regulatory monitoring and reporting, network infrastructure and cybersecurity, and updates to the office space to accommodate those investments, in order to ensure the level and quality of service to the Funds.

***Conclusion***

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

**WCM Funds**

**SUPPLEMENTAL INFORMATION (Unaudited) – Continued**

**Statement Regarding Liquidity Risk Management Program**

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940, as amended (the "Liquidity Rule"), to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Board of Trustees (the "Board") of Investment Managers Series Trust (the "Trust") met on December 13-14, 2022 (the "Meeting"), to review the liquidity risk management program (the "Fund Program") applicable to the following series of the Trust (each, a "Fund" and together, the "Funds") pursuant to the Liquidity Rule:

***<u>Reporting Period – October 1, 2021 through September 30, 2022</u>***

WCM China Quality Growth Fund

WCM Developing World Equity Fund

WCM Focused Emerging Markets Fund

WCM Focused Global Growth Fund

WCM Focused International Growth Fund

WCM Focused International Opportunities Fund

WCM Focused International Value Fund

WCM International Equity Fund

WCM International Long-Term Growth Fund<sup>1</sup>

WCM International Small Cap Growth Fund

WCM Small Cap Growth Fund

WCM SMID Quality Value Fund (formerly, WCM Focused Small Cap Fund)

***<u>Reporting Period – July 28, 2022 through September 30, 2022</u>***

WCM Mid Cap Quality Value Fund (formerly, WCM Focused Mid Cap Fund)<sup>2</sup>

The Board has appointed WCM Investment Management, LLC, the investment adviser to the Funds, as the program administrator ("Program Administrator") for the Fund Program. Under the Trust's liquidity risk management program (the "Trust Program"), the Board has delegated oversight of the Trust Program to the Liquidity Oversight Committee (the "Oversight Committee"). At the Meeting, the Oversight Committee, on behalf of Program Administrator and the Funds, provided the Board with a written report (the "Report") that addressed the operation, adequacy, and effectiveness of implementation of the Fund Program, and any material changes to it for the periods detailed above (the "Program Reporting Periods").

In assessing the adequacy and effectiveness of implementation of the Fund Program, the Report discussed the following, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;· The Fund Program's liquidity classification methodology for categorizing each Fund's investments;

&nbsp;&nbsp;&nbsp;&nbsp;· An overview of market liquidity for each Fund during the Program Reporting Periods;

&nbsp;&nbsp;&nbsp;&nbsp;· Each Fund's ability to meet redemption requests;

&nbsp;&nbsp;&nbsp;&nbsp;· Each Fund's cash management;

&nbsp;&nbsp;&nbsp;&nbsp;· Each Fund's borrowing activity, if any, in order to meet redemption requests;

&nbsp;&nbsp;&nbsp;&nbsp;· Each Fund's compliance with the 15% limit of illiquid investments; and

&nbsp;&nbsp;&nbsp;&nbsp;· Each Fund's status as a primarily highly liquid fund ("PHLF"), the effectiveness of
the implementation of the PHLF standard, and whether it would be appropriate for each Fund to adopt a highly liquid investment minimum
("HLIM").

<sup>1</sup> Fund liquidation date – January 20, 2023.

<sup>2</sup> Fund inception date – July 28, 2022.

**WCM Funds**

**SUPPLEMENTAL INFORMATION (Unaudited) – Continued**

The Report stated that the Funds primarily hold assets that are defined under the Liquidity Rule as "highly liquid investments," and therefore each Fund is not required to establish an HLIM. Highly liquid investments are defined as cash and any investment reasonably expected to be convertible to cash in current market conditions in three business days or less without the conversion to cash significantly changing the market value of the investment. The Report also stated that there were no material changes made to the Fund Program during the Program Reporting Periods.

In the Report, the Program Administrator concluded that: (i) the Fund Program, as adopted and implemented, remains reasonably designed to assess and manage each Fund's liquidity risk; (ii) each Fund continues to qualify as a PHLF and therefore is not required to adopt an HLIM; (iii) during the Program Reporting Periods, each Fund was able to meet redemption requests without significant dilution of remaining investors' interests; and (iv) there were no weaknesses in the design or implementation of the Fund Program during the Program Reporting Periods.

There can be no assurance that the Fund Program will achieve its objectives in the future. Please refer to the Funds' prospectus for more information regarding each Fund's exposure to liquidity risk and other principal risks to which an investment in the Funds may be subject.

**WCM Funds**

**EXPENSE EXAMPLES**

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

**Expense Examples**

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

The Actual examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2022 to December 31, 2022^, except for the Mid Cap Quality Value Fund, which is based on an investment of $1,000 invested at the beginning of the period and held for the entire since inception period from July 28, 2022 (commencement of operations) to December 31, 2022 and the Emerging Markets Ex China Fund, which is based on an investment of $1,000 invested at the beginning of the period and held for the entire since inception period from December 29, 2022 (commencement of operations) to December 31, 2022.

The Hypothetical examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2022 to December 31, 2022.

**Actual Expenses**

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

**Hypothetical Example for Comparison Purposes**

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

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

^Fiscal year end changed to December 31, effective December 14, 2022.

**WCM Funds**

**EXPENSE EXAMPLES - Continued**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Growth Fund** | **International Growth Fund** | Beginning Account Value | Ending Account Value | Expenses Paid During Period\* |
|  |  | 7/1/22 | 12/31/22 | 7/1/22 – 12/31/22 |
| Investor Class | Actual Performance | $1000.00 | $1040.60 | $6.58 |
|  | Hypothetical (5% annual return before expenses) | 1000.00 | 1018.75 | 6.51 |
| Institutional Class | Actual Performance | 1000.00 | 1041.80 | 5.27 |
|  | Hypothetical (5% annual return before expenses) | 1000.00 | 1020.04 | 5.22 |

---

\* Expenses are equal to the Fund's annualized expense ratio of 1.28% and 1.02% for Investor Class and Institutional Class, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the six month period). Assumes all dividends and distributions were reinvested.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Emerging Markets Fund** | **Emerging Markets Fund** | Beginning Account Value | Ending Account Value | Expenses Paid During Period\* |
|  |  | 7/1/22 | 12/31/22 | 7/1/22 – 12/31/22 |
| Investor Class | Actual Performance | $1000.00 | $979.40 | $7.49 |
|  | Hypothetical (5% annual return before expenses) | 1000.00 | 101764 | 7.63 |
| Institutional Class | Actual Performance | 1000.00 | 980.30 | 6.23 |
|  | Hypothetical (5% annual return before expenses) | 1000.00 | 101891 | 6.36 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Global Growth Fund** | **Global Growth Fund** | Beginning Account Value | Ending Account Value | Expenses Paid During Period\* |
|  |  | 7/1/22 | 12/31/22 | 7/1/22 – 12/31/22 |
| Investor Class | Actual Performance | $1000.00 | $1011.60 | $6.59 |
|  | Hypothetical (5% annual return before expenses) | 1000.00 | 1018.66 | 6.61 |
| Institutional Class | Actual Performance | 1000.00 | 1013.10 | 5.32 |
|  | Hypothetical (5% annual return before expenses) | 1000.00 | 1019.92 | 5.34 |

---

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

**WCM Funds**

**EXPENSE EXAMPLES - Continued**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Small Cap Growth Fund** | **International Small Cap Growth Fund** | Beginning Account Value | Ending Account Value | Expenses Paid During Period\* |
|  |  | 7/1/22 | 12/31/22 | 7/1/22 – 12/31/22 |
| Institutional Class | Actual Performance | $1000.00 | $975.20 | $6.22 |
|  | Hypothetical (5% annual return before expenses) | 1000.00 | 1018.91 | 6.35 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Small Cap Growth Fund** | **Small Cap Growth Fund** | Beginning Account Value | Ending Account Value | Expenses Paid During Period\* |
|  |  | 7/1/22 | 12/31/22 | 7/1/22 – 12/31/22 |
| Investor Class | Actual Performance | $1000.00 | $1068.60 | $6.45 |
|  | Hypothetical (5% annual return before expenses) | 1000.00 | 1018.97 | 6.29 |
| Institutional Class | Actual Performance | 1000.00 | 1070.10 | 5.16 |
|  | Hypothetical (5% annual return before expenses) | 1000.00 | 1020.22 | 5.04 |

---

\* Expenses are equal to the Fund's annualized expense ratio of 1.24% and 0.99% for Investor Class and Institutional Class, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the six month period). The expense ratio reflects an expense waiver. Assumes all dividends and distributions were reinvested.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SMID Quality Value Fund** | **SMID Quality Value Fund** | Beginning Account Value | Ending Account Value | Expenses Paid During Period\* |
|  |  | 7/1/22 | 12/31/22 | 7/1/22 – 12/31/22 |
| Investor Class | Actual Performance | $1000.00 | $1012.20 | $6.18 |
|  | Hypothetical (5% annual return before expenses) | 1000.00 | 1019.06 | 6.20 |
| Institutional Class | Actual Performance | 1000.00 | 1014.10 | 4.93 |
|  | Hypothetical (5% annual return before expenses) | 1000.00 | 1020.31 | 4.94 |

---

\* Expenses are equal to the Fund's annualized expense ratio of 1.22% and 0.97% for Investor Class and Institutional Class, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the six month period). The expense ratio reflects an expense waiver. Assumes all dividends and distributions were reinvested.

**WCM Funds**

**EXPENSE EXAMPLES - Continued**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **China Quality Growth Fund** | **China Quality Growth Fund** | Beginning Account Value | Ending Account Value | Expenses Paid During Period\* |
|  |  | 7/1/22 | 12/31/22 | 7/1/22 – 12/31/22 |
| Investor Class | Actual Performance | $1000.00 | $941.10 | $7.34 |
|  | Hypothetical (5% annual return before expenses) | 1000.00 | 1017.65 | 7.63 |
| Institutional Class | Actual Performance | 1000.00 | 941.30 | 6.12 |
|  | Hypothetical (5% annual return before expenses) | 1000.00 | 1018.90 | 6.36 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Developing World Equity Fund** | **Developing World Equity Fund** | Beginning Account Value | Ending Account Value | Expenses Paid During Period\* |
|  |  | 7/1/22 | 12/31/22 | 7/1/22 – 12/31/22 |
| Investor Class | Actual Performance | $1000.00 | $1038.40 | $7.69 |
|  | Hypothetical (5% annual return before expenses) | 1000.00 | 1017.66 | 7.61 |
| Institutional Class | Actual Performance | 1000.00 | 1039.30 | 6.42 |
|  | Hypothetical (5% annual return before expenses) | 1000.00 | 1018.91 | 6.36 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Equity Fund** | **International Equity Fund** | Beginning Account Value | Ending Account Value | Expenses Paid During Period\* |
|  |  | 7/1/22 | 12/31/22 | 7/1/22 – 12/31/22 |
| Investor Class | Actual Performance | $1000.00 | $1042.80 | $7.72 |
|  | Hypothetical (5% annual return before expenses) | 1000.00 | 1017.65 | 7.63 |
| Institutional Class | Actual Performance | 1000.00 | 1044.40 | 6.44 |
|  | Hypothetical (5% annual return before expenses) | 1000.00 | 1018.90 | 6.36 |

---

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

**WCM Funds**

**EXPENSE EXAMPLES - Continued**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Value Fund** | **International Value Fund** | Beginning Account Value | Ending Account Value | Expenses Paid During Period\* |
|  |  | 7/1/22 | 12/31/22 | 7/1/22 – 12/31/22 |
| Investor Class | Actual Performance | $1000.00 | $103510 | $7.70 |
|  | Hypothetical (5% annual return before expenses) | 1000.00 | 1017.63 | 7.64 |
| Institutional Class | Actual Performance | 1000.00 | 1036.30 | 6.42 |
|  | Hypothetical (5% annual return before expenses) | 1000.00 | 1018.90 | 6.36 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Opportunities Fund** | **International Opportunities Fund** | Beginning Account Value | Ending Account Value | Expenses Paid During Period\* |
|  |  | 7/1/22 | 12/31/22 | 7/1/22 – 12/31/22 |
| Investor Class | Actual Performance | $1000.00 | $1052.50 | $7.75 |
|  | Hypothetical (5% annual return before expenses) | 1000.00 | 1017.65 | 7.62 |
| Institutional Class | Actual Performance | 1000.00 | 1055.10 | 6.47 |
|  | Hypothetical (5% annual return before expenses) | 1000.00 | 1018.91 | 6.36 |

---

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

**WCM Funds**

**EXPENSE EXAMPLES - Continued**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Mid Cap Quality Value Fund** | **Mid Cap Quality Value Fund** | Beginning Account Value | Ending Account Value | Expenses Paid During Period |
|  |  | 7/28/22<sup>»</sup> | 12/31/22 | 7/28/22<sup>»</sup> – 12/31/22 |
| Investor Class | Actual Performance\* | $1000.00 | $927.00 | $5.20 |
|  |  | 7/1/22 | 12/31/22 | 7/1/22 – 12/31/22 |
|  | Hypothetical (5% annual return before expenses)\*\* | 1000.00 | 1018.88 | 6.38 |
| Institutional Class | Actual Performance\* | 1000.00 | 927.80 | 4.14 |
|  |  | 7/1/22 | 12/31/22 | 7/1/22 – 12/31/22 |
|  | Hypothetical (5% annual return before expenses)\*\* | 1000.00 | 1020.17 | 5.09 |

---

<sup>»</sup> Commencement of operations.

\* Expenses are equal to the Fund's annualized expense ratio of 1.25% and 1.00% for Investor Class and Institutional Class, respectively, multiplied by the average account value over the period, multiplied by 157/365 (to reflect the since inception period). The expense ratio reflects an expense waiver and expenses absorbed. Assumes all dividends and distributions were reinvested.

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

**WCM Funds**

**EXPENSE EXAMPLES - Continued**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Emerging Markets Ex China Fund** | **Emerging Markets Ex China Fund** | Beginning Account Value | Ending Account Value | Expenses Paid During Period |
|  |  | 12/29/22<sup>»</sup> | 12/31/22 | 12/29/22<sup>»</sup> – 12/31/22 |
| Investor Class | Actual Performance\* | $1000.00 | $991.00 | $0.12 |
|  |  | 7/1/22 | 12/31/22 | 7/1/22 – 12/31/22 |
|  | Hypothetical (5% annual return before expenses)\*\* | 1000.00 | 1017.68 | 7.60 |
| Institutional Class | Actual Performance\* | 1000.00 | 991.00 | 0.10 |
|  |  | 7/1/22 | 12/31/22 | 7/1/22 – 12/31/22 |
|  | Hypothetical (5% annual return before expenses)\*\* | 1000.00 | 1018.91 | 6.35 |

---

<sup>»</sup> Commencement of operations.

\* Expenses are equal to the Fund's annualized expense ratio of 1.50% and 1.25% for Investor Class and Institutional Class, respectively, multiplied by the average account value over the period, multiplied by 3/365 (to reflect the since inception period). The expense ratio reflects an expense waiver and expenses absorbed. Assumes all dividends and distributions were reinvested.

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

**WCM Funds**

*Each a series of Investment Managers Series Trust*

 

***Investment Advisor***

WCM Investment Management, LLC

281 Brooks Street

Laguna Beach, California 92651

***Independent Registered Public Accounting Firm***

Tait, Weller & Baker LLP

Two Liberty Place

50 South 16<sup>th</sup> Street, Suite 2900

Philadelphia, Pennsylvania 19102

***Custodian***

UMB Bank, n.a.

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

Kansas City, Missouri 64106

***Fund Co-Administrator***

Mutual Fund Administration, LLC

2220 East Route 66, Suite 226

Glendora, California 91740

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

UMB Fund Services, Inc.

235 West Galena Street

Milwaukee, Wisconsin 53212

***Distributor***

Natixis Distribution, LLC

888 Boylston Street, Suite 800

Boston, Massachusetts 02199-8197

FUND INFORMATION

---

| | | |
|:---|:---|:---|
|  | **TICKER** | **CUSIP** |
| &nbsp;&nbsp;&nbsp;WCM Focused International Growth Fund - Investor Class | WCMRX | 461418 386 |
| &nbsp;&nbsp;&nbsp;WCM Focused International Growth Fund - Institutional Class | WCMIX | 461418 444 |
| &nbsp;&nbsp;&nbsp;WCM Focused Emerging Markets Fund - Investor Class | WFEMX | 46141P 842 |
| &nbsp;&nbsp;&nbsp;WCM Focused Emerging Markets Fund - Institutional Class | WCMEX | 46141P 834 |
| &nbsp;&nbsp;&nbsp;WCM Focused Global Growth Fund - Investor Class | WFGGX | 46141P 826 |
| &nbsp;&nbsp;&nbsp;WCM Focused Global Growth Fund - Institutional Class | WCMGX | 46141P 818 |
| &nbsp;&nbsp;&nbsp;WCM International Small Cap Growth Fund - Institutional Class | WCMSX | 46141Q 683 |
| &nbsp;&nbsp;&nbsp;WCM Small Cap Growth Fund - Investor Class | WCMNX | 46143U 104 |
| &nbsp;&nbsp;&nbsp;WCM Small Cap Growth Fund - Institutional Class | WCMLX | 46143U 203 |
| &nbsp;&nbsp;&nbsp;WCM SMID Quality Value Fund - Investor Class | WCMJX | 46143U 302 |
| &nbsp;&nbsp;&nbsp;WCM SMID Quality Value Fund - Institutional Class | WCMFX | 46143U 401 |
| &nbsp;&nbsp;&nbsp;WCM China Quality Growth Fund - Investor Class | WCQGX | 46143U 708 |
| &nbsp;&nbsp;&nbsp;WCM China Quality Growth Fund - Institutional Class | WCMCX | 46143U 807 |
| &nbsp;&nbsp;&nbsp;WCM Developing World Equity Fund - Investor Class | WCMUX | 46143U 864 |
| &nbsp;&nbsp;&nbsp;WCM Developing World Equity Fund - Institutional Class | WCMDX | 46143U 856 |
| &nbsp;&nbsp;&nbsp;WCM International Equity Fund - Investor Class | WESGX | 46143U 880 |
| &nbsp;&nbsp;&nbsp;WCM International Equity Fund - Institutional Class | WCMMX | 46143U 872 |
| &nbsp;&nbsp;&nbsp;WCM Focused International Value Fund - Investor Class | WLIVX | 46143U 831 |
| &nbsp;&nbsp;&nbsp;WCM Focused International Value Fund - Institutional Class | WCMVX | 46143U 823 |
| &nbsp;&nbsp;&nbsp;WCM Focused International Opportunities Fund - Investor Class | WCFOX | 46143U 690 |
| &nbsp;&nbsp;&nbsp;WCM Focused International Opportunities Fund - Institutional Class | WCMOX | 46143U 682 |
| &nbsp;&nbsp;&nbsp;WCM Mid Cap Quality Value Fund - Investor Class | WMIDX | 46143U 658 |
| &nbsp;&nbsp;&nbsp;WCM Mid Cap Quality Value Fund - Institutional Class | WCMAX | 46143U 666 |
| &nbsp;&nbsp;&nbsp;WCM Focused Emerging Markets ex China Fund - Investor Class | WCFEX | 46143U 641 |
| &nbsp;&nbsp;&nbsp;WCM Focused Emerging Markets ex China Fund - Institutional Class | WCMWX | 46143U 633 |

---

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

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

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

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

**Proxy Voting** 

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

**Fund Portfolio Holdings**

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

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

**Householding** 

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

WCM Funds

P.O. Box 2175

Milwaukee, WI 53201

Toll Free: (888) 988-9801

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

(b) Not applicable.

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| | FYE 12/31/2022 | FYE 04/30/2022 |
| Audit Fees | $208550 | $189400 |
| Audit-Related Fees | N/A | N/A |
| Tax Fees | $36400 | $33600 |
| All Other Fees | N/A | N/A |

---

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

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

---

| | | |
|:---|:---|:---|
| | FYE 12/31/2022 | FYE 04/30/2022 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

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

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

<u>Non-Audit Related Fees</u> <u>FYE 12/31/2022</u> <u>FYE 04/30/2022</u> <br> <u>Registrant</u> <u>N/A</u> <u>N/A</u> <br> <u>Registrant's Investment Advisor</u> <u>N/A</u> <u>N/A</u>

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

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

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

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

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

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

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

Not applicable to open-end investment companies.

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

 

Not applicable to open-end investment companies.

 

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

Not applicable.

**<u>Item 10. 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 11. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's President/Chief Executive Officer and Treasurer/Chief Financial Officer have reviewed
the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act"))
as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or
15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls
and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed,
summarized and reported and made known to them by others within the Registrant and by the Registrant's service provider.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule
30a-3(d) under the Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to
materially affect, the Registrant's internal control over financial reporting.

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

Not applicable to open-end investment companies.

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) *Any code of ethics or amendment thereto, that is subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* [Incorporated by reference to the Registrant's Form N-CSR filed June 8, 2018.](https://www.sec.gov/Archives/edgar/data/1318342/000139834418008810/fp0033774_ex99code.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) *Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* [Filed herewith.](fp0082532-1_ex99cert.htm)

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

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

 

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* [Furnished herewith.](fp0082532-1_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| (Registrant) | Investment Managers Series Trust |
| By (Signature and Title) | /s/ Maureen Quill |
|  | Maureen Quill, President/Chief Executive Officer |
| Date | 3/10/2023 |

---

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

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Maureen Quill |
|  | Maureen Quill, President/Chief Executive Officer |
| Date | 3/10/2023 |
| By (Signature and Title) | /s/ Rita Dam |
|  | Rita Dam, Treasurer/Chief Financial Officer |
| Date | 3/10/2023 |

---

## Ex-99.Cert

EX.99.CERT

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

I, **<u>Maureen Quill,</u>** certify that:

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely
to materially affect, the registrant's internal control over financial reporting; and

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 3/10/2023 | /s/ Maureen Quill |
|  |  | Maureen Quill |
|  |  | President/Chief Executive Officer |

---

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

I, **<u>Rita Dam,</u>** certify that:

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely
to materially affect, the registrant's internal control over financial reporting; and

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 3/10/2023 | /s/ Rita Dam |
|  |  | Rita Dam |
|  |  | Treasurer/Chief Financial Officer |

---

## Exhibit 99.906

EX.99.906CERT

**Certification of CEO and CFO Pursuant to** 

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

**as Adopted Pursuant to** 

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

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

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

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

---

| | |
|:---|:---|
| Date | 3/10/2023 |
| /s/ Maureen Quill | /s/ Maureen Quill |
| Maureen Quill | Maureen Quill |
| President/Chief Executive Officer | President/Chief Executive Officer |
| /s/ Rita Dam | /s/ Rita Dam |
| Rita Dam | Rita Dam |
| Treasurer/Chief Financial Officer | Treasurer/Chief Financial Officer |

---

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