UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21719
INVESTMENT MANAGERS SERIES TRUST
(Exact name of registrant as specified in charter)
235 W. Galena Street
Milwaukee, WI 53212
(Address of principal executive offices) (Zip code)
Diane J. Drake
Mutual Fund Administration, LLC
2220 E. Route 66, Suite 226
Glendora, CA 91740
(Name and address of agent for service)
(626) 385-5777
Registrant's telephone number, including area code
Date of fiscal year end: April 30
Date of reporting period: April 30, 2022
Item 1. Report to Stockholders.
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:
WCM Focused International Growth Fund Investor Class Shares – WCMRX | WCM China Quality Growth Fund Investor Class Shares – WCQGX Institutional Class Shares – WCMCX |
WCM Focused Emerging Markets Fund Institutional Class Shares – WCMEX | WCM Sustainable Developing World Fund Investor Class Shares – WCMUX Institutional Class Shares – WCMDX |
WCM Focused Global Growth Fund Investor Class Shares – WFGGX Institutional Class Shares – WCMGX | WCM Sustainable International Fund Investor Class Shares – WESGX Institutional Class Shares – WCMMX |
WCM International Small Cap Growth Fund | WCM Focused International Value Fund Investor Class Shares – WLIVX |
WCM Small Cap Growth Fund Investor Class Shares – WCMNX Institutional Class Shares – WCMLX | WCM Focused International Opportunities Fund Investor Class Shares – WCFOX Institutional Class Shares – WCMOX |
WCM Focused Small Cap Fund Investor Class Shares – WCMJX Institutional Class Shares – WCMFX | WCM International Long-Term Growth Fund Investor Class Shares – WILGX Institutional Class Shares – WCMTX |
ANNUAL REPORT
April 30, 2022
WCM Funds
Each a series of Investment Managers Series Trust
Table of Contents
Shareholder Letter | 1 |
Fund Performance | 9 |
Schedules of Investments | 24 |
Statements of Assets and Liabilities | 71 |
Statements of Operations | 75 |
Statements of Changes in Net Assets | 79 |
Financial Highlights | 91 |
Notes to Financial Statements | 114 |
Report of Independent Registered Public Accounting Firm | 141 |
Supplemental Information | 143 |
Expense Examples | 155 |
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
281 Brooks Street Laguna Beach California 92651
949.380.0200 wcminvest.com
| Dear Fellow Shareholders,
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.
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 a better investor make. 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 means that these growth sectors, which are under-represented in most broad-based global indices, 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.
With that foundation laid, here is some context for the 30 April fiscal year.
Markets continued to be influenced by COVID-19 through the funds’ fiscal year (1 May 2021 – 30 April 2022). On a positive note, vaccines were rolled out globally, with developed markets experiencing the most success in reaching large portions of their populations. However, the uneven distribution of vaccines across different geographies made it clear that the path towards a global reopening would be protracted and not without challenges. Summer 2021 brought a “second wave” of COVID-19 variants, geopolitical events and macroeconomic forces that would strongly influence the rest of the funds’ fiscal year.
Chinese indices have performed the worst over the fiscal year, declining from February 2021 peaks due to increased government regulation on the technology and property sectors, energy shortages, and a slowing economy. The Chinese Government acted to check the power of the fast-growing internet companies, cool the white-hot speculation of real estate, and crack down on businesses that promote the disparity between classes. For-profit education and speculative consumer lending businesses were swiftly dismantled.
In the US, supply chain issues and COVID related monetary stimulus brought a spike in inflation and paved the way for rising interest rates. The United States Federal Reserve signaled a series of future interest rate hikes aimed at curbing inflation and stabilizing the economy. While the US was headed towards a 39 year high in inflation, the Eurozone hit its own decade high level. Investors reacted to these factors and initiated a significant rotation away from traditional “Growth” sectors such as Technology, in favor of traditional “Value” sectors like Energy.
As 2021 was coming to a close, Russia was busy moving military assets west towards Ukraine. What seemed at first to be political posturing to discourage the expansion of NATO, became an all-out war when Russia invaded Ukraine in February 2022. This act of war further exacerbated supply chain issues and drove commodity prices higher above their inflationary peaks. The price per barrel of oil quickly surpassed $120, further pressuring businesses and consumers alike. |
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Looking forward, global governments will be firmly fixed on managing economic growth in the face of rising prices and interest rates. An easing of supply chain interruptions in the coming quarters could create significant economic improvements and a larger distribution of vaccinations could reduce further lockdowns of global economies and production facilities.
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.
Now to the specifics of our funds.
The WCM Focused International Growth Fund (“FIG”; Institutional Class symbol WCMIX; Investor Class symbol WCMRX) returned -17.51% / -17.75%, respectively, and underperformed its benchmark for the 12 months ending 30 April 2022. FIG’s benchmark, the MSCI ACWI ex USA Index, returned -10.31% over the same 12-month period. Attribution analysis reveals that the majority of the fund’s underperformance can be attributed to sector allocation.
From a sector allocation perspective, Communication Services (no weight) was the largest positive contributor to the fund’s relative performance, followed by Health Care (overweight) and Real Estate (no weight). On the other hand, Energy (no weight) detracted from the fund’s relative performance, as did Information Technology (overweight) and Financials (underweight).
Looking at stock selection, Consumer Staples was the fund’s best performing sector relative to the benchmark, followed by Consumer Discretionary. On the flipside, Information was the worst performing sector relative to the benchmark, followed by Industrials and Communication Services.
The WCM Focused Emerging Markets Fund (“FEM”; Institutional Class symbol WCMEX; Investor Class symbol WFEMX) returned -26.36% / -26.54%, respectively, and underperformed its benchmark for the 12 months ending 30 April 2022. FEM’s benchmark, the MSCI Emerging Markets Index, returned -18.33% over the same 12-month period. Attribution analysis reveals that the majority of the fund’s underperformance can be attributed to stock selection.
From a sector allocation perspective, Industrials (overweight) was the largest positive contributor to the fund’s relative performance, followed by Information Technology (overweight) and Consumer Discretionary (underweight). On the other hand, Energy (no weight) detracted from the fund’s relative performance, as did Health Care (overweight) and Financials (underweight).
Looking at stock selection, Health Care was the fund’s best performing sector relative to the benchmark, followed by Materials and Consumer Staples. On the flipside, Financials was the worst performing sector relative to the benchmark, followed by Industrials and Communication Services.
The WCM Focused Global Growth Fund (“FGG”; Institutional Class symbol WCMGX; Investor Class symbol WFGGX) returned -17.09% / -17.30%, respectively, and underperformed its benchmark for the 12 months ending 30 April 2022. FGG’s benchmark, the MSCI ACWI Index, returned -5.44% over the same 12-month period. Attribution analysis reveals that the majority of the fund’s underperformance can be attributed to stock selection. |
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From a sector allocation perspective, Communication Services (no weight) was the largest positive contributor to the fund’s relative performance, followed by Health Care (overweight) and Materials (underweight). On the other hand, Energy (no weight) detracted from the fund’s relative performance, as did Consumer Discretionary (overweight) and Utilities (no weight).
Looking at stock selection, Consumer Staples was the fund’s best performing sector relative to the benchmark. On the flipside, Information Technology was the worst performing sector relative to the benchmark, followed by Health Care and Consumer Discretionary.
The WCM International Small Cap Growth Fund (“SIG”; Institutional Class symbol WCMSX) returned -22.04% and underperformed its benchmark for the 12 months ending 30 April 2022. SIG’s benchmark, the MSCI ACWI ex USA Small Cap Index, returned -10.53% over the same 12-month period. Attribution analysis reveals that the majority of the fund’s underperformance can be attributed to sector allocation.
From a sector allocation perspective, Consumer Discretionary (underweight) was the fund’s largest positive contributor to the fund’s relative performance, followed by Industrials (overweight). On the other hand, Health Care (overweight) detracted from the fund’s relative performance, as did Energy (no weight) and Information Technology (overweight).
Looking at stock selection, Health Care was the fund’s best performing sector relative to the benchmark, followed by Consumer Staples and Financials. On the flipside, Industrials was the worst performing sector relative to the benchmark, followed by Communication Services and Consumer Discretionary.
The WCM Small Cap Growth Fund (“SCG”; Institutional Class Symbol WCMLX, Investor Class symbol WCMNX) returned -23.49% / -23.65%, respectively, and outperformed its benchmark for the 12 months ending 30 April 2022. SCG’s benchmark, the Russell 2000 Growth, returned -26.44% over the same 12-month period. Attribution analysis reveals that the majority of the fund’s outperformance can be attributed to stock selection.
From the sector allocation perspective, Communication Services (no weight) was the largest positive contributor to the fund’s relative performance, followed by Industrials (overweight), and Information Technology (overweight). On the other hand, Energy (underweight) was the largest detractor from the fund’s relative performance, followed by Real Estate (underweight), Financials (underweight), and Utilities (no weight).
Looking at stock selection, Consumer Discretionary was the fund’s best performing sector relative to the benchmark, followed by Real Estate, and Financials. On the flipside, Information Technology was the worst performing sector relative to the benchmark, followed by Health Care, and Energy.
The WCM Focused Small Cap Fund (“FSC”; Institutional Class Symbol WCMFX, Investor Class Symbol WCMJX) returned -9.08% / -9.29%, respectively, and underperformed its benchmark for the 12 months ending 30 April 2022. FSC’s benchmark, the Russell 2000 Value Index, returned -6.59% over the same 12-month period. Attribution analysis reveals that the majority of the fund’s underperformance can be attributed to sector allocation. |
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From a sector allocation perspective, Health Care (underweight) was the largest positive contributor to the fund’s relative performance, followed by Consumer Staples (overweight) and Communication Services (underweight). On the other hand, Energy (no weight) detracted from the fund’s relative performance, as did Real Estate (underweight), Utilities (no weight), and Consumer Discretionary (overweight).
Looking at stock selection, Health Care was the fund’s best performing sector relative to the benchmark, followed by Information Technology and Consumer Staples. On the flipside, Industrials was the worst performing sector relative to the benchmark, followed by Financials, Communication Services, and Materials.
The WCM China Quality Growth Fund (“CQG”; Institutional Class symbol WCMCX, Investor Class symbol WCQGX) returned -32.68% / -32.83%, respectively, and underperformed its benchmark during the 12 months ending 30 April 2022. CQG’s benchmark, the MSCI China All Shares Index, returned -30.55% over the same 12-month period. Attribution analysis reveals that the majority of the fund’s underperformance can be attributed to stock selection.
From a sector allocation perspective, Industrials (overweight) was the largest positive contributor to the fund’s relative performance, followed by Consumer Discretionary (underweight) and Consumer Staples (overweight). On the other hand, Financials (underweight) detracted from the fund’s relative performance, as did Energy (no weight) and Materials (underweight).
Looking at stock selection, Consumer Discretionary was the fund’s best performing sector relative to the benchmark, followed by Real Estate and Consumer Staples. On the flipside, Industrials was the worst performing sector relative to the benchmark, followed by Communication Services and Financials.
The WCM Sustainable Developing World Fund (“SDW”; Institutional Class Symbol WCMDX, Investor Class symbol WCMUX) returned -12.06% / -12.24%, respectively, and outperformed its benchmark for the 12 months ending 30 April 2022. SDW’s benchmark, the MSCI Emerging Markets Index, returned -18.33% over the same the 12-month period. Attribution analysis reveals that the fund’s outperformance can be attributed to stock selection.
From a sector allocation perspective, Industrials (overweight) was the largest positive contributor to the fund’s relative performance, followed by Information Technology (underweight) and Consumer Discretionary (underweight). On the other hand, Utilities (no weight) detracted from the fund’s relative performance, as did Energy (no weight) and Real Estate (overweight).
Looking at stock selection, Communication Services was the fund’s best performing sector relative to the benchmark, followed by Health Care and Information Technology. On the flipside, Financials was the worst performing sector relative to the benchmark.
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The WCM Sustainable International Fund (“SI”; Institutional Class symbol WCMMX, Investor Class symbol WESGX) returned -5.74% / -6.04%, respectively, and outperformed its benchmark over the 12 months ending 30 April 2022. SI’s benchmark, the MSCI ACWI ex USA Index, returned -10.31% over the same 12-month period. Attribution analysis reveals that the fund’s outperformance can be attributed to stock selection.
From a sector allocation perspective, Health Care (overweight) was the largest positive contributor to the fund’s relative performance, followed by Financials (overweight). On the other hand, Energy (no weight) detracted from the fund’s relative performance, as did Real Estate (underweight) and Consumer Discretionary (overweight).
Looking at stock selection, Health Care was the fund’s best performing sector relative to the benchmark, followed by Information Technology and Financials. On the flipside, Consumer Staples was the worst performing sector relative to the benchmark, followed by Consumer Discretionary and Materials.
The WCM Focused International Value Fund (“FIV”; Institutional Class symbol WCMVX, Investor Class symbol WLIVX) returned -15.07% / -15.31%, respectively, and underperformed its benchmark over the 12 months ending 30 April 2022. FIV’s benchmark, the MSCI ACWI ex USA Index, returned -10.31% over the same 12-month period. Attribution analysis reveals that the majority of the fund’s underperformance can be attributed to sector allocation.
From a sector allocation perspective, Communication Services (underweight) was the largest positive contributor to the fund’s relative performance, followed by Health Care (overweight) and Real Estate (no weight). On the other hand, Energy (underweight) detracted from the fund’s relative performance, as did Information Technology (overweight) and Consumer Discretionary (overweight).
Looking at stock selection, Consumer Discretionary was the fund’s best performing sector relative to the benchmark, followed by Consumer Staples. On the flipside, Industrials was the worst performing sector relative to the benchmark, followed by Financials and Health Care.
The WCM Focused International Opportunities Fund (“FIO”; Institutional Class symbol WCMOX, Investor Class symbol WCFOX) returned -23.02% / -23.14%, respectively, and underperformed its benchmark for the 12 months ending 30 April 2022. FIO’s benchmark, the MSCI ACWI ex USA Index, returned -10.31% over the same 12-month period. Attribution analysis reveals that the majority of the fund’s underperformance can be attributed to stock selection.
From a sector allocation perspective, Communication Services (underweight) was the largest positive contributor to the fund’s relative performance, followed by Health Care (overweight) and Real Estate (no weight). On the other hand, Financials (underweight) detracted from the fund’s relative performance, as did Energy (no weight) and Consumer Discretionary (overweight).
Looking at stock selection, Materials was the fund’s best performing sector relative to the benchmark. On the flipside, Consumer Discretionary was the worst performing sector relative to the benchmark, followed by Information Technology and Health Care. |
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The WCM International Long-Term Growth Fund (“ILTG”; Institutional Class symbol WCMTX, Investor Class symbol WILGX) launched on 29 September 2021. In its first 7 months, the fund returned -37.00% / -37.10%, respectively, and underperformed its benchmark for the period ending 30 April 2022. ILTG’s benchmark, the MSCI ACWI ex USA Index, returned -9.72% over the same period. Attribution analysis reveals that the majority of the fund’s underperformance can be attributed to stock selection.
From a sector allocation perspective, Communication Services (underweight) was the largest positive contributor to the fund’s relative performance, followed by Health Care (overweight). On the other hand, Information Technology (overweight) detracted from the fund’s relative performance, as did Consumer Discretionary (overweight) and Financials (underweight).
Looking at stock selection, there were no positive performing sectors relative to the benchmark. On the flipside, Communication Services was the worst performing sector relative to the benchmark, followed by Health Care and Information Technology.
Thank you for your confidence and trust,
WCM Investment Management
3 June 2022 |
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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 Fund is 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 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. |
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WCM Focused International Growth Fund
FUND PERFORMANCE at April 30, 2022 (Unaudited)
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 April 30, 2022 | 1 Year | 5 Years | 10 years |
Investor Class shares | -17.75% | 10.31% | 9.57% |
Institutional Class shares | -17.51% | 10.58% | 9.84% |
MSCI ACWI ex USA Index | -10.31% | 4.94% | 5.04% |
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 1.30% and 1.05%, respectively, which were stated in the current prospectus dated September 1, 2021. 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.
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WCM Focused Emerging Markets Fund
FUND PERFORMANCE at April 30, 2022 (Unaudited)
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 April 30, 2022 | 1 Year | 5 Years | Since Inception | Inception Date |
Investor Class shares | -26.54% | 7.90% | 4.84% | 6/28/13 |
Institutional Class shares | -26.36% | 8.04% | 4.99% | 6/28/13 |
MSCI EM Index | -18.33% | 4.32% | 3.90% | 6/28/13 |
The performance data quoted here represents past performance and past performance is not a guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. The most recent month end performance may be obtained by calling (888) 988-9801.
Gross and net expense ratios for the Investor Class shares were 1.53% and 1.50%, respectively, and for the Institutional Class shares were 1.28% and 1.25%, respectively, which were stated in the current prospectus dated September 1, 2021. 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 1.50% 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, 2022, and it may be terminated before that date only by the Trust’s Board of Trustees. In the absence of such waivers, the Fund’s returns would be lower.
Returns reflect the reinvestment of distributions made by the Fund, if any. The graph and the performance table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of the Fund shares.
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WCM Focused Global Growth Fund
FUND PERFORMANCE at April 30, 2022 (Unaudited)
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 April 30, 2022 | 1 Year | 5 Years | Since Inception | Inception Date |
Investor Class shares | -17.30% | 12.08% | 11.58% | 6/28/13 |
Institutional Class shares | -17.09% | 12.40% | 11.83% | 6/28/13 |
MSCI ACWI Index | -5.44% | 9.46% | 9.14% | 6/28/13 |
The performance data quoted here represents past performance and past performance is not a guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. The most recent month end performance may be obtained by calling (888) 988-9801.
Gross and net expense ratios for the Investor Class shares were 1.44% and 1.30%, respectively, and the Institutional Class shares were 1.19% and 1.05%, respectively, which were stated in the current prospectus dated September 1, 2021. 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 1.30% 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, 2022, 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.
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WCM Focused Global Growth Fund
FUND PERFORMANCE at April 30, 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.
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WCM International Small Cap Growth Fund
FUND PERFORMANCE at April 30, 2022 (Unaudited)
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.
Average Annual Total Returns as of April 30, 2022 | 1 Year | 5 Years | Since Inception | Inception Date |
Institutional Class shares | -22.04% | 15.82% | 14.82% | 11/30/15 |
MSCI ACWI ex USA Small Cap Index | -10.53% | 5.83% | 7.04% | 11/30/15 |
The performance data quoted here represents past performance and past performance is not a guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. The most recent month end performance may be obtained by calling (888) 988-9801.
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 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, 2022 and it may be terminated before that date only by the Trust’s Board of Trustees. In the absence of such waivers, the Fund’s returns would be lower.
Returns reflect the reinvestment of distributions made by the Fund, if any. The graph and the performance table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of the Fund shares.
13
WCM Small Cap Growth Fund
FUND PERFORMANCE at April 30, 2022 (Unaudited)
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 April 30, 2022 | 1 Year | Since Inception | Inception Date |
Investor Class shares | -23.65% | 8.03% | 10/30/19 |
Institutional Class shares | -23.49% | 8.28% | 10/30/19 |
Russell 2000 Growth Index | -26.44% | 5.48% | 10/30/19 |
The performance data quoted here represents past performance and past performance is not a guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. The most recent month end performance may be obtained by calling (888) 988-9801.
Gross and net expense ratios for the Investor Class shares were 2.33% and 1.50%, respectively, and the Institutional Class shares were 2.08% and 1.25%, respectively, which were stated in the current prospectus dated September 1, 2021. 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 1.50% 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, 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 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.
14
WCM Focused Small Cap Fund
FUND PERFORMANCE at April 30, 2022 (Unaudited)
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 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 2000 Value Index measures the performance of the approximately 2,000 smallest-cap American companies in the Russell 3000 Index, which is made up of 3,000 of the largest U.S. stocks. It is a market-cap weighted index. This index does not reflect expenses, fees, or sales charge, which would lower performance. The index is unmanaged and it is not available for investment.
Average Annual Total Returns as of April 30, 2022 | 1 Year | Since Inception | Inception Date |
Investor Class shares | -9.29% | 3.83% | 10/30/19 |
Institutional Class shares | -9.08% | 4.13% | 10/30/19 |
Russell 2000 Value Index | -6.59% | 10.05% | 10/30/19 |
The performance data quoted here represents past performance and past performance is not a guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. The most recent month end performance may be obtained by calling (888) 988-9801.
Gross and net expense ratios for the Investor Class shares were 1.97% and 1.25%, respectively, and the Institutional Class shares were 1.72% and 1.00%, respectively, which were stated in the current prospectus dated September 1, 2021. For the Fund’s current one year expense ratios, please refer to the Financial Highlights section of this report. The Fund’s Advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (excluding, as applicable, taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, acquired fund fees and expenses as determined in accordance with Form N-1A, expenses incurred in connection with any merger or reorganization, or extraordinary expenses such as litigation expenses) do not exceed 1.25% and 1.00% of the average daily net assets of the Fund’s Investor Class and Institutional Class shares, respectively. This agreement is in effect until August 31, 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 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.
15
WCM China Quality Growth Fund
FUND PERFORMANCE at April 30, 2022 (Unaudited)
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.
Average Annual Total Returns as of April 30, 2022 | 1 Year | Since Inception | Inception Date |
Investor Class shares | -32.83% | 11.00% | 3/31/20 |
Institutional Class shares | -32.68% | 11.27% | 3/31/20 |
MSCI China All Shares Index | -30.55% | 1.72% | 3/31/20 |
The performance data quoted here represents past performance and past performance is not a guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. The most recent month end performance may be obtained by calling (888) 988-9801.
Gross and net expense ratios for the Investor Class shares were 6.21% and 1.50%, respectively, and the Institutional Class shares were 5.96% and 1.25%, respectively, which were stated in the current prospectus dated September 1, 2021. 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 1.50% 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, 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.
16
WCM China Quality Growth Fund
FUND PERFORMANCE at April 30, 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.
17
WCM Sustainable Developing World Fund
FUND PERFORMANCE at April 30, 2022 (Unaudited)
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 April 30, 2022 | 1 Year | Since Inception | Inception Date |
Investor Class shares | -12.24% | 16.15% | 3/31/20 |
Institutional Class shares | -12.06% | 16.42% | 3/31/20 |
MSCI Emerging Markets Index | -18.33% | 14.50% | 3/31/20 |
The performance data quoted here represents past performance and past performance is not a guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. The most recent month end performance may be obtained by calling (888) 988-9801.
Gross and net expense ratios for the Investor Class shares were 32.14% and 1.51%, respectively, and the Institutional Class shares were 31.89% and 1.26%, respectively, which were stated in the current prospectus dated September 1, 2021. 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 1.50% 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, 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 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.
18
WCM Sustainable International Fund
FUND PERFORMANCE at April 30, 2022 (Unaudited)
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 April 30, 2022 | 1 Year | Since Inception | Inception Date |
Investor Class shares | -6.04% | 18.44% | 3/31/20 |
Institutional Class shares | -5.74% | 18.75% | 3/31/20 |
MSCI ACWI ex USA Index | -10.31% | 16.71% | 3/31/20 |
The performance data quoted here represents past performance and past performance is not a guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. The most recent month end performance may be obtained by calling (888) 988-9801.
Gross and net expense ratios for the Investor Class shares were 29.79% and 1.50%, respectively, and the Institutional Class shares were 29.54% and 1.25%, respectively, which were stated in the current prospectus dated September 1, 2021. 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 1.50% 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, 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 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.
19
WCM Focused International Value Fund
FUND PERFORMANCE at April 30, 2022 (Unaudited)
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 April 30, 2022 | 1 Year | Since Inception | Inception Date |
Investor Class shares | -15.31% | 10.66% | 6/29/20 |
Institutional Class shares | -15.07% | 10.91% | 6/29/20 |
MSCI ACWI ex USA Index | -10.31% | 10.02% | 6/29/20 |
The performance data quoted here represents past performance and past performance is not a guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. The most recent month end performance may be obtained by calling (888) 988-9801.
Gross and net expense ratios for the Investor Class shares were 18.35% and 1.50%, respectively, and the Institutional Class shares were 18.10% and 1.25%, respectively, which were stated in the current prospectus dated September 1, 2021. 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 1.50% 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, 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 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.
20
WCM Focused International Opportunities Fund
FUND PERFORMANCE at April 30, 2022 (Unaudited)
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 Total Returns as of April 30, 2022 | 1 Year | Since Inception | Inception Date |
Investor Class shares | -23.14% | -15.41% | 3/30/21 |
Institutional Class shares | -23.02% | -15.22% | 3/30/21 |
MSCI ACWI ex USA Index | -10.31% | -7.31% | 3/30/21 |
The performance data quoted here represents past performance and past performance is not a guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. The most recent month end performance may be obtained by calling (888) 988-9801.
Gross and net expense ratios for the Investor Class shares were 1.89% and 1.50%, respectively, and the Institutional Class shares were 1.64% and 1.25%, respectively, which were stated in the current prospectus dated September 1, 2021. 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 1.50% 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, 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.
21
WCM Focused International Opportunities Fund
FUND PERFORMANCE at April 30, 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.
22
WCM International Long-Term Growth Fund
FUND PERFORMANCE at April 30, 2022 (Unaudited)
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.
Total Returns as of April 30, 2022 | 6 Months | Since Inception (Cumulative) | Inception Date |
Investor Class shares | -40.83% | -37.10% | 9/29/21 |
Institutional Class shares | -40.79% | -37.00% | 9/29/21 |
MSCI ACWI ex USA Index | -11.87% | -9.72% | 9/29/21 |
The performance data quoted here represents past performance and past performance is not a guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. The most recent month end performance may be obtained by calling (888) 988-9801.
Gross and net expense ratios for the Investor Class shares were 1.74% and 1.50%, respectively, and the Institutional Class shares were 1.49% and 1.25%, respectively, which were stated in the current prospectus dated September 1, 2021. For the Fund’s current period ended April 30, 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, 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.
23
WCM Focused International Growth Fund
SCHEDULE OF INVESTMENTS
As of April 30, 2022
Number of Shares | Value | |||||||
COMMON STOCKS — 97.7% | ||||||||
AUSTRALIA — 5.4% | ||||||||
1,486,911 | Atlassian Corp. PLC - Class A* | $ | 334,302,200 | |||||
3,942,924 | CSL Ltd. | 752,522,911 | ||||||
1,086,825,111 | ||||||||
CANADA — 9.2% | ||||||||
12,679,138 | Canadian Pacific Railway Ltd. | 928,366,484 | ||||||
1,899,790 | Lululemon Athletica, Inc.* | 673,722,528 | ||||||
604,595 | Shopify, Inc. - Class A* | 258,053,238 | ||||||
1,860,142,250 | ||||||||
CHINA — 3.3% | ||||||||
44,935,000 | Li Ning Co., Ltd. | 350,230,731 | ||||||
23,111,230 | Shenzhou International Group Holdings Ltd. | 313,595,564 | ||||||
663,826,295 | ||||||||
DENMARK — 5.1% | ||||||||
1,775,734 | DSV A/S | 291,134,677 | ||||||
6,521,817 | Novo Nordisk A/S - Class B | 744,962,945 | ||||||
1,036,097,622 | ||||||||
FRANCE — 7.8% | ||||||||
1,063,960 | LVMH Moet Hennessy Louis Vuitton S.E. | 688,534,996 | ||||||
2,285,519 | Pernod Ricard S.A. | 471,701,079 | ||||||
2,887,087 | Schneider Electric S.E. | 414,213,074 | ||||||
1,574,449,149 | ||||||||
HONG KONG — 3.3% | ||||||||
68,517,200 | AIA Group Ltd. | 673,096,138 | ||||||
IRELAND — 16.6% | ||||||||
2,423,858 | Accenture PLC - Class A | 728,029,989 | ||||||
2,484,861 | Aon PLC - Class A | 715,615,119 | ||||||
19,260,133 | Experian PLC | 665,103,031 | ||||||
2,820,808 | ICON PLC* | 638,094,978 | ||||||
2,663,527 | STERIS PLC | 596,763,224 | ||||||
3,343,606,341 | ||||||||
ITALY — 3.3% | ||||||||
3,157,645 | Ferrari N.V. | 664,865,656 | ||||||
JAPAN — 4.8% | ||||||||
1,326,633 | Keyence Corp. | 533,312,095 |
24
WCM Focused International Growth Fund
SCHEDULE OF INVESTMENTS - Continued
As of April 30, 2022
Number of Shares | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
JAPAN (Continued) | ||||||||
3,287,800 | Lasertec Corp. | $ | 439,254,696 | |||||
972,566,791 | ||||||||
NETHERLANDS — 7.6% | ||||||||
225,592 | Adyen N.V.* | 378,388,824 | ||||||
1,420,140 | ASM International N.V. | 426,746,302 | ||||||
1,300,040 | ASML Holding N.V. | 732,923,551 | ||||||
1,538,058,677 | ||||||||
SPAIN — 2.5% | ||||||||
7,958,810 | Amadeus IT Group S.A.* | 498,728,304 | ||||||
SWEDEN — 4.3% | ||||||||
6,488,213 | Atlas Copco A.B. - A Shares | 294,153,819 | ||||||
5,526,801 | Evolution A.B. | 567,037,569 | ||||||
861,191,388 | ||||||||
SWITZERLAND — 15.7% | ||||||||
8,790,916 | Alcon, Inc. | 627,646,822 | ||||||
946,161 | Lonza Group A.G. | 557,860,338 | ||||||
480,607 | Mettler-Toledo International, Inc.* | 613,989,861 | ||||||
5,077,307 | Nestle S.A. | 655,416,763 | ||||||
2,365,519 | Sika A.G. | 722,530,125 | ||||||
3,177,443,909 | ||||||||
TAIWAN — 1.8% | ||||||||
3,899,842 | Taiwan Semiconductor Manufacturing Co., Ltd. - ADR | 362,412,317 | ||||||
UNITED KINGDOM — 1.9% | ||||||||
3,057,291 | Ferguson PLC | 383,515,686 | ||||||
UNITED STATES — 5.1% | ||||||||
1,154,692 | EPAM Systems, Inc.* | 305,981,833 | ||||||
3,614,547 | ResMed, Inc. | 722,800,964 | ||||||
1,028,782,797 | ||||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $16,408,754,361) | 19,725,608,431 |
25
WCM Focused International Growth Fund
SCHEDULE OF INVESTMENTS - Continued
As of April 30, 2022
Principal Amount | Value | |||||||
SHORT-TERM INVESTMENTS — 1.5% | ||||||||
$ | 303,128,321 | UMB Bank Demand Deposit, 0.25%1 | $ | 303,128,321 | ||||
TOTAL SHORT-TERM INVESTMENTS | ||||||||
(Cost $303,128,321) | 303,128,321 | |||||||
TOTAL INVESTMENTS — 99.2% | ||||||||
(Cost $16,711,882,682) | 20,028,736,752 | |||||||
Other Assets in Excess of Liabilities — 0.8% | 160,846,913 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 20,189,583,665 |
ADR – American Depository Receipt
PLC – Public Limited Company
* | Non-income producing security. |
1 | The rate is the annualized seven-day yield at period end. |
See accompanying Notes to Financial Statements.
26
WCM Focused International Growth Fund
SUMMARY OF INVESTMENTS
As of April 30, 2022
Security Type/Sector | Percent of Total Net Assets | |||
Common Stocks | ||||
Health Care | 26.0 | % | ||
Technology | 25.4 | % | ||
Consumer Discretionary | 16.1 | % | ||
Industrials | 14.1 | % | ||
Financials | 6.9 | % | ||
Consumer Staples | 5.6 | % | ||
Materials | 3.6 | % | ||
Total Common Stocks | 97.7 | % | ||
Short-Term Investments | 1.5 | % | ||
Total Investments | 99.2 | % | ||
Other Assets in Excess of Liabilities | 0.8 | % | ||
Total Net Assets | 100.0 | % |
See accompanying Notes to Financial Statements.
27
WCM Focused Emerging Markets Fund
SCHEDULE OF INVESTMENTS
As of April 30, 2022
Number of Shares | Value | |||||||
COMMON STOCKS — 95.6% | ||||||||
ARGENTINA — 2.5% | ||||||||
219,160 | Globant S.A.* | $ | 47,336,368 | |||||
BRAZIL — 4.9% | ||||||||
21,159,291 | Hapvida Participacoes e Investimentos S.A. | 37,533,774 | ||||||
34,173,400 | Magazine Luiza S.A. | 33,731,026 | ||||||
776,206 | XP, Inc.* | 19,102,430 | ||||||
90,367,230 | ||||||||
CHINA — 27.7% | ||||||||
5,989,861 | Angel Yeast Co., Ltd. - Class A | 34,759,563 | ||||||
366,913 | Beijing Huafeng Test & Control Technology Co., Ltd. - Class A | 17,809,607 | ||||||
534,955 | Beijing Kingsoft Office Software, Inc. - Class A | 15,200,575 | ||||||
13,817,330 | China Mengniu Dairy Co., Ltd.* | 74,572,378 | ||||||
2,600,491 | Hundsun Technologies, Inc. - Class A | 14,950,514 | ||||||
74,577 | JD.com, Inc. - Class A* | 2,325,203 | ||||||
105,500 | Kweichow Moutai Co., Ltd. - Class A | 29,210,596 | ||||||
6,516,500 | Li Ning Co., Ltd. | 50,790,666 | ||||||
5 | Meituan - Class B* | 107 | ||||||
1,775,334 | Qingdao Haier Biomedical Co., Ltd. - Class A | 17,341,782 | ||||||
4,902,620 | Shenzhou International Group Holdings Ltd. | 66,523,499 | ||||||
280,215 | Silergy Corp. | 24,948,232 | ||||||
1,377,934 | Tencent Holdings Ltd. | 64,934,986 | ||||||
4,280,202 | WuXi AppTec Co., Ltd. - Class H | 58,218,438 | ||||||
1,583,948 | ZTO Express Cayman, Inc. - ADR | 43,574,409 | ||||||
515,160,555 | ||||||||
CYPRUS — 0.0% | ||||||||
358,615 | TCS Group Holding PLC - GDR1 | 1,029,225 | ||||||
HONG KONG — 8.6% | ||||||||
7,037,846 | AIA Group Ltd. | 69,138,070 | ||||||
661,300 | Hong Kong Exchanges & Clearing Ltd. | 28,051,669 | ||||||
4,642,885 | Techtronic Industries Co., Ltd. | 61,973,728 | ||||||
159,163,467 | ||||||||
INDIA — 18.8% | ||||||||
369,607 | Avenue Supermarts Ltd.* | 18,933,193 | ||||||
1,186,128 | Divi's Laboratories Ltd. | 69,433,479 | ||||||
2,559,844 | HDFC Bank Ltd. | 45,892,463 | ||||||
3,023,259 | Kotak Mahindra Bank Ltd. | 70,109,808 | ||||||
659,391 | PI Industries Ltd. | 24,396,019 | ||||||
2,352,819 | Star Health & Allied Insurance Co., Ltd.* | 21,658,625 | ||||||
849,566 | Tata Consultancy Services Ltd. | 39,155,092 |
28
WCM Focused Emerging Markets Fund
SCHEDULE OF INVESTMENTS - Continued
As of April 30, 2022
Number of Shares | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
INDIA (Continued) | ||||||||
770,789 | WNS Holdings Ltd. - ADR* | $ | 60,406,734 | |||||
349,985,413 | ||||||||
INDONESIA — 2.4% | ||||||||
78,286,275 | Bank Central Asia Tbk P.T. | 43,908,548 | ||||||
MEXICO — 6.1% | ||||||||
5,449,401 | Grupo Aeroportuario del Centro Norte S.A.B. de C.V. | 38,240,474 | ||||||
196,566 | Grupo Aeroportuario del Sureste S.A.B. de C.V. - ADR | 42,894,632 | ||||||
8,978,889 | Wal-Mart de Mexico S.A.B. de C.V. | 31,750,503 | ||||||
112,885,609 | ||||||||
NETHERLANDS — 1.4% | ||||||||
417,604 | BE Semiconductor Industries N.V. | 25,456,883 | ||||||
POLAND — 1.3% | ||||||||
362,047 | Dino Polska S.A.* | 23,421,476 | ||||||
RUSSIA — 0.5% | ||||||||
15,336,645 | Moscow Exchange MICEX-RTS PJSC1 | 5,093,765 | ||||||
801,002 | Yandex N.V. - Class A*,1 | 4,557,701 | ||||||
9,651,466 | ||||||||
SOUTH AFRICA — 2.4% | ||||||||
319,319 | Capitec Bank Holdings Ltd. | 44,573,657 | ||||||
SOUTH KOREA — 2.9% | ||||||||
896,032 | Coupang, Inc. - Class A* | 11,531,932 | ||||||
20,369 | LG Household & Health Care Ltd. | 14,587,887 | ||||||
126,223 | NAVER Corp. | 28,117,315 | ||||||
54,237,134 | ||||||||
TAIWAN — 11.1% | ||||||||
1,021,629 | Airtac International Group | 27,725,147 | ||||||
9,835,000 | Taiwan Semiconductor Manufacturing Co., Ltd. | 177,842,946 | ||||||
205,568,093 | ||||||||
UNITED KINGDOM — 2.5% | ||||||||
164,392 | Endava PLC - ADR* | 16,537,835 | ||||||
778,408 | Wizz Air Holdings PLC* | 30,447,860 | ||||||
46,985,695 |
29
WCM Focused Emerging Markets Fund
SCHEDULE OF INVESTMENTS - Continued
As of April 30, 2022
Number of Shares | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
UNITED STATES — 2.5% | ||||||||
134,654 | EPAM Systems, Inc.* | $ | 35,681,963 | |||||
595,165 | Freshworks, Inc. - Class A* | 10,814,148 | ||||||
46,496,111 | ||||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $2,129,658,079) | 1,776,226,930 |
Principal Amount | ||||||||
SHORT-TERM INVESTMENTS — 3.8% | ||||||||
$ | 71,731,694 | UMB Bank Demand Deposit, 0.25%2 | 71,731,694 | |||||
TOTAL SHORT-TERM INVESTMENTS | ||||||||
(Cost $71,731,694) | 71,731,694 | |||||||
TOTAL INVESTMENTS — 99.4% | ||||||||
(Cost $2,201,389,773) | 1,847,958,624 | |||||||
Other Assets in Excess of Liabilities — 0.6% | 10,725,487 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 1,858,684,111 |
ADR – American Depository Receipt |
GDR – Global Depository Receipt |
PJSC – Public Joint Stock Company |
PLC – Public Limited Company |
* | Non-income producing security. |
1 | Level 3 securities fair valued under procedures established by the Board of Trustees, represents 0.57% of Net Assets. The total value of these securities is $10,680,691. |
2 | The rate is the annualized seven-day yield at period end. |
See accompanying Notes to Financial Statements.
30
WCM Focused Emerging Markets Fund
SUMMARY OF INVESTMENTS
As of April 30, 2022
Security Type/Sector | Percent of Total Net Assets | |||
Common Stocks | ||||
Technology | 26.2 | % | ||
Financials | 18.8 | % | ||
Industrials | 13.2 | % | ||
Consumer Staples | 12.2 | % | ||
Health Care | 9.8 | % | ||
Consumer Discretionary | 8.9 | % | ||
Communications | 5.2 | % | ||
Materials | 1.3 | % | ||
Total Common Stocks | 95.6 | % | ||
Short-Term Investments | 3.8 | % | ||
Total Investments | 99.4 | % | ||
Other Assets in Excess of Liabilities | 0.6 | % | ||
Total Net Assets | 100.0 | % |
See accompanying Notes to Financial Statements.
31
WCM Focused Global Growth Fund
SCHEDULE OF INVESTMENTS
As of April 30, 2022
Number of Shares | Value | |||||||
COMMON STOCKS — 97.3% | ||||||||
CANADA — 3.1% | ||||||||
122,231 | Canadian Pacific Railway Ltd. | $ | 8,949,754 | |||||
12,197 | Shopify, Inc. - Class A* | 5,205,923 | ||||||
14,155,677 | ||||||||
CHINA — 0.0% | ||||||||
107 | Wuxi Biologics Cayman, Inc.* | 790 | ||||||
FRANCE — 5.1% | ||||||||
19,308 | LVMH Moet Hennessy Louis Vuitton S.E. | 12,495,050 | ||||||
52,231 | Pernod Ricard S.A. | 10,779,792 | ||||||
23,274,842 | ||||||||
HONG KONG — 2.0% | ||||||||
932,231 | AIA Group Ltd. | 9,158,008 | ||||||
ITALY — 2.1% | ||||||||
45,883 | Ferrari N.V. | 9,661,007 | ||||||
NETHERLANDS — 2.0% | ||||||||
5,317 | Adyen N.V.* | 8,918,283 | ||||||
NORWAY — 1.5% | ||||||||
3,098,083 | AutoStore Holdings Ltd.* | 6,909,629 | ||||||
SWEDEN — 3.7% | ||||||||
201,536 | Atlas Copco A.B. - A Shares | 9,136,966 | ||||||
75,556 | Evolution A.B. | 7,751,879 | ||||||
16,888,845 | ||||||||
SWITZERLAND — 4.4% | ||||||||
113,271 | Alcon, Inc. | 8,087,233 | ||||||
9,260 | Mettler-Toledo International, Inc.* | 11,829,928 | ||||||
19,917,161 | ||||||||
TAIWAN — 1.9% | ||||||||
90,712 | Taiwan Semiconductor Manufacturing Co., Ltd. - ADR | 8,429,866 | ||||||
UNITED STATES — 71.5% | ||||||||
244,484 | Amphenol Corp. - Class A | 17,480,606 | ||||||
45,336 | Bill.com Holdings, Inc.* | 7,739,309 | ||||||
141,691 | Church & Dwight Co., Inc. | 13,823,374 | ||||||
16,531 | Costco Wholesale Corp. | 8,789,863 |
32
WCM Focused Global Growth Fund
SCHEDULE OF INVESTMENTS - Continued
As of April 30, 2022
Number of Shares | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
UNITED STATES (Continued) | ||||||||
48,754 | Datadog, Inc.* | $ | 5,888,508 | |||||
96,479 | Entegris, Inc. | 10,746,796 | ||||||
5,028 | Fair Isaac Corp.* | 1,878,008 | ||||||
67,994 | First Republic Bank | 10,146,065 | ||||||
106,873 | Floor & Decor Holdings, Inc. - Class A* | 8,519,916 | ||||||
189,242 | Graco, Inc. | 11,736,789 | ||||||
83,725 | HEICO Corp. - Class A | 9,765,684 | ||||||
26,832 | Lam Research Corp. | 12,497,272 | ||||||
54,014 | LPL Financial Holdings, Inc. | 10,147,610 | ||||||
43,952 | Microsoft Corp. | 12,197,559 | ||||||
25,051 | MSCI, Inc. | 10,552,734 | ||||||
108,383 | NIKE, Inc. - Class B | 13,515,360 | ||||||
47,749 | Old Dominion Freight Line, Inc. | 13,375,450 | ||||||
16,200 | Procore Technologies, Inc.* | 898,614 | ||||||
44,457 | Repligen Corp.* | 6,990,419 | ||||||
29,171 | ServiceNow, Inc.* | 13,946,655 | ||||||
78,750 | Sherwin-Williams Co. | 21,653,100 | ||||||
27,013 | Snowflake, Inc. - Class A* | 4,631,109 | ||||||
61,500 | Stryker Corp. | 14,837,490 | ||||||
38,619 | Thermo Fisher Scientific, Inc. | 21,353,218 | ||||||
36,418 | Union Pacific Corp. | 8,532,373 | ||||||
28,251 | UnitedHealth Group, Inc. | 14,367,046 | ||||||
77,618 | Visa, Inc. - Class A | 16,542,724 | ||||||
71,191 | Waste Connections, Inc. | 9,822,222 | ||||||
39,041 | West Pharmaceutical Services, Inc. | 12,300,257 | ||||||
324,676,130 | ||||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $442,378,990) | 441,990,238 |
Principal Amount | ||||||||
SHORT-TERM INVESTMENTS — 2.7% | ||||||||
$ | 12,327,849 | UMB Bank Demand Deposit, 0.25%1 | 12,327,849 | |||||
TOTAL SHORT-TERM INVESTMENTS | ||||||||
(Cost $12,327,849) | 12,327,849 | |||||||
TOTAL INVESTMENTS — 100.0% | ||||||||
(Cost $454,706,839) | 454,318,087 | |||||||
Other Assets in Excess of Liabilities — 0.0% | 94,223 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 454,412,310 |
ADR – American Depository Receipt |
33
WCM Focused Global Growth Fund
SCHEDULE OF INVESTMENTS - Continued
As of April 30, 2022
* | Non-income producing security. |
1 | The rate is the annualized seven-day yield at period end. |
See accompanying Notes to Financial Statements.
34
WCM Focused Global Growth Fund
SUMMARY OF INVESTMENTS
As of April 30, 2022
Security Type/Sector | Percent of Total Net Assets | |||
Common Stocks | ||||
Technology | 27.9 | % | ||
Health Care | 19.8 | % | ||
Industrials | 19.5 | % | ||
Consumer Discretionary | 11.4 | % | ||
Consumer Staples | 7.4 | % | ||
Financials | 6.5 | % | ||
Materials | 4.8 | % | ||
Total Common Stocks | 97.3 | % | ||
Short-Term Investments | 2.7 | % | ||
Total Investments | 100.0 | % | ||
Other Assets in Excess of Liabilities | 0.0 | % | ||
Total Net Assets | 100.0 | % |
See accompanying Notes to Financial Statements.
35
WCM International Small Cap Growth Fund
SCHEDULE OF INVESTMENTS
As of April 30, 2022
Number of Shares | Value | |||||||
COMMON STOCKS — 97.8% | ||||||||
AUSTRALIA — 1.2% | ||||||||
503,441 | PEXA Group Ltd.* | $ | 6,313,484 | |||||
BRAZIL — 5.3% | ||||||||
814,133 | CI&T, Inc. - Class A* | 10,347,631 | ||||||
2,752,445 | Empreendimentos Pague Menos S/A* | 4,520,601 | ||||||
1,083,610 | Grupo SBF S.A.* | 5,288,736 | ||||||
8,408,200 | Magazine Luiza S.A. | 8,299,356 | ||||||
28,456,324 | ||||||||
CANADA — 7.0% | ||||||||
330,198 | CAE, Inc.* | 7,852,066 | ||||||
61,095 | Cargojet, Inc. | 7,137,657 | ||||||
115,915 | Descartes Systems Group, Inc.* | 7,199,235 | ||||||
165,568 | Docebo, Inc.* | 7,089,512 | ||||||
64,708 | FirstService Corp. | 8,067,975 | ||||||
37,346,445 | ||||||||
CHINA — 1.4% | ||||||||
1,261,564 | Angel Yeast Co., Ltd. - Class A | 7,320,940 | ||||||
DENMARK — 4.3% | ||||||||
515,336 | ALK-Abello A/S* | 11,241,402 | ||||||
133,730 | Royal Unibrew A/S | 11,526,344 | ||||||
22,767,746 | ||||||||
FINLAND — 2.5% | ||||||||
215,065 | Harvia Oyj | 7,366,822 | ||||||
68,619 | QT Group Oyj* | 5,978,554 | ||||||
13,345,376 | ||||||||
FRANCE — 1.9% | ||||||||
56,303 | SOITEC* | 10,085,917 | ||||||
GERMANY — 5.8% | ||||||||
169,240 | Eckert & Ziegler Strahlen- und Medizintechnik A.G. | 8,492,745 | ||||||
89,475 | Mensch und Maschine Software S.E. | 5,014,319 | ||||||
183,560 | Scout24 S.E. | 11,610,020 | ||||||
58,740 | Steico S.E. | 5,893,855 | ||||||
31,010,939 | ||||||||
INDIA — 4.9% | ||||||||
149,934 | Computer Age Management Services Ltd. | 4,814,556 | ||||||
1,894,926 | Indian Energy Exchange Ltd. | 5,253,449 |
36
WCM International Small Cap Growth Fund
SCHEDULE OF INVESTMENTS - Continued
As of April 30, 2022
Number of Shares | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
INDIA (Continued) | ||||||||
1,134,813 | Syngene International Ltd.* | $ | 9,235,705 | |||||
89,270 | WNS Holdings Ltd. - ADR* | 6,996,090 | ||||||
26,299,800 | ||||||||
ISRAEL — 2.5% | ||||||||
123,444 | Fiverr International Ltd.* | 6,573,393 | ||||||
388,472 | Maytronics Ltd. | 6,897,641 | ||||||
13,471,034 | ||||||||
ITALY — 4.5% | ||||||||
162,882 | Interpump Group S.p.A. | 6,585,371 | ||||||
673,413 | Stevanato Group S.p.A.* | 10,774,608 | ||||||
961,531 | Technoprobe S.p.A.* | 6,820,693 | ||||||
24,180,672 | ||||||||
JAPAN — 16.2% | ||||||||
44,320 | BayCurrent Consulting, Inc. | 14,531,082 | ||||||
97,900 | GMO Payment Gateway, Inc. | 8,213,801 | ||||||
519,460 | Japan Elevator Service Holdings Co., Ltd. | 6,788,755 | ||||||
220,000 | Jeol Ltd. | 9,879,887 | ||||||
309,840 | Kobe Bussan Co., Ltd. | 7,553,686 | ||||||
171,300 | Money Forward, Inc.* | 5,824,484 | ||||||
923,900 | Nihon M&A Center Holdings, Inc. | 11,376,733 | ||||||
507,600 | Plaid, Inc.* | 4,546,638 | ||||||
699,400 | Rakus Co., Ltd. | 8,571,674 | ||||||
46,800 | SHIFT, Inc.* | 8,868,601 | ||||||
86,155,341 | ||||||||
MEXICO — 1.8% | ||||||||
587,973 | Controladora Vuela Cia de Aviacion S.A.B. de C.V. - ADR* | 9,360,530 | ||||||
NETHERLANDS — 1.1% | ||||||||
93,070 | BE Semiconductor Industries N.V. | 5,673,490 | ||||||
RUSSIA — 0.2% | ||||||||
781,116 | Cian PLC - ADR*,1 | 757,682 | ||||||
125,247 | HeadHunter Group PLC - ADR1 | 553,592 | ||||||
1,311,274 | ||||||||
SINGAPORE — 1.4% | ||||||||
528,454 | TDCX, Inc. - ADR* | 7,319,088 |
37
WCM International Small Cap Growth Fund
SCHEDULE OF INVESTMENTS - Continued
As of April 30, 2022
Number of Shares | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
SPAIN — 1.7% | ||||||||
334,196 | Fluidra S.A. | $ | 9,044,869 | |||||
SWEDEN — 12.2% | ||||||||
206,864 | Avanza Bank Holding A.B. | 5,238,128 | ||||||
1,154,013 | Cary Group A.B.* | 8,658,606 | ||||||
979,661 | Dometic Group A.B. | 8,389,857 | ||||||
508,628 | Hemnet Group A.B.* | 6,345,069 | ||||||
509,875 | Nordnet A.B. publ | 8,843,614 | ||||||
149,639 | Sdiptech A.B. - Class B* | 5,240,536 | ||||||
382,614 | Sectra A.B. - B Shares* | 4,826,785 | ||||||
819,986 | SwedenCare A.B. | 9,215,926 | ||||||
159,404 | Vitec Software Group A.B. | 8,032,611 | ||||||
64,791,132 | ||||||||
SWITZERLAND — 8.8% | ||||||||
17,333 | Bachem Holding A.G. | 7,562,831 | ||||||
995,152 | Global Blue Group Holding A.G.* | 4,985,711 | ||||||
417,807 | Medmix A.G.2 | 14,030,851 | ||||||
133,257 | PolyPeptide Group A.G.*,2 | 11,660,700 | ||||||
12,347 | Siegfried Holding A.G.* | 8,950,370 | ||||||
47,190,463 | ||||||||
TAIWAN — 5.0% | ||||||||
229,598 | Airtac International Group | 6,230,871 | ||||||
71,000 | ASPEED Technology, Inc. | 6,236,163 | ||||||
859,000 | Sinbon Electronics Co., Ltd. | 7,545,086 | ||||||
816,000 | Universal Vision Biotechnology Co., Ltd. | 6,841,231 | ||||||
26,853,351 | ||||||||
UNITED KINGDOM — 6.2% | ||||||||
3,333,177 | Baltic Classifieds Group PLC* | 5,461,415 | ||||||
233,938 | Diploma PLC | 8,023,400 | ||||||
102,077 | Endava PLC - ADR* | 10,268,946 | ||||||
233,997 | Wizz Air Holdings PLC* | 9,152,922 | ||||||
32,906,683 | ||||||||
VIETNAM — 1.9% | ||||||||
2,224,650 | FPT Corp. | 10,101,231 | ||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $591,613,492) | 521,306,129 |
38
WCM International Small Cap Growth Fund
SCHEDULE OF INVESTMENTS - Continued
As of April 30, 2022
Principal Amount | Value | |||||||
SHORT-TERM INVESTMENTS — 2.6% | ||||||||
$ | 14,117,219 | UMB Bank Demand Deposit, 0.25%3 | $ | 14,117,219 | ||||
TOTAL SHORT-TERM INVESTMENTS | ||||||||
(Cost $14,117,219) | 14,117,219 | |||||||
TOTAL INVESTMENTS — 100.4% | ||||||||
(Cost $605,730,711) | 535,423,348 | |||||||
Liabilities in Excess of Other Assets — (0.4)% | (2,155,025 | ) | ||||||
TOTAL NET ASSETS — 100.0% | $ | 533,268,323 |
ADR – American Depository Receipt |
PLC – Public Limited Company |
* | Non-income producing security. |
1 | Level 3 securities fair valued under procedures established by the Board of Trustees, represents 0.25% of Net Assets. The total value of these securities is $1,311,274. |
2 | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities are restricted and may be resold in transactions exempt from registration normally to qualified institutional buyers. The total value of these securities is $25,691,551, which represents 4.82% of total net assets of the Fund. |
3 | The rate is the annualized seven-day yield at period end. |
See accompanying Notes to Financial Statements.
39
WCM International Small Cap Growth Fund
SUMMARY OF INVESTMENTS
As of April 30, 2022
Security Type/Sector | Percent of Total Net Assets | |||
Common Stocks | ||||
Technology | 30.8 | % | ||
Health Care | 19.4 | % | ||
Industrials | 14.1 | % | ||
Consumer Discretionary | 11.3 | % | ||
Financials | 6.8 | % | ||
Communications | 5.9 | % | ||
Consumer Staples | 5.8 | % | ||
Real Estate | 2.7 | % | ||
Utilities | 1.0 | % | ||
Total Common Stocks | 97.8 | % | ||
Short-Term Investments | 2.6 | % | ||
Total Investments | 100.4 | % | ||
Liabilities in Excess of Other Assets | (0.4 | )% | ||
Total Net Assets | 100.0 | % |
See accompanying Notes to Financial Statements.
40
WCM Small Cap Growth Fund
SCHEDULE OF INVESTMENTS
As of April 30, 2022
Number of Shares | Value | |||||||
COMMON STOCKS — 95.4% | ||||||||
CONSUMER DISCRETIONARY — 15.3% | ||||||||
5,351 | Axon Enterprise, Inc.* | $ | 600,382 | |||||
7,908 | Boot Barn Holdings, Inc.* | 712,194 | ||||||
32,949 | Callaway Golf Co.* | 722,901 | ||||||
29,605 | Clarus Corp. | 661,672 | ||||||
5,138 | Marriott Vacations Worldwide Corp. | 767,258 | ||||||
12,407 | Planet Fitness, Inc. - Class A* | 992,932 | ||||||
14,402 | Texas Roadhouse, Inc. | 1,185,717 | ||||||
5,886 | Wingstop, Inc. | 540,099 | ||||||
6,183,155 | ||||||||
CONSUMER STAPLES — 8.4% | ||||||||
4,563 | Casey's General Stores, Inc. | 918,532 | ||||||
4,184 | Five Below, Inc.* | 657,306 | ||||||
3,939 | Helen of Troy Ltd.* | 844,955 | ||||||
19,470 | Performance Food Group Co.* | 958,898 | ||||||
3,379,691 | ||||||||
FINANCIALS — 2.9% | ||||||||
7,035 | Pinnacle Financial Partners, Inc. | 545,564 | ||||||
4,773 | Primerica, Inc. | 618,390 | ||||||
1,163,954 | ||||||||
HEALTH CARE — 18.3% | ||||||||
29,036 | AdaptHealth Corp. - Class A* | 367,596 | ||||||
4,576 | Arrowhead Pharmaceuticals, Inc.* | 188,119 | ||||||
10,476 | AtriCure, Inc.* | 544,019 | ||||||
7,610 | Axsome Therapeutics, Inc.* | 241,618 | ||||||
3,341 | Biohaven Pharmaceutical Holding Co., Ltd.* | 297,917 | ||||||
19,045 | Bridgebio Pharma, Inc.* | 152,741 | ||||||
6,406 | Fate Therapeutics, Inc.* | 182,955 | ||||||
15,354 | Insmed, Inc.* | 337,327 | ||||||
10,616 | Iovance Biotherapeutics, Inc.* | 160,832 | ||||||
1,663 | Mirati Therapeutics, Inc.* | 102,757 | ||||||
13,980 | NanoString Technologies, Inc.* | 262,544 | ||||||
7,508 | Natera, Inc.* | 263,681 | ||||||
14,550 | NuVasive, Inc.* | 748,452 | ||||||
40,612 | Pacific Biosciences of California, Inc.* | 257,480 | ||||||
3,607 | Penumbra, Inc.* | 622,424 | ||||||
2,098 | Repligen Corp.* | 329,890 | ||||||
12,264 | Rocket Pharmaceuticals, Inc.* | 126,074 | ||||||
3,268 | Shockwave Medical, Inc.* | 493,893 | ||||||
15,977 | Surgery Partners, Inc.* | 817,383 | ||||||
6,092 | Tandem Diabetes Care, Inc.* | 587,756 |
41
WCM Small Cap Growth Fund
SCHEDULE OF INVESTMENTS - Continued
As of April 30, 2022
Number of Shares | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
HEALTH CARE (Continued) | ||||||||
4,825 | Ultragenyx Pharmaceutical, Inc.* | $ | 341,079 | |||||
7,426,537 | ||||||||
INDUSTRIALS — 12.8% | ||||||||
9,373 | CryoPort, Inc.* | 211,455 | ||||||
6,585 | John Bean Technologies Corp. | 776,306 | ||||||
11,802 | Mercury Systems, Inc.* | 658,434 | ||||||
2,931 | Saia, Inc.* | 603,669 | ||||||
5,816 | Tetra Tech, Inc. | 810,052 | ||||||
12,340 | Timken Co. | 711,278 | ||||||
2,667 | TopBuild Corp.* | 483,100 | ||||||
26,945 | WillScot Mobile Mini Holdings Corp.* | 945,769 | ||||||
5,200,063 | ||||||||
MATERIALS — 5.9% | ||||||||
18,205 | Avient Corp. | 896,414 | ||||||
9,998 | Ingevity Corp.* | 598,880 | ||||||
11,628 | UFP Industries, Inc. | 899,659 | ||||||
2,394,953 | ||||||||
REAL ESTATE — 3.0% | ||||||||
15,467 | Rexford Industrial Realty, Inc. - REIT | 1,207,045 | ||||||
TECHNOLOGY — 28.8% | ||||||||
24,838 | 1Life Healthcare, Inc.* | 175,108 | ||||||
24,622 | ACI Worldwide, Inc.* | 680,060 | ||||||
7,627 | Avalara, Inc.* | 580,186 | ||||||
8,299 | Azenta, Inc. | 622,093 | ||||||
11,807 | Blackline, Inc.* | 791,659 | ||||||
6,689 | Euronet Worldwide, Inc.* | 813,717 | ||||||
7,590 | Five9, Inc.* | 835,659 | ||||||
22,662 | Health Catalyst, Inc.* | 377,096 | ||||||
11,577 | MACOM Technology Solutions Holdings, Inc.* | 589,848 | ||||||
6,936 | Procore Technologies, Inc.* | 384,740 | ||||||
7,849 | Science Applications International Corp. | 653,272 | ||||||
10,213 | Semtech Corp.* | 608,695 | ||||||
13,811 | Shift4 Payments, Inc. - Class A* | 724,525 | ||||||
16,741 | Smartsheet, Inc. - Class A* | 809,092 | ||||||
6,089 | Sprout Social, Inc. - Class A* | 373,134 | ||||||
5,897 | SPS Commerce, Inc.* | 705,458 | ||||||
25,367 | Upland Software, Inc.* | 378,476 | ||||||
5,323 | WEX, Inc.* | 884,895 |
42
WCM Small Cap Growth Fund
SCHEDULE OF INVESTMENTS - Continued
As of April 30, 2022
Number of Shares | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
TECHNOLOGY (Continued) | ||||||||
8,871 | WNS Holdings Ltd. - ADR* | $ | 695,220 | |||||
11,682,933 | ||||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $42,103,780) | 38,638,331 |
Principal Amount | ||||||||
SHORT-TERM INVESTMENTS — 4.3% | ||||||||
$ | 1,766,943 | UMB Bank Demand Deposit, 0.25%1 | 1,766,943 | |||||
TOTAL SHORT-TERM INVESTMENTS | ||||||||
(Cost $1,766,943) | 1,766,943 | |||||||
TOTAL INVESTMENTS — 99.7% | ||||||||
(Cost $43,870,723) | 40,405,274 | |||||||
Other Assets in Excess of Liabilities — 0.3% | 111,691 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 40,516,965 |
ADR – American Depository Receipt |
REIT – Real Estate Investment Trust |
* | Non-income producing security. |
1 | The rate is the annualized seven-day yield at period end. |
See accompanying Notes to Financial Statements.
43
WCM Small Cap Growth Fund
SUMMARY OF INVESTMENTS
As of April 30, 2022
Security Type/Sector | Percent of Total Net Assets | |||
Common Stocks | ||||
Technology | 28.8 | % | ||
Health Care | 18.3 | % | ||
Consumer Discretionary | 15.3 | % | ||
Industrials | 12.8 | % | ||
Consumer Staples | 8.4 | % | ||
Materials | 5.9 | % | ||
Real Estate | 3.0 | % | ||
Financials | 2.9 | % | ||
Total Common Stocks | 95.4 | % | ||
Short-Term Investments | 4.3 | % | ||
Total Investments | 99.7 | % | ||
Other Assets in Excess of Liabilities | 0.3 | % | ||
Total Net Assets | 100.0 | % |
See accompanying Notes to Financial Statements.
44
WCM Focused Small Cap Fund
SCHEDULE OF INVESTMENTS
As of April 30, 2022
Number | Value | |||||||
COMMON STOCKS — 95.8% | ||||||||
CONSUMER DISCRETIONARY — 28.7% | ||||||||
58,100 | American Woodmark Corp.* | $ | 2,721,985 | |||||
35,900 | America's Car-Mart, Inc.* | 2,902,515 | ||||||
75,700 | AZEK Co., Inc.* | 1,607,868 | ||||||
76,687 | Beacon Roofing Supply, Inc.* | 4,572,846 | ||||||
36,900 | Dorman Products, Inc.* | 3,642,768 | ||||||
124,040 | ePlus, Inc.* | 7,005,779 | ||||||
135,900 | Leslie's, Inc.* | 2,663,640 | ||||||
37,800 | Wyndham Hotels & Resorts, Inc. | 3,324,888 | ||||||
28,442,289 | ||||||||
CONSUMER STAPLES — 13.2% | ||||||||
155,800 | Grocery Outlet Holding Corp.* | 5,245,786 | ||||||
46,700 | Inter Parfums, Inc. | 3,816,791 | ||||||
6,700 | Lancaster Colony Corp. | 1,039,706 | ||||||
62,700 | Ollie's Bargain Outlet Holdings, Inc.* | 3,012,735 | ||||||
13,115,018 | ||||||||
ENERGY — 1.8% | ||||||||
27,830 | EnerSys | 1,821,752 | ||||||
FINANCIALS — 11.1% | ||||||||
16,200 | Enstar Group Ltd.* | 3,819,150 | ||||||
111,886 | Focus Financial Partners, Inc. - Class A* | 4,413,902 | ||||||
15,692 | Virtus Investment Partners, Inc. | 2,779,995 | ||||||
11,013,047 | ||||||||
HEALTH CARE — 8.6% | ||||||||
64,982 | Addus HomeCare Corp.* | 5,476,683 | ||||||
13,992 | ICU Medical, Inc.* | 2,994,148 | ||||||
8,470,831 | ||||||||
INDUSTRIALS — 17.6% | ||||||||
54,600 | API Group Corp.* | 1,013,376 | ||||||
7,107 | Chase Corp. | 599,547 | ||||||
28,374 | Crane Co. | 2,730,430 | ||||||
13,400 | CSW Industrials, Inc. | 1,413,834 | ||||||
29,590 | EMCOR Group, Inc. | 3,150,743 | ||||||
19,694 | Landstar System, Inc. | 3,050,601 | ||||||
76,300 | SP Plus Corp.* | 2,174,550 | ||||||
14,200 | UniFirst Corp. | 2,446,660 | ||||||
24,922 | Vectrus, Inc.* | 899,684 | ||||||
17,479,425 |
45
WCM Focused Small Cap Fund
SCHEDULE OF INVESTMENTS - Continued
As of April 30, 2022
Number | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
MATERIALS — 4.8% | ||||||||
231,295 | Element Solutions, Inc. | $ | 4,769,303 | |||||
REAL ESTATE — 4.0% | ||||||||
221,524 | Cushman & Wakefield PLC* | 3,965,280 | ||||||
TECHNOLOGY — 6.0% | ||||||||
180,900 | E2open Parent Holdings, Inc.* | 1,400,166 | ||||||
57,310 | MeridianLink, Inc.* | 925,556 | ||||||
256,762 | Verra Mobility Corp.* | 3,602,371 | ||||||
5,928,093 | ||||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $87,629,700) | 95,005,038 |
Principal Amount | ||||||||
SHORT-TERM INVESTMENTS — 4.3% | ||||||||
$ | 4,307,185 | UMB Bank Demand Deposit, 0.25%1 | 4,307,185 | |||||
TOTAL SHORT-TERM INVESTMENTS | ||||||||
(Cost $4,307,185) | 4,307,185 | |||||||
TOTAL INVESTMENTS — 100.1% | ||||||||
(Cost $91,936,885) | 99,312,223 | |||||||
Liabilities in Excess of Other Assets — (0.1)% | (100,973 | ) | ||||||
TOTAL NET ASSETS — 100.0% | $ | 99,211,250 |
PLC – Public Limited Company |
* | Non-income producing security. |
1 | The rate is the annualized seven-day yield at period end. |
See accompanying Notes to Financial Statements.
46
WCM Focused Small Cap Fund
SUMMARY OF INVESTMENTS
As of April 30, 2022
Security Type/Sector | Percent of Total Net Assets | |||
Common Stocks | ||||
Consumer Discretionary | 28.7 | % | ||
Industrials | 17.6 | % | ||
Consumer Staples | 13.2 | % | ||
Financials | 11.1 | % | ||
Health Care | 8.6 | % | ||
Technology | 6.0 | % | ||
Materials | 4.8 | % | ||
Real Estate | 4.0 | % | ||
Energy | 1.8 | % | ||
Total Common Stocks | 95.8 | % | ||
Short-Term Investments | 4.3 | % | ||
Total Investments | 100.1 | % | ||
Liabilities in Excess of Other Assets | (0.1 | )% | ||
Total Net Assets | 100.0 | % |
See accompanying Notes to Financial Statements.
47
WCM China Quality Growth Fund
SCHEDULE OF INVESTMENTS
As of April 30, 2022
Number | Value | |||||||
COMMON STOCKS — 97.2% | ||||||||
CHINA — 74.7% | ||||||||
3,078 | Alibaba Group Holding Ltd. - ADR* | $ | 298,843 | |||||
68,200 | Angel Yeast Co., Ltd. - Class A | 395,769 | ||||||
10,100 | Asymchem Laboratories Tianjin Co., Ltd. - Class H* | 217,562 | ||||||
2,983 | Beijing Huafeng Test & Control Technology Co., Ltd. - Class A | 144,792 | ||||||
5,627 | Beijing Kingsoft Office Software, Inc. - Class A | 159,889 | ||||||
22,820 | Beijing United Information Technology Co., Ltd. - Class A | 332,108 | ||||||
7,000 | Changzhou Xingyu Automotive Lighting Systems Co., Ltd. - Class A | 135,083 | ||||||
143,500 | China Mengniu Dairy Co., Ltd.* | 774,472 | ||||||
24,800 | Hongfa Technology Co., Ltd. - Class A | 180,924 | ||||||
15,600 | Huali Industrial Group Co., Ltd. - Class A | 162,048 | ||||||
45,280 | Hundsun Technologies, Inc. - Class A | 260,320 | ||||||
945 | JD.com, Inc. - Class A* | 29,464 | ||||||
1,700 | Kweichow Moutai Co., Ltd. - Class A | 470,692 | ||||||
50,000 | Li Ning Co., Ltd. | 389,708 | ||||||
38,700 | Ping An Insurance Group Co. of China Ltd. - Class H | 244,612 | ||||||
24,076 | Qingdao Haier Biomedical Co., Ltd. - Class A | 235,179 | ||||||
25,684 | Qingdao Hiron Commercial Cold Chain Co., Ltd. - Class A | 120,966 | ||||||
14,400 | Sangfor Technologies, Inc. - Class A | 193,329 | ||||||
32,600 | Shandong Sinocera Functional Material Co., Ltd. - Class A | 160,357 | ||||||
45,600 | Shenzhou International Group Holdings Ltd. | 618,745 | ||||||
1,720 | Silergy Corp. | 153,136 | ||||||
20,750 | Tencent Holdings Ltd. | 977,841 | ||||||
28,364 | WuXi AppTec Co., Ltd. - Class H | 385,801 | ||||||
64,000 | Zhejiang Jiemei Electronic & Technology Co., Ltd. - Class A | 228,469 | ||||||
54,610 | Zhejiang Sanhua Intelligent Controls Co., Ltd. - Class A | 137,444 | ||||||
36,800 | Zhejiang Wolwo Bio-Pharmaceutical Co., Ltd. - Class A | 227,879 | ||||||
14,740 | ZTO Express Cayman, Inc. - ADR | 405,497 | ||||||
8,040,929 | ||||||||
HONG KONG — 16.7% | ||||||||
72,551 | AIA Group Ltd. | 712,723 | ||||||
290,000 | China Overseas Property Holdings Ltd. | 343,273 | ||||||
5,400 | Hong Kong Exchanges & Clearing Ltd. | 229,063 | ||||||
38,700 | Techtronic Industries Co., Ltd. | 516,572 | ||||||
1,801,631 | ||||||||
TAIWAN — 5.8% | ||||||||
9,104 | Airtac International Group | 247,066 | ||||||
43,000 | Sinbon Electronics Co., Ltd. | 377,693 | ||||||
624,759 | ||||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $13,068,145) | 10,467,319 |
48
WCM China Quality Growth Fund
SCHEDULE OF INVESTMENTS - Continued
As of April 30, 2022
Principal | Value | |||||||
SHORT-TERM INVESTMENTS — 3.4% | ||||||||
$ | 359,080 | UMB Bank Demand Deposit, 0.25%1 | $ | 359,080 | ||||
TOTAL SHORT-TERM INVESTMENTS | ||||||||
(Cost $359,080) | 359,080 | |||||||
TOTAL INVESTMENTS — 100.6% | ||||||||
(Cost $13,427,225) | 10,826,399 | |||||||
Liabilities in Excess of Other Assets — (0.6)% | (59,784 | ) | ||||||
TOTAL NET ASSETS — 100.0% | $ | 10,766,615 |
ADR – American Depository Receipt
* | Non-income producing security. |
1 | The rate is the annualized seven-day yield at period end. |
See accompanying Notes to Financial Statements.
49
WCM China Quality Growth Fund
SUMMARY OF INVESTMENTS
As of April 30, 2022
Security Type/Sector | Percent of Total Net Assets | |||
Common Stocks | ||||
Consumer Discretionary | 18.3 | % | ||
Consumer Staples | 15.2 | % | ||
Industrials | 14.9 | % | ||
Technology | 12.0 | % | ||
Financials | 11.0 | % | ||
Health Care | 9.9 | % | ||
Communications | 9.1 | % | ||
Materials | 3.6 | % | ||
Real Estate | 3.2 | % | ||
Total Common Stocks | 97.2 | % | ||
Short-Term Investments | 3.4 | % | ||
Total Investments | 100.6 | % | ||
Liabilities in Excess of Other Assets | (0.6 | )% | ||
Total Net Assets | 100.0 | % |
See accompanying Notes to Financial Statements.
50
WCM Sustainable Developing World Fund
SCHEDULE OF INVESTMENTS
As of April 30, 2022
Number | Value | |||||||
COMMON STOCKS — 95.8% | ||||||||
ARGENTINA — 2.3% | ||||||||
67 | MercadoLibre, Inc.* | $ | 65,233 | |||||
BRAZIL — 1.5% | ||||||||
23,500 | Hapvida Participacoes e Investimentos S.A. | 41,686 | ||||||
CANADA — 2.4% | ||||||||
2,357 | First Quantum Minerals Ltd. | 67,571 | ||||||
CHINA — 14.7% | ||||||||
1,763 | Foshan Haitian Flavouring & Food Co., Ltd. - Class A | 21,685 | ||||||
1,900 | Glodon Co., Ltd. - Class A | 13,213 | ||||||
2,095 | JD.com, Inc. - Class A* | 65,319 | ||||||
900 | Shenzhen Mindray Bio-Medical Electronics Co., Ltd. - Class A | 42,554 | ||||||
4,600 | Shenzhou International Group Holdings Ltd. | 62,417 | ||||||
3,200 | Tencent Holdings Ltd. | 150,800 | ||||||
4,200 | WuXi AppTec Co., Ltd. - Class H | 57,127 | ||||||
413,115 | ||||||||
DENMARK — 2.0% | ||||||||
2,173 | Vestas Wind Systems A/S | 55,414 | ||||||
HONG KONG — 9.4% | ||||||||
17,614 | AIA Group Ltd. | 173,036 | ||||||
2,100 | Hong Kong Exchanges & Clearing Ltd. | 89,080 | ||||||
262,116 | ||||||||
INDIA — 10.5% | ||||||||
163 | Asian Paints Ltd. | 6,871 | ||||||
1,747 | HDFC Bank Ltd. - ADR | 96,452 | ||||||
3,755 | ICICI Bank Ltd. - ADR | 71,495 | ||||||
401 | Maruti Suzuki India Ltd. | 40,163 | ||||||
1,700 | Tata Consultancy Services Ltd. | 78,350 | ||||||
293,331 | ||||||||
INDONESIA — 6.4% | ||||||||
49,030 | Bank Central Asia Tbk P.T. | 27,499 | ||||||
480,032 | Telkom Indonesia Persero Tbk P.T. | 152,980 | ||||||
180,479 | ||||||||
MEXICO — 6.9% | ||||||||
6,360 | Grupo Aeroportuario del Pacifico S.A.B. de C.V. - Class B* | 97,872 |
51
WCM Sustainable Developing World Fund
SCHEDULE OF INVESTMENTS - Continued
As of April 30, 2022
Number | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
MEXICO (Continued) | ||||||||
33,475 | Megacable Holdings S.A.B. de C.V. | $ | 95,357 | |||||
193,229 | ||||||||
PERU — 3.3% | ||||||||
655 | Credicorp Ltd. | 90,973 | ||||||
SINGAPORE — 4.2% | ||||||||
5,477 | United Overseas Bank Ltd. | 117,238 | ||||||
SOUTH AFRICA — 1.5% | ||||||||
2,015 | Bid Corp. Ltd. | 42,169 | ||||||
SOUTH KOREA — 2.1% | ||||||||
4,575 | Coupang, Inc. - Class A* | 58,880 | ||||||
SWEDEN — 4.3% | ||||||||
6,430 | Sandvik A.B. | 121,708 | ||||||
TAIWAN — 9.4% | ||||||||
9,000 | Feng TAY Enterprise Co., Ltd. | 57,943 | ||||||
2,210 | Taiwan Semiconductor Manufacturing Co., Ltd. - ADR | 205,375 | ||||||
263,318 | ||||||||
UNITED KINGDOM — 5.4% | ||||||||
880 | AstraZeneca PLC | 117,422 | ||||||
836 | Wizz Air Holdings PLC* | 32,701 | ||||||
150,123 | ||||||||
UNITED STATES — 5.7% | ||||||||
272 | American Tower Corp. - REIT | 65,558 | ||||||
260 | Mastercard, Inc. - Class A | 94,479 | ||||||
160,037 | ||||||||
VIETNAM — 3.8% | ||||||||
33,274 | Vietnam Dairy Products JSC | 107,278 | ||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $2,809,037) | 2,683,898 |
52
WCM Sustainable Developing World Fund
SCHEDULE OF INVESTMENTS - Continued
As of April 30, 2022
Principal | Value
| |||||||
SHORT-TERM INVESTMENTS — 4.7% | ||||||||
$ | 133,091 | UMB Bank Demand Deposit, 0.25%1 | $ | 133,091 | ||||
TOTAL SHORT-TERM INVESTMENTS | ||||||||
(Cost $133,091) | 133,091 | |||||||
TOTAL INVESTMENTS — 100.5% | ||||||||
(Cost $2,942,128) | 2,816,989 | |||||||
Liabilities in Excess of Other Assets — (0.5)% | (14,841 | ) | ||||||
TOTAL NET ASSETS — 100.0% | $ | 2,802,148 |
ADR – American Depository Receipt
JSC – Joint Stock Company
PLC – Public Limited Company
REIT – Real Estate Investment Trust
* | Non-income producing security. |
1 | The rate is the annualized seven-day yield at period end. |
See accompanying Notes to Financial Statements.
53
WCM Sustainable Developing World Fund
SUMMARY OF INVESTMENTS
As of April 30, 2022
Security Type/Sector | Percent of Total Net Assets | |||
Common Stocks | ||||
Financials | 23.8 | % | ||
Communications | 14.2 | % | ||
Technology | 14.0 | % | ||
Consumer Discretionary | 12.5 | % | ||
Health Care | 9.2 | % | ||
Industrials | 9.0 | % | ||
Consumer Staples | 6.1 | % | ||
Materials | 2.7 | % | ||
Real Estate | 2.3 | % | ||
Energy | 2.0 | % | ||
Total Common Stocks | 95.8 | % | ||
Short-Term Investments | 4.7 | % | ||
Total Investments | 100.5 | % | ||
Liabilities in Excess of Other Assets | (0.5 | )% | ||
Total Net Assets | 100.0 | % |
See accompanying Notes to Financial Statements.
54
WCM Sustainable International Fund
SCHEDULE OF INVESTMENTS
As of April 30, 2022
Number | Value | |||||||
COMMON STOCKS — 96.2% | ||||||||
ARGENTINA — 0.9% | ||||||||
45 | MercadoLibre, Inc.* | $ | 43,813 | |||||
CANADA — 4.1% | ||||||||
3,140 | First Quantum Minerals Ltd. | 90,018 | ||||||
460 | Intact Financial Corp. | 64,350 | ||||||
90 | Shopify, Inc. - Class A* | 38,414 | ||||||
192,782 | ||||||||
CHINA — 2.1% | ||||||||
1 | JD.com, Inc. - Class A* | 24 | ||||||
2,081 | Tencent Holdings Ltd. | 98,067 | ||||||
98,091 | ||||||||
DENMARK — 6.0% | ||||||||
1,670 | Novo Nordisk A/S - Class B | 190,758 | ||||||
3,665 | Vestas Wind Systems A/S | 93,461 | ||||||
284,219 | ||||||||
FRANCE — 2.4% | ||||||||
1,040 | Airbus S.E. | 113,852 | ||||||
GERMANY — 3.8% | ||||||||
905 | adidas A.G. | 182,504 | ||||||
HONG KONG — 3.3% | ||||||||
16,080 | AIA Group Ltd. | 157,966 | ||||||
INDIA — 3.3% | ||||||||
2,880 | HDFC Bank Ltd. - ADR | 159,005 | ||||||
INDONESIA — 2.1% | ||||||||
311,800 | Telkom Indonesia Persero Tbk P.T. | 99,366 | ||||||
IRELAND — 7.5% | ||||||||
375 | Accenture PLC - Class A | 112,635 | ||||||
840 | Aon PLC - Class A | 241,912 | ||||||
354,547 | ||||||||
JAPAN — 1.1% | ||||||||
549 | Cosmos Pharmaceutical Corp. | 50,611 |
55
WCM Sustainable International Fund
SCHEDULE OF INVESTMENTS - Continued
As of April 30, 2022
Number | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
MEXICO — 3.9% | ||||||||
6,550 | Grupo Aeroportuario del Pacifico S.A.B. de C.V. - Class B* | $ | 100,796 | |||||
30,220 | Megacable Holdings S.A.B. de C.V. | 86,085 | ||||||
186,881 | ||||||||
NETHERLANDS — 4.4% | ||||||||
43 | Adyen N.V.* | 72,124 | ||||||
245 | ASML Holding N.V. | 138,124 | ||||||
210,248 | ||||||||
PERU — 2.9% | ||||||||
1,000 | Credicorp Ltd. | 138,890 | ||||||
SINGAPORE — 4.6% | ||||||||
10,313 | United Overseas Bank Ltd. | 220,755 | ||||||
SOUTH KOREA — 1.3% | ||||||||
4,630 | Coupang, Inc. - Class A* | 59,588 | ||||||
SPAIN — 3.3% | ||||||||
13,570 | Iberdrola S.A. | 155,933 | ||||||
SWEDEN — 4.1% | ||||||||
10,200 | Sandvik A.B. | 193,068 | ||||||
SWITZERLAND — 2.8% | ||||||||
1,840 | Alcon, Inc. | 131,026 | ||||||
TAIWAN — 4.0% | ||||||||
10,000 | Feng TAY Enterprise Co., Ltd. | 64,381 | ||||||
1,380 | Taiwan Semiconductor Manufacturing Co., Ltd. - ADR | 128,243 | ||||||
192,624 | ||||||||
UNITED KINGDOM — 16.4% | ||||||||
3,650 | AstraZeneca PLC - ADR | 242,360 | ||||||
6,820 | Compass Group PLC | 143,908 | ||||||
1,150 | London Stock Exchange Group PLC | 113,375 | ||||||
5,130 | Persimmon PLC | 133,601 | ||||||
3,160 | Unilever PLC - ADR | 146,181 | ||||||
779,425 | ||||||||
UNITED STATES — 11.9% | ||||||||
205 | American Tower Corp. - REIT | 49,409 |
56
WCM Sustainable International Fund
SCHEDULE OF INVESTMENTS - Continued
As of April 30, 2022
Number | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
UNITED STATES (Continued) | ||||||||
1,120 | Crown Holdings, Inc. | $ | 123,245 | |||||
1,160 | International Flavors & Fragrances, Inc. | 140,708 | ||||||
640 | Mastercard, Inc. - Class A | 232,563 | ||||||
40 | Thermo Fisher Scientific, Inc. | 22,117 | ||||||
568,042 | ||||||||
VIETNAM — 0.0% | ||||||||
84 | Vietnam Dairy Products JSC | 271 | ||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $4,654,486) | 4,573,507 |
Principal | ||||||||
SHORT-TERM INVESTMENTS — 2.3% | ||||||||
$ | 108,961 | UMB Bank Demand Deposit, 0.25%1 | 108,961 | |||||
TOTAL SHORT-TERM INVESTMENTS | ||||||||
(Cost $108,961) | 108,961 | |||||||
TOTAL INVESTMENTS — 98.5% | ||||||||
(Cost $4,763,447) | 4,682,468 | |||||||
Other Assets in Excess of Liabilities — 1.5% | 72,200 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 4,754,668 |
ADR – American Depository Receipt
JSC – Joint Stock Company
PLC – Public Limited Company
REIT – Real Estate Investment Trust
* | Non-income producing security. |
1 | The rate is the annualized seven-day yield at period end. |
See accompanying Notes to Financial Statements.
57
WCM Sustainable International Fund
SUMMARY OF INVESTMENTS
As of April 30, 2022
Security Type/Sector | Percent of Total Net Assets | |||
Common Stocks | ||||
Financials | 23.1 | % | ||
Technology | 15.2 | % | ||
Health Care | 12.3 | % | ||
Industrials | 11.6 | % | ||
Consumer Discretionary | 10.2 | % | ||
Materials | 7.4 | % | ||
Communications | 6.0 | % | ||
Consumer Staples | 4.1 | % | ||
Utilities | 3.3 | % | ||
Energy | 2.0 | % | ||
Real Estate | 1.0 | % | ||
Total Common Stocks | 96.2 | % | ||
Short-Term Investments | 2.3 | % | ||
Total Investments | 98.5 | % | ||
Other Assets in Excess of Liabilities | 1.5 | % | ||
Total Net Assets | 100.0 | % |
See accompanying Notes to Financial Statements.
58
WCM Focused International Value Fund
SCHEDULE OF INVESTMENTS
As of April 30, 2022
Number | Value | |||||||
COMMON STOCKS — 99.2% | ||||||||
BELGIUM — 6.9% | ||||||||
5,400 | D'ieteren Group | $ | 866,780 | |||||
4,280 | KBC Group N.V. | 291,180 | ||||||
1,157,960 | ||||||||
CANADA — 12.1% | ||||||||
6,100 | Bank of Nova Scotia | 386,252 | ||||||
12,500 | Brookfield Asset Management, Inc. - Class A | 623,250 | ||||||
17,800 | CAE, Inc.* | 423,284 | ||||||
4,240 | CGI, Inc.* | 338,055 | ||||||
6,800 | Open Text Corp. | 272,340 | ||||||
2,043,181 | ||||||||
CHINA — 3.5% | ||||||||
1,940 | Baidu, Inc. - ADR* | 240,890 | ||||||
64,000 | China Mengniu Dairy Co., Ltd.* | 345,409 | ||||||
586,299 | ||||||||
GERMANY — 7.3% | ||||||||
3,940 | KION Group A.G. | 219,169 | ||||||
2,550 | Merck KGaA | 473,101 | ||||||
1,650 | MTU Aero Engines A.G. | 332,753 | ||||||
1,280 | Volkswagen A.G. | 198,231 | ||||||
1,223,254 | ||||||||
HONG KONG — 4.3% | ||||||||
27,970 | AIA Group Ltd. | 274,770 | ||||||
33,940 | Techtronic Industries Co., Ltd. | 453,035 | ||||||
727,805 | ||||||||
INDIA — 6.6% | ||||||||
32,780 | ICICI Bank Ltd. - ADR | 624,131 | ||||||
6,900 | Reliance Industries Ltd. - GDR | 493,419 | ||||||
1,117,550 | ||||||||
IRELAND — 5.2% | ||||||||
2,240 | ICON PLC* | 506,711 | ||||||
2,600 | Trane Technologies PLC | 363,714 | ||||||
870,425 | ||||||||
ISRAEL — 3.7% | ||||||||
64,100 | Israel Discount Bank Ltd. - Class A | 378,603 | ||||||
1,210 | Nice Ltd. - ADR* | 249,756 | ||||||
628,359 |
59
WCM Focused International Value Fund
SCHEDULE OF INVESTMENTS - Continued
As of April 30, 2022
Number | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
JAPAN — 16.8% | ||||||||
4,200 | Advantest Corp. | $ | 286,642 | |||||
7,500 | Bandai Namco Holdings, Inc. | 507,772 | ||||||
9,500 | FUJIFILM Holdings Corp. | 522,227 | ||||||
15,500 | Olympus Corp. | 272,818 | ||||||
6,640 | Sony Group Corp. - ADR | 571,372 | ||||||
8,500 | Square Enix Holdings Co., Ltd. | 339,369 | ||||||
800 | Tokyo Electron Ltd. | 337,557 | ||||||
2,837,757 | ||||||||
MEXICO — 4.5% | ||||||||
21,000 | Controladora Vuela Cia de Aviacion S.A.B. de C.V. - ADR* | 334,320 | ||||||
63,500 | Grupo Financiero Banorte S.A.B. de C.V. - Class O | 419,184 | ||||||
753,504 | ||||||||
NETHERLANDS — 3.5% | ||||||||
3,020 | Akzo Nobel N.V. | 261,977 | ||||||
2,000 | Koninklijke DSM N.V. | 336,224 | ||||||
598,201 | ||||||||
NORWAY — 1.8% | ||||||||
10,700 | Mowi A.S.A. | 302,242 | ||||||
RUSSIA — 0.2% | ||||||||
8,120 | HeadHunter Group PLC - ADR1 | 35,890 | ||||||
34,600 | Sberbank of Russia PJSC - ADR1 | 346 | ||||||
36,236 | ||||||||
SINGAPORE — 1.9% | ||||||||
6,750 | Kulicke & Soffa Industries, Inc. | 313,268 | ||||||
SWEDEN — 5.6% | ||||||||
5,480 | Atlas Copco A.B. - A Shares | 248,445 | ||||||
13,750 | Getinge A.B. - B Shares | 397,755 | ||||||
15,800 | Sandvik A.B. | 299,066 | ||||||
945,266 | ||||||||
SWITZERLAND — 6.1% | ||||||||
2,200 | Chubb Ltd. | 454,190 | ||||||
850 | Roche Holding A.G. | 315,176 | ||||||
2,120 | TE Connectivity Ltd. | 264,533 | ||||||
1,033,899 |
60
WCM Focused International Value Fund
SCHEDULE OF INVESTMENTS - Continued
As of April 30, 2022
Number | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
TAIWAN — 1.7% | ||||||||
3,180 | Taiwan Semiconductor Manufacturing Co., Ltd. - ADR | $ | 295,517 | |||||
THAILAND — 2.3% | ||||||||
3,900 | Fabrinet* | 382,941 | ||||||
UNITED KINGDOM — 2.9% | ||||||||
16,500 | RELX PLC - ADR | 485,925 | ||||||
UNITED STATES — 2.3% | ||||||||
1,800 | Helen of Troy Ltd.* | 386,118 | ||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $19,722,546) | 16,725,707 |
Principal | ||||||||
SHORT-TERM INVESTMENTS — 0.2% | ||||||||
$ | 27,067 | UMB Bank Demand Deposit, 0.25%2 | 27,067 | |||||
TOTAL SHORT-TERM INVESTMENTS | ||||||||
(Cost $27,067) | 27,067 | |||||||
TOTAL INVESTMENTS — 99.4% | ||||||||
(Cost $19,749,613) | 16,752,774 | |||||||
Other Assets in Excess of Liabilities — 0.6% | 100,579 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 16,853,353 |
ADR – American Depository Receipt
GDR – Global Depository Receipt
PJSC – Public Joint Stock Company
PLC – Public Limited Company
* | Non-income producing security. |
1 | Level 3 securities fair valued under procedures established by the Board of Trustees, represents 0.22% of Net Assets. The total value of these securities is $36,236. |
2 | The rate is the annualized seven-day yield at period end. |
See accompanying Notes to Financial Statements.
61
WCM Focused International Value Fund
SUMMARY OF INVESTMENTS
As of April 30, 2022
Security Type/Sector | Percent of Total Net Assets | |||
Common Stocks | ||||
Technology | 24.1 | % | ||
Financials | 20.5 | % | ||
Industrials | 17.4 | % | ||
Health Care | 11.7 | % | ||
Communications | 6.7 | % | ||
Consumer Discretionary | 6.3 | % | ||
Consumer Staples | 6.1 | % | ||
Materials | 3.5 | % | ||
Energy | 2.9 | % | ||
Total Common Stocks | 99.2 | % | ||
Short-Term Investments | 0.2 | % | ||
Total Investments | 99.4 | % | ||
Other Assets in Excess of Liabilities | 0.6 | % | ||
Total Net Assets | 100.0 | % |
See accompanying Notes to Financial Statements.
62
WCM Focused International Opportunities Fund
SCHEDULE OF INVESTMENTS
As of April 30, 2022
Number | Value | |||||||
COMMON STOCKS — 91.4% | ||||||||
ARGENTINA — 2.1% | ||||||||
2,020 | Globant S.A.* | $ | 436,300 | |||||
BELGIUM — 2.4% | ||||||||
3,150 | D'ieteren Group | 505,621 | ||||||
BRAZIL — 3.1% | ||||||||
151,500 | Hapvida Participacoes e Investimentos S.A. | 268,741 | ||||||
385,500 | Magazine Luiza S.A. | 380,510 | ||||||
649,251 | ||||||||
CANADA — 2.0% | ||||||||
270 | Constellation Software, Inc. | 424,928 | ||||||
CHINA — 8.1% | ||||||||
75,650 | China Mengniu Dairy Co., Ltd.* | 408,284 | ||||||
73,500 | Li Ning Co., Ltd. | 572,871 | ||||||
53,200 | Shenzhou International Group Holdings Ltd. | 721,869 | ||||||
1,703,024 | ||||||||
CYPRUS — 0.0% | ||||||||
3,700 | TCS Group Holding PLC - GDR1 | 10,619 | ||||||
FRANCE — 2.5% | ||||||||
1,450 | Teleperformance | 520,428 | ||||||
GERMANY — 6.1% | ||||||||
2,380 | Carl Zeiss Meditec A.G. | 298,943 | ||||||
3,160 | HelloFresh S.E.* | 133,209 | ||||||
1,950 | MTU Aero Engines A.G. | 393,253 | ||||||
6,250 | Puma S.E. | 459,873 | ||||||
1,285,278 | ||||||||
HONG KONG — 2.0% | ||||||||
31,850 | Techtronic Industries Co., Ltd. | 425,137 | ||||||
INDIA — 2.1% | ||||||||
7,700 | Divi's Laboratories Ltd. | 450,742 | ||||||
IRELAND — 8.6% | ||||||||
2,880 | Flutter Entertainment PLC* | 290,884 | ||||||
1,600 | ICON PLC* | 361,936 | ||||||
5,500 | Ryanair Holdings PLC - ADR* | 480,260 |
63
WCM Focused International Opportunities Fund
SCHEDULE OF INVESTMENTS - Continued
As of April 30, 2022
Number | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
IRELAND (Continued) | ||||||||
3,050 | STERIS PLC | $ | 683,353 | |||||
1,816,433 | ||||||||
ISRAEL — 1.6% | ||||||||
6,400 | Fiverr International Ltd.* | 340,800 | ||||||
ITALY — 8.6% | ||||||||
10,800 | Amplifon S.p.A. | 430,870 | ||||||
34,400 | Davide Campari-Milano N.V. | 388,147 | ||||||
10,200 | Moncler S.p.A. | 531,363 | ||||||
29,550 | Stevanato Group S.p.A.* | 472,800 | ||||||
1,823,180 | ||||||||
JAPAN — 10.0% | ||||||||
1,523 | BayCurrent Consulting, Inc. | 499,342 | ||||||
4,728 | GMO Payment Gateway, Inc. | 396,679 | ||||||
12,400 | Kobe Bussan Co., Ltd. | 302,303 | ||||||
3,210 | Lasertec Corp. | 428,861 | ||||||
11,400 | MonotaRO Co., Ltd. | 195,830 | ||||||
23,100 | Nihon M&A Center Holdings, Inc. | 284,449 | ||||||
2,107,464 | ||||||||
NETHERLANDS — 7.4% | ||||||||
1,750 | ASM International N.V. | 525,868 | ||||||
4,500 | BE Semiconductor Industries N.V. | 274,317 | ||||||
5,630 | Elastic N.V.* | 428,668 | ||||||
2,050 | IMCD N.V. | 326,411 | ||||||
1,555,264 | ||||||||
NORWAY — 1.6% | ||||||||
150,560 | AutoStore Holdings Ltd.* | 335,793 | ||||||
RUSSIA — 0.2% | ||||||||
9,200 | Yandex N.V. - Class A*,1 | 52,348 | ||||||
SPAIN — 1.5% | ||||||||
5,000 | Amadeus IT Group S.A.* | 313,318 | ||||||
SWEDEN — 8.9% | ||||||||
4,160 | Evolution A.B. | 426,807 | ||||||
20,450 | Lifco A.B. - B Shares | 428,950 | ||||||
37,850 | Nibe Industrier A.B. - B Shares | 371,095 |
64
WCM Focused International Opportunities Fund
SCHEDULE OF INVESTMENTS - Continued
As of April 30, 2022
Number | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
SWEDEN (Continued) | ||||||||
81,300 | Swedish Match A.B. | $ | 647,533 | |||||
1,874,385 | ||||||||
SWITZERLAND — 5.2% | ||||||||
1,120 | Bachem Holding A.G. | 488,685 | ||||||
3,150 | Straumann Holding A.G. | 371,339 | ||||||
780 | VAT Group A.G. | 241,251 | ||||||
1,101,275 | ||||||||
UNITED KINGDOM — 5.3% | ||||||||
11,600 | Halma PLC | 356,050 | ||||||
39,700 | Howden Joinery Group PLC | 375,840 | ||||||
2,650 | Spirax-Sarco Engineering PLC | 399,853 | ||||||
1,131,743 | ||||||||
UNITED STATES — 2.1% | ||||||||
3,370 | Ceridian HCM Holding, Inc.* | 189,158 | ||||||
14,300 | Freshworks, Inc. - Class A* | 259,831 | ||||||
448,989 | ||||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $24,859,337) | 19,312,320 |
Principal | ||||||||
SHORT-TERM INVESTMENTS — 20.0% | ||||||||
$ | 4,217,942 | UMB Bank Demand Deposit, 0.25%2 | 4,217,942 | |||||
TOTAL SHORT-TERM INVESTMENTS | ||||||||
(Cost $4,217,942) | 4,217,942 | |||||||
TOTAL INVESTMENTS — 111.4% | ||||||||
(Cost $29,077,279) | 23,530,262 | |||||||
Liabilities in Excess of Other Assets — (11.4)% | (2,400,090 | ) | ||||||
TOTAL NET ASSETS — 100.0% | $ | 21,130,172 |
ADR – American Depository Receipt
GDR – Global Depository Receipt
PLC – Public Limited Company
* | Non-income producing security. |
1 | Level 3 securities fair valued under procedures established by the Board of Trustees, represents 0.30% of Net Assets. The total value of these securities is $62,967. |
2 | The rate is the annualized seven-day yield at period end. |
See accompanying Notes to Financial Statements.
65
WCM Focused International Opportunities Fund
SUMMARY OF INVESTMENTS
As of April 30, 2022
Security Type/Sector | Percent of Total Net Assets | |||
Common Stocks | ||||
Technology | 23.8 | % | ||
Consumer Discretionary | 21.1 | % | ||
Health Care | 20.1 | % | ||
Industrials | 12.6 | % | ||
Consumer Staples | 8.9 | % | ||
Communications | 1.9 | % | ||
Materials | 1.6 | % | ||
Financials | 1.4 | % | ||
Total Common Stocks | 91.4 | % | ||
Short-Term Investments | 20.0 | % | ||
Total Investments | 111.4 | % | ||
Liabilities in Excess of Other Assets | (11.4 | )% | ||
Total Net Assets | 100.0 | % |
See accompanying Notes to Financial Statements.
66
WCM International Long-Term Growth Fund
SCHEDULE OF INVESTMENTS
As of April 30, 2022
Number | Value | |||||||
COMMON STOCKS — 92.7% | ||||||||
ARGENTINA — 2.0% | ||||||||
30 | MercadoLibre, Inc.* | $ | 29,209 | |||||
AUSTRALIA — 3.0% | ||||||||
195 | Atlassian Corp. PLC - Class A* | 43,842 | ||||||
CANADA — 6.3% | ||||||||
210 | Lululemon Athletica, Inc.* | 74,472 | ||||||
40 | Shopify, Inc. - Class A* | 17,073 | ||||||
91,545 | ||||||||
CHINA — 9.2% | ||||||||
5,000 | Li Ning Co., Ltd. | 38,971 | ||||||
1,300 | Meituan - Class B* | 27,854 | ||||||
2,800 | WuXi AppTec Co., Ltd. - Class H | 38,085 | ||||||
4,000 | Wuxi Biologics Cayman, Inc.* | 29,523 | ||||||
134,433 | ||||||||
CYPRUS — 0.1% | ||||||||
550 | TCS Group Holding PLC - GDR1 | 1,578 | ||||||
FRANCE — 6.7% | ||||||||
43 | Hermes International | 53,022 | ||||||
69 | LVMH Moet Hennessy Louis Vuitton S.E. | 44,653 | ||||||
97,675 | ||||||||
GERMANY — 5.6% | ||||||||
340 | Carl Zeiss Meditec A.G. | 42,706 | ||||||
105 | Sartorius A.G. | 39,368 | ||||||
82,074 | ||||||||
HONG KONG — 3.6% | ||||||||
3,950 | Techtronic Industries Co., Ltd. | 52,725 | ||||||
INDIA — 2.4% | ||||||||
630 | HDFC Bank Ltd. - ADR | 34,782 | ||||||
ITALY — 2.6% | ||||||||
730 | Moncler S.p.A. | 38,029 | ||||||
JAPAN — 3.6% | ||||||||
100 | Keyence Corp. | 40,200 |
67
WCM International Long-Term Growth Fund
SCHEDULE OF INVESTMENTS - Continued
As of April 30, 2022
Number | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
JAPAN (Continued) | ||||||||
800 | Mercari, Inc.* | $ | 13,110 | |||||
53,310 | ||||||||
NETHERLANDS — 13.8% | ||||||||
31 | Adyen N.V.* | 51,997 | ||||||
265 | ASM International N.V. | 79,631 | ||||||
124 | ASML Holding N.V. | 69,908 | ||||||
201,536 | ||||||||
NEW ZEALAND — 1.8% | ||||||||
405 | Xero Ltd.* | 26,707 | ||||||
NORWAY — 1.5% | ||||||||
9,670 | AutoStore Holdings Ltd.* | 21,567 | ||||||
RUSSIA — 0.3% | ||||||||
885 | Yandex N.V. - Class A*,1 | 5,036 | ||||||
SINGAPORE — 1.4% | ||||||||
250 | Sea Ltd. - ADR* | 20,690 | ||||||
SOUTH KOREA — 2.2% | ||||||||
2,485 | Coupang, Inc. - Class A* | 31,982 | ||||||
SWEDEN — 5.0% | ||||||||
200 | Evolution A.B. | 20,520 | ||||||
5,400 | Nibe Industrier A.B. - B Shares | 52,943 | ||||||
73,463 | ||||||||
SWITZERLAND — 9.7% | ||||||||
69 | Lonza Group A.G. | 40,683 | ||||||
390 | Straumann Holding A.G. | 45,975 | ||||||
180 | VAT Group A.G. | 55,673 | ||||||
142,331 | ||||||||
TAIWAN — 2.9% | ||||||||
460 | Taiwan Semiconductor Manufacturing Co., Ltd. - ADR | 42,748 | ||||||
UNITED KINGDOM — 5.8% | ||||||||
1,320 | Halma PLC | 40,516 | ||||||
290 | Spirax-Sarco Engineering PLC | 43,758 | ||||||
84,274 |
68
WCM International Long-Term Growth Fund
SCHEDULE OF INVESTMENTS - Continued
As of April 30, 2022
Number | Value | |||||||
COMMON STOCKS (Continued) | ||||||||
UNITED STATES — 3.2% | ||||||||
111 | EPAM Systems, Inc.* | $ | 29,414 | |||||
980 | Freshworks, Inc. - Class A* | 17,807 | ||||||
47,221 | ||||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $1,868,515) | 1,356,757 |
Principal | ||||||||
SHORT-TERM INVESTMENTS — 6.0% | ||||||||
$ | 87,259 | UMB Bank Demand Deposit, 0.25%2 | 87,259 | |||||
TOTAL SHORT-TERM INVESTMENTS | ||||||||
(Cost $87,259) | 87,259 | |||||||
TOTAL INVESTMENTS — 98.7% | ||||||||
(Cost $1,955,774) | 1,444,016 | |||||||
Other Assets in Excess of Liabilities — 1.3% | 19,389 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 1,463,405 |
ADR – American Depository Receipt
GDR – Global Depository Receipt
PLC – Public Limited Company
* | Non-income producing security. |
1 | Level 3 securities fair valued under procedures established by the Board of Trustees, represents 0.45% of Net Assets. The total value of these securities is $6,614. |
2 | The rate is the annualized seven-day yield at period end. |
See accompanying Notes to Financial Statements.
69
WCM International Long-Term Growth Fund
SUMMARY OF INVESTMENTS
As of April 30, 2022
Security Type/Sector | Percent of Total Net Assets | |||
Common Stocks | ||||
Technology | 27.4 | % | ||
Consumer Discretionary | 24.9 | % | ||
Industrials | 19.5 | % | ||
Health Care | 16.2 | % | ||
Financials | 2.5 | % | ||
Communications | 2.2 | % | ||
Total Common Stocks | 92.7 | % | ||
Short-Term Investments | 6.0 | % | ||
Total Investments | 98.7 | % | ||
Other Assets in Excess of Liabilities | 1.3 | % | ||
Total Net Assets | 100.0 | % |
See accompanying Notes to Financial Statements.
70
STATEMENTS OF ASSETS AND LIABILITIES
As of April 30, 2022
WCM Growth Fund | WCM Markets Fund | WCM Growth Fund | ||||||||||
Assets: | ||||||||||||
Investments, at cost | $ | 16,711,882,682 | $ | 2,201,389,773 | $ | 454,706,839 | ||||||
Foreign currency, at cost | - | 2,316,394 | - | |||||||||
Investments, at value | $ | 20,028,736,752 | $ | 1,847,958,624 | $ | 454,318,087 | ||||||
Foreign currency, at value | - | 2,288,951 | - | |||||||||
Receivables: | ||||||||||||
Investment securities sold | 158,520,319 | - | 2,457,664 | |||||||||
Fund shares sold | 8,541,120 | 16,370,002 | 426,467 | |||||||||
Reclaims receivable | 22,542,273 | 1,425 | 87,128 | |||||||||
Dividends and interest | 19,277,674 | 116,891 | 306,069 | |||||||||
Due from Advisor | - | - | - | |||||||||
Offering costs | - | - | - | |||||||||
Prepaid expenses | 116,881 | 67,010 | 63,584 | |||||||||
Total assets | 20,237,735,019 | 1,866,802,903 | 457,658,999 | |||||||||
Liabilities: | ||||||||||||
Payables: | ||||||||||||
Investment securities purchased | - | - | - | |||||||||
Fund shares redeemed | 26,881,471 | 4,803,711 | 2,738,092 | |||||||||
Advisory fees | 15,293,630 | 1,278,381 | 287,141 | |||||||||
Shareholder servicing fees (Note 7) | 1,080,920 | 370,399 | 44,324 | |||||||||
Distribution fees (Note 8) | 256,973 | 29,567 | 3,637 | |||||||||
Fund administration fees | 1,459,719 | 150,823 | 48,302 | |||||||||
Fund accounting fees | 469,419 | 58,997 | 24,276 | |||||||||
Transfer agent fees and expenses | 465,322 | 48,142 | 13,913 | |||||||||
Custody fees | 1,276,669 | 489,065 | 27,841 | |||||||||
Shareholder reporting fees | 542,872 | 62,141 | 13,774 | |||||||||
Trustees' deferred compensation (Note 3) | 81,809 | 10,837 | 7,559 | |||||||||
Auditing fees | 18,900 | 18,900 | 18,900 | |||||||||
Trustees' fees and expenses | 9,761 | 1,467 | 945 | |||||||||
Legal fees | 3,421 | 2,640 | 3,433 | |||||||||
Chief Compliance Officer fees | 1,673 | 1,054 | 667 | |||||||||
Offering costs - Advisor | - | - | - | |||||||||
Non-U.S. Taxes | - | 745,889 | - | |||||||||
Accrued other expenses | 308,795 | 46,779 | 13,885 | |||||||||
Total liabilities | 48,151,354 | 8,118,792 | 3,246,689 | |||||||||
Net Assets | $ | 20,189,583,665 | $ | 1,858,684,111 | $ | 454,412,310 | ||||||
Components of Net Assets: | ||||||||||||
Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized) | 16,813,301,280 | 2,320,480,695 | 440,966,128 | |||||||||
Total distributable earnings (accumulated deficit) | 3,376,282,385 | (461,796,584 | ) | 13,446,182 | ||||||||
Net Assets | $ | 20,189,583,665 | $ | 1,858,684,111 | $ | 454,412,310 | ||||||
Maximum Offering Price per Share: | ||||||||||||
Investor Class: | ||||||||||||
Net assets applicable to shares outstanding | $ | 1,106,334,035 | $ | 141,592,820 | $ | 16,396,382 | ||||||
Shares of beneficial interest issued and outstanding | 54,139,156 | 10,113,886 | 866,083 | |||||||||
Net asset value, offering and redemption price per share | $ | 20.43 | $ | 14.00 | $ | 18.93 | ||||||
Institutional Class: | ||||||||||||
Net assets applicable to shares outstanding | $ | 19,083,249,630 | $ | 1,717,091,291 | $ | 438,015,928 | ||||||
Shares of beneficial interest issued and outstanding | 924,747,743 | 121,255,670 | 22,658,360 | |||||||||
Net asset value, offering and redemption price per share | $ | 20.64 | $ | 14.16 | $ | 19.33 |
See accompanying Notes to Financial Statements.
71
STATEMENTS OF ASSETS AND LIABILITIES - Continued
As of April 30, 2022
WCM | WCM | WCM | ||||||||||
Assets: | ||||||||||||
Investments, at cost | $ | 605,730,711 | $ | 43,870,723 | $ | 91,936,885 | ||||||
Foreign currency, at cost | 70,827 | - | - | |||||||||
Investments, at value | $ | 535,423,348 | $ | 40,405,274 | $ | 99,312,223 | ||||||
Foreign currency, at value | 71,521 | - | - | |||||||||
Receivables: | ||||||||||||
Investment securities sold | 775,748 | 816,525 | - | |||||||||
Fund shares sold | 250,753 | - | 15,100 | |||||||||
Reclaims receivable | 191,940 | - | - | |||||||||
Dividends and interest | 912,367 | 1,886 | 26,681 | |||||||||
Due from Advisor | - | - | - | |||||||||
Offering costs | - | - | - | |||||||||
Prepaid expenses | 23,551 | 20,324 | 2,836 | |||||||||
Total assets | 537,649,228 | 41,244,009 | 99,356,840 | |||||||||
Liabilities: | ||||||||||||
Payables: | ||||||||||||
Investment securities purchased | 1,023,229 | 629,479 | - | |||||||||
Fund shares redeemed | 1,445,592 | 22,062 | - | |||||||||
Advisory fees | 343,771 | 14,214 | 45,536 | |||||||||
Shareholder servicing fees (Note 7) | 111,868 | 1,716 | 9,642 | |||||||||
Distribution fees (Note 8) | - | 17 | 35 | |||||||||
Fund administration fees | 59,300 | 8,841 | 17,214 | |||||||||
Fund accounting fees | 19,071 | 10,523 | 11,156 | |||||||||
Transfer agent fees and expenses | 14,909 | 6,277 | 7,329 | |||||||||
Custody fees | 125,440 | 4,612 | 5,451 | |||||||||
Shareholder reporting fees | 12,374 | 3,592 | 5,288 | |||||||||
Trustees' deferred compensation (Note 3) | 7,925 | 2,670 | 2,826 | |||||||||
Auditing fees | 18,699 | 18,680 | 18,900 | |||||||||
Trustees' fees and expenses | 350 | 819 | 2,484 | |||||||||
Legal fees | 1,105 | 2,606 | 9,900 | |||||||||
Chief Compliance Officer fees | 352 | 326 | 826 | |||||||||
Offering costs - Advisor | - | - | - | |||||||||
Non-U.S. Taxes | 1,184,037 | - | - | |||||||||
Accrued other expenses | 12,883 | 610 | 9,003 | |||||||||
Total liabilities | 4,380,905 | 727,044 | 145,590 | |||||||||
Net Assets | $ | 533,268,323 | $ | 40,516,965 | $ | 99,211,250 | ||||||
Components of Net Assets: | ||||||||||||
Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized) | 629,651,802 | 44,112,903 | 90,930,961 | |||||||||
Total distributable earnings (accumulated deficit) | (96,383,479 | ) | (3,595,938 | ) | 8,280,289 | |||||||
Net Assets | $ | 533,268,323 | $ | 40,516,965 | $ | 99,211,250 | ||||||
Maximum Offering Price per Share: | ||||||||||||
Investor Class: | ||||||||||||
Net assets applicable to shares outstanding | $ | - | $ | 79,325 | $ | 168,949 | ||||||
Shares of beneficial interest issued and outstanding | - | 7,211 | 16,411 | |||||||||
Net asset value, offering and redemption price per share | $ | - | $ | 11.00 | $ | 10.30 | 1 | |||||
Institutional Class: | ||||||||||||
Net assets applicable to shares outstanding | $ | 533,268,323 | $ | 40,437,640 | $ | 99,042,301 | ||||||
Shares of beneficial interest issued and outstanding | 26,373,062 | 3,652,610 | 9,544,363 | |||||||||
Net asset value, offering and redemption price per share | $ | 20.22 | $ | 11.07 | $ | 10.38 |
1 | Net asset value is calculated based on unrounded net assets and shares outstanding. |
See accompanying Notes to Financial Statements.
72
STATEMENTS OF ASSETS AND LIABILITIES - Continued
As of April 30, 2022
WCM | WCM | WCM | ||||||||||
Assets: | ||||||||||||
Investments, at cost | $ | 13,427,225 | $ | 2,942,128 | $ | 4,763,447 | ||||||
Foreign currency, at cost | 10,238 | 915 | 7,850 | |||||||||
Investments, at value | $ | 10,826,399 | $ | 2,816,989 | $ | 4,682,468 | ||||||
Foreign currency, at value | 9,841 | 913 | 7,852 | |||||||||
Receivables: | ||||||||||||
Investment securities sold | - | 47,375 | 239,552 | |||||||||
Fund shares sold | - | 1,001 | - | |||||||||
Reclaims receivable | - | 23 | 223 | |||||||||
Dividends and interest | 72 | 5,106 | 10,548 | |||||||||
Due from Advisor | 17,829 | 24,942 | 18,136 | |||||||||
Offering costs | - | - | - | |||||||||
Prepaid expenses | 20,619 | 28,056 | 35,743 | |||||||||
Total assets | 10,874,760 | 2,924,405 | 4,994,522 | |||||||||
Liabilities: | ||||||||||||
Payables: | ||||||||||||
Investment securities purchased | - | 58,662 | 185,620 | |||||||||
Fund shares redeemed | - | - | - | |||||||||
Advisory fees | - | - | - | |||||||||
Shareholder servicing fees (Note 7) | 6,891 | 122 | 173 | |||||||||
Distribution fees (Note 8) | 29 | 7 | 7 | |||||||||
Fund administration fees | 12,519 | 6,734 | 6,818 | |||||||||
Fund accounting fees | 15,743 | 10,233 | 9,888 | |||||||||
Transfer agent fees and expenses | 6,161 | 6,508 | 6,006 | |||||||||
Custody fees | 24,053 | 14,893 | 6,457 | |||||||||
Shareholder reporting fees | 5,819 | 895 | 722 | |||||||||
Trustees' deferred compensation (Note 3) | 1,763 | 1,742 | 1,742 | |||||||||
Auditing fees | 18,900 | 18,900 | 18,900 | |||||||||
Trustees' fees and expenses | 1,676 | 295 | 295 | |||||||||
Legal fees | 10,245 | 1,859 | 2,299 | |||||||||
Chief Compliance Officer fees | 1,758 | 567 | 758 | |||||||||
Offering costs - Advisor | - | - | - | |||||||||
Non-U.S. Taxes | - | 413 | - | |||||||||
Accrued other expenses | 2,588 | 427 | 169 | |||||||||
Total liabilities | 108,145 | 122,257 | 239,854 | |||||||||
Net Assets | $ | 10,766,615 | $ | 2,802,148 | $ | 4,754,668 | ||||||
Components of Net Assets: | ||||||||||||
Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized) | 14,614,601 | 2,965,038 | 4,843,591 | |||||||||
Total distributable earnings (accumulated deficit) | (3,847,986 | ) | (162,890 | ) | (88,923 | ) | ||||||
Net Assets | $ | 10,766,615 | $ | 2,802,148 | $ | 4,754,668 | ||||||
Maximum Offering Price per Share: | ||||||||||||
Investor Class: | ||||||||||||
Net assets applicable to shares outstanding | $ | 137,914 | $ | 35,149 | $ | 23,225 | ||||||
Shares of beneficial interest issued and outstanding | 12,327 | 2,741 | 1,706 | |||||||||
Net asset value, offering and redemption price per share | $ | 11.19 | $ | 12.83 | 1 | $ | 13.62 | 1 | ||||
Institutional Class: | ||||||||||||
Net assets applicable to shares outstanding | $ | 10,628,701 | $ | 2,766,999 | $ | 4,731,443 | ||||||
Shares of beneficial interest issued and outstanding | 944,625 | 214,839 | 346,493 | |||||||||
Net asset value, offering and redemption price per share | $ | 11.25 | $ | 12.88 | $ | 13.66 |
1 | Net asset value is calculated based on unrounded net assets and shares outstanding. |
See accompanying Notes to Financial Statements.
73
STATEMENTS OF ASSETS AND LIABILITIES - Continued
As of April 30, 2022
WCM Value Fund | WCM Opportunities Fund | WCM Long-Term | ||||||||||
Assets: | ||||||||||||
Investments, at cost | $ | 19,749,613 | $ | 29,077,279 | $ | 1,955,774 | ||||||
Foreign currency, at cost | - | - | - | |||||||||
Investments, at value | $ | 16,752,774 | $ | 23,530,262 | $ | 1,444,016 | ||||||
Foreign currency, at value | - | - | - | |||||||||
Receivables: | ||||||||||||
Investment securities sold | 87,006 | - | - | |||||||||
Fund shares sold | - | 305,525 | - | |||||||||
Reclaims receivable | 4,404 | 1,337 | 208 | |||||||||
Dividends and interest | 49,779 | 24,484 | 904 | |||||||||
Due from Advisor | 6,006 | 16,869 | 25,324 | |||||||||
Offering costs | - | - | 4,899 | |||||||||
Prepaid expenses | 30,680 | 20,777 | 47,053 | |||||||||
Total assets | 16,930,649 | 23,899,254 | 1,522,404 | |||||||||
Liabilities: | ||||||||||||
Payables: | ||||||||||||
Investment securities purchased | - | 2,648,819 | - | |||||||||
Fund shares redeemed | - | - | - | |||||||||
Advisory fees | - | - | - | |||||||||
Shareholder servicing fees (Note 7) | 4,972 | 6,103 | 414 | |||||||||
Distribution fees (Note 8) | 17 | 22 | 2 | |||||||||
Fund administration fees | 8,232 | 7,277 | 3,393 | |||||||||
Fund accounting fees | 12,450 | 13,917 | 6,299 | |||||||||
Transfer agent fees and expenses | 6,317 | 6,728 | 4,085 | |||||||||
Custody fees | 9,206 | 20,824 | 7,590 | |||||||||
Shareholder reporting fees | 3,464 | 476 | 1,778 | |||||||||
Trustees' deferred compensation (Note 3) | 1,522 | 1,104 | 710 | |||||||||
Auditing fees | 18,900 | 31,983 | 16,001 | |||||||||
Trustees' fees and expenses | 1,707 | 1,632 | 2,375 | |||||||||
Legal fees | 6,290 | 1,879 | 193 | |||||||||
Chief Compliance Officer fees | 555 | 831 | 490 | |||||||||
Offering costs - Advisor | - | 25,003 | 15,309 | |||||||||
Non-U.S. Taxes | - | - | - | |||||||||
Accrued other expenses | 3,664 | 2,484 | 360 | |||||||||
Total liabilities | 77,296 | 2,769,082 | 58,999 | |||||||||
Net Assets | $ | 16,853,353 | $ | 21,130,172 | $ | 1,463,405 | ||||||
Components of Net Assets: | ||||||||||||
Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized) | 19,975,595 | 28,187,426 | 2,293,244 | |||||||||
Total distributable earnings (accumulated deficit) | (3,122,242 | ) | (7,057,254 | ) | (829,839 | ) | ||||||
Net Assets | $ | 16,853,353 | $ | 21,130,172 | $ | 1,463,405 | ||||||
Maximum Offering Price per Share: | ||||||||||||
Investor Class: | ||||||||||||
Net assets applicable to shares outstanding | $ | 78,410 | $ | 92,451 | $ | 6,293 | ||||||
Shares of beneficial interest issued and outstanding | 6,512 | �� | 11,104 | 1,000 | ||||||||
Net asset value, offering and redemption price per share | $ | 12.04 | $ | 8.33 | $ | 6.29 | ||||||
Institutional Class: | ||||||||||||
Net assets applicable to shares outstanding | $ | 16,774,943 | $ | 21,037,721 | $ | 1,457,112 | ||||||
Shares of beneficial interest issued and outstanding | 1,387,376 | 2,519,579 | 231,182 | |||||||||
Net asset value, offering and redemption price per share | $ | 12.09 | $ | 8.35 | $ | 6.30 |
See accompanying Notes to Financial Statements.
74
STATEMENTS OF OPERATIONS
For the Year/Period Ended April 30, 2022
WCM Growth Fund | WCM Markets Fund | WCM Growth Fund | ||||||||||
Investment Income: | ||||||||||||
Dividends (net of foreign withholding taxes of $16,477,385, $1,930,723 and $182,167, respectively) | $ | 163,891,884 | $ | 20,465,581 | $ | 2,794,180 | ||||||
Interest | 168,863 | 34,208 | 5,211 | |||||||||
Total investment income | 164,060,747 | 20,499,789 | 2,799,391 | |||||||||
Expenses: | ||||||||||||
Advisory fees | 221,498,750 | 23,313,666 | 4,594,743 | |||||||||
Shareholder servicing fees (Note 7) | 28,167,749 | 3,174,739 | 634,523 | |||||||||
Distribution fees (Note 8) | 4,138,062 | 206,243 | 54,083 | |||||||||
Fund administration fees | 12,778,439 | 1,379,287 | 408,859 | |||||||||
Fund accounting fees | 2,791,032 | 356,416 | 139,171 | |||||||||
Transfer agent fees and expenses | 2,114,311 | 330,055 | 89,325 | |||||||||
Custody fees | 5,108,532 | 2,171,789 | 114,297 | |||||||||
Shareholder reporting fees | 1,225,488 | 200,220 | 36,055 | |||||||||
Registration fees | 616,210 | 184,559 | 100,542 | |||||||||
Miscellaneous | 463,680 | 157,391 | 23,068 | |||||||||
Trustees' fees and expenses | 190,091 | 20,882 | 10,052 | |||||||||
Legal fees | 61,393 | 16,932 | 9,435 | |||||||||
Insurance fees | 40,735 | 6,166 | 3,528 | |||||||||
Auditing fees | 19,000 | 19,001 | 19,000 | |||||||||
Chief Compliance Officer fees | 6,468 | 5,950 | 5,450 | |||||||||
Offering costs | - | - | - | |||||||||
Total expenses | 279,219,940 | 31,543,296 | 6,242,131 | |||||||||
Advisory fees waived | - | (2,194,968 | ) | (512,187 | ) | |||||||
Other expenses absorbed | - | - | - | |||||||||
Net expenses | 279,219,940 | 29,348,328 | 5,729,944 | |||||||||
Net investment income (loss) | (115,159,193 | ) | (8,848,539 | ) | (2,930,553 | ) | ||||||
Realized and Unrealized Gain (Loss): | ||||||||||||
Net realized gain (loss) on: | ||||||||||||
Investments | 587,341,290 | (94,063,207 | ) | 28,755,356 | ||||||||
Foreign currency transactions | 6,645,434 | (909,093 | ) | (13,453 | ) | |||||||
Deferred non-U.S. taxes | - | (796,575 | ) | - | ||||||||
Net realized gain (loss) | 593,986,724 | (95,768,875 | ) | 28,741,903 | ||||||||
Net change in unrealized appreciation/depreciation on: | ||||||||||||
Investments | (5,069,808,086 | ) | (572,016,460 | ) | (126,828,734 | ) | ||||||
Foreign currency translations | (1,964,281 | ) | (19,797 | ) | (8,032 | ) | ||||||
Deferred non-U.S. taxes | - | 1,147,629 | - | |||||||||
Net change in unrealized appreciation/depreciation | (5,071,772,367 | ) | (570,888,628 | ) | (126,836,766 | ) | ||||||
Net realized and unrealized loss | (4,477,785,643 | ) | (666,657,503 | ) | (98,094,863 | ) | ||||||
Net Decrease in Net Assets from Operations | $ | (4,592,944,836 | ) | $ | (675,506,042 | ) | $ | (101,025,416 | ) |
See accompanying Notes to Financial Statements.
75
STATEMENTS OF OPERATIONS - Continued
For the Year/Period Ended April 30, 2022
WCM | WCM | WCM Fund | ||||||||||
Investment Income: | ||||||||||||
Dividends (net of foreign withholding taxes of $658,722, $0 and $0, respectively) | $ | 5,061,332 | $ | 198,858 | $ | 525,910 | ||||||
Interest | 4,918 | 624 | 1,775 | |||||||||
Total investment income | 5,066,250 | 199,482 | 527,685 | |||||||||
Expenses: | ||||||||||||
Advisory fees | 8,271,001 | 531,966 | 1,033,940 | |||||||||
Shareholder servicing fees (Note 7) | 1,046,462 | 46,464 | 113,394 | |||||||||
Distribution fees (Note 8) | - | 229 | 424 | |||||||||
Fund administration fees | 564,538 | 75,542 | 128,022 | |||||||||
Fund accounting fees | 173,690 | 65,257 | 73,644 | |||||||||
Transfer agent fees and expenses | 103,164 | 40,762 | 42,724 | |||||||||
Custody fees | 625,773 | 12,409 | 16,111 | |||||||||
Shareholder reporting fees | 75,031 | 2,030 | 6,214 | |||||||||
Registration fees | 117,505 | 35,140 | 88,442 | |||||||||
Miscellaneous | 65,415 | 6,500 | 16,380 | |||||||||
Trustees' fees and expenses | 11,068 | 5,632 | 8,112 | |||||||||
Legal fees | 10,886 | 5,114 | 12,337 | |||||||||
Insurance fees | 4,234 | 2,950 | 2,965 | |||||||||
Auditing fees | 18,699 | 18,679 | 18,900 | |||||||||
Chief Compliance Officer fees | 4,950 | 4,950 | 5,950 | |||||||||
Offering costs | - | - | - | |||||||||
Total expenses | 11,092,416 | 853,624 | 1,567,559 | |||||||||
Advisory fees waived | (753,667 | ) | (188,353 | ) | (533,195 | ) | ||||||
Other expenses absorbed | - | - | - | |||||||||
Net expenses | 10,338,749 | 665,271 | 1,034,364 | |||||||||
Net investment income (loss) | (5,272,499 | ) | (465,789 | ) | (506,679 | ) | ||||||
Realized and Unrealized Gain (Loss): | ||||||||||||
Net realized gain (loss) on: | ||||||||||||
Investments | 26,810,696 | 2,964,759 | 6,151,683 | |||||||||
Foreign currency transactions | (127,413 | ) | - | - | ||||||||
Deferred non-U.S. taxes | (2,125,109 | ) | - | - | ||||||||
Net realized gain (loss) | 24,558,174 | 2,964,759 | 6,151,683 | |||||||||
Net change in unrealized appreciation/depreciation on: | ||||||||||||
Investments | (190,043,452 | ) | (15,542,258 | ) | (15,414,433 | ) | ||||||
Foreign currency translations | (33,136 | ) | - | - | ||||||||
Deferred non-U.S. taxes | 388,787 | - | - | |||||||||
Net change in unrealized appreciation/depreciation | (189,687,801 | ) | (15,542,258 | ) | (15,414,433 | ) | ||||||
Net realized and unrealized loss | (165,129,627 | ) | (12,577,499 | ) | (9,262,750 | ) | ||||||
Net Decrease in Net Assets from Operations | $ | (170,402,126 | ) | $ | (13,043,288 | ) | $ | (9,769,429 | ) |
See accompanying Notes to Financial Statements.
76
STATEMENTS OF OPERATIONS - Continued
For the Year/Period Ended April 30, 2022
WCM | WCM | WCM | ||||||||||
Investment Income: | ||||||||||||
Dividends (net of foreign withholding taxes of $4,912, $2,920 and $4,094, respectively) | $ | 119,605 | $ | 41,439 | $ | 68,674 | ||||||
Interest | 189 | 47 | 58 | |||||||||
Total investment income | 119,794 | 41,486 | 68,732 | |||||||||
Expenses: | ||||||||||||
Advisory fees | 144,514 | 25,138 | 33,473 | |||||||||
Shareholder servicing fees (Note 7) | 21,694 | 2,113 | 3,408 | |||||||||
Distribution fees (Note 8) | 467 | 74 | 70 | |||||||||
Fund administration fees | 57,504 | 52,549 | 52,484 | |||||||||
Fund accounting fees | 63,388 | 52,317 | 52,310 | |||||||||
Transfer agent fees and expenses | 35,512 | 35,486 | 34,487 | |||||||||
Custody fees | 90,668 | 57,530 | 38,994 | |||||||||
Shareholder reporting fees | 5,979 | 6,979 | 6,795 | |||||||||
Registration fees | 55,869 | 47,638 | 33,232 | |||||||||
Miscellaneous | 5,601 | 3,421 | 2,804 | |||||||||
Trustees' fees and expenses | 6,848 | 4,326 | 4,326 | |||||||||
Legal fees | 15,514 | 13,803 | 13,787 | |||||||||
Insurance fees | 2,270 | 1,956 | 1,956 | |||||||||
Auditing fees | 18,900 | 18,900 | 18,900 | |||||||||
Chief Compliance Officer fees | 5,992 | 4,801 | 4,992 | |||||||||
Offering costs | - | - | - | |||||||||
Total expenses | 530,720 | 327,031 | 302,018 | |||||||||
Advisory fees waived | (144,514 | ) | (25,138 | ) | (33,473 | ) | ||||||
Other expenses absorbed | (205,067 | ) | (270,398 | ) | (219,250 | ) | ||||||
Net expenses | 181,139 | 31,495 | 49,295 | |||||||||
Net investment income (loss) | (61,345 | ) | 9,991 | 19,437 | ||||||||
Realized and Unrealized Gain (Loss): | ||||||||||||
Net realized gain (loss) on: | ||||||||||||
Investments | (912,972 | ) | 246 | 70,341 | ||||||||
Foreign currency transactions | (759 | ) | (296 | ) | (356 | ) | ||||||
Deferred non-U.S. taxes | - | (1,776 | ) | - | ||||||||
Net realized gain (loss) | (913,731 | ) | (1,826 | ) | 69,985 | |||||||
Net change in unrealized appreciation/depreciation on: | ||||||||||||
Investments | (4,353,971 | ) | (379,544 | ) | (384,361 | ) | ||||||
Foreign currency translations | (392 | ) | (233 | ) | (64 | ) | ||||||
Deferred non-U.S. taxes | - | (273 | ) | - | ||||||||
Net change in unrealized appreciation/depreciation | (4,354,363 | ) | (380,050 | ) | (384,425 | ) | ||||||
Net realized and unrealized loss | (5,268,094 | ) | (381,876 | ) | (314,440 | ) | ||||||
Net Decrease in Net Assets from Operations | $ | (5,329,439 | ) | $ | (371,885 | ) | $ | (295,003 | ) |
See accompanying Notes to Financial Statements.
77
STATEMENTS OF OPERATIONS - Continued
For the Year/Period Ended April 30, 2022
WCM Value Fund | WCM Opportunities Fund | WCM Long-Term | ||||||||||
Investment Income: | ||||||||||||
Dividends (net of foreign withholding taxes of $17,483, $4,926 and $384, respectively) | $ | 137,149 | $ | 42,783 | $ | 2,488 | ||||||
Interest | 114 | 438 | 31 | |||||||||
Total investment income | 137,263 | 43,221 | 2,519 | |||||||||
Expenses: | ||||||||||||
Advisory fees | 77,490 | 101,256 | 6,326 | |||||||||
Shareholder servicing fees (Note 7) | 12,334 | 15,114 | 1,110 | |||||||||
Distribution fees (Note 8) | 153 | 187 | 13 | |||||||||
Fund administration fees | 47,059 | 53,346 | 27,720 | |||||||||
Fund accounting fees | 63,486 | 64,402 | 25,527 | |||||||||
Transfer agent fees and expenses | 35,573 | 37,697 | 18,254 | |||||||||
Custody fees | 34,393 | 89,399 | 28,006 | |||||||||
Shareholder reporting fees | 5,512 | 4,336 | 2,765 | |||||||||
Registration fees | 44,853 | 61,336 | 2,327 | |||||||||
Miscellaneous | 7,002 | 6,124 | 3,827 | |||||||||
Trustees' fees and expenses | 5,616 | 6,501 | 5,225 | |||||||||
Legal fees | 12,870 | 15,001 | 8,336 | |||||||||
Insurance fees | 2,454 | 1,151 | 701 | |||||||||
Auditing fees | 18,900 | 31,082 | 16,001 | |||||||||
Chief Compliance Officer fees | 4,992 | 5,501 | 3,210 | |||||||||
Offering costs | 2,469 | 8,773 | 6,309 | |||||||||
Total expenses | 375,156 | 501,206 | 155,657 | |||||||||
Advisory fees waived | (77,490 | ) | (101,256 | ) | (6,326 | ) | ||||||
Other expenses absorbed | (183,561 | ) | (273,190 | ) | (140,014 | ) | ||||||
Net expenses | 114,105 | 126,760 | 9,317 | |||||||||
Net investment income (loss) | 23,158 | (83,539 | ) | (6,798 | ) | |||||||
Realized and Unrealized Gain (Loss): | ||||||||||||
Net realized gain (loss) on: | ||||||||||||
Investments | (146,191 | ) | (1,407,831 | ) | (312,186 | ) | ||||||
Foreign currency transactions | (380 | ) | 87 | (4 | ) | |||||||
Deferred non-U.S. taxes | - | - | - | |||||||||
Net realized gain (loss) | (146,571 | ) | (1,407,744 | ) | (312,190 | ) | ||||||
Net change in unrealized appreciation/depreciation on: | ||||||||||||
Investments | (3,451,959 | ) | (5,593,396 | ) | (511,758 | ) | ||||||
Foreign currency translations | (1,516 | ) | (1,822 | ) | (34 | ) | ||||||
Deferred non-U.S. taxes | - | - | - | |||||||||
Net change in unrealized appreciation/depreciation | (3,453,475 | ) | (5,595,218 | ) | (511,792 | ) | ||||||
Net realized and unrealized loss | (3,600,046 | ) | (7,002,962 | ) | (823,982 | ) | ||||||
Net Decrease in Net Assets from Operations | $ | (3,576,888 | ) | $ | (7,086,501 | ) | $ | (830,780 | ) |
* | Commencement of operations on September 29, 2021. |
See accompanying Notes to Financial Statements.
78
WCM Focused International Growth Fund
STATEMENTS OF CHANGES IN NET ASSETS
For the | For the | |||||||
Increase (Decrease) in Net Assets from: | ||||||||
Operations: | ||||||||
Net investment loss | $ | (115,159,193 | ) | $ | (73,284,889 | ) | ||
Net realized gain on investments and foreign currency transactions | 593,986,724 | 1,177,031,196 | ||||||
Net change in unrealized appreciation/depreciation on investments and foreign currency translations | (5,071,772,367 | ) | 6,531,863,446 | |||||
Net increase (decrease) in net assets resulting from operations | (4,592,944,836 | ) | 7,635,609,753 | |||||
Distributions to Shareholders: | ||||||||
Investor Class | (82,734,321 | ) | (19,617,552 | ) | ||||
Institutional Class | (1,198,249,547 | ) | (281,277,964 | ) | ||||
Total distributions to shareholders | (1,280,983,868 | ) | (300,895,516 | ) | ||||
Capital Transactions: | ||||||||
Net proceeds from shares sold: | ||||||||
Investor Class | 518,278,322 | 1,179,261,264 | ||||||
Institutional Class | 5,873,297,782 | 7,384,907,392 | ||||||
Reinvestment of distributions: | ||||||||
Investor Class | 82,592,645 | 19,585,649 | ||||||
Institutional Class | 1,094,411,720 | 246,783,016 | ||||||
Cost of shares redeemed: | ||||||||
Investor Class | (665,394,020 | ) | (380,102,408 | ) | ||||
Institutional Class | (5,269,046,333 | ) | (3,716,329,694 | ) | ||||
Net increase in net assets from capital transactions | 1,634,140,116 | 4,734,105,219 | ||||||
Total increase (decrease) in net assets | (4,239,788,588 | ) | 12,068,819,456 | |||||
Net Assets: | ||||||||
Beginning of period | 24,429,372,253 | 12,360,552,797 | ||||||
End of period | $ | 20,189,583,665 | $ | 24,429,372,253 | ||||
Capital Share Transactions: | ||||||||
Shares sold: | ||||||||
Investor Class | 19,728,497 | 58,831,985 | ||||||
Institutional Class | 222,042,533 | 329,786,999 | ||||||
Shares reinvested: | ||||||||
Investor Class | 3,033,149 | 828,490 | ||||||
Institutional Class | 39,840,252 | 10,373,393 | ||||||
Shares redeemed: | ||||||||
Investor Class | (27,769,262 | ) | (16,405,010 | ) | ||||
Institutional Class | (211,447,870 | ) | (169,880,208 | ) | ||||
Net increase in capital share transactions | 45,427,299 | 213,535,649 |
See accompanying Notes to Financial Statements.
79
WCM Focused Emerging Markets Fund
STATEMENTS OF CHANGES IN NET ASSETS
For the | For the | |||||||
Increase (Decrease) in Net Assets from: | ||||||||
Operations: | ||||||||
Net investment loss | $ | (8,848,539 | ) | $ | (9,163,039 | ) | ||
Net realized gain (loss) on investments, foreign currency transactions and deferred non-U.S. taxes | (95,768,875 | ) | 112,959,904 | |||||
Net change in unrealized appreciation/depreciation on investments, foreign currency translations and deferred non-U.S. taxes | (570,888,628 | ) | 216,157,114 | |||||
Net increase (decrease) in net assets resulting from operations | (675,506,042 | ) | 319,953,979 | |||||
Distributions to Shareholders: | ||||||||
Investor Class | (2,826,823 | ) | (448,851 | ) | ||||
Institutional Class | (100,035,505 | ) | (10,353,698 | ) | ||||
Total distributions to shareholders | (102,862,328 | ) | (10,802,549 | ) | ||||
Capital Transactions: | ||||||||
Net proceeds from shares sold: | ||||||||
Investor Class | 260,506,831 | 40,053,512 | ||||||
Institutional Class | 1,469,353,271 | 1,749,846,602 | ||||||
Reinvestment of distributions: | ||||||||
Investor Class | 2,578,231 | 412,235 | ||||||
Institutional Class | 82,871,311 | 9,107,886 | ||||||
Cost of shares redeemed: | ||||||||
Investor Class | (145,368,858 | ) | (28,499,287 | ) | ||||
Institutional Class | (1,204,460,353 | ) | (250,951,139 | ) | ||||
Net increase in net assets from capital transactions | 465,480,433 | 1,519,969,809 | ||||||
Total increase (decrease) in net assets | (312,887,937 | ) | 1,829,121,239 | |||||
Net Assets: | ||||||||
Beginning of period | 2,171,572,048 | 342,450,809 | ||||||
End of period | $ | 1,858,684,111 | $ | 2,171,572,048 | ||||
Capital Share Transactions: | ||||||||
Shares sold: | ||||||||
Investor Class | 16,099,076 | 2,189,209 | ||||||
Institutional Class | 78,903,465 | 93,931,052 | ||||||
Shares reinvested: | ||||||||
Investor Class | 138,095 | 21,892 | ||||||
Institutional Class | 4,391,696 | 480,121 | ||||||
Shares redeemed: | ||||||||
Investor Class | (8,907,137 | ) | (1,519,158 | ) | ||||
Institutional Class | (67,542,974 | ) | (13,619,443 | ) | ||||
Net increase in capital share transactions | 23,082,221 | 81,483,673 |
See accompanying Notes to Financial Statements.
80
WCM Focused Global Growth Fund
STATEMENTS OF CHANGES IN NET ASSETS
For the | For the | |||||||
Increase (Decrease) in Net Assets from: | ||||||||
Operations: | ||||||||
Net investment loss | $ | (2,930,553 | ) | $ | (1,685,000 | ) | ||
Net realized gain on investments and foreign currency transactions | 28,741,903 | 57,026,839 | ||||||
Net change in unrealized appreciation/depreciation on investments and foreign currency translations | (126,836,766 | ) | 98,677,603 | |||||
Net increase (decrease) in net assets resulting from operations | (101,025,416 | ) | 154,019,442 | |||||
Distributions to Shareholders: | ||||||||
Investor Class | (2,212,086 | ) | (590,354 | ) | ||||
Institutional Class | (53,428,250 | ) | (14,845,357 | ) | ||||
Total distributions to shareholders | (55,640,336 | ) | (15,435,711 | ) | ||||
Capital Transactions: | ||||||||
Net proceeds from shares sold: | ||||||||
Investor Class | 6,366,794 | 10,590,501 | ||||||
Institutional Class | 280,075,915 | 318,693,384 | ||||||
Reinvestment of distributions: | ||||||||
Investor Class | 2,212,087 | 589,479 | ||||||
Institutional Class | 53,350,711 | 14,718,151 | ||||||
Cost of shares redeemed: | ||||||||
Investor Class | (7,873,611 | ) | (3,600,478 | ) | ||||
Institutional Class | (212,504,626 | ) | (244,090,392 | ) | ||||
Net increase in net assets from capital transactions | 121,627,270 | 96,900,645 | ||||||
Total increase (decrease) in net assets | (35,038,482 | ) | 235,484,376 | |||||
Net Assets: | ||||||||
Beginning of period | 489,450,792 | 253,966,416 | ||||||
End of period | $ | 454,412,310 | $ | 489,450,792 | ||||
Capital Share Transactions: | ||||||||
Shares sold: | ||||||||
Investor Class | 257,604 | 465,647 | ||||||
Institutional Class | 11,465,445 | 14,131,084 | ||||||
Shares reinvested: | ||||||||
Investor Class | 87,469 | 25,343 | ||||||
Institutional Class | 2,067,857 | 623,122 | ||||||
Shares redeemed: | ||||||||
Investor Class | (324,608 | ) | (155,040 | ) | ||||
Institutional Class | (9,086,122 | ) | (10,445,366 | ) | ||||
Net increase in capital share transactions | 4,467,645 | 4,644,790 |
See accompanying Notes to Financial Statements.
81
WCM International Small Cap Growth Fund
STATEMENTS OF CHANGES IN NET ASSETS
For the | For the | |||||||
Increase (Decrease) in Net Assets from: | ||||||||
Operations: | ||||||||
Net investment loss | $ | (5,272,499 | ) | $ | (2,801,037 | ) | ||
Net realized gain on investments, foreign currency transactions and deferred non-U.S. taxes | 24,558,174 | 48,034,098 | ||||||
Net change in unrealized appreciation/depreciation on investments, foreign currency translations and deferred non-U.S. taxes | (189,687,801 | ) | 112,539,356 | |||||
Net increase from payment by affiliates (Note 3) | - | 2,951 | ||||||
Net increase (decrease) in net assets resulting from operations | (170,402,126 | ) | 157,775,368 | |||||
Distributions to Shareholders: | ||||||||
Distributions | (85,948,627 | ) | (11,529,953 | ) | ||||
Total distributions to shareholders | (85,948,627 | ) | (11,529,953 | ) | ||||
Capital Transactions: | ||||||||
Net proceeds from shares sold: | ||||||||
Institutional class | 254,552,436 | 578,933,817 | ||||||
Reinvestment of distributions: | ||||||||
Institutional class | 85,596,317 | 11,387,132 | ||||||
Cost of shares redeemed: | ||||||||
Institutional class | (319,026,110 | ) | (54,574,413 | ) | ||||
Net increase in net assets from capital transactions | 21,122,643 | 535,746,536 | ||||||
Total increase (decrease) in net assets | (235,228,110 | ) | 681,991,951 | |||||
Net Assets: | ||||||||
Beginning of period | 768,496,433 | 86,504,482 | ||||||
End of period | $ | 533,268,323 | $ | 768,496,433 | ||||
Capital Share Transactions: | ||||||||
Shares sold: | ||||||||
Institutional class | 8,844,760 | 23,370,076 | ||||||
Shares reinvested: | ||||||||
Institutional class | 3,022,469 | 457,498 | ||||||
Shares redeemed: | ||||||||
Institutional class | (12,334,192 | ) | (2,137,327 | ) | ||||
Net increase (decrease) in capital share transactions | (466,963 | ) | 21,690,247 |
See accompanying Notes to Financial Statements.
82
WCM Small Cap Growth Fund
STATEMENTS OF CHANGES IN NET ASSETS
For the | For the | |||||||
Increase (Decrease) in Net Assets from: | ||||||||
Operations: | ||||||||
Net investment loss | $ | (465,789 | ) | $ | (309,773 | ) | ||
Net realized gain on investments | 2,964,759 | 3,050,310 | ||||||
Net change in unrealized appreciation/depreciation on investments | (15,542,258 | ) | 12,066,248 | |||||
Net increase (decrease) in net assets resulting from operations | (13,043,288 | ) | 14,806,785 | |||||
Distributions to Shareholders: | ||||||||
Investor Class | (8,947 | ) | (645 | ) | ||||
Institutional Class | (4,642,991 | ) | (409,027 | ) | ||||
Total distributions to shareholders | (4,651,938 | ) | (409,672 | ) | ||||
Capital Transactions: | ||||||||
Net proceeds from shares sold: | ||||||||
Investor Class | 39,675 | 28,250 | ||||||
Institutional Class | 16,781,334 | 38,739,588 | ||||||
Reinvestment of distributions: | ||||||||
Investor Class | 8,947 | 645 | ||||||
Institutional Class | 4,642,991 | 409,027 | ||||||
Cost of shares redeemed: | ||||||||
Investor Class | (14,170 | ) | (6,501 | ) | ||||
Institutional Class | (21,489,079 | ) | (349,037 | ) | ||||
Net increase (decrease) in net assets from capital transactions | (30,302 | ) | 38,821,972 | |||||
Total increase (decrease) in net assets | (17,725,528 | ) | 53,219,085 | |||||
Net Assets: | ||||||||
Beginning of period | 58,242,493 | 5,023,408 | ||||||
End of period | $ | 40,516,965 | $ | 58,242,493 | ||||
Capital Share Transactions: | ||||||||
Shares sold: | ||||||||
Investor Class | 2,576 | 2,033 | ||||||
Institutional Class | 1,276,872 | 3,147,577 | ||||||
Shares reinvested: | ||||||||
Investor Class | 640 | 47 | ||||||
Institutional Class | 330,227 | 29,704 | ||||||
Shares redeemed: | ||||||||
Investor Class | (993 | ) | (426 | ) | ||||
Institutional Class | (1,643,613 | ) | (26,208 | ) | ||||
Net increase (decrease) in capital share transactions | (34,291 | ) | 3,152,727 |
See accompanying Notes to Financial Statements.
83
WCM Focused Small Cap Fund
STATEMENTS OF CHANGES IN NET ASSETS
For the | For the | |||||||
Increase (Decrease) in Net Assets from: | ||||||||
Operations: | ||||||||
Net investment loss | $ | (506,679 | ) | $ | (269,468 | ) | ||
Net realized gain on investments | 6,151,683 | 2,359,180 | ||||||
Net change in unrealized appreciation/depreciation on investments | (15,414,433 | ) | 23,583,776 | |||||
Net increase (decrease) in net assets resulting from operations | (9,769,429 | ) | 25,673,488 | |||||
Distributions to Shareholders: | ||||||||
Investor Class | (11,632 | ) | - | |||||
Institutional Class | (6,732,771 | ) | - | |||||
Total distributions to shareholders | (6,744,403 | ) | - | |||||
Capital Transactions: | ||||||||
Net proceeds from shares sold: | ||||||||
Investor Class | 41,311 | 277,900 | ||||||
Institutional Class | 20,185,465 | 73,097,851 | ||||||
Reinvestment of distributions: | ||||||||
Investor Class | 11,632 | - | ||||||
Institutional Class | 5,850,536 | - | ||||||
Cost of shares redeemed: | ||||||||
Investor Class | (17,470 | ) | (175,385 | ) | ||||
Institutional Class | (9,774,983 | ) | (4,188,601 | ) | ||||
Net increase in net assets from capital transactions | 16,296,491 | 69,011,765 | ||||||
Total increase (decrease) in net assets | (217,341 | ) | 94,685,253 | |||||
Net Assets: | ||||||||
Beginning of period | 99,428,591 | 4,743,338 | ||||||
End of period | $ | 99,211,250 | $ | 99,428,591 | ||||
Capital Share Transactions: | ||||||||
Shares sold: | ||||||||
Investor Class | 3,554 | 24,987 | ||||||
Institutional Class | 1,740,069 | 7,956,284 | ||||||
Shares reinvested: | ||||||||
Investor Class | 1,022 | - | ||||||
Institutional Class | 510,518 | - | ||||||
Shares redeemed: | ||||||||
Investor Class | (1,492 | ) | (15,172 | ) | ||||
Institutional Class | (865,414 | ) | (407,594 | ) | ||||
Net increase in capital share transactions | 1,388,257 | 7,558,505 |
See accompanying Notes to Financial Statements.
84
WCM China Quality Growth Fund
STATEMENTS OF CHANGES IN NET ASSETS
For the | For the | |||||||
Increase (Decrease) in Net Assets from: | ||||||||
Operations: | ||||||||
Net investment loss | $ | (61,345 | ) | $ | (51,976 | ) | ||
Net realized gain (loss) on investments and foreign currency transactions | (913,731 | ) | 1,199,318 | |||||
Net change in unrealized appreciation/depreciation on investments and foreign currency translations | (4,354,363 | ) | 1,598,713 | |||||
Net increase from payment by affiliates (Note 3) | - | 1,692 | ||||||
Net increase (decrease) in net assets resulting from operations | (5,329,439 | ) | 2,747,747 | |||||
Distributions to Shareholders: | ||||||||
Investor Class | (15,604 | ) | (1,826 | ) | ||||
Institutional Class | (1,232,777 | ) | (171,359 | ) | ||||
Total distributions to shareholders | (1,248,381 | ) | (173,185 | ) | ||||
Capital Transactions: | ||||||||
Net proceeds from shares sold: | ||||||||
Investor Class | 117,302 | 158,731 | ||||||
Institutional Class | 6,652,617 | 9,817,499 | ||||||
Reinvestment of distributions: | ||||||||
Investor Class | 15,604 | 1,826 | ||||||
Institutional Class | 1,232,777 | 171,230 | ||||||
Cost of shares redeemed: | ||||||||
Investor Class | (85,426 | ) | (15,197 | ) | ||||
Institutional Class | (4,369,953 | ) | (1,328,954 | ) | ||||
Net increase in net assets from capital transactions | 3,562,921 | 8,805,135 | ||||||
Total increase (decrease) in net assets | (3,014,899 | ) | 11,379,697 | |||||
Net Assets: | ||||||||
Beginning of period | 13,781,514 | 2,401,817 | ||||||
End of period | $ | 10,766,615 | $ | 13,781,514 | ||||
Capital Share Transactions: | ||||||||
Shares sold: | ||||||||
Investor Class | 7,274 | 9,573 | ||||||
Institutional Class | 396,078 | 593,466 | ||||||
Shares reinvested: | ||||||||
Investor Class | 994 | 120 | ||||||
Institutional Class | 78,172 | 11,221 | ||||||
Shares redeemed: | ||||||||
Investor Class | (5,743 | ) | (891 | ) | ||||
Institutional Class | (281,405 | ) | (77,391 | ) | ||||
Net increase in capital share transactions | 195,370 | 536,098 |
See accompanying Notes to Financial Statements.
85
WCM Sustainable Developing World Fund
STATEMENTS OF CHANGES IN NET ASSETS
For the | For the | |||||||
Increase (Decrease) in Net Assets from: | ||||||||
Operations: | ||||||||
Net investment income | $ | 9,991 | $ | 42 | ||||
Net realized gain (loss) on investments, foreign currency transactions and deferred non-U.S. taxes | (1,826 | ) | 82,469 | |||||
Net change in unrealized appreciation/depreciation on investments, foreign currency translations and deferred non-U.S. taxes | (380,050 | ) | 204,066 | |||||
Net increase (decrease) in net assets resulting from operations | (371,885 | ) | 286,577 | |||||
Distributions to Shareholders: | ||||||||
Investor Class | (1,061 | ) | (529 | ) | ||||
Institutional Class | (95,777 | ) | (32,633 | ) | ||||
Total distributions to shareholders | (96,838 | ) | (33,162 | ) | ||||
Capital Transactions: | ||||||||
Net proceeds from shares sold: | ||||||||
Investor Class | 15,600 | 7,500 | ||||||
Institutional Class | 1,961,578 | 674,463 | ||||||
Reinvestment of distributions: | ||||||||
Investor Class | 1,061 | 528 | ||||||
Institutional Class | 95,777 | 32,634 | ||||||
Cost of shares redeemed: | ||||||||
Investor Class | (162 | ) | - | |||||
Institutional Class | (321,057 | ) | (32,411 | ) | ||||
Net increase in net assets from capital transactions | 1,752,797 | 682,714 | ||||||
Total increase in net assets | 1,284,074 | 936,129 | ||||||
Net Assets: | ||||||||
Beginning of period | 1,518,074 | 581,945 | ||||||
End of period | $ | 2,802,148 | $ | 1,518,074 | ||||
Capital Share Transactions: | ||||||||
Shares sold: | ||||||||
Investor Class | 1,118 | 523 | ||||||
Institutional Class | 132,677 | 46,608 | ||||||
Shares reinvested: | ||||||||
Investor Class | 75 | 36 | ||||||
Institutional Class | 6,769 | 2,216 | ||||||
Shares redeemed: | ||||||||
Investor Class | (11 | ) | - | |||||
Institutional Class | (23,235 | ) | (2,127 | ) | ||||
Net increase in capital share transactions | 117,393 | 47,256 |
See accompanying Notes to Financial Statements.
86
WCM Sustainable International Fund
STATEMENTS OF CHANGES IN NET ASSETS
For the | For the | |||||||
Increase (Decrease) in Net Assets from: | ||||||||
Operations: | ||||||||
Net investment income | $ | 19,437 | $ | 782 | ||||
Net realized gain on investments and foreign currency transactions | 69,985 | 37,015 | ||||||
Net change in unrealized appreciation/depreciation on investments and foreign currency translations | (384,425 | ) | 254,786 | |||||
Net increase (decrease) in net assets resulting from operations | (295,003 | ) | 292,583 | |||||
Distributions to Shareholders: | ||||||||
Investor Class | (620 | ) | (220 | ) | ||||
Institutional Class | (117,649 | ) | (17,476 | ) | ||||
Total distributions to shareholders | (118,269 | ) | (17,696 | ) | ||||
Capital Transactions: | ||||||||
Net proceeds from shares sold: | ||||||||
Investor Class | 35,420 | 1,500 | ||||||
Institutional Class | 2,282,401 | 1,873,430 | ||||||
Reinvestment of distributions: | ||||||||
Investor Class | 620 | 220 | ||||||
Institutional Class | 117,649 | 17,476 | ||||||
Cost of shares redeemed: | ||||||||
Investor Class | (26,166 | ) | - | |||||
Institutional Class | (10,000 | ) | (6,681 | ) | ||||
Net increase in net assets from capital transactions | 2,399,924 | 1,885,945 | ||||||
Total increase in net assets | 1,986,652 | 2,160,832 | ||||||
Net Assets: | ||||||||
Beginning of period | 2,768,016 | 607,184 | ||||||
End of period | $ | 4,754,668 | $ | 2,768,016 | ||||
Capital Share Transactions: | ||||||||
Shares sold: | ||||||||
Investor Class | 2,350 | 107 | ||||||
Institutional Class | 154,992 | 128,966 | ||||||
Shares reinvested: | ||||||||
Investor Class | 41 | 16 | ||||||
Institutional Class | 7,812 | 1,263 | ||||||
Shares redeemed: | ||||||||
Investor Class | (1,808 | ) | - | |||||
Institutional Class | (669 | ) | (478 | ) | ||||
Net increase in capital share transactions | 162,718 | 129,874 |
See accompanying Notes to Financial Statements.
87
WCM Focused International Value Fund
STATEMENTS OF CHANGES IN NET ASSETS
For the | For the Period | |||||||
Increase (Decrease) in Net Assets from: | ||||||||
Operations: | ||||||||
Net investment income (loss) | $ | 23,158 | $ | (827 | ) | |||
Net realized gain (loss) on investments and foreign currency transactions | (146,571 | ) | 2,613 | |||||
Net change in unrealized appreciation/depreciation on investments and foreign currency translations | (3,453,475 | ) | 455,097 | |||||
Net increase (decrease) in net assets resulting from operations | (3,576,888 | ) | 456,883 | |||||
Distributions to Shareholders: | ||||||||
Investor Class | (17 | ) | - | |||||
Institutional Class | (3,047 | ) | - | |||||
Total distributions to shareholders | (3,064 | ) | - | |||||
Capital Transactions: | ||||||||
Net proceeds from shares sold: | ||||||||
Investor Class | 42,870 | 42,792 | ||||||
Institutional Class | 19,032,345 | 4,157,960 | ||||||
Reinvestment of distributions: | ||||||||
Investor Class | 16 | - | ||||||
Institutional Class | 3,047 | - | ||||||
Cost of shares redeemed: | ||||||||
Investor Class | (405 | ) | - | |||||
Institutional Class | (1,887,646 | ) | (1,414,557 | ) | ||||
Net increase in net assets from capital transactions | 17,190,227 | 2,786,195 | ||||||
Total increase in net assets | 13,610,275 | 3,243,078 | ||||||
Net Assets: | ||||||||
Beginning of period | 3,243,078 | - | ||||||
End of period | $ | 16,853,353 | $ | 3,243,078 | ||||
Capital Share Transactions: | ||||||||
Shares sold: | ||||||||
Investor Class | 3,119 | 3,419 | ||||||
Institutional Class | 1,306,519 | 330,218 | ||||||
Shares reinvested: | ||||||||
Investor Class | 1 | - | ||||||
Institutional Class | 197 | - | ||||||
Shares redeemed: | ||||||||
Investor Class | (27 | ) | - | |||||
Institutional Class | (143,658 | ) | (105,900 | ) | ||||
Net increase in capital share transactions | 1,166,151 | 227,737 |
* | Commencement of operations. |
See accompanying Notes to Financial Statements.
88
WCM Focused International Opportunities Fund
STATEMENTS OF CHANGES IN NET ASSETS
For the | For the Period | |||||||
Increase (Decrease) in Net Assets from: | ||||||||
Operations: | ||||||||
Net investment income (loss) | $ | (83,539 | ) | $ | 160 | |||
Net realized gain (loss) on investments and foreign currency transactions | (1,407,744 | ) | 461 | |||||
Net change in unrealized appreciation/depreciation on investments and foreign currency translations | (5,595,218 | ) | 46,378 | |||||
Net increase (decrease) in net assets resulting from operations | (7,086,501 | ) | 46,999 | |||||
Distributions to Shareholders: | ||||||||
Investor Class | (89 | ) | - | |||||
Institutional Class | (18,947 | ) | - | |||||
Total distributions to shareholders | (19,036 | ) | - | |||||
Capital Transactions: | ||||||||
Net proceeds from shares sold: | ||||||||
Investor Class | 202,021 | 10,000 | ||||||
Institutional Class | 30,809,705 | 720,000 | ||||||
Reinvestment of distributions: | ||||||||
Investor Class | 89 | - | ||||||
Institutional Class | 18,947 | - | ||||||
Cost of shares redeemed: | ||||||||
Investor Class | (71,875 | ) | - | |||||
Institutional Class | (3,500,177 | ) | - | |||||
Net increase in net assets from capital transactions | 27,458,710 | 730,000 | ||||||
Total increase in net assets | 20,353,173 | 776,999 | ||||||
Net Assets: | ||||||||
Beginning of period | 776,999 | - | ||||||
End of period | $ | 21,130,172 | $ | 776,999 | ||||
Capital Share Transactions: | ||||||||
Shares sold: | ||||||||
Investor Class | 17,139 | 1,000 | ||||||
Institutional Class | 2,817,914 | 70,579 | ||||||
Shares reinvested: | ||||||||
Investor Class | 7 | - | ||||||
Institutional Class | 1,606 | - | ||||||
Shares redeemed: | ||||||||
Investor Class | (7,042 | ) | - | |||||
Institutional Class | (370,520 | ) | - | |||||
Net increase in capital share transactions | 2,459,104 | 71,579 |
* | Commencement of operations. |
See accompanying Notes to Financial Statements.
89
WCM International Long-Term Growth Fund
STATEMENT OF CHANGES IN NET ASSETS
For the Period through | ||||
Increase (Decrease) in Net Assets from: | ||||
Operations: | ||||
Net investment loss | $ | (6,798 | ) | |
Net realized loss on investments and foreign currency transactions | (312,190 | ) | ||
Net change in unrealized appreciation/depreciation on investments and foreign currency translations | (511,792 | ) | ||
Net decrease in net assets resulting from operations | (830,780 | ) | ||
Capital Transactions: | ||||
Net proceeds from shares sold: | ||||
Investor Class | 10,000 | |||
Institutional Class | 3,216,851 | |||
Cost of shares redeemed: | ||||
Institutional Class | (932,666 | ) | ||
Net increase in net assets from capital transactions | 2,294,185 | |||
Total increase in net assets | 1,463,405 | |||
Net Assets: | ||||
Beginning of period | - | |||
End of period | $ | 1,463,405 | ||
Capital Share Transactions: | ||||
Shares sold: | ||||
Investor Class | 1,000 | |||
Institutional Class | 355,296 | |||
Shares redeemed: | ||||
Institutional Class | (124,114 | ) | ||
Net increase in capital share transactions | 232,182 |
* | Commencement of operations. |
See accompanying Notes to Financial Statements.
90
WCM Focused International Growth Fund
FINANCIAL HIGHLIGHTS
Investor Class
Per share operating performance.
For a capital share outstanding throughout each period.
For the Year Ended April 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net asset value, beginning of period | $ | 26.00 | $ | 17.10 | $ | 16.51 | $ | 15.87 | $ | 13.84 | ||||||||||
Income from Investment Operations: | ||||||||||||||||||||
Net investment income (loss)1 | (0.18 | ) | (0.14 | ) | - | 0.03 | 0.03 | |||||||||||||
Net realized and unrealized gain (loss) | (4.12 | ) | 9.39 | 0.60 | 1.15 | 2.04 | ||||||||||||||
Total from investment operations | (4.30 | ) | 9.25 | 0.60 | 1.18 | 2.07 | ||||||||||||||
Less Distributions: | ||||||||||||||||||||
From net investment income | - | (0.01 | ) | (0.01 | ) | (0.01 | ) | (0.04 | ) | |||||||||||
From net realized gain | (1.27 | ) | (0.34 | ) | - | (0.53 | ) | - | 2 | |||||||||||
Total distributions | (1.27 | ) | (0.35 | ) | (0.01 | ) | (0.54 | ) | (0.04 | ) | ||||||||||
Redemption fee proceeds1 | - | - | - | - | 2 | - | 2 | |||||||||||||
Net asset value, end of period | $ | 20.43 | $ | 26.00 | $ | 17.10 | $ | 16.51 | $ | 15.87 | ||||||||||
Total return3 | (17.75 | )% | 54.28 | % | 3.64 | % | 7.99 | % | 14.98 | % | ||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 1,106,334 | $ | 1,537,934 | $ | 271,693 | $ | 200,100 | $ | 162,025 | ||||||||||
Ratio of expenses to average net assets | 1.31 | % | 1.30 | % | 1.26 | % | 1.24 | % | 1.30 | % | ||||||||||
Ratio of net investment income (loss) to average net assets | (0.68 | )% | (0.62 | )% | (0.01 | )% | 0.17 | % | 0.21 | % | ||||||||||
Portfolio turnover rate | 23 | % | 25 | % | 20 | % | 21 | % | 26 | % |
1 | Calculated based on average shares outstanding for the period. |
2 | Amount represents less than $0.01 per share. |
3 | Returns shown include Rule 12b-1 fees of up to 0.25% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
See accompanying Notes to Financial Statements.
91
WCM Focused International Growth Fund
FINANCIAL HIGHLIGHTS
Institutional Class
Per share operating performance.
For a capital share outstanding throughout each period.
For the Year Ended April 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net asset value, beginning of period | $ | 26.18 | $ | 17.17 | $ | 16.58 | $ | 15.94 | $ | 13.89 | ||||||||||
Income from Investment Operations: | ||||||||||||||||||||
Net investment income (loss)1 | (0.11 | ) | (0.08 | ) | 0.04 | 0.06 | 0.07 | |||||||||||||
Net realized and unrealized gain (loss) | (4.16 | ) | 9.44 | 0.59 | 1.16 | 2.05 | ||||||||||||||
Total from investment operations | (4.27 | ) | 9.36 | 0.63 | 1.22 | 2.12 | ||||||||||||||
Less Distributions: | ||||||||||||||||||||
From net investment income | - | (0.01 | ) | (0.04 | ) | (0.05 | ) | (0.07 | ) | |||||||||||
From net realized gain | (1.27 | ) | (0.34 | ) | - | (0.53 | ) | - | 2 | |||||||||||
Total distributions | (1.27 | ) | (0.35 | ) | (0.04 | ) | (0.58 | ) | (0.07 | ) | ||||||||||
Redemption fee proceeds1 | - | - | - | - | 2 | - | 2 | |||||||||||||
Net asset value, end of period | $ | 20.64 | $ | 26.18 | $ | 17.17 | $ | 16.58 | $ | 15.94 | ||||||||||
Total return3 | (17.51 | )% | 54.73 | % | 3.79 | % | 8.25 | % | 15.30 | % | ||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 19,083,250 | $ | 22,891,438 | $ | 12,088,860 | $ | 7,420,808 | $ | 5,576,795 | ||||||||||
Ratio of expenses to average net assets | 1.06 | % | 1.05 | % | 1.04 | % | 1.03 | % | 1.05 | % | ||||||||||
Ratio of net investment income (loss) to average net assets | (0.43 | )% | (0.37 | )% | 0.21 | % | 0.38 | % | 0.46 | % | ||||||||||
Portfolio turnover rate | 23 | % | 25 | % | 20 | % | 21 | % | 26 | % |
1 | Calculated based on average shares outstanding for the period. |
2 | Amount represents less than $0.01 per share. |
3 | Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
See accompanying Notes to Financial Statements.
92
WCM Focused Emerging Markets Fund
FINANCIAL HIGHLIGHTS
Investor Class
Per share operating performance.
For a capital share outstanding throughout each period.
For the Year Ended April 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net asset value, beginning of period | $ | 19.89 | $ | 12.71 | $ | 12.91 | $ | 12.43 | $ | 10.28 | ||||||||||
Income from Investment Operations: | ||||||||||||||||||||
Net investment income (loss)1 | (0.11 | ) | (0.19 | ) | (0.05 | ) | 0.14 | 0.13 | ||||||||||||
Net realized and unrealized gain (loss) | (4.96 | ) | 7.54 | (0.10 | ) | 0.42 | 2.11 | |||||||||||||
Net increase from payment by affiliates | - | - | - | - | 2 | - | ||||||||||||||
Total from investment operations | (5.07 | ) | 7.35 | (0.15 | ) | 0.56 | 2.24 | |||||||||||||
Less Distributions: | ||||||||||||||||||||
From net investment income | - | - | (0.03 | ) | (0.08 | ) | (0.09 | ) | ||||||||||||
From net realized gain | (0.82 | ) | (0.17 | ) | (0.02 | ) | - | - | ||||||||||||
Total distributions | (0.82 | ) | (0.17 | ) | (0.05 | ) | (0.08 | ) | (0.09 | ) | ||||||||||
Redemption fee proceeds1 | - | - | - | - | 2 | - | 2 | |||||||||||||
Net asset value, end of period | $ | 14.00 | $ | 19.89 | $ | 12.71 | $ | 12.91 | $ | 12.43 | ||||||||||
Total return3 | (26.54 | )% | 57.93 | % | (1.17 | )% | 4.64 | %4 | 21.87 | % | ||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 141,593 | $ | 55,369 | $ | 26,583 | $ | 6,540 | $ | 8,950 | ||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||
Before fees waived and expenses absorbed | 1.59 | % | 1.53 | % | 1.69 | % | 2.05 | % | 2.26 | % | ||||||||||
After fees waived and expenses absorbed | 1.50 | % | 1.50 | % | 1.49 | %5 | 0.00 | % | 0.00 | % | ||||||||||
Ratio of net investment income (loss) to average net assets: | ||||||||||||||||||||
Before fees waived and expenses absorbed | (0.71 | )% | (1.07 | )% | (0.59 | )% | (0.88 | )% | (1.17 | )% | ||||||||||
After fees waived and expenses absorbed | (0.62 | )% | (1.04 | )% | (0.39 | )% | 1.17 | % | 1.09 | % | ||||||||||
Portfolio turnover rate | 39 | % | 35 | % | 23 | % | 48 | % | 47 | % |
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 | The Advisor reimbursed the Fund $327 for losses from a trade error. Payments had no impact to the total return. |
5 | 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.
93
WCM Focused Emerging Markets Fund
FINANCIAL HIGHLIGHTS
Institutional Class
Per share operating performance.
For a capital share outstanding throughout each period.
For the Year Ended April 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net asset value, beginning of period | $ | 20.06 | $ | 12.78 | $ | 12.96 | $ | 12.47 | $ | 10.32 | ||||||||||
Income from Investment Operations: | ||||||||||||||||||||
Net investment income (loss)1 | (0.07 | ) | (0.15 | ) | (0.02 | ) | 0.14 | 0.13 | ||||||||||||
Net realized and unrealized gain (loss) | (5.01 | ) | 7.60 | (0.11 | ) | 0.43 | 2.11 | |||||||||||||
Net increase from payment by affiliates | - | - | - | - | 2 | - | ||||||||||||||
Total from investment operations | (5.08 | ) | 7.45 | (0.13 | ) | 0.57 | 2.24 | |||||||||||||
Less Distributions: | ||||||||||||||||||||
From net investment income | - | - | (0.03 | ) | (0.08 | ) | (0.09 | ) | ||||||||||||
From net realized gain | (0.82 | ) | (0.17 | ) | (0.02 | ) | - | - | ||||||||||||
Total distributions | (0.82 | ) | (0.17 | ) | (0.05 | ) | (0.08 | ) | (0.09 | ) | ||||||||||
Redemption fee proceeds1 | - | - | - | - | 2 | - | ||||||||||||||
Net asset value, end of period | $ | 14.16 | $ | 20.06 | $ | 12.78 | $ | 12.96 | $ | 12.47 | ||||||||||
Total return3 | (26.36 | )% | 58.39 | % | (1.01 | )% | 4.70 | %4 | 21.79 | % | ||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 1,717,091 | $ | 2,116,203 | $ | 315,868 | $ | 50,850 | $ | 22,251 | ||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||
Before fees waived and expenses absorbed | 1.34 | % | 1.28 | % | 1.45 | % | 1.80 | % | 2.01 | % | ||||||||||
After fees waived and expenses absorbed | 1.25 | % | 1.25 | % | 1.25 | %5 | 0.00 | % | 0.00 | % | ||||||||||
Ratio of net investment income (loss) to average net assets: | ||||||||||||||||||||
Before fees waived and expenses absorbed | (0.46 | )% | (0.82 | )% | (0.35 | )% | (0.63 | )% | (0.92 | )% | ||||||||||
After fees waived and expenses absorbed | (0.37 | )% | (0.79 | )% | (0.15 | )% | 1.17 | % | 1.09 | % | ||||||||||
Portfolio turnover rate | 39 | % | 35 | % | 23 | % | 48 | % | 47 | % |
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 | The Advisor reimbursed the Fund $327 for losses from a trade error. Payments had no impact to the total return. |
5 | 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.
94
WCM Focused Global Growth Fund
FINANCIAL HIGHLIGHTS
Investor Class
Per share operating performance.
For a capital share outstanding throughout each period.
For the Year Ended April 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net asset value, beginning of period | $ | 25.28 | $ | 17.39 | $ | 16.68 | $ | 14.96 | $ | 13.00 | ||||||||||
Income from Investment Operations: | ||||||||||||||||||||
Net investment loss1 | (0.19 | ) | (0.15 | ) | (0.05 | ) | (0.08 | ) | (0.04 | ) | ||||||||||
Net realized and unrealized gain (loss) | (3.52 | ) | 8.87 | 1.08 | 2.21 | 2.22 | ||||||||||||||
Total from investment operations | (3.71 | ) | 8.72 | 1.03 | 2.13 | 2.18 | ||||||||||||||
Less Distributions: | ||||||||||||||||||||
From net investment income | - | - | - | - | (0.04 | ) | ||||||||||||||
From net realized gain | (2.64 | ) | (0.83 | ) | (0.32 | ) | (0.41 | ) | (0.18 | ) | ||||||||||
Total distributions | (2.64 | ) | (0.83 | ) | (0.32 | ) | (0.41 | ) | (0.22 | ) | ||||||||||
Redemption fee proceeds1 | - | - | - | - | 2 | - | 2 | |||||||||||||
Net asset value, end of period | $ | 18.93 | $ | 25.28 | $ | 17.39 | $ | 16.68 | $ | 14.96 | ||||||||||
Total return3 | (17.30 | )% | 50.55 | % | 6.15 | % | 14.59 | % | 16.81 | % | ||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 16,396 | $ | 21,378 | $ | 8,865 | $ | 4,541 | $ | 3,540 | ||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||
Before fees waived and expenses absorbed | 1.40 | % | 1.44 | % | 1.50 | % | 1.73 | % | 2.29 | % | ||||||||||
After fees waived and expenses absorbed | 1.30 | % | 1.30 | % | 1.28 | %4 | 1.40 | % | 1.40 | % | ||||||||||
Ratio of net investment loss to average net assets: | ||||||||||||||||||||
Before fees waived and expenses absorbed | (0.88 | )% | (0.80 | )% | (0.52 | )% | (0.83 | )% | (1.13 | )% | ||||||||||
After fees waived and expenses absorbed | (0.78 | )% | (0.66 | )% | (0.30 | )% | (0.50 | )% | (0.24 | )% | ||||||||||
Portfolio turnover rate | 44 | % | 56 | % | 37 | % | 48 | % | 38 | % |
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 | 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.
95
WCM Focused Global Growth Fund
FINANCIAL HIGHLIGHTS
Institutional Class
Per share operating performance.
For a capital share outstanding throughout each period.
For the Year Ended April 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net asset value, beginning of period | $ | 25.70 | $ | 17.63 | $ | 16.87 | $ | 15.06 | $ | 13.05 | ||||||||||
Income from Investment Operations: | ||||||||||||||||||||
Net investment loss1 | (0.13 | ) | (0.09 | ) | (0.01 | ) | (0.04 | ) | - | 2 | ||||||||||
Net realized and unrealized gain (loss) | (3.60 | ) | 8.99 | 1.09 | 2.25 | 2.23 | ||||||||||||||
Total from investment operations | (3.73 | ) | 8.90 | 1.08 | 2.21 | 2.23 | ||||||||||||||
Less Distributions: | ||||||||||||||||||||
From net investment income | - | - | - | - | (0.04 | ) | ||||||||||||||
From net realized gain | (2.64 | ) | (0.83 | ) | (0.32 | ) | (0.41 | ) | (0.18 | ) | ||||||||||
Total distributions | (2.64 | ) | (0.83 | ) | (0.32 | ) | (0.41 | ) | (0.22 | ) | ||||||||||
Redemption fee proceeds1 | - | - | - | 0.01 | - | 2 | ||||||||||||||
Net asset value, end of period | $ | 19.33 | $ | 25.70 | $ | 17.63 | $ | 16.87 | $ | 15.06 | ||||||||||
Total return3 | (17.09 | )% | 50.89 | % | 6.38 | % | 15.09 | % | 17.13 | % | ||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 438,016 | $ | 468,073 | $ | 245,101 | $ | 93,974 | $ | 32,124 | ||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||
Before fees waived and expenses absorbed | 1.15 | % | 1.19 | % | 1.27 | % | 1.48 | % | 2.04 | % | ||||||||||
After fees waived and expenses absorbed | 1.05 | % | 1.05 | % | 1.05 | %4 | 1.15 | % | 1.15 | % | ||||||||||
Ratio of net investment income (loss) to average net assets: | ||||||||||||||||||||
Before fees waived and expenses absorbed | (0.63 | )% | (0.55 | )% | (0.29 | )% | (0.58 | )% | (0.88 | )% | ||||||||||
After fees waived and expenses absorbed | (0.53 | )% | (0.41 | )% | (0.07 | )% | (0.25 | )% | 0.01 | % | ||||||||||
Portfolio turnover rate | 44 | % | 56 | % | 37 | % | 48 | % | 38 | % |
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 | 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.
96
WCM International Small Cap Growth Fund
FINANCIAL HIGHLIGHTS
Institutional Class
Per share operating performance.
For a capital share outstanding throughout each period.
For the Year Ended April 30, | ||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||
Net asset value, beginning of period | $ | 28.63 | $ | 16.80 | $ | 15.57 | $ | 14.79 | $ | 11.58 | ||||||||||
Income from Investment Operations: | ||||||||||||||||||||
Net investment loss1 | (0.18 | ) | (0.19 | ) | (0.10 | ) | (0.09 | ) | (0.05 | ) | ||||||||||
Net realized and unrealized gain (loss) | (5.30 | ) | 12.76 | 1.33 | 1.37 | 3.41 | ||||||||||||||
Net increase from payment by affiliates (Note 3) | - | - | 2 | - | - | - | ||||||||||||||
Total from investment operations | (5.48 | ) | 12.57 | 1.23 | 1.28 | 3.36 | ||||||||||||||
Less Distributions: | ||||||||||||||||||||
From net realized gain | (2.93 | ) | (0.74 | ) | - | (0.50 | ) | (0.15 | ) | |||||||||||
Total distributions | (2.93 | ) | (0.74 | ) | - | (0.50 | ) | (0.15 | ) | |||||||||||
Redemption fee proceeds1 | - | - | - | - | 2 | - | 2 | |||||||||||||
Net asset value, end of period | $ | 20.22 | $ | 28.63 | $ | 16.80 | $ | 15.57 | $ | 14.79 | ||||||||||
Total return3 | (22.04 | )% | 75.46 | %4 | 7.90 | % | 9.29 | % | 29.18 | % | ||||||||||
Ratios and Supplemental Data: | ||||||||||||||||||||
Net assets, end of period (in thousands) | $ | 533,268 | $ | 768,496 | $ | 86,504 | $ | 11,922 | $ | 2,705 | ||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||
Before fees waived and expenses absorbed | 1.34 | % | 1.34 | % | 1.79 | % | 4.34 | % | 11.35 | % | ||||||||||
After fees waived and expenses absorbed | 1.25 | % | 1.25 | % | 1.25 | %5 | 1.40 | % | 1.40 | % | ||||||||||
Ratio of net investment loss to average net assets: | ||||||||||||||||||||
Before fees waived and expenses absorbed | (0.73 | )% | (0.84 | )% | (1.17 | )% | (3.55 | )% | (10.33 | )% | ||||||||||
After fees waived and expenses absorbed | (0.64 | )% | (0.75 | )% | (0.63 | )% | (0.61 | )% | (0.38 | )% | ||||||||||
Portfolio turnover rate | 87 | % | 82 | % | 67 | % | 81 | % | 58 | % |
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 | The Advisor reimbursed the Fund $2,951 for losses from a trade error. Payment had no impact to the total return. |
5 | 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.
97
WCM Small Cap Growth Fund
FINANCIAL HIGHLIGHTS
Investor Class
Per share operating performance.
For a capital share outstanding throughout each period.
For the Year Ended | For the Period 2019* | |||||||||||
2022 | 2021 | 2020 | ||||||||||
Net asset value, beginning of period | $ | 15.71 | $ | 9.27 | $ | 10.00 | ||||||
Income from Investment Operations: | ||||||||||||
Net investment loss1 | (0.16 | ) | (0.16 | ) | (0.05 | ) | ||||||
Net realized and unrealized gain (loss) | (3.28 | ) | 6.75 | (0.68 | ) | |||||||
Total from investment operations | (3.44 | ) | 6.59 | (0.73 | ) | |||||||
Less Distributions: | ||||||||||||
From net realized gain | (1.27 | ) | (0.15 | ) | - | |||||||
Total distributions | (1.27 | ) | (0.15 | ) | - | |||||||
Net asset value, end of period | $ | 11.00 | $ | 15.71 | $ | 9.27 | ||||||
Total return2 | (23.65 | )% | 71.37 | % | (7.30 | )%3 | ||||||
Ratios and Supplemental Data: | ||||||||||||
Net assets, end of period (in thousands) | $ | 79 | $ | 78 | $ | 31 | ||||||
Ratio of expenses to average net assets: | ||||||||||||
Before fees waived and expenses absorbed | 1.85 | % | 2.33 | % | 10.10 | %4 | ||||||
After fees waived and expenses absorbed | 1.50 | % | 1.50 | % | 1.50 | %4 | ||||||
Ratio of net investment loss to average net assets: | ||||||||||||
Before fees waived and expenses absorbed | (1.48 | )% | (2.08 | )% | (9.69 | )%4 | ||||||
After fees waived and expenses absorbed | (1.13 | )% | (1.25 | )% | (1.09 | )%4 | ||||||
Portfolio turnover rate | 57 | % | 51 | % | 51 | %3 |
* | Commencement of operations. |
1 | Calculated based on average shares outstanding for the period. |
2 | Total returns would have been lower had expenses not been waived or absorbed by the Advisor. Returns 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. |
See accompanying Notes to Financial Statements.
98
WCM Small Cap Growth Fund
FINANCIAL HIGHLIGHTS
Institutional Class
Per share operating performance.
For a capital share outstanding throughout each period.
For the Year Ended | For the Period 2019* | |||||||||||
2022 | 2021 | 2020 | ||||||||||
Net asset value, beginning of period | $ | 15.77 | $ | 9.28 | $ | 10.00 | ||||||
Income from Investment Operations: | ||||||||||||
Net investment loss1 | (0.12 | ) | (0.14 | ) | (0.04 | ) | ||||||
Net realized and unrealized gain (loss) | (3.31 | ) | 6.78 | (0.68 | ) | |||||||
Total from investment operations | (3.43 | ) | 6.64 | (0.72 | ) | |||||||
Less Distributions: | ||||||||||||
From net realized gain | (1.27 | ) | (0.15 | ) | - | |||||||
Total distributions | (1.27 | ) | (0.15 | ) | - | |||||||
Net asset value, end of period | $ | 11.07 | $ | 15.77 | $ | 9.28 | ||||||
Total return2 | (23.49 | )% | 71.84 | % | (7.20 | )%3 | ||||||
Ratios and Supplemental Data: | ||||||||||||
Net assets, end of period (in thousands) | $ | 40,438 | $ | 58,164 | $ | 4,993 | ||||||
Ratio of expenses to average net assets: | ||||||||||||
Before fees waived and expenses absorbed | 1.60 | % | 2.08 | % | 9.85 | %4 | ||||||
After fees waived and expenses absorbed | 1.25 | % | 1.25 | % | 1.25 | %4 | ||||||
Ratio of net investment loss to average net assets: | ||||||||||||
Before fees waived and expenses absorbed | (1.23 | )% | (1.83 | )% | (9.43 | )%4 | ||||||
After fees waived and expenses absorbed | (0.88 | )% | (1.00 | )% | (0.83 | )%4 | ||||||
Portfolio turnover rate | 57 | % | 51 | % | 51 | %3 |
* | Commencement of operations. |
1 | Calculated based on average shares outstanding for the period. |
2 | Total returns would have been lower had expenses not been waived or absorbed by the Advisor. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
3 | Not annualized. |
4 | Annualized. |
See accompanying Notes to Financial Statements.
99
WCM Focused Small Cap Fund
FINANCIAL HIGHLIGHTS
Investor Class
Per share operating performance.
For a capital share outstanding throughout each period.
For the Year Ended | For the Period 2019* | |||||||||||
2022 | 2021 | 2020 | ||||||||||
Net asset value, beginning of period | $ | 12.11 | $ | 7.71 | $ | 10.00 | ||||||
Income from Investment Operations: | ||||||||||||
Net investment loss1 | (0.08 | ) | (0.07 | ) | (0.02 | ) | ||||||
Net realized and unrealized gain (loss) | (0.97 | ) | 4.47 | (2.27 | ) | |||||||
Total from investment operations | (1.05 | ) | 4.40 | (2.29 | ) | |||||||
Less Distributions: | ||||||||||||
From net realized gain | (0.76 | ) | - | - | ||||||||
Total distributions | (0.76 | ) | - | - | ||||||||
Net asset value, end of period | $ | 10.30 | $ | 12.11 | $ | 7.71 | ||||||
Total return2 | (9.29 | )% | 57.07 | % | (22.90 | )%3 | ||||||
Ratios and Supplemental Data: | ||||||||||||
Net assets, end of period (in thousands) | $ | 169 | $ | 161 | $ | 27 | ||||||
Ratio of expenses to average net assets: | ||||||||||||
Before fees waived and expenses absorbed | 1.77 | % | 1.97 | % | 15.49 | %4 | ||||||
After fees waived and expenses absorbed | 1.25 | % | 1.25 | %5 | 1.50 | %4 | ||||||
Ratio of net investment loss to average net assets: | ||||||||||||
Before fees waived and expenses absorbed | (1.26 | )% | (1.43 | )% | (14.51 | )%4 | ||||||
After fees waived and expenses absorbed | (0.74 | )% | (0.71 | )% | (0.52 | )%4 | ||||||
Portfolio turnover rate | 32 | % | 32 | % | 5 | %3 |
* | Commencement of operations. |
1 | Calculated based on average shares outstanding for the period. |
2 | Total returns would have been lower had expenses not been waived or absorbed by the Advisor. Returns 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 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.
100
WCM Focused Small Cap Fund
FINANCIAL HIGHLIGHTS
Institutional Class
Per share operating performance.
For a capital share outstanding throughout each period.
For the Year Ended | For the Period 2019* | |||||||||||
2022 | 2021 | 2020 | ||||||||||
Net asset value, beginning of period | $ | 12.17 | $ | 7.73 | $ | 10.00 | ||||||
Income from Investment Operations: | ||||||||||||
Net investment loss1 | (0.06 | ) | (0.05 | ) | (0.01 | ) | ||||||
Net realized and unrealized gain (loss) | (0.97 | ) | 4.49 | (2.26 | ) | |||||||
Total from investment operations | (1.03 | ) | 4.44 | (2.27 | ) | |||||||
Less Distributions: | ||||||||||||
From net realized gain | (0.76 | ) | - | - | ||||||||
Total distributions | (0.76 | ) | - | - | ||||||||
Net asset value, end of period | $ | 10.38 | $ | 12.17 | $ | 7.73 | ||||||
Total return2 | (9.08 | )% | 57.44 | % | (22.70 | )%3 | ||||||
Ratios and Supplemental Data: | ||||||||||||
Net assets, end of period (in thousands) | $ | 99,042 | $ | 99,267 | $ | 4,716 | ||||||
Ratio of expenses to average net assets: | ||||||||||||
Before fees waived and expenses absorbed | 1.52 | % | 1.72 | % | 15.24 | %4 | ||||||
After fees waived and expenses absorbed | 1.00 | % | 1.00 | %5 | 1.25 | %4 | ||||||
Ratio of net investment loss to average net assets: | ||||||||||||
Before fees waived and expenses absorbed | (1.01 | )% | (1.18 | )% | (14.26 | )%4 | ||||||
After fees waived and expenses absorbed | (0.49 | )% | (0.46 | )% | (0.27 | )%4 | ||||||
Portfolio turnover rate | 32 | % | 32 | % | 5 | %3 |
* | Commencement of operations. |
1 | Calculated based on average shares outstanding for the period. |
2 | Total returns would have been lower had expenses not been waived or absorbed by the Advisor. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
3 | Not annualized. |
4 | Annualized. |
5 | 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.
101
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 | For the Period 2020* | |||||||||||
2022 | 2021 | 2020 | ||||||||||
Net asset value, beginning of period | $ | 18.05 | $ | 10.65 | $ | 10.00 | ||||||
Income from Investment Operations: | ||||||||||||
Net investment loss1 | (0.11 | ) | (0.17 | ) | (0.01 | ) | ||||||
Net realized and unrealized gain (loss) | (5.44 | ) | 7.95 | 0.66 | ||||||||
Net increase from payments by affiliates (Note 3) | - | - | 2 | - | ||||||||
Total from investment operations | (5.55 | ) | 7.78 | 0.65 | ||||||||
Less Distributions: | ||||||||||||
From net realized gain | (1.31 | ) | (0.38 | ) | - | |||||||
Total distributions | (1.31 | ) | (0.38 | ) | - | |||||||
Net asset value, end of period | $ | 11.19 | $ | 18.05 | $ | 10.65 | ||||||
Total return3 | (32.83 | )% | 73.73 | %4 | 6.50 | %5 | ||||||
Ratios and Supplemental Data: | ||||||||||||
Net assets, end of period (in thousands) | $ | 138 | $ | 177 | $ | 11 | ||||||
Ratio of expenses to average net assets: | ||||||||||||
Before fees waived and expenses absorbed | 3.92 | % | 6.21 | % | 18.03 | %6 | ||||||
After fees waived and expenses absorbed | 1.50 | % | 1.50 | % | 1.50 | %6 | ||||||
Ratio of net investment loss to average net assets: | ||||||||||||
Before fees waived and expenses absorbed | (3.09 | )% | (5.72 | )% | (17.69 | )%6 | ||||||
After fees waived and expenses absorbed | (0.67 | )% | (1.01 | )% | (1.16 | )%6 | ||||||
Portfolio turnover rate | 56 | % | 57 | % | - | %5 |
* | Commencement of operations. |
1 | Calculated based on average shares outstanding for the period. |
2 | Amount represents less than $0.01 per share. |
3 | Total returns would have been lower had expenses not been waived or absorbed by the Advisor. Returns shown include Rule 12b-1 fees of up to 0.25% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
4 | 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. |
5 | Not annualized. |
6 | Annualized. |
See accompanying Notes to Financial Statements.
102
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 | For the Period 2020* | |||||||||||
2022 | 2021 | 2020 | ||||||||||
Net asset value, beginning of period | $ | 18.10 | $ | 10.65 | $ | 10.00 | ||||||
Income from Investment Operations: | ||||||||||||
Net investment loss1 | (0.07 | ) | (0.12 | ) | (0.01 | ) | ||||||
Net realized and unrealized gain (loss) | (5.47 | ) | 7.95 | 0.66 | ||||||||
Net increase from payments by affiliates (Note 3) | - | - | 2 | - | ||||||||
Total from investment operations | (5.54 | ) | 7.83 | 0.65 | ||||||||
Less Distributions: | ||||||||||||
From net realized gain | (1.31 | ) | (0.38 | ) | - | |||||||
Total distributions | (1.31 | ) | (0.38 | ) | - | |||||||
Net asset value, end of period | $ | 11.25 | $ | 18.10 | $ | 10.65 | ||||||
Total return3 | (32.68 | )% | 74.20 | %4 | 6.50 | %5 | ||||||
Ratios and Supplemental Data: | ||||||||||||
Net assets, end of period (in thousands) | $ | 10,629 | $ | 13,605 | $ | 2,391 | ||||||
Ratio of expenses to average net assets: | ||||||||||||
Before fees waived and expenses absorbed | 3.67 | % | 5.96 | % | 17.78 | %6 | ||||||
After fees waived and expenses absorbed | 1.25 | % | 1.25 | % | 1.25 | %6 | ||||||
Ratio of net investment loss to average net assets: | ||||||||||||
Before fees waived and expenses absorbed | (2.84 | )% | (5.47 | )% | (17.42 | )%6 | ||||||
After fees waived and expenses absorbed | (0.42 | )% | (0.76 | )% | (0.89 | )%6 | ||||||
Portfolio turnover rate | 56 | % | 57 | % | - | %5 |
* | Commencement of operations. |
1 | Calculated based on average shares outstanding for the period. |
2 | Amount represents less than $0.01 per share. |
3 | Total returns would have been lower had expenses not been waived or absorbed by the Advisor. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
4 | 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. |
5 | Not annualized. |
6 | Annualized. |
See accompanying Notes to Financial Statements.
103
WCM Sustainable Developing World Fund
FINANCIAL HIGHLIGHTS
Investor Class
Per share operating performance.
For a capital share outstanding throughout each period.
For the Year Ended | For the Period 2020* | |||||||||||
2022 | 2021 | 2020 | ||||||||||
Net asset value, beginning of period | $ | 15.11 | $ | 10.99 | $ | 10.00 | ||||||
Income from Investment Operations: | ||||||||||||
Net investment income (loss)1 | 0.02 | (0.03 | ) | 0.03 | ||||||||
Net realized and unrealized gain (loss) | (1.83 | ) | 4.59 | 0.96 | ||||||||
Total from investment operations | (1.81 | ) | 4.56 | 0.99 | ||||||||
Less Distributions: | ||||||||||||
From net investment income | - | (0.03 | ) | - | ||||||||
From net realized gain | (0.47 | ) | (0.41 | ) | - | |||||||
Total distributions | (0.47 | ) | (0.44 | ) | - | |||||||
Net asset value, end of period | $ | 12.83 | $ | 15.11 | $ | 10.99 | ||||||
Total return2 | (12.24 | )% | 41.48 | % | 10.00 | %3 | ||||||
Ratios and Supplemental Data: | ||||||||||||
Net assets, end of period (in thousands) | $ | 35 | $ | 24 | $ | 11 | ||||||
Ratio of expenses to average net assets: | ||||||||||||
Before fees waived and expenses absorbed | 13.25 | % | 32.13 | % | 71.14 | %4 | ||||||
After fees waived and expenses absorbed | 1.50 | % | 1.50 | % | 1.50 | %4 | ||||||
Ratio of net investment income (loss) to average net assets: | ||||||||||||
Before fees waived and expenses absorbed | (11.60 | )% | (30.87 | )% | (66.39 | )%4 | ||||||
After fees waived and expenses absorbed | 0.15 | % | (0.24 | )% | 3.25 | %4 | ||||||
Portfolio turnover rate | 67 | % | 41 | % | 6 | %3 |
* | Commencement of operations. |
1 | Calculated based on average shares outstanding for the period. |
2 | Total returns would have been lower had expenses not been waived or absorbed by the Advisor. Returns 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. |
See accompanying Notes to Financial Statements.
104
WCM Sustainable Developing World Fund
FINANCIAL HIGHLIGHTS
Institutional Class
Per share operating performance.
For a capital share outstanding throughout each period.
For the Year Ended | For the Period 2020* | |||||||||||
2022 | 2021 | 2020 | ||||||||||
Net asset value, beginning of period | $ | 15.15 | $ | 10.99 | $ | 10.00 | ||||||
Income from Investment Operations: | ||||||||||||
Net investment income1 | 0.06 | - | 0.03 | |||||||||
Net realized and unrealized gain (loss) | (1.85 | ) | 4.60 | 0.96 | ||||||||
Total from investment operations | (1.79 | ) | 4.60 | 0.99 | ||||||||
Less Distributions: | ||||||||||||
From net investment income | (0.01 | ) | (0.03 | ) | - | |||||||
From net realized gain | (0.47 | ) | (0.41 | ) | - | |||||||
Total distributions | (0.48 | ) | (0.44 | ) | - | |||||||
Net asset value, end of period | $ | 12.88 | $ | 15.15 | $ | 10.99 | ||||||
Total return2 | (12.06 | )% | 41.73 | % | 10.10 | %3 | ||||||
Ratios and Supplemental Data: | ||||||||||||
Net assets, end of period (in thousands) | $ | 2,767 | $ | 1,495 | $ | 571 | ||||||
Ratio of expenses to average net assets: | ||||||||||||
Before fees waived and expenses absorbed | 13.00 | % | 31.88 | % | 70.89 | %4 | ||||||
After fees waived and expenses absorbed | 1.25 | % | 1.25 | % | 1.25 | %4 | ||||||
Ratio of net investment income (loss) to average net assets: | ||||||||||||
Before fees waived and expenses absorbed | (11.35 | )% | (30.62 | )% | (66.08 | )%4 | ||||||
After fees waived and expenses absorbed | 0.40 | % | 0.01 | % | 3.56 | %4 | ||||||
Portfolio turnover rate | 67 | % | 41 | % | 6 | %3 |
* | Commencement of operations. |
1 | Calculated based on average shares outstanding for the period. |
2 | Total returns would have been lower had expenses not been waived or absorbed by the Advisor. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
3 | Not annualized. |
4 | Annualized. |
See accompanying Notes to Financial Statements.
105
WCM Sustainable International Fund
FINANCIAL HIGHLIGHTS
Investor Class
Per share operating performance.
For a capital share outstanding throughout each period.
For the Year Ended | For the Period 2020* | |||||||||||
2022 | 2021 | 2020 | ||||||||||
Net asset value, beginning of period | $ | 14.90 | $ | 10.92 | $ | 10.00 | ||||||
Income from Investment Operations: | ||||||||||||
Net investment income (loss)1 | 0.04 | (0.02 | ) | 0.01 | ||||||||
Net realized and unrealized gain (loss) | (0.90 | ) | 4.22 | 0.91 | ||||||||
Total from investment operations | (0.86 | ) | 4.20 | 0.92 | ||||||||
Less Distributions: | ||||||||||||
From net investment income | (0.01 | ) | - | - | ||||||||
From net realized gain | (0.41 | ) | (0.22 | ) | - | |||||||
Total distributions | (0.42 | ) | (0.22 | ) | - | |||||||
Net asset value, end of period | $ | 13.62 | $ | 14.90 | $ | 10.92 | ||||||
Total return2 | (6.04 | )% | 38.49 | % | 9.30 | %3 | ||||||
Ratios and Supplemental Data: | ||||||||||||
Net assets, end of period (in thousands) | $ | 23 | $ | 17 | $ | 11 | ||||||
Ratio of expenses to average net assets: | ||||||||||||
Before fees waived and expenses absorbed | 7.92 | % | 29.79 | % | 69.30 | %4 | ||||||
After fees waived and expenses absorbed | 1.50 | % | 1.50 | % | 1.50 | %4 | ||||||
Ratio of net investment income (loss) to average net assets: | ||||||||||||
Before fees waived and expenses absorbed | (6.17 | )% | (28.46 | )% | (66.82 | )%4 | ||||||
After fees waived and expenses absorbed | 0.25 | % | (0.17 | )% | 0.98 | %4 | ||||||
Portfolio turnover rate | 59 | % | 19 | % | 9 | %3 |
* | Commencement of operations. |
1 | Calculated based on average shares outstanding for the period. |
2 | Total returns would have been lower had expenses not been waived or absorbed by the Advisor. Returns 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. |
See accompanying Notes to Financial Statements.
106
WCM Sustainable International Fund
FINANCIAL HIGHLIGHTS
Institutional Class
Per share operating performance.
For a capital share outstanding throughout each period.
For the Year Ended | For the Period 2020* | |||||||||||
2022 | 2021 | 2020 | ||||||||||
Net asset value, beginning of period | $ | 14.92 | $ | 10.92 | $ | 10.00 | ||||||
Income from Investment Operations: | ||||||||||||
Net investment income1 | 0.07 | 0.01 | 0.01 | |||||||||
Net realized and unrealized gain (loss) | (0.89 | ) | 4.23 | 0.91 | ||||||||
Total from investment operations | (0.82 | ) | 4.24 | 0.92 | ||||||||
Less Distributions: | ||||||||||||
From net investment income | (0.03 | ) | (0.02 | ) | - | |||||||
From net realized gain | (0.41 | ) | (0.22 | ) | - | |||||||
Total distributions | (0.44 | ) | (0.24 | ) | - | |||||||
Net asset value, end of period | $ | 13.66 | $ | 14.92 | $ | 10.92 | ||||||
Total return2 | (5.74 | )% | 38.83 | % | 9.30 | %3 | ||||||
Ratios and Supplemental Data: | ||||||||||||
Net assets, end of period (in thousands) | $ | 4,731 | $ | 2,751 | $ | 596 | ||||||
Ratio of expenses to average net assets: | ||||||||||||
Before fees waived and expenses absorbed | 7.67 | % | 29.54 | % | 69.05 | %4 | ||||||
After fees waived and expenses absorbed | 1.25 | % | 1.25 | % | 1.25 | %4 | ||||||
Ratio of net investment income (loss) to average net assets: | ||||||||||||
Before fees waived and expenses absorbed | (5.92 | )% | (28.21 | )% | (66.62 | )%4 | ||||||
After fees waived and expenses absorbed | 0.50 | % | 0.08 | % | 1.18 | %4 | ||||||
Portfolio turnover rate | 59 | % | 19 | % | 9 | %3 |
* | Commencement of operations. |
1 | Calculated based on average shares outstanding for the period. |
2 | Total returns would have been lower had expenses not been waived or absorbed by the Advisor. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
3 | Not annualized. |
4 | Annualized. |
See accompanying Notes to Financial Statements.
107
WCM Focused International Value Fund
FINANCIAL HIGHLIGHTS
Investor Class
Per share operating performance.
For a capital share outstanding throughout each period.
For the Year Ended April 30, 2022 | For the Period 2020* 2021 | |||||||
Net asset value, beginning of period | $ | 14.22 | $ | 10.00 | ||||
Income from Investment Operations: | ||||||||
Net investment loss1 | - | 2 | (0.03 | ) | ||||
Net realized and unrealized gain (loss) | (2.18 | ) | 4.25 | |||||
Total from investment operations | (2.18 | ) | 4.22 | |||||
Less Distributions: | ||||||||
From net realized gain | - | 2 | - | |||||
Total distributions | - | 2 | - | |||||
Net asset value, end of period | $ | 12.04 | $ | 14.22 | ||||
Total return3 | (15.31 | )% | 42.20 | %4 | ||||
Ratios and Supplemental Data: | ||||||||
Net assets, end of period (in thousands) | $ | 78 | $ | 49 | ||||
Ratio of expenses to average net assets: | ||||||||
Before fees waived and expenses absorbed | 4.36 | % | 18.35 | %5 | ||||
After fees waived and expenses absorbed | 1.50 | % | 1.50 | %5 | ||||
Ratio of net investment income (loss) to average net assets: | ||||||||
Before fees waived and expenses absorbed | (2.86 | )% | (17.16 | )%5 | ||||
After fees waived and expenses absorbed | 0.00 | % | (0.31 | )%5 | ||||
Portfolio turnover rate | 23 | % | 12 | %4 |
* | Commencement of operations. |
1 | Calculated based on average shares outstanding for the period. |
2 | Amount represents less than $0.01 per share. |
3 | Total returns would have been lower had expenses not been waived or absorbed by the Advisor. Returns shown include Rule 12b-1 fees of up to 0.25% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
4 | Not annualized. |
5 | Annualized. |
See accompanying Notes to Financial Statements.
108
WCM Focused International Value Fund
FINANCIAL HIGHLIGHTS
Institutional Class
Per share operating performance.
For a capital share outstanding throughout each period.
For the Year Ended April 30, 2022 | For the Period 2020* 2021 | |||||||
Net asset value, beginning of period | $ | 14.24 | $ | 10.00 | ||||
Income from Investment Operations: | ||||||||
Net investment income (loss) 1 | 0.04 | (0.01 | ) | |||||
Net realized and unrealized gain (loss) | (2.19 | ) | 4.25 | |||||
Total from investment operations | (2.15 | ) | 4.24 | |||||
Less Distributions: | ||||||||
From net investment income | - | 2 | - | |||||
From net realized gain | - | 2 | - | |||||
Total distributions | - | 2 | - | |||||
Net asset value, end of period | $ | 12.09 | $ | 14.24 | ||||
Total return3 | (15.07 | )% | 42.40 | %4 | ||||
Ratios and Supplemental Data: | ||||||||
Net assets, end of period (in thousands) | $ | 16,775 | $ | 3,194 | ||||
Ratio of expenses to average net assets: | ||||||||
Before fees waived and expenses absorbed | 4.11 | % | 18.10 | %5 | ||||
After fees waived and expenses absorbed | 1.25 | % | 1.25 | %5 | ||||
Ratio of net investment income (loss) to average net assets: | ||||||||
Before fees waived and expenses absorbed | (2.61 | )% | (16.91 | )%5 | ||||
After fees waived and expenses absorbed | 0.25 | % | (0.06 | )%5 | ||||
Portfolio turnover rate | 23 | % | 12 | %4 |
* | Commencement of operations. |
1 | Calculated based on average shares outstanding for the period. |
2 | Amount represents less than $0.01 per share. |
3 | Total returns would have been lower had expenses not been waived or absorbed by the Advisor. Returns 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.
109
WCM Focused International Opportunities Fund
FINANCIAL HIGHLIGHTS
Investor Class
Per share operating performance.
For a capital share outstanding throughout each period.
For the Year Ended April 30, 2022 | For the Period 2021* 2021 | |||||||
Net asset value, beginning of period | $ | 10.85 | $ | 10.00 | ||||
Income from Investment Operations: | ||||||||
Net investment loss1 | (0.11 | ) | - | 2 | ||||
Net realized and unrealized gain (loss) | (2.40 | ) | 0.85 | |||||
Total from investment operations | (2.51 | ) | 0.85 | |||||
Less Distributions: | ||||||||
From net realized gain | (0.01 | ) | - | |||||
Total distributions | (0.01 | ) | - | |||||
Net asset value, end of period | $ | 8.33 | $ | 10.85 | ||||
Total return3 | (23.14 | )% | 8.50 | %4 | ||||
Ratios and Supplemental Data: | ||||||||
Net assets, end of period (in thousands) | $ | 92 | $ | 11 | ||||
Ratio of expenses to average net assets: | ||||||||
Before fees waived and expenses absorbed | 5.20 | % | 60.78 | %5 | ||||
After fees waived and expenses absorbed | 1.50 | % | 1.50 | %5 | ||||
Ratio of net investment income (loss) to average net assets: | ||||||||
Before fees waived and expenses absorbed | (4.77 | )% | (59.25 | )%5 | ||||
After fees waived and expenses absorbed | (1.07 | )% | 0.03 | %5 | ||||
Portfolio turnover rate | 59 | % | 3 | %4 |
* | Commencement of operations. |
1 | Calculated based on average shares outstanding for the period. |
2 | Amount represents less than $0.01 per share. |
3 | Total returns would have been lower had expenses not been waived or absorbed by the Advisor. Returns shown include Rule 12b-1 fees of up to 0.25% and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
4 | Not annualized. |
5 | Annualized. |
See accompanying Notes to Financial Statements.
110
WCM Focused International Opportunities Fund
FINANCIAL HIGHLIGHTS
Institutional Class
Per share operating performance.
For a capital share outstanding throughout each period.
For the Year Ended April 30, 2022 | For the Period 2021* 2021 | |||||||
Net asset value, beginning of period | $ | 10.86 | $ | 10.00 | ||||
Income from Investment Operations: | ||||||||
Net investment loss1 | (0.09 | ) | - | 2 | ||||
Net realized and unrealized gain (loss) | (2.41 | ) | 0.86 | |||||
Total from investment operations | (2.50 | ) | 0.86 | |||||
Less Distributions: | ||||||||
From net realized gain | (0.01 | ) | - | |||||
Total distributions | (0.01 | ) | - | |||||
Net asset value, end of period | $ | 8.35 | $ | 10.86 | ||||
Total return3 | (23.02 | )% | 8.60 | %4 | ||||
Ratios and Supplemental Data: | ||||||||
Net assets, end of period (in thousands) | $ | 21,038 | $ | 766 | ||||
Ratio of expenses to average net assets: | ||||||||
Before fees waived and expenses absorbed | 4.95 | % | 60.53 | %5 | ||||
After fees waived and expenses absorbed | 1.25 | % | 1.25 | %5 | ||||
Ratio of net investment income (loss) to average net assets: | ||||||||
Before fees waived and expenses absorbed | (4.52 | )% | (59.00 | )%5 | ||||
After fees waived and expenses absorbed | (0.82 | )% | 0.28 | %5 | ||||
Portfolio turnover rate | 59 | % | 3 | %4 |
* | Commencement of operations. |
1 | Calculated based on average shares outstanding for the period. |
2 | Amount represents less than $0.01 per share. |
3 | Total returns would have been lower had expenses not been waived or absorbed by the Advisor. Returns 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.
111
WCM International Long-Term Growth Fund
FINANCIAL HIGHLIGHTS
Investor Class
Per share operating performance.
For a capital share outstanding throughout each period.
For the Period 29, 2021* 2022 | ||||
Net asset value, beginning of period | $ | 10.00 | ||
Income from Investment Operations: | ||||
Net investment loss1 | (0.06 | ) | ||
Net realized and unrealized loss | (3.65 | ) | ||
Total from investment operations | (3.71 | ) | ||
Net asset value, end of period | $ | 6.29 | ||
Total return2 | (37.10 | )%3 | ||
Ratios and Supplemental Data: | ||||
Net assets, end of period (in thousands) | $ | 6 | ||
Ratio of expenses to average net assets: | ||||
Before fees waived and expenses absorbed | 21.17 | %4 | ||
After fees waived and expenses absorbed | 1.50 | %4 | ||
Ratio of net investment loss to average net assets: | ||||
Before fees waived and expenses absorbed | (20.83 | )%4 | ||
After fees waived and expenses absorbed | (1.16 | )%4 | ||
Portfolio turnover rate | 85 | %3 |
* | Commencement of operations. |
1 | Calculated based on average shares outstanding for the period. |
2 | Total returns would have been lower had expenses not been waived or absorbed by the Advisor. Returns 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. |
See accompanying Notes to Financial Statements.
112
WCM International Long-Term Growth Fund
FINANCIAL HIGHLIGHTS
Institutional Class
Per share operating performance.
For a capital share outstanding throughout each period.
For the Period 29, 2021* 2022 | ||||
Net asset value, beginning of period | $ | 10.00 | ||
Income from Investment Operations: | ||||
Net investment loss1 | (0.04 | ) | ||
Net realized and unrealized loss | (3.66 | ) | ||
Total from investment operations | (3.70 | ) | ||
Net asset value, end of period | $ | 6.30 | ||
Total return2 | (37.00 | )%3 | ||
Ratios and Supplemental Data: | ||||
Net assets, end of period (in thousands) | $ | 1,457 | ||
Ratio of expenses to average net assets: | ||||
Before fees waived and expenses absorbed | 20.92 | %4 | ||
After fees waived and expenses absorbed | 1.25 | %4 | ||
Ratio of net investment loss to average net assets: | ||||
Before fees waived and expenses absorbed | (20.58 | )%4 | ||
After fees waived and expenses absorbed | (0.91 | )%4 | ||
Portfolio turnover rate | 85 | %3 |
* | Commencement of operations. |
1 | Calculated based on average shares outstanding for the period. |
2 | Total returns would have been lower had expenses not been waived or absorbed by the Advisor. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
3 | Not annualized. |
4 | Annualized. |
See accompanying Notes to Financial Statements.
113
WCM Funds
NOTES TO FINANCIAL STATEMENTS
April 30, 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 Focused Small Cap Fund (“Small Cap” or “Small Cap Fund”), WCM China Quality Growth Fund (“China Quality Growth” or “China Quality Growth Fund”), WCM Sustainable Developing World Fund (”Sustainable Developing World” or “Sustainable Developing World Fund”), WCM Sustainable International Fund (”Sustainable International” or “Sustainable International Fund”), WCM Focused International Value Fund (“International Value” or “International Value Fund”), WCM Focused International Opportunities Fund (“International Opportunities” or “International Opportunities Fund”) and WCM International Long-Term Growth Fund (“International Long-Term Growth” or “International Long-Term Growth Fund”) (each a “Fund” and collectively the ‘‘Funds’’) are organized as a series of Investment Managers Series Trust, a Delaware statutory trust (the “Trust”) which is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The International Growth Fund, Emerging Markets Fund, Global Growth Fund, International Small Cap Growth Fund, Small Cap Growth Fund, Small Cap Fund, Sustainable International Fund, International Value Fund, International Opportunities Fund, and International Long-Term Growth Fund are diversified Funds. The China Quality Growth Fund and Sustainable Developing World Fund are non-diversified Funds.
The Funds’ investment objectives and dates each share class commenced operations are as follows:
Commencement of Operations | |||
Fund Name | Investment Objective | Institutional Class | Investor Class |
International Growth Fund | Provide long-term capital appreciation | 5/31/2011 | 8/31/2011 |
Emerging Markets Fund | Provide long-term capital appreciation | 6/28/2013 | 6/28/2013 |
Global Growth Fund | Provide long-term capital appreciation | 6/28/2013 | 6/28/2013 |
International Small Cap Growth Fund | Provide long-term capital appreciation | 11/30/2015 | - |
Small Cap Growth Fund | Provide long-term capital appreciation | 10/30/2019 | 10/30/2019 |
Small Cap Fund | Provide long-term capital appreciation | 10/30/2019 | 10/30/2019 |
China Quality Growth Fund | Provide long-term capital appreciation | 3/31/2020 | 3/31/2020 |
Sustainable Developing World Fund | Provide long-term capital appreciation | 3/31/2020 | 3/31/2020 |
Sustainable International Fund | Provide long-term capital appreciation | 3/31/2020 | 3/31/2020 |
International Value Fund | Provide long-term capital appreciation | 6/29/2020 | 6/29/2020 |
International Opportunities Fund | Provide long-term capital appreciation | 3/30/2021 | 3/30/2021 |
International Long-Term Growth Fund | Provide long-term capital appreciation | 9/29/2021 | 9/29/2021 |
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.
114
WCM Funds
NOTES TO FINANCIAL STATEMENTS - Continued
April 30, 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) as determined in good faith by the Fund’s 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 are subsequently reviewed by the Board at its next regularly scheduled board meeting. The Valuation Committee meets as needed. The Valuation Committee is comprised of all the Trustees, but action may be taken by any one of the Trustees.
(b) Investment Transactions, Investment Income and Expenses
Investment transactions are accounted for on the trade date. Realized gains and losses on investments are determined on the identified cost basis. Dividend income is recorded net of applicable withholding taxes on the ex-dividend date and interest income is recorded on an accrual basis. Withholding taxes on foreign dividends, if applicable, are paid (a portion of which may be reclaimable) or provided for in accordance with the applicable country’s tax rules and rates and are disclosed in the Statement of Operations. Withholding tax reclaims are filed in certain countries to recover a portion of the amounts previously withheld. The Funds record a reclaim receivable based on a number of factors, including a jurisdiction’s legal obligation to pay reclaims as well as payment history and market convention. Discounts on debt securities are accreted or amortized to interest income over the lives of the respective securities using the effective interest method. Premiums for callable debt securities are amortized to the earliest call date, if the call price was less than the purchase price. If the call price was not at part and the security was not called, the security is amortized to the next call price and date. Income and expenses of the Funds are allocated on a pro rata basis to each class of shares relative net assets. Expenses incurred by the Trust with respect to more than one fund are allocated in proportion to the net assets of each fund except where allocation of direct expenses to each fund or an alternative allocation method can be more appropriately made.
115
WCM Funds
NOTES TO FINANCIAL STATEMENTS - Continued
April 30, 2022
The International Long-Term Growth Fund incurred offering costs of approximately $11,208, which are being amortized over a one-year period from September 29, 2021 (commencement of operations).
(c) Foreign Currency Translation
The Funds’ records are maintained in U.S. dollars. The value of securities, currencies and other assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the reporting period. The currencies are translated into U.S. dollars by using the exchange rates quoted at the close of the London Stock Exchange prior to when the Funds’ NAV is next determined. Purchases and sales of investment securities, income and expenses are translated on the respective dates of such transactions.
The Funds do not isolate that portion of their net realized and unrealized gains and losses on investments resulting from changes in foreign exchange rates from the impact arising from changes in market prices. Such fluctuations are included with net realized and unrealized gain or loss from investments and foreign currency.
Net realized foreign currency transaction gains and losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the differences between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency translation gains and losses arise from changes in the value of assets and liabilities, other than investments in securities, resulting from changes in the exchange rates.
(d) Exchange Traded Funds (“ETFs”)
ETFs typically trade on securities exchanges and their shares may, at times, trade at a premium or discount to their net asset values. In addition, an ETF may not replicate exactly the performance of the benchmark index it seeks to track for a number of reasons, including transaction costs incurred by the ETF, the temporary unavailability of certain index securities in the secondary market or discrepancies between the ETF and the index with respect to the weighting of securities or the number of securities held. Investing in ETFs, which are investment companies, may involve duplication of advisory fees and certain other expenses. As a result, Fund shareholders indirectly bear their proportionate share of these acquired expenses. Therefore, the cost of investing in the Fund will be higher than the cost of investing directly in ETFs and may be higher than other mutual funds that invest directly in securities.
Each ETF in which the Fund invests is subject to specific risks, depending on the nature of the ETF. Each ETF is subject to the risks associated with direct ownership of the securities comprising the index on which the ETF is based. These risks could include liquidity risk, sector risk as well as risks associated with fixed-income securities.
(e) Federal Income Taxes
The Funds intend to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized gains to its shareholders. Therefore, no provision is made for federal income or excise taxes. Due to the timing of dividend distributions and the differences in accounting for income and realized gains and losses for financial statement and federal income tax purposes, the fiscal year in which amounts are distributed may differ from the year in which the income and realized gains and losses are recorded by the Funds.
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.
116
WCM Funds
NOTES TO FINANCIAL STATEMENTS - Continued
April 30, 2022
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 April 30, 2022, and during the prior three open tax years, the Funds did not have a liability for any unrecognized tax benefits. The Funds have no examination in progress and are not aware of any tax positions for which they are reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
(f) Distributions to Shareholders
The Funds will make distributions of net investment income and net capital gains, if any, at least annually. Distributions to shareholders are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.
The character of distributions made during the year from net investment income or net realized gains may differ from the characterization for federal income tax purposes due to differences in the recognition of income, expense and gain (loss) items for financial statement and tax purposes. Where appropriate, reclassifications between net asset accounts are made for such differences that are permanent in nature. Certain funds may utilize earnings and profits on redemption of shares as part of the dividends paid deduction.
(g) Illiquid Securities.
Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a Liquidity Risk Management Program (“LRMP”) that requires, among other things, that the Funds limit their illiquid investments that are assets to no more than 15% of net assets. An illiquid investment is any security which may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. If the Advisor, at any time, determines that the value of illiquid securities held by a Fund exceeds 15% of its net asset value, the Advisor will take such steps as it considers appropriate to reduce them as soon as reasonably practicable in accordance with the Funds’ written LRMP.
Note 3 – Investment Advisory and Other Agreements
The Trust, on behalf of the Funds, entered into Investment Advisory Agreements (the “Agreements”) with WCM Investment Management (the “Advisor”). Under the terms of the Agreements, the International Growth Fund, Emerging Markets Fund, Global Growth Fund, International Small Cap Growth Fund, Small Cap Growth Fund, Small Cap Fund, China Quality Growth Fund, Sustainable Developing World Fund, Sustainable International Fund, International Value Fund, International Opportunities Fund, and International Long-Term Growth Fund 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 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, 2022 for the International Growth Fund, Emerging Markets Fund, Global Growth Fund, International Small Cap Growth Fund and August 31, 2031 for the Small Cap Growth Fund, Small Cap Fund, China Quality Growth Fund, Sustainable Developing World Fund, Sustainable International Fund, International Value Fund, International Opportunities Fund, and International Long-Term Growth Fund and they may be terminated before that date only by the Trust's Board of Trustees. The table below contains the expense cap by Fund and by Class:
117
WCM Funds
NOTES TO FINANCIAL STATEMENTS - Continued
April 30, 2022
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 | 1.00% | 1.50% | 1.25% |
Small Cap Fund | 1.00% | 1.25% | 1.00% |
China Quality Growth Fund | 1.00% | 1.50% | 1.25% |
Sustainable Developing World Fund | 1.00% | 1.50% | 1.25% |
Sustainable International Fund | 0.85% | 1.50% | 1.25% |
International Value Fund | 0.85% | 1.50% | 1.25% |
International Opportunities Fund | 1.00% | 1.50% | 1.25% |
International Long-Term Growth Fund | 0.85% | 1.50% | 1.25% |
† | The total limit on annual operating expenses is calculated based on each Fund’s average daily net assets. |
118
WCM Funds
NOTES TO FINANCIAL STATEMENTS - Continued
April 30, 2022
The table below contains the advisory fees waived and absorbed other expenses for the year/period ended April 30, 2022:
Advisory Fees Waived and | ||||
Other Expenses Absorbed | ||||
International Growth Fund | $ | - | ||
Emerging Markets Fund | 2,194,968 | |||
Global Growth Fund | 512,187 | |||
International Small Cap Growth Fund | 753,667 | |||
Small Cap Growth Fund | 188,353 | |||
Small Cap Fund | 533,195 | |||
China Quality Growth Fund | 349,581 | |||
Sustainable Developing World Fund | 295,536 | |||
Sustainable International Fund | 252,723 | |||
International Value Fund | 261,051 | |||
International Opportunities Fund | 374,446 | |||
International Long-Term Growth Fund | 146,340 |
The Advisor is permitted to seek reimbursement from the Funds, subject to certain limitations, of fees waived or payments made to the Fund for a period ending three full fiscal years after the date of the waiver or payment, for Emerging Markets, Global Growth , International Small Cap Growth, and for Small Cap Growth, Small Cap, China Quality Growth, Sustainable Developing World, Sustainable International, International Value, International Opportunities and International Long-Term Growth Funds three full years after the date of the waiver or payment. This reimbursement may be requested from the Fund if the reimbursement will not cause the Fund’s annual expense ratio to exceed the lesser of (a) the expense limitation amount in effect at the time such fees were waived or payments made, or (b) the expense limitation amount in effect at the time of the reimbursement.
The Advisor may recapture all or a portion of these amounts no later than April 30, of the years stated below. The total is the amount of these potentially recoverable expenses as of April 30, 2022.
Emerging Markets Fund | Global Growth Fund | International Small Cap Growth Fund | ||||||||||
2023 | $ | 225,653 | $ | 313,198 | $ | 192,336 | ||||||
2024 | 376,409 | 560,831 | 325,930 | |||||||||
2025 | 2,194,968 | 512,187 | 753,667 | |||||||||
Total | $ | 2,797,030 | $ | 1,386,216 | $ | 1,271,933 |
Small Cap Growth Fund | Small Cap Fund | China Quality Growth Fund | ||||||||||
2023 | $ | 122,609 | $ | 123,415 | $ | 32,031 | ||||||
2024 | 254,994 | 421,601 | 322,890 | |||||||||
2025 | 188,353 | 533,195 | 349,581 | |||||||||
Total | $ | 565,956 | $ | 1,078,211 | $ | 704,502 |
119
WCM Funds
NOTES TO FINANCIAL STATEMENTS - Continued
April 30, 2022
Sustainable Developing World Fund | Sustainable International Fund | International Value Fund | ||||||||||
2023 | $ | 32,187 | $ | 32,114 | $ | - | ||||||
2024 | 296,104 | 287,224 | 227,076 | |||||||||
2025 | 295,536 | 252,723 | 261,051 | |||||||||
Total | $ | 623,827 | $ | 572,061 | $ | 488,127 |
International Opportunities Fund | International Long-Term Growth Fund | |||||||
2024 | $ | 33,627 | $ | - | ||||
2025 | 374,446 | 146,340 | ||||||
Total | $ | 408,073 | $ | 146,340 |
UMB Fund Services, Inc. (“UMBFS”) serves as the Funds’ fund accountant, transfer agent and co-administrator; and Mutual Fund Administration, LLC (“MFAC”) serves as the Funds’ other co-administrator. UMB Bank, n.a., an affiliate of UMBFS, serves as the Funds’ custodian. The Funds’ allocated fees incurred for fund accounting, fund administration, transfer agency and custody services for the year/period 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 year/period 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 year/period ended April 30, 2022, are reported on the Statements of Operations.
120
WCM Funds
NOTES TO FINANCIAL STATEMENTS - Continued
April 30, 2022
Note 4 – Federal Income Taxes
At April 30, 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 | $ | 16,727,864,527 | $ | 2,201,864,736 | $ | 456,633,710 | ||||||
Gross unrealized appreciation | $ | 5,035,972,473 | $ | 133,784,333 | $ | 55,627,244 | ||||||
Gross unrealized depreciation | (1,735,100,248 | ) | (487,690,445 | ) | (57,942,867 | ) | ||||||
Net unrealized appreciation/(depreciation) on investments | $ | 3,300,872,225 | $ | (353,906,112 | ) | $ | (2,315,623 | ) |
International Small Cap Growth Fund | Small Cap Growth Fund | Small Cap Fund | ||||||||||
Cost of investments | $ | 614,973,758 | $ | 44,058,318 | $ | 92,037,779 | ||||||
Gross unrealized appreciation | $ | 40,795,501 | $ | 4,689,194 | $ | 14,146,548 | ||||||
Gross unrealized depreciation | (120,345,911 | ) | (8,342,238 | ) | (6,872,104 | ) | ||||||
Net unrealized appreciation/(depreciation) on investments | $ | (79,550,410 | ) | $ | (3,653,044 | ) | $ | 7,274,444 |
China Quality Growth Fund | Sustainable Developing World Fund | Sustainable International Fund | ||||||||||
Cost of investments | $ | 13,490,001 | $ | 2,966,410 | $ | 4,786,969 | ||||||
Gross unrealized appreciation | $ | 501,471 | $ | 198,975 | $ | 340,819 | ||||||
Gross unrealized depreciation | (3,165,073 | ) | (348,396 | ) | (445,320 | ) | ||||||
Net unrealized depreciation on investments | $ | (2,663,602 | ) | $ | (149,421 | ) | $ | (104,501 | ) |
121
WCM Funds
NOTES TO FINANCIAL STATEMENTS - Continued
April 30, 2022
International Value Fund | International Opportunities Fund | International Long-Term Growth Fund | ||||||||||
Cost of investments | $ | 19,749,613 | $ | 29,764,746 | $ | 2,268,983 | ||||||
Gross unrealized appreciation | $ | 474,958 | $ | 63,726 | $ | 3,336 | ||||||
Gross unrealized depreciation | (3,471,797 | ) | (6,298,210 | ) | (828,303 | ) | ||||||
Net unrealized depreciation on investments | $ | (2,996,839 | ) | $ | (6,234,484 | ) | $ | (824,967 | ) |
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 year/period ended April 30, 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 | $ | (123,022,220 | ) | $ | 123,022,220 | |||
Emerging Markets Fund | (10,550,126 | ) | 10,550,126 | |||||
Global Growth Fund | (2,057,985 | ) | 2,057,985 | |||||
International Small Cap Growth Fund | (7,150,863 | ) | 7,150,863 | |||||
Small Cap Growth Fund | 1 | (1 | ) | |||||
Small Cap Fund | - | - | ||||||
China Quality Growth Fund | (2 | ) | 2 | |||||
Sustainable Developing World Fund | (1 | ) | 1 | |||||
Sustainable International Fund | (1 | ) | 1 | |||||
International Value Fund | - | - | ||||||
International Opportunities Fund | (1,130 | ) | 1,130 | |||||
International Long-Term Growth Fund | (941 | ) | 941 |
122
WCM Funds
NOTES TO FINANCIAL STATEMENTS - Continued
April 30, 2022
As of April 30, 2022, the components of accumulated earnings/(deficit) on a tax basis were as follows:
International Growth Fund | Emerging Markets Fund | Global Growth Fund | ||||||||||
Undistributed ordinary income | $ | - | $ | - | $ | - | ||||||
Undistributed long-term capital gains | 84,429,616 | - | 16,661,941 | |||||||||
Tax accumulated earnings | 84,429,616 | - | 16,661,941 | |||||||||
Accumulated capital and other losses | (7,654,232 | ) | (106,284,580 | ) | (884,397 | ) | ||||||
Unrealized appreciation (depreciation) on foreign currency | (1,283,415 | ) | (23,700 | ) | (8,180 | ) | ||||||
Unrealized appreciation on investments | 3,300,872,225 | (353,906,112 | ) | (2,315,623 | ) | |||||||
Deferred compensation | (81,809 | ) | (10,837 | ) | (7,559 | ) | ||||||
Unrealized Non-U.S. Taxes | - | (1,571,355 | ) | - | ||||||||
Total accumulated earnings | $ | 3,376,282,385 | $ | (461,796,584 | ) | $ | 13,446,182 |
International Small Cap Growth Fund | Small Cap Growth Fund | Small Cap Fund | ||||||||||
Undistributed ordinary income | $ | - | $ | - | $ | 202,517 | ||||||
Undistributed long-term capital gains | - | 59,776 | 806,154 | |||||||||
Tax accumulated earnings | - | 59,776 | 1,008,671 | |||||||||
Accumulated capital and other losses | (15,746,568 | ) | - | - | ||||||||
Unrealized appreciation (depreciation) on foreign currency | (32,369 | ) | - | - | ||||||||
Unrealized appreciation on investments | (79,550,410 | ) | (3,653,044 | ) | 7,274,444 | |||||||
Deferred compensation | (7,925 | ) | (2,670 | ) | (2,826 | ) | ||||||
Unrealized Non-U.S. Taxes | (1,046,207 | ) | - | - | ||||||||
Total accumulated earnings | $ | (96,383,479 | ) | $ | (3,595,938 | ) | $ | 8,280,289 |
123
WCM Funds
NOTES TO FINANCIAL STATEMENTS - Continued
April 30, 2022
China Quality Growth Fund | Sustainable Developing World Fund | Sustainable International Fund | ||||||||||
Undistributed ordinary income | $ | - | $ | - | $ | 12,694 | ||||||
Undistributed long-term capital gains | - | - | 4,666 | |||||||||
Tax accumulated earnings | - | - | 17,360 | |||||||||
Accumulated capital and other losses | (1,182,226 | ) | (11,230 | ) | - | |||||||
Unrealized appreciation (depreciation) on foreign currency | (396 | ) | (224 | ) | (40 | ) | ||||||
Unrealized appreciation on investments | (2,663,602 | ) | (149,421 | ) | (104,501 | ) | ||||||
Deferred compensation | (1,762 | ) | (1,742 | ) | (1,742 | ) | ||||||
Unrealized Non-U.S. Taxes | - | (273 | ) | - | ||||||||
Total accumulated earnings | $ | (3,847,986 | ) | $ | (162,890 | ) | $ | (88,923 | ) |
International Value Fund | International Opportunities Fund | International Long-Term Growth Fund | ||||||||||
Undistributed ordinary income | $ | 23,849 | $ | - | $ | - | ||||||
Undistributed long-term capital gains | - | - | - | |||||||||
Tax accumulated earnings | 23,849 | - | - | |||||||||
Accumulated capital and other losses | (146,191 | ) | (819,843 | ) | (4,128 | ) | ||||||
Unrealized appreciation (depreciation) on foreign currency | (1,539 | ) | (1,823 | ) | (34 | ) | ||||||
Unrealized appreciation on investments | (2,996,839 | ) | (6,234,484 | ) | (824,967 | ) | ||||||
Deferred compensation | (1,522 | ) | (1,104 | ) | (710 | ) | ||||||
Total accumulated earnings | $ | (3,122,242 | ) | $ | (7,057,254 | ) | $ | (829,839 | ) |
124
WCM Funds
NOTES TO FINANCIAL STATEMENTS - Continued
April 30, 2022
The tax character of the distributions paid during the fiscal years ended April 30, 2022 and April 30, 2021, for the Funds were as follows:
International Growth Fund | Emerging Markets Fund | |||||||||||||||
Distributions paid from: | 2022 | 2021 | 2022 | 2021 | ||||||||||||
Ordinary Income | $ | - | $ | 12,092,088 | $ | 67,237,247 | $ | 1,183,044 | ||||||||
Net long-term capital gains | 1,280,983,868 | 288,803,428 | 35,625,081 | 9,619,505 | ||||||||||||
Total distributions paid | $ | 1,280,983,868 | $ | 300,895,516 | $ | 102,862,328 | $ | 10,802,549 |
Global Growth Fund | International Small Cap Growth Fund | |||||||||||||||
Distributions paid from: | 2022 | 2021 | 2022 | 2021 | ||||||||||||
Ordinary Income | $ | 6,694,647 | $ | - | $ | 24,827,933 | $ | 5,789,942 | ||||||||
Net long-term capital gains | 48,945,689 | 15,435,711 | 61,120,694 | 5,740,011 | ||||||||||||
Total distributions paid | $ | 55,640,336 | $ | 15,435,711 | $ | 85,948,627 | $ | 11,529,953 |
Small Cap Growth Fund | Small Cap Fund | |||||||||||||||
Distributions paid from: | 2022 | 2021 | 2022 | 2021 | ||||||||||||
Ordinary Income | $ | 1,546,154 | $ | 409,672 | $ | 3,645,341 | $ | - | ||||||||
Net long-term capital gains | 3,105,784 | - | 3,099,062 | - | ||||||||||||
Total distributions paid | $ | 4,651,938 | $ | 409,672 | $ | 6,744,403 | $ | - |
China Quality Growth Fund | Sustainable Developing World Fund | |||||||||||||||
Distributions paid from: | 2022 | 2021 | 2022 | 2021 | ||||||||||||
Ordinary Income | $ | 906,564 | $ | 173,185 | $ | 50,590 | $ | 33,162 | ||||||||
Net long-term capital gains | 341,817 | - | 46,248 | - | ||||||||||||
Total distributions paid | $ | 1,248,381 | $ | 173,185 | $ | 96,838 | $ | 33,162 |
Sustainable International Fund | International Value Fund | |||||||||||||||
Distributions paid from: | 2022 | 2021 | 2022 | 2021 | ||||||||||||
Ordinary Income | $ | 29,788 | $ | 17,696 | $ | 3,064 | $ | - | ||||||||
Net long-term capital gains | 88,481 | - | - | - | ||||||||||||
Total distributions paid | $ | 118,269 | $ | 17,696 | $ | 3,064 | $ | - |
International Opportunities Fund | International Long-Term Growth Fund | |||||||||||||||
Distributions paid from: | 2022 | 2021 | 2022 | 2021 | ||||||||||||
Ordinary Income | $ | 19,036 | $ | - | $ | - | $ | - | ||||||||
Net long-term capital gains | - | - | - | - | ||||||||||||
Total distributions paid | $ | 19,036 | $ | - | $ | - | $ | - |
125
WCM Funds
NOTES TO FINANCIAL STATEMENTS - Continued
April 30, 2022
The International Value Fund has $130,639, and $15,552, respectively, of short-term and long-term capital loss carryforward for the tax year ended April 30, 2022. At April 30, 2022, the remaining Funds did not have accumulated capital loss carryforwards.
To the extent that a Fund may realize future net capital gains, those gains will be offset by any of its unused capital loss carryforward. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations.
As of April 30, 2022, International Growth Fund, Global Growth Fund, China Quality Growth Fund, International Opportunities Fund, and International Long-Term Growth Fund, had qualified Late-Year Losses of $7,654,232, $884,397, $8,429, $44,979, and $4,128, respectively.
As of April 30, 2022, Emerging Markets Fund, International Small Cap Growth Fund, China Quality Growth Fund, Sustainable Developing World Fund, and International Opportunities Fund had Post October Losses of $106,284,580, $15,746,568, $1,173,797, $11,230, and $774,864, respectively.
Note 5 – Redemption Fee
Effective May 1, 2019, the International Growth, Emerging Markets, Global Growth, and International Small Cap Growth Funds no longer charge a redemption fee.
Note 6 – Investment Transactions
For the year/period ended April 30, 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 | $ | 6,115,388,871 | $ | 5,672,874,108 | ||||
Emerging Markets Fund | 1,179,252,818 | 859,495,107 | ||||||
Global Growth Fund | 291,898,974 | 231,316,472 | ||||||
International Small Cap Growth Fund | 689,414,289 | 740,737,761 | ||||||
Small Cap Growth Fund | 29,206,176 | 29,687,260 | ||||||
Small Cap Fund | 47,517,244 | 30,701,934 | ||||||
China Quality Growth Fund | 10,124,352 | 7,684,786 | ||||||
Sustainable Developing World Fund | 3,273,307 | 1,587,286 | ||||||
Sustainable International Fund | 4,478,947 | 2,203,451 | ||||||
International Value Fund | 19,231,075 | 2,056,165 | ||||||
International Opportunities Fund | 31,446,340 | 5,898,185 | ||||||
International Long-Term Growth Fund | 3,151,748 | 971,047 |
126
WCM Funds
NOTES TO FINANCIAL STATEMENTS - Continued
April 30, 2022
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 year/period 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.
For the year/period 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:
● | Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access. |
● | Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. |
● | Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. |
127
WCM Funds
NOTES TO FINANCIAL STATEMENTS - Continued
April 30, 2022
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest Level input that is significant to the fair value measurement in its entirety.
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the inputs used, as April 30, 2022, in valuing the Funds’ assets carried at fair value:
International Growth Fund | Level 1 | Level 2 | Level 3** | Total | ||||||||||||
Investments | ||||||||||||||||
Common Stocks | ||||||||||||||||
Australia | $ | 334,302,200 | $ | 752,522,911 | $ | - | $ | 1,086,825,111 | ||||||||
Canada | 1,860,142,250 | - | - | 1,860,142,250 | ||||||||||||
China | - | 663,826,295 | - | 663,826,295 | ||||||||||||
Denmark | - | 1,036,097,622 | - | 1,036,097,622 | ||||||||||||
France | - | 1,574,449,149 | - | 1,574,449,149 | ||||||||||||
Hong Kong | - | 673,096,138 | - | 673,096,138 | ||||||||||||
Ireland | 2,678,503,310 | 665,103,031 | - | 3,343,606,341 | ||||||||||||
Italy | - | 664,865,656 | - | 664,865,656 | ||||||||||||
Japan | - | 972,566,791 | - | 972,566,791 | ||||||||||||
Netherlands | 732,923,551 | 805,135,126 | - | 1,538,058,677 | ||||||||||||
Spain | - | 498,728,304 | - | 498,728,304 | ||||||||||||
Sweden | - | 861,191,388 | - | 861,191,388 | ||||||||||||
Switzerland | 613,989,861 | 2,563,454,048 | - | 3,177,443,909 | ||||||||||||
Taiwan | 362,412,317 | - | - | 362,412,317 | ||||||||||||
United Kingdom | - | 383,515,686 | - | 383,515,686 | ||||||||||||
United States | 1,028,782,797 | - | - | 1,028,782,797 | ||||||||||||
Short-Term Investments | 303,128,321 | - | - | 303,128,321 | ||||||||||||
Total Investments | $ | 7,914,184,607 | $ | 12,114,552,145 | $ | - | $ | 20,028,736,752 |
128
WCM Funds
NOTES TO FINANCIAL STATEMENTS - Continued
April 30, 2022
Emerging Markets Fund | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investments | ||||||||||||||||
Common Stock | ||||||||||||||||
Argentina | $ | 47,336,368 | $ | - | $ | - | $ | 47,336,368 | ||||||||
Brazil | 90,367,230 | - | - | 90,367,230 | ||||||||||||
China | 43,574,410 | 471,586,145 | - | 515,160,555 | ||||||||||||
Cyprus | - | - | 1,029,225 | 1,029,225 | ||||||||||||
Hong Kong | - | 159,163,467 | - | 159,163,467 | ||||||||||||
India | 60,406,734 | 289,578,679 | - | 349,985,413 | ||||||||||||
Indonesia | - | 43,908,548 | - | 43,908,548 | ||||||||||||
Mexico | 112,885,609 | - | - | 112,885,609 | ||||||||||||
Netherlands | - | 25,456,883 | - | 25,456,883 | ||||||||||||
Poland | - | 23,421,476 | - | 23,421,476 | ||||||||||||
Russia | - | - | 9,651,466 | 9,651,466 | ||||||||||||
South Africa | - | 44,573,657 | - | 44,573,657 | ||||||||||||
South Korea | 11,531,932 | 42,705,202 | - | 54,237,134 | ||||||||||||
Taiwan | - | 205,568,093 | - | 205,568,093 | ||||||||||||
United Kingdom | 16,537,835 | 30,447,860 | - | 46,985,695 | ||||||||||||
United States | 46,496,111 | - | - | 46,496,111 | ||||||||||||
Short-Term Investments | 71,731,694 | - | - | 71,731,694 | ||||||||||||
Total Investments | $ | 500,867,923 | $ | 1,336,410,010 | $ | 10,680,691 | $ | 1,847,958,624 |
Global Growth Fund | Level 1 | Level 2 | Level 3** | Total | ||||||||||||
Investments | ||||||||||||||||
Common Stock | ||||||||||||||||
Canada | $ | 14,155,677 | $ | - | $ | - | $ | 14,155,677 | ||||||||
China | - | 790 | - | 790 | ||||||||||||
France | - | 23,274,842 | - | 23,274,842 | ||||||||||||
Hong Kong | - | 9,158,008 | - | 9,158,008 | ||||||||||||
Italy | - | 9,661,007 | - | 9,661,007 | ||||||||||||
Netherlands | - | 8,918,283 | - | 8,918,283 | ||||||||||||
Norway | - | 6,909,629 | - | 6,909,629 | ||||||||||||
Sweden | - | 16,888,845 | - | 16,888,845 | ||||||||||||
Switzerland | 11,829,928 | 8,087,233 | - | 19,917,161 | ||||||||||||
Taiwan | 8,429,866 | - | - | 8,429,866 | ||||||||||||
United States | 324,676,130 | - | - | 324,676,130 | ||||||||||||
Short-Term Investments | 12,327,849 | - | - | 12,327,849 | ||||||||||||
Total Investments | $ | 371,419,450 | $ | 82,898,637 | $ | - | $ | 454,318,087 |
129
WCM Funds
NOTES TO FINANCIAL STATEMENTS - Continued
April 30, 2022
International Small Cap Growth Fund | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investments | ||||||||||||||||
Common Stocks | ||||||||||||||||
Australia | $ | - | $ | 6,313,484 | $ | - | $ | 6,313,484 | ||||||||
Brazil | 28,456,324 | - | - | 28,456,324 | ||||||||||||
Canada | 37,346,445 | - | - | 37,346,445 | ||||||||||||
China | - | 7,320,940 | - | 7,320,940 | ||||||||||||
Denmark | - | 22,767,746 | - | 22,767,746 | ||||||||||||
Finland | - | 13,345,376 | - | 13,345,376 | ||||||||||||
France | - | 10,085,917 | - | 10,085,917 | ||||||||||||
Germany | - | 31,010,939 | - | 31,010,939 | ||||||||||||
India | 6,996,090 | 19,303,710 | - | 26,299,800 | ||||||||||||
Israel | 6,573,393 | 6,897,641 | - | 13,471,034 | ||||||||||||
Italy | 17,595,301 | 6,585,371 | - | 24,180,672 | ||||||||||||
Japan | - | 86,155,341 | - | 86,155,341 | ||||||||||||
Mexico | 9,360,530 | - | - | 9,360,530 | ||||||||||||
Netherlands | - | 5,673,490 | - | 5,673,490 | ||||||||||||
Russia | - | - | 1,311,274 | 1,311,274 | ||||||||||||
Singapore | 7,319,088 | - | - | 7,319,088 | ||||||||||||
Spain | - | 9,044,869 | - | 9,044,869 | ||||||||||||
Sweden | - | 64,791,132 | - | 64,791,132 | ||||||||||||
Switzerland | 4,985,711 | 42,204,752 | - | 47,190,463 | ||||||||||||
Taiwan | - | 26,853,351 | - | 26,853,351 | ||||||||||||
United Kingdom | 10,268,946 | 22,637,737 | - | 32,906,683 | ||||||||||||
Vietnam | - | 10,101,231 | - | 10,101,231 | ||||||||||||
Short-Term Investments | 14,117,219 | - | - | 14,117,219 | ||||||||||||
Total Investments | $ | 143,019,047 | $ | 391,093,027 | $ | 1,311,274 | $ | 535,423,348 |
Small Cap Growth Fund | Level 1 | Level 2* | Level 3** | Total | ||||||||||||
Investments | ||||||||||||||||
Common Stocks1 | $ | 38,638,331 | $ | - | $ | - | $ | 38,638,331 | ||||||||
Short-Term Investments | 1,766,943 | - | - | 1,766,943 | ||||||||||||
Total Investments | $ | 40,405,274 | $ | - | $ | - | $ | 40,405,274 |
130
WCM Funds
NOTES TO FINANCIAL STATEMENTS - Continued
April 30, 2022
Small Cap Fund | Level 1 | Level 2* | Level 3** | Total | ||||||||||||
Investments | ||||||||||||||||
Common Stocks1 | $ | 95,005,038 | $ | - | $ | - | $ | 95,005,038 | ||||||||
Short-Term Investments | 4,307,185 | - | - | 4,307,185 | ||||||||||||
Total Investments | $ | 99,312,223 | $ | - | $ | - | $ | 99,312,223 |
China Quality Growth Fund | Level 1 | Level 2 | Level 3** | Total | ||||||||||||
Investments | ||||||||||||||||
Common Stock | ||||||||||||||||
China | $ | 704,340 | $ | 7,336,589 | $ | - | $ | 8,040,929 | ||||||||
Hong Kong | - | 1,801,631 | - | 1,801,631 | ||||||||||||
Taiwan | - | 624,759 | - | 624,759 | ||||||||||||
Short-Term Investments | 359,080 | - | - | 359,080 | ||||||||||||
Total Investments | $ | 1,063,420 | $ | 9,762,979 | �� | $ | - | $ | 10,826,399 |
Sustainable Developing World Fund | Level 1 | Level 2 | Level 3** | Total | ||||||||||||
Investments | ||||||||||||||||
Common Stock | ||||||||||||||||
Argentina | $ | 65,233 | $ | - | $ | - | $ | 65,233 | ||||||||
Brazil | 41,686 | - | - | 41,686 | ||||||||||||
Canada | 67,571 | - | - | 67,571 | ||||||||||||
China | - | 413,115 | - | 413,115 | ||||||||||||
Denmark | - | 55,414 | - | 55,414 | ||||||||||||
Hong Kong | - | 262,116 | - | 262,116 | ||||||||||||
India | 167,947 | 125,384 | - | 293,331 | ||||||||||||
Indonesia | 152,980 | 27,499 | - | 180,479 | ||||||||||||
Mexico | 193,229 | - | - | 193,229 | ||||||||||||
Peru | 90,973 | - | - | 90,973 | ||||||||||||
Singapore | - | 117,238 | - | 117,238 | ||||||||||||
South Africa | 42,169 | - | - | 42,169 | ||||||||||||
South Korea | 58,880 | - | - | 58,880 | ||||||||||||
Sweden | - | 121,708 | - | 121,708 | ||||||||||||
Taiwan | 205,375 | 57,943 | - | 263,318 | ||||||||||||
United Kingdom | - | 150,123 | - | 150,123 | ||||||||||||
United States | 160,037 | - | - | 160,037 | ||||||||||||
Vietnam | - | 107,278 | - | 107,278 | ||||||||||||
Short-Term Investments | 133,091 | - | - | 133,091 | ||||||||||||
Total Investments | $ | 1,379,171 | $ | 1,437,818 | $ | - | $ | 2,816,989 |
131
WCM Funds
NOTES TO FINANCIAL STATEMENTS - Continued
April 30, 2022
Sustainable International Fund | Level 1 | Level 2 | Level 3** | Total | ||||||||||||
Investments | ||||||||||||||||
Common Stock | ||||||||||||||||
Argentina | $ | 43,813 | $ | - | $ | - | $ | 43,813 | ||||||||
Canada | 192,782 | - | - | 192,782 | ||||||||||||
China | - | 98,091 | - | 98,091 | ||||||||||||
Denmark | - | 284,219 | - | 284,219 | ||||||||||||
France | - | 113,852 | - | 113,852 | ||||||||||||
Germany | - | 182,504 | - | 182,504 | ||||||||||||
Hong Kong | - | 157,966 | - | 157,966 | ||||||||||||
India | 159,005 | - | - | 159,005 | ||||||||||||
Indonesia | 99,366 | - | - | 99,366 | ||||||||||||
Ireland | 354,547 | - | - | 354,547 | ||||||||||||
Japan | - | 50,611 | - | 50,611 | ||||||||||||
Mexico | 186,881 | - | - | 186,881 | ||||||||||||
Netherlands | 138,124 | 72,124 | - | 210,248 | ||||||||||||
Peru | 138,890 | - | - | 138,890 | ||||||||||||
Singapore | - | 220,755 | - | 220,755 | ||||||||||||
South Korea | 59,588 | - | - | 59,588 | ||||||||||||
Spain | - | 155,933 | - | 155,933 | ||||||||||||
Sweden | - | 193,068 | - | 193,068 | ||||||||||||
Switzerland | 131,026 | - | - | 131,026 | ||||||||||||
Taiwan | 128,243 | 64,381 | - | 192,624 | ||||||||||||
United Kingdom | 388,541 | 390,884 | - | 779,425 | ||||||||||||
United States | 568,042 | - | - | 568,042 | ||||||||||||
Vietnam | - | 271 | - | 271 | ||||||||||||
Short-Term Investments | 108,961 | - | - | 108,961 | ||||||||||||
Total Investments | $ | 2,697,809 | $ | 1,984,659 | $ | - | $ | 4,682,468 |
132
WCM Funds
NOTES TO FINANCIAL STATEMENTS - Continued
April 30, 2022
International Value Fund | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investments | ||||||||||||||||
Common Stock | ||||||||||||||||
Belgium | $ | - | $ | 1,157,960 | $ | - | $ | 1,157,960 | ||||||||
Canada | 2,043,181 | - | - | 2,043,181 | ||||||||||||
China | 240,890 | 345,409 | - | 586,299 | ||||||||||||
Germany | - | 1,223,254 | - | 1,223,254 | ||||||||||||
Hong Kong | - | 727,805 | - | 727,805 | ||||||||||||
India | 624,131 | 493,418 | - | 1,117,549 | ||||||||||||
Ireland | 870,425 | - | - | 870,425 | ||||||||||||
Israel | 249,756 | 378,603 | - | 628,359 | ||||||||||||
Japan | 571,372 | 2,266,385 | - | 2,837,757 | ||||||||||||
Mexico | 753,504 | - | - | 753,504 | ||||||||||||
Netherlands | - | 598,201 | - | 598,201 | ||||||||||||
Norway | - | 302,242 | - | 302,242 | ||||||||||||
Russia | - | - | 36,236 | 36,236 | ||||||||||||
Singapore | 313,268 | - | - | 313,268 | ||||||||||||
Sweden | - | 945,266 | - | 945,266 | ||||||||||||
Switzerland | 718,724 | 315,176 | - | 1,033,900 | ||||||||||||
Taiwan | 295,517 | - | - | 295,517 | ||||||||||||
Thailand | 382,941 | - | - | 382,941 | ||||||||||||
United Kingdom | 485,925 | - | - | 485,925 | ||||||||||||
United States | 386,118 | - | - | 386,118 | ||||||||||||
Short-Term Investments | 27,067 | - | - | 27,067 | ||||||||||||
Total Investments | $ | 7,962,819 | $ | 8,753,719 | $ | 36,236 | $ | 16,752,774 |
133
WCM Funds
NOTES TO FINANCIAL STATEMENTS - Continued
April 30, 2022
International Opportunities Fund | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investments | ||||||||||||||||
Common Stock | ||||||||||||||||
Argentina | $ | 436,300 | $ | - | $ | - | $ | 436,300 | ||||||||
Belgium | - | 505,621 | - | 505,621 | ||||||||||||
Brazil | 649,251 | - | - | 649,251 | ||||||||||||
Canada | 424,928 | - | - | 424,928 | ||||||||||||
China | - | 1,703,024 | - | 1,703,024 | ||||||||||||
Cyprus | - | - | 10,619 | 10,619 | ||||||||||||
France | - | 520,428 | - | 520,428 | ||||||||||||
Germany | - | 1,285,278 | - | 1,285,278 | ||||||||||||
Hong Kong | - | 425,137 | - | 425,137 | ||||||||||||
India | - | 450,742 | - | 450,742 | ||||||||||||
Ireland | 1,525,549 | 290,884 | - | 1,816,433 | ||||||||||||
Israel | 340,800 | - | - | 340,800 | ||||||||||||
Italy | 472,800 | 1,350,380 | - | 1,823,180 | ||||||||||||
Japan | - | 2,107,464 | - | 2,107,464 | ||||||||||||
Netherlands | 428,668 | 1,126,596 | - | 1,555,264 | ||||||||||||
Norway | - | 335,793 | - | 335,793 | ||||||||||||
Russia | - | - | 52,348 | 52,348 | ||||||||||||
Spain | - | 313,318 | - | 313,318 | ||||||||||||
Sweden | - | 1,874,385 | - | 1,874,385 | ||||||||||||
Switzerland | - | 1,101,275 | - | 1,101,275 | ||||||||||||
United Kingdom | - | 1,131,743 | - | 1,131,743 | ||||||||||||
United States | 448,989 | - | - | 448,989 | ||||||||||||
Short-Term Investments | 4,217,942 | - | - | 4,217,942 | ||||||||||||
Total Investments | $ | 8,945,227 | $ | 14,522,068 | $ | 62,967 | $ | 23,530,262 |
134
WCM Funds
NOTES TO FINANCIAL STATEMENTS - Continued
April 30, 2022
International Long-Term Growth Fund | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investments | ||||||||||||||||
Common Stock | ||||||||||||||||
Argentina | $ | 29,209 | $ | - | $ | - | $ | 29,209 | ||||||||
Australia | 43,842 | - | - | 43,842 | ||||||||||||
Canada | 91,545 | - | - | 91,545 | ||||||||||||
China | - | 134,433 | - | 134,433 | ||||||||||||
Cyprus | - | - | 1,578 | 1,578 | ||||||||||||
France | - | 97,675 | - | 97,675 | ||||||||||||
Germany | - | 82,074 | - | 82,074 | ||||||||||||
Hong Kong | - | 52,725 | - | 52,725 | ||||||||||||
India | 34,782 | - | - | 34,782 | ||||||||||||
Italy | - | 38,029 | - | 38,029 | ||||||||||||
Japan | - | 53,310 | - | 53,310 | ||||||||||||
Netherlands | 69,908 | 131,628 | - | 201,536 | ||||||||||||
New Zealand | - | 26,707 | - | 26,707 | ||||||||||||
Norway | - | 21,567 | - | 21,567 | ||||||||||||
Russia | - | - | 5,036 | 5,036 | ||||||||||||
Singapore | 20,690 | - | - | 20,690 | ||||||||||||
South Korea | 31,982 | - | - | 31,982 | ||||||||||||
Sweden | - | 73,463 | - | 73,463 | ||||||||||||
Switzerland | - | 142,331 | - | 142,331 | ||||||||||||
Taiwan | 42,748 | - | - | 42,748 | ||||||||||||
United Kingdom | - | 84,274 | - | 84,274 | ||||||||||||
United States | 47,221 | - | - | 47,221 | ||||||||||||
Short-Term Investments | 87,259 | - | - | 87,259 | ||||||||||||
Total Investments | $ | 499,186 | $ | 938,216 | $ | 6,614 | $ | 1,444,016 |
* | The Funds did not hold any Level 2 securities at period end. |
** | The Funds did not hold any Level 3 securities at period end. |
1 | All common stocks held in the Funds are Level 1 securities. For a detailed break-out of common stocks by country or sector, please refer to the Schedule of Investments. |
135
WCM Funds
NOTES TO FINANCIAL STATEMENTS - Continued
April 30, 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, 2021 | $ | - | $ | - | ||||
Transfers into Level 3(1) | 9,651,466 | 553,592 | ||||||
Transfers out of Level 3 | - | - | ||||||
Total gains or losses for the period | ||||||||
Realized loss included in earnings (or changes in net assets) | (166,257 | ) | (536,749 | ) | ||||
Unrealized depreciation included in earnings (or changes in net assets) | (31,699,833 | ) | (11,740,173 | ) | ||||
Included in other comprehensive income | - | - | ||||||
Net purchases | 33,454,913 | 14,222,880 | ||||||
Net sales | (559,598 | ) | (1,188,276 | ) | ||||
Balance as of April 30, 2022 | $ | 10,680,691 | $ | 1,311,274 | ||||
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 | $ | (123,037,250 | ) | $ | (19,855,511 | ) |
International Value Fund | International Opportunities Fund | |||||||
Common Stocks | Common Stocks | |||||||
Balance as of April 30, 2021 | $ | - | $ | - | ||||
Transfers into Level 3(1) | 346 | 52,348 | ||||||
Transfers out of Level 3 | - | - | ||||||
Total gains or losses for the period | - | |||||||
Realized loss included in earnings (or changes in net assets) | - | - | ||||||
Unrealized depreciation included in earnings (or changes in net assets) | (348,755 | ) | (329,252 | ) | ||||
Included in other comprehensive income | - | - | ||||||
Net purchases | 384,645 | 339,871 | ||||||
Net sales | - | - | ||||||
Balance as of April 30, 2022 | $ | 36,236 | $ | 62,967 | ||||
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 | $ | (895,194 | ) | $ | (860,293 | ) |
136
WCM Funds
NOTES TO FINANCIAL STATEMENTS - Continued
April 30, 2022
International Long-Term Growth Fund | ||||
Common Stocks | ||||
Balance as of April 30, 2021 | $ | - | ||
Transfers into Level 3(1) | - | |||
Transfers out of Level 3 | - | |||
Total gains or losses for the period | - | |||
Realized loss included in earnings (or changes in net assets) | (14,161 | ) | ||
Unrealized depreciation included in earnings (or changes in net assets) | (81,635 | ) | ||
Included in other comprehensive income | - | |||
Net purchases | 135,448 | |||
Net sales | (33,038 | ) | ||
Balance as of April 30, 2022 | $ | 6,614 | ||
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 | $ | (81,635 | ) |
(1) | Transferred from Level 1 or 2 to Level 3 because of a lack of observable market data, resulting from a decrease in market activity for the securities. |
137
WCM Funds
NOTES TO FINANCIAL STATEMENTS - Continued
April 30, 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 April 30, 2022:
Fund | Asset Class | Fair Value at April 30, 2022 | Valuation Technique(s) | Unobservable Input | Range of Input | Weighted Average of Input | Impact to Valuation from an Increase in Input(1) | ||||||||||||
Emerging Markets Fund | Common Stocks | $ | 5,093,765 | Market Approach | Market Value Comparable Security with Liquidity Discount | $0.33 | N/A | Increase | |||||||||||
Common Stocks | $ | 5,586,926 | Market Approach | Going Concern Probability | $2.87 | $5.69 | $5.17 | Increase | |||||||||||
International Small Cap Growth Fund | Common Stocks | $ | 1,311,274 | Market Approach | Going Concern Probability | $0.97 | $4.42 | $2.43 | Increase | ||||||||||
International Value Fund | Common Stocks | $ | 35,890 | Market Approach | Going Concern Probability | $4.42 | N/A | Increase | |||||||||||
Common Stocks | $ | 346 | Market Approach | Liquidity Discount | $0.01 | N/A | Increase | ||||||||||||
International Opportunities Fund | Common Stocks | $ | 62,967 | Market Approach | Going Concern Probability | $2.87 | $5.69 | $5.21 | Increase | ||||||||||
International Long-Term Growth Fund | Common Stocks | $ | 6,614 | Market Approach | Going Concern Probability | $2.87 | $5.69 | $5.02 | Increase |
(1) | This column represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect. |
Note 11 – 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.
138
WCM Funds
NOTES TO FINANCIAL STATEMENTS - Continued
April 30, 2022
Note 12 – New Accounting Pronouncements
In October 2020, the SEC adopted new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). Rule 18f-4 will impose limits on the amount of derivatives a Fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, and require funds whose use of derivatives is greater than a limited specified amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager. Funds will be required to comply with Rule 18f-4 by August 19, 2022. It is not currently clear what impact, if any, Rule 18f-4 will have on the availability, liquidity or performance of derivatives. Management is currently evaluating the potential impact of Rule 18f-4 on the Fund. When fully implemented, Rule 18f-4 may require changes in how a Fund uses derivatives, adversely affect the Fund’s performance and increase costs related to the Fund’s use of derivatives.
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 Fund will be required to comply with the rules by September 8, 2022. Management is currently assessing the potential impact of the new rules on the Fund’s financial statements.
The SEC adopted new Rule 12d1-4, which will allow registered investment companies (including business development companies (“BDCs”), unit investment trusts (“UITs”), closed-end funds, exchange-traded funds (“ETFs”), and exchange traded managed funds (“ETMFs”) (an “acquiring” fund), to invest in other investment companies (an “acquired fund”), including private funds under a specific exception, beyond the limits of Section 12(d)(1), subject to the conditions of the rule. Rule 12d1-4 became effective January 19, 2021. Funds electing to rely on Rule 12d1-4 will have to comply with the rules by January 19, 2022.
In March 2020, FASB issued ASU 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The main objective of the new guidance is to provide relief to companies that will be impacted by the expected change in benchmark interest rates at the end of 2021, when participating banks will no longer be required to submit London Interbank Offered Rate (“LIBOR”) quotes by the UK Financial Conduct Authority. The new guidance allows companies to, provided the only change to existing contracts are a change to an approved benchmark interest rate, account for modifications as a continuance of the existing contract without additional analysis. In addition, derivative contracts that qualified for hedge accounting prior to modification, will be allowed to continue to receive such treatment, even if critical terms change due to a change in the benchmark interest rate. For new and existing contracts, the Fund may elect to apply the amendments as of March 12, 2020 through December 31, 2022. Management is currently assessing the impact of the ASU’s adoption to the Fund’s financial statements and various filings.
139
WCM Funds
NOTES TO FINANCIAL STATEMENTS - Continued
April 30, 2022
Note 13 – Events Subsequent to the Fiscal Period End
The Funds have adopted financial reporting rules regarding subsequent events which require an entity to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the balance sheet. Management has evaluated the Funds’ related events and transactions that occurred through the date of issuance of the Funds’ financial statements.
Effective June 30, 2022, the WCM Sustainable Developing World Fund’s name will be changed to the WCM Developing World Equity Fund. In addition, the WCM Sustainable International Fund’s name will be changed to the WCM International Equity Fund.
Effective July 1, 2022, the Advisor has agreed to lower its management fee for the WCM Small Cap Growth Fund (the “Fund”) from 1.00% to 0.99% of the Fund’s average daily net assets. In addition, the Advisor has agreed to reduce the limit on the total annual fund operating expenses of the Fund from 1.25% to 0.99% and 1.50% to 1.24% of the average daily net assets of the Fund’s Institutional Class and Investor Class shares, respectively.
There were no other events or transactions that occurred during this period that materially impacted the amounts or disclosures in the Funds’ Financial Statements.
140
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 Focused Small Cap Fund, WCM China Quality Growth Fund, WCM Sustainable Developing World Fund (Formerly, WCM Focused ESG Emerging Markets Fund), WCM Sustainable International Fund (Formerly, WCM Focused ESG International Fund), WCM Focused International Value Fund, WCM Focused International Opportunities Fund and WCM International Long-Term Growth Fund (the “Funds”), each a series of Investment Managers Series Trust (the “Trust”), including the schedules of investments, as of April 30, 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 April 30, 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 | 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 year ended April 30, 2022 | For each of the two years in the period ended April 30, 2022 | For each of the five years in the period ended April 30, 2022 |
WCM Small Cap Growth Fund and WCM Focused Small Cap Fund | For the year ended April 30, 2022 | For each of the two years in the period ended April 30, 2022 | For each of the two years ended April 30, 2022 and the period October 30, 2019 (commencement of operations) through April 30, 2020 |
WCM China Quality Growth Fund, WCM Sustainable Developing World Fund, and WCM Sustainable International Fund | For the year ended April 30, 2022 | For each of the two years in the period ended April 30, 2022 | For each of the two years ended April 30, 2022 and the period March 31, 2020 (commencement of operations) through April 30, 2020 |
WCM Focused International Value Fund | For the year ended April 30, 2022 | For the year ended April 30, 2022 and the period June 29, 2020 (commencement of operations) through April 30, 2021 | For the year ended April 30, 2022 and the period June 29, 2020 (commencement of operations) through April 30, 2021 |
WCM Focused International Opportunities Fund | For the year ended April 30, 2022 | For the year ended April 30, 2022 and the period March 30, 2021 (commencement of operations) through April 30, 2021 | For the year ended April 30, 2022 and the period March 30, 2021 (commencement of operations) through April 30, 2021 |
WCM International Long-Term Growth Fund | For the period September 29, 2021 (commencement of operations) through April 30, 2022 | For the period September 29, 2021 (commencement of operations) through April 30, 2022 | For the period September 29, 2021 (commencement of operations) through April 30, 2022 |
141
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 April 30, 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.
TAIT, WELLER & BAKER LLP |
Philadelphia, Pennsylvania
June 29, 2022
142
WCM Funds
SUPPLEMENTAL INFORMATION (Unaudited)
For Federal income tax purposes, the International Growth Fund, Emerging Markets Fund, Global Growth Fund, International Small Cap Growth Fund, Small Cap Growth Fund, Small Cap Fund, China Quality Growth Fund, Sustainable Developing World Fund and Sustainable International Fund designates long-term capital gain dividends of $1,280,983,868, $35,625,081, $48,945,689, $61,120,694, $3,105,784, $3,099,062, $341,817, $46,248 and $88,481, respectively, or amounts determined to be necessary, for the year ended April 30, 2022.
For the period ended April 30, 2022, 13.78%, 36.84%, 19.76%, 100.00%, 28.62%, 5.52%, 100.00%, 100.00%, 100.00% and 13.34% of dividends paid from net investment income, including short-term capital gains from the Emerging Markets Fund, Global Growth Fund, International Small Cap Growth Fund, Small Cap Growth Fund, Small Cap Fund, China Quality Growth Fund, Sustainable Developing World Fund, Sustainable International Fund, International Value Fund, and International Opportunities Fund, respectively, are designated as qualified dividend income.
For the period ended April 30, 2022, 22.75%, 100.00%, 28.62%, 4.81%, 7.05%, 9.38% and 4.81% of the dividends paid from net investment income, including short-term capital gains from the Global Growth Fund, Small Cap Growth Fund, Small Cap Fund, China Quality Growth Fund, Sustainable Developing World Fund, Sustainable International Fund and International 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:
Name, Address, Year of Birth and Position(s) held with Trust | Term of Officec and Length of Time Served | Principal Occupation During the Past Five Years and Other Affiliations | Number of Portfolios in the Fund Complex Overseen by Trusteed | Other Directorships Held During the Past Five Years by Trusteee |
Independent Trustees: | ||||
Charles H. Miller a (born 1947) 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). | 12 | None. |
Ashley Toomey Rabun a (born 1952) Trustee and Chairperson of the Board | Since November 2007 | Retired (2016 – present). President and Founder, InvestorReach, Inc., a financial services consulting firm (1996 – 2015). | 12 | Select Sector SPDR Trust, a registered investment company (includes 11 portfolios). |
William H. Young a (born 1950) Trustee | 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). | 12 | None. |
143
WCM Funds
SUPPLEMENTAL INFORMATION (Unaudited) - Continued
Name, Address, Year of Birth and Position(s) held with Trust | Term of Officec and Length of Time Served | Principal Occupation During the Past Five Years and Other Affiliations | Number of Portfolios in the Fund Complex Overseen by Trusteed | Other Directorships Held During the Past Five Years by Trusteee |
John P. Zader ᵃ (born 1961) Trustee | Since November 2007 | Retired (June 2014 - present). CEO, UMB Fund Services, Inc., a mutual fund and hedge fund service provider, and the transfer agent, fund accountant, and co-administrator for the Fund (December 2006 - June 2014). President, Investment Managers Series Trust (December 2007 - June 2014). | 12 | Investment Managers Series Trust II, a registered investment company (includes 52 portfolios). |
Interested Trustees: | ||||
Eric M. Banhazl b† (born 1957) Trustee | Since January 2008 | Chairman, Foothill Capital Management, LLC, a registered investment advisor (2018 – present); Chairman (2016 – present), and President (2006 – 2015), Mutual Fund Administration, LLC, co-administrator for the Fund. | 12 | Investment Managers Series Trust II, a registered investment company (includes 52 portfolios) |
Maureen Quill a* (born 1963) 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 | 12 | None. |
Officers of the Trust: | ||||
Rita Dam b (born 1966) 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 – present). | N/A | N/A |
Joy Ausili b (born 1966) Vice President, Assistant Secretary and Assistant Treasurer | 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 – present); Secretary and Assistant Treasurer, Investment Managers Series Trust (December 2007 – March 2016). | N/A | N/A |
144
WCM Funds
SUPPLEMENTAL INFORMATION (Unaudited) - Continued
Name, Address, Year of Birth and Position(s) held with Trust | Term of Officec and Length of Time Served | Principal Occupation During the Past Five Years and Other Affiliations | Number of Portfolios in the Fund Complex Overseen by Trusteed | Other Directorships Held During the Past Five Years by Trusteee |
Diane Drakeb (born 1967) 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 b (born 1959) 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 |
a | Address for certain Trustees and certain officers: 235 West Galena Street, Milwaukee, Wisconsin 53212. |
b | Address for Mr. Banhazl, Ms. Ausili, Ms. Dam and Ms. Drake: 2220 E. Route 66, Suite 226, Glendora, California 91740. |
Address for Mr. Dziura: 309 Woodridge Lane, Media, Pennsylvania 19063.
c | Trustees and officers serve until their successors have been duly elected. |
d | The Trust is comprised of 53 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. |
e | “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. |
† | Mr. Banhazl is an “interested person” of the Trust by virtue of his position with Mutual Fund Administration, LLC. |
* | Ms. Quill is an “interested person” of the Trust by virtue of her position with UMB Fund Services, Inc. |
145
WCM Funds
SUPPLEMENTAL INFORMATION (Unaudited) - Continued
Board Consideration of Investment Advisory Agreement
At an in-person meeting held on December 7-9, 2021, the Board of Trustees (the “Board”) of Investment Managers Series Trust (the “Trust”), including the trustees who are not “interested persons” of the Trust (the “Independent Trustees”) as defined in the Investment Company Act of 1940, as amended (the “1940 Act”), reviewed and unanimously approved the renewal of the investment advisory agreement (the “Advisory Agreement”) between the Trust and WCM Investment Management, LLC (the “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”):
● | WCM Focused Emerging Markets Fund (the “Focused Emerging Markets Fund”), |
● | WCM Focused Global Growth Fund (the “Focused Global Growth Fund”), |
● | WCM Focused International Growth Fund (the “Focused International Growth Fund”), |
● | WCM Focused International Value Fund (the “Focused International Value Fund”), |
● | WCM Focused Small Cap Fund (the “Focused Small Cap Fund”), |
● | WCM International Small Cap Growth Fund (the “International Small Cap Growth Fund”), |
● | WCM Small Cap Growth Fund (the “Small Cap Growth Fund”), |
● | WCM Sustainable Developing World Fund (the “Sustainable Developing World Fund”), |
● | WCM Sustainable International Fund (the “Sustainable International Fund”), and |
● | WCM China Quality Growth Fund (the “China Quality Growth Fund”). |
In approving the renewal of the Advisory Agreement, the Board, including the Independent Trustees, determined that such renewal was in the best interests of each Fund and its shareholders.
Background
In advance of the 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 a group of comparable funds (each a “Peer Group”) selected by Broadridge Financial Solutions, Inc. (“Broadridge”) from Morningstar, Inc.’s relevant fund universe (each a “Fund Universe”) for various periods ended September 30, 2021; 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.
146
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:
● | The Focused Emerging Markets Fund’s annualized total returns for the one-, 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 Focused Global Growth Fund’s annualized total returns for the three- and five-year periods were above the Peer Group and World 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 above the Peer Group and Fund Universe median returns, but below the MSCI Index return by 0.88%. The Trustees considered the Investment Advisor’s assertion that the Fund’s underperformance relative to the MSCI Index for the one-year period was due in part to the Fund’s underweight positions in the energy and financial sectors, which were the two best performing sectors for the period. |
● | The Focused International Growth Fund’s annualized total returns for the one-, 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 Focused International Value Fund’s total return for the one-year period was above the Peer Group and Foreign Large Blend Fund Universe median returns and the MSCI All Country World Ex-USA Index return. |
● | The Focused Small Cap Fund’s total return for the one-year period was below the Peer Group and Small Value Fund Universe median returns and the Russell 2000 Value Index return by 14.85%, 26.89%, and 29.21%, 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. |
● | The International Small Cap Growth Fund’s annualized total returns for the one-, 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 Small Cap Growth Fund’s total return for the one-year period was above the Russell 2000 Growth Index return, but below the Small Growth Fund Universe and Peer Group median returns by 2.55% and 3.71%, respectively. The Trustees considered the Investment Advisor’s belief that the Fund’s underperformance relative to the Peer Group was due largely to the Fund’s sector allocation, including the Fund’s lack of exposure to the energy sector, its lower weight position in the information technology sector, and its significant position in the health care sector, which underperformed during the one-year period. 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. |
147
WCM Funds
SUPPLEMENTAL INFORMATION (Unaudited) - Continued
● | The Sustainable Developing World Fund’s total return for the one-year period was below the Peer Group median return by 1.36%, the MSCI Emerging Markets Index return by 4.79%, and the Diversified Emerging Markets Fund Universe median return by 5.68%. 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 short period, and that performance over longer periods would be more meaningful. |
● | The Sustainable International Fund’s total return for the one-year period was below the MSCI All Country World Ex-USA Index return and the Peer Group and Foreign Large Blend Fund Universe median returns by 2.92%, 3.29%, and 4.30%, 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 short period, and that performance over longer periods would be more meaningful. |
● | The China Quality Growth Fund’s total return for the one-year period was above the Peer Group and China Region Fund Universe median returns, the MSCI China Index return, and the MSCI China All Shares Index return. |
The Board also 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.
Advisory Fees and Expense Ratios
With respect to the advisory fees and expenses paid by the Funds, the meeting materials indicated the following:
● | The Focused Emerging Markets Fund’s annual investment advisory fee (gross of fee waivers) was higher than the Diversified Emerging Markets Fund Universe and Peer Group medians by 0.10% and 0.1265%, 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. |
148
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 0.08% and 0.18%, 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 Focused Global Growth Fund’s annual investment advisory fee (gross of fee waivers) was higher than the Peer Group and World Large-Stock Growth Fund Universe medians by 0.05% and 0.055%, 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 fee 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 0.12% 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 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 0.116% and 0.17%, respectively. The Trustees considered the Investment Advisor’s assertion that the Fund’s strategy is a high alpha, concentrated, benchmark-agnostic strategy that generally is more costly to manage than many other funds in the Fund Universe. 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 Trustees also observed that, effective November 30, 2021, the Fund was closed to certain new investors. |
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 0.20%, respectively. The Trustees considered that a significant portion of the Fund’s high total expenses was attributable to the Fund’s relatively high advisory fee. The Trustees also 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 Focused International Value Fund’s annual investment advisory fee (gross of fee waivers) was higher than both the Peer Group and Foreign Large Blend Fund Universe medians by 0.10%. The Trustees noted that the 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. |
149
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 Foreign Large Blend 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 very low and were significantly lower than the average net assets of corresponding classes of funds in the Peer Group and Fund Universe, and that certain of those other funds also had significant assets in other classes.
● | The Focused Small Cap Fund’s annual investment advisory fee (gross of fee waivers) was higher than the Peer Group and Small Value Fund Universe medians by 0.15% and 0.20%, 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 the same as the Peer Group median, but higher than the Fund Universe median by 0.04%. The Trustees noted, however, that the average net assets of the Fund’s class considered by Broadridge were lower than the average net assets of corresponding classes of funds in the Peer Group, and significantly lower than the average net assets of corresponding classes of funds in the Fund Universe, and that certain of those other funds also had significant assets in other classes.
● | The 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 0.0325%. 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 0.10% 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.
150
WCM Funds
SUPPLEMENTAL INFORMATION (Unaudited) - Continued
● | The Small Cap Growth Fund’s annual investment advisory fee (gross of fee waivers) was higher than the Peer Group and Small Growth Fund Universe medians by 0.15% and 0.165%, 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 higher than the Peer Group and Fund Universe medians by 0.22% and 0.27%, 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.
● | The Sustainable Developing World 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 0.10%, 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 0.14% and 0.18%, respectively. The Trustees noted, however, that the average net assets of the Fund’s class considered by Broadridge were very low and were significantly lower than the average net assets of corresponding classes of funds in the Peer Group and Fund Universe, and that certain of those other funds also had significant assets in other classes.
● | The Sustainable International Fund’s annual investment advisory fee (gross of fee waivers) was higher than the Peer Group and Foreign Large Blend Fund Universe medians by 0.075% 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 0.30% and 0.41%, respectively. The Trustees noted, however, that the average net assets of the Fund’s class considered by Broadridge were very low and were significantly lower than the average net assets of corresponding classes of funds in the Peer Group and Fund Universe, and that certain of those other funds also had significant assets in other classes.
● | The China Quality Growth Fund’s annual investment advisory fee (gross of fee waivers) was higher than the China Region Fund Universe and Peer Group medians by 0.10% and 0.125%, 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. |
151
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 Fund Universe and Peer Group medians by 0.12% and 0.17%, 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 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, 2021, noting that the Investment Advisor had waived its entire advisory fee and subsidized certain of the operating expenses for the China Quality Growth Fund, Focused International Value Fund, Sustainable Developing World Fund, and Sustainable International Fund; had waived a significant portion of its advisory fee for the Focused Small Cap 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, Focused International Value Fund, Sustainable Developing World Fund, and Sustainable International 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 International Growth Fund, Focused Emerging Markets Fund, Focused Global Growth Fund, International Small Cap Growth Fund, Small Cap Growth Fund, and Focused Small Cap Fund were reasonable.
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, and 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, 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.
152
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 8-9, 2021 (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:
Reporting Period - October 1, 2020 through September 30, 2021
WCM China Quality Growth Fund
WCM Focused Emerging Markets Fund
WCM Focused Global Growth Fund
WCM Focused International Growth Fund
WCM Focused International Value Fund
WCM Focused Small Cap Fund
WCM International Small Cap Growth Fund
WCM Small Cap Growth Fund
WCM Sustainable Developing World Fund
WCM Sustainable International Fund
Reporting Period – March 30, 2021 through September 30, 2021
WCM Focused International Opportunities Fund1
Reporting Period – September 29, 2021 through September 30, 2021
WCM International Long-Term Growth Fund2
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:
● | The Fund Program’s liquidity classification methodology for categorizing each Fund’s investments; |
● | An overview of market liquidity for each Fund during the Program Reporting Periods; |
● | Each Fund’s ability to meet redemption requests; |
● | Each Fund’s cash management; |
● | Each Fund’s borrowing activity, if any, in order to meet redemption requests; |
● | Each Fund’s compliance with the 15% limit of illiquid investments; and |
● | 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”). |
1 | Fund inception date – March 30, 2021. |
2 | Fund inception date – September 29, 2021. |
153
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.
154
WCM Funds
EXPENSE EXAMPLES
For the Six Months Ended April 30, 2022 (Unaudited)
Expense Examples
As a shareholder of the Funds, you incur two types of costs: (1) transaction costs and redemption fees; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees (Investor Class only); and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2021 to April 30, 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.
International Growth Fund | Beginning Account Value | Ending Account Value | Expenses Paid During Period* | |
11/1/21 | 4/30/22 | 11/1/21 – 4/30/22 | ||
Investor Class | Actual Performance | $1,000.00 | $745.90 | $5.71 |
Hypothetical (5% annual return before expenses) | 1,000.00 | 1,018.25 | 6.61 | |
Institutional Class | Actual Performance | 1,000.00 | 747.00 | 4.63 |
Hypothetical (5% annual return before expenses) | 1,000.00 | 1,019.49 | 5.36 |
* | Expenses are equal to the Fund’s annualized expense ratio of 1.32% and 1.07% for Investor Class and Institutional Class, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the six month period). Assumes all dividends and distributions were reinvested. |
155
WCM Funds
EXPENSE EXAMPLES - Continued
For the Six Months Ended April 30, 2022 (Unaudited)
Emerging Markets Fund | Beginning Account Value | Ending Account Value | Expenses Paid During Period* | |
11/1/21 | 4/30/22 | 11/1/21 – 4/30/22 | ||
Investor Class | Actual Performance | $1,000.00 | $715.20 | $6.38 |
Hypothetical (5% annual return before expenses) | 1,000.00 | 1,017.36 | 7.50 | |
Institutional Class | Actual Performance | 1,000.00 | 716.10 | 5.32 |
Hypothetical (5% annual return before expenses) | 1,000.00 | 1,018.60 | 6.26 |
* | 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 181/365 (to reflect the six month period). The expense ratio reflects an expense waiver. Assumes all dividends and distributions were reinvested. |
Global Growth Fund | Beginning Account Value | Ending Account Value | Expenses Paid During Period* | |
11/1/21 | 4/30/22 | 11/1/21 – 4/30/22 | ||
Investor Class | Actual Performance | $1,000.00 | $ 754.20 | $5.66 |
Hypothetical (5% annual return before expenses) | 1,000.00 | 1,018.34 | 6.51 | |
Institutional Class | Actual Performance | 1,000.00 | 755.30 | 4.57 |
Hypothetical (5% annual return before expenses) | 1,000.00 | 1,019.59 | 5.26 |
* | 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 181/365 (to reflect the six month period). The expense ratio reflects an expense waiver. Assumes all dividends and distributions were reinvested. |
International Small Cap Growth Fund | Beginning Account Value | Ending Account Value | Expenses Paid During Period* | |
11/1/21 | 4/30/22 | 11/1/21 – 4/30/22 | ||
Actual Performance | $1,000.00 | $685.30 | $5.22 | |
Hypothetical (5% annual return before expenses) | 1,000.00 | 1,018.59 | 6.26 |
* | Expenses are equal to the Fund’s annualized expense ratio of 1.25%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the six month period). The expense ratios reflect an expense waiver. Assumes all dividends and distributions were reinvested. |
156
WCM Funds
EXPENSE EXAMPLES - Continued
For the Six Months Ended April 30, 2022 (Unaudited)
Small Cap Growth Fund | Beginning Account Value | Ending Account Value | Expenses Paid During Period* | |
11/1/21 | 4/30/22 | 11/1/21 – 4/30/22 | ||
Investor Class | Actual Performance | $1,000.00 | $770.90 | $6.59 |
Hypothetical (5% annual return before expenses) | 1,000.00 | 1,017.35 | 7.51 | |
Institutional Class | Actual Performance | 1,000.00 | 772.00 | 5.50 |
Hypothetical (5% annual return before expenses) | 1,000.00 | 1,018.59 | 6.26 |
* | 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 181/365 (to reflect the since inception period). The expense ratio reflects an expense waiver. Assumes all dividends and distributions were reinvested. |
Small Cap Fund | Beginning Account Value | Ending Account Value | Expenses Paid During Period* | |
11/1/21 | 4/30/22 | 11/1/21 – 4/30/22 | ||
Investor Class | Actual Performance | $1,000.00 | $920.70 | $5.96 |
Hypothetical (5% annual return before expenses) | 1,000.00 | 1,018.59 | 6.26 | |
Institutional Class | Actual Performance | 1,000.00 | 922.10 | 4.77 |
Hypothetical (5% annual return before expenses) | 1,000.00 | 1,019.83 | 5.01 |
* | 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 181/365. The expense ratio reflects an expense waiver. Assumes all dividends and distributions were reinvested. |
China Quality Growth Fund | Beginning Account Value | Ending Account Value | Expenses Paid During Period* | |
11/1/21 | 4/30/22 | 11/1/21 – 4/30/22 | ||
Investor Class | Actual Performance | $1,000.00 | $699.60 | $6.33 |
Hypothetical (5% annual return before expenses) | 1,000.00 | 1,017.35 | 7.51 | |
Institutional Class | Actual Performance | 1,000.00 | 700.30 | 5.27 |
Hypothetical (5% annual return before expenses) | 1,000.00 | 1,018.59 | 6.26 |
* | 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 181/365 (to reflect the since inception period). The expense ratio reflects an expense waiver and expenses absorbed. Assumes all dividends and distributions were reinvested. |
157
WCM Funds
EXPENSE EXAMPLES - Continued
For the Six Months Ended April 30, 2022 (Unaudited)
Sustainable Developing World Fund | Beginning Account Value | Ending Account Value | Expenses Paid During Period* | |
11/1/21 | 4/30/22 | 11/1/21 – 4/30/22 | ||
Investor Class | Actual Performance | $1,000.00 | $886.40 | $7.02 |
Hypothetical (5% annual return before expenses) | 1,000.00 | 1,017.35 | 7.51 | |
Institutional Class | Actual Performance | 1,000.00 | 887.00 | 5.85 |
Hypothetical (5% annual return before expenses) | 1,000.00 | 1,018.60 | 6.26 |
* | 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 181/365 (to reflect the six month period). The expense ratio reflects an expense waiver and expenses absorbed. Assumes all dividends and distributions were reinvested. |
Sustainable International Fund | Beginning Account Value | Ending Account Value | Expenses Paid During Period* | |
11/1/21 | 4/30/22 | 11/1/21 – 4/30/22 | ||
Investor Class | Actual Performance | $1,000.00 | $892.30 | $7.03 |
Hypothetical (5% annual return before expenses) | 1,000.00 | 1,017.36 | 7.50 | |
Institutional Class | Actual Performance | 1,000.00 | 894.00 | 5.87 |
Hypothetical (5% annual return before expenses) | 1,000.00 | 1,018.59 | 6.26 |
* | 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 181/365 (to reflect the since inception period). The expense ratio reflects an expense waiver and expenses absorbed. Assumes all dividends and distributions were reinvested. |
International Value Fund | Beginning Account Value | Ending Account Value | Expenses Paid During Period* | |
11/1/21 | 4/30/22 | 11/1/21 – 4/30/22 | ||
Investor Class | Actual Performance | $1,000.00 | $785.10 | $6.64 |
Hypothetical (5% annual return before expenses) | 1,000.00 | 1,017.35 | 7.51 | |
Institutional Class | Actual Performance | 1,000.00 | 785.80 | 5.54 |
Hypothetical (5% annual return before expenses) | 1,000.00 | 1,018.59 | 6.26 |
* | 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 181/365 (to reflect the since inception period). The expense ratio reflects an expense waiver and expenses absorbed. Assumes all dividends and distributions were reinvested. |
158
WCM Funds
EXPENSE EXAMPLES - Continued
For the Six Months Ended April 30, 2022 (Unaudited)
International Opportunities Fund | Beginning Account Value | Ending Account Value | Expenses Paid During Period* | |
11/1/21 | 4/30/22 | 11/1/21 – 4/30/22 | ||
Investor Class | Actual Performance | $1,000.00 | $670.90 | $6.22 |
Hypothetical (5% annual return before expenses) | 1,000.00 | 1,017.35 | 7.51 | |
Institutional Class | Actual Performance | 1,000.00 | 671.50 | 5.18 |
Hypothetical (5% annual return before expenses) | 1,000.00 | 1,018.60 | 6.25 |
* | 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 181/365 (to reflect the since inception period). The expense ratio reflects an expense waiver and expenses absorbed. Assumes all dividends and distributions were reinvested. |
International Long-Term Growth Fund | Beginning Account Value | Ending Account Value | Expenses Paid During Period* | |
11/1/21 | 4/30/22 | 11/1/21 – 4/30/22 | ||
Investor Class | Actual Performance | $1,000.00 | $591.70 | $5.90 |
Hypothetical (5% annual return before expenses) | 1,000.00 | 1,017.38 | 7.48 | |
Institutional Class | Actual Performance | 1,000.00 | 592.10 | 4.94 |
Hypothetical (5% annual return before expenses) | 1,000.00 | 1,018.59 | 6.26 |
* | 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 181/365 (to reflect the since inception period). The expense ratio reflects an expense waiver and expenses absorbed. Assumes all dividends and distributions were reinvested. |
159
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WCM Funds
Each a series of Investment Managers Series Trust
Investment Advisor
WCM Investment Management
281 Brooks Street
Laguna Beach, California 92651
Independent Registered Public Accounting Firm
Tait, Weller & Baker LLP
Two Liberty Place
50 South 16th Street, Suite 2900
Philadelphia, Pennsylvania 19102
Custodian
UMB Bank, n.a.
928 Grand Boulevard, 5th 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 | |
WCM Focused International Growth Fund – Investor Class | WCMRX | 461418 386 |
WCM Focused International Growth Fund – Institutional Class | WCMIX | 461418 444 |
WCM Focused Emerging Markets Fund – Investor Class | WFEMX | 46141P 842 |
WCM Focused Emerging Markets Fund – Institutional Class | WCMEX | 46141P 834 |
WCM Focused Global Growth Fund – Investor Class | WFGGX | 46141P 826 |
WCM Focused Global Growth Fund – Institutional Class | WCMGX | 46141P 818 |
WCM International Small Cap Growth Fund – Institutional Class | WCMSX | 46141Q 683 |
WCM Small Cap Growth Fund – Investor Class | WCMNX | 46143U 104 |
WCM Small Cap Growth Fund – Institutional Class | WCMLX | 46143U 203 |
WCM Focused Small Cap Fund – Investor Class | WCMJX | 46143U 302 |
WCM Focused Small Cap Fund – Institutional Class | WCMFX | 46143U 401 |
WCM China Quality Growth Fund – Investor Class | WCQGX | 46143U 708 |
WCM China Quality Growth Fund – Institutional Class | WCMCX | 46143U 807 |
WCM Sustainable Developing World Fund – Investor Class | WCMUX | 46143U 864 |
WCM Sustainable Developing World Fund – Institutional Class | WCMDX | 46143U 856 |
WCM Sustainable International Fund – Investor Class | WESGX | 46143U 880 |
WCM Sustainable International Fund – Institutional Class | WCMMX | 46143U 872 |
WCM Focused International Value Fund – Investor Class | WLIVX | 46143U 831 |
WCM Focused International Value Fund – Institutional Class | WCMVX | 46143U 823 |
WCM Focused International Opportunities Fund – Investor Class | WCFOX | 46143U 690 |
WCM Focused International Opportunities Fund – Institutional Class | WCMOX | 46143U 682 |
WCM International Long-Term Growth Fund – Investor Class | WILGX | 46143U724 |
WCM International Long-Term Growth Fund – Institutional Class | WCMTX | 46143U716 |
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 www.sec.gov.
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 www.sec.gov.
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 www.sec.gov.
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
Item 1. Report to Stockholders (Continued).
(b) Not applicable.
Item 2. Code of Ethics.
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
Item 3. Audit Committee Financial Expert.
The registrant’s board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee. John P. Zader is the “audit committee financial expert” and is considered to be “independent” as each term is defined in Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
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 04/30/2022 | FYE 04/30/2021 | |
Audit Fees | $189,400 | $168,600 |
Audit-Related Fees | N/A | N/A |
Tax Fees | $33,600 | $30,800 |
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 04/30/2022 | FYE 04/30/2021 | |
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.
Non-Audit Related Fees | FYE 04/30/2022 | FYE 04/30/2021 |
Registrant | N/A | N/A |
Registrant’s Investment Advisor | N/A | N/A |
Item 5. Audit Committee of Listed Registrants.
(a) | Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934). |
(b) | Not applicable. |
Item 6. Schedule of Investments.
(a) Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.
(b) Not Applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
The registrant has not made any material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees.
Item 11. Controls and Procedures.
(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. |
(b) | There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 13. Exhibits.
(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.
(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.
(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.
(b) | Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) | Investment Managers Series Trust | |
By (Signature and Title) | /s/ Maureen Quill | |
Maureen Quill, President/Chief Executive Officer | ||
Date | 7/8/2022 |
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 | 7/8/2022 | |
By (Signature and Title) | /s/ Rita Dam | |
Rita Dam, Treasurer/Chief Financial Officer | ||
Date | 7/8/2022 |