Formulario NPORT-EX Investment Managers Seri For: Jul 31

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Asesoría de investigación All Cap Value Fund

CALENDARIO DE INVERSIONES

Al 31 de julio de 2019 (sin auditar)

Número de acciones						Valor
				ACCIONES COMUNES – 94.9%
				BANCA – 10.7%
	9.398			Primer Interestatal BancSystem, Inc. – Clase A		PS	376,202
	19,835			Horizon Bancorp, Inc.			345,526
	3,028			JPMorgan Chase & Co.			351,248
							1,072,976
				PRODUCTOS QUÍMICOS – 2.2%
	21,674			Element Solutions, Inc. * *			217,173
				SERVICIOS COMERCIALES – 2.3%
	2,550			Brink's Co.			229,908
				DISEÑO, FABRICACIÓN Y DISTRIBUCIÓN – 3.2%
	7,096			Avnet, Inc.			322,300
				DISTRIBUIDORES – GRAPAS DE CONSUMO – 2.7%
	7.230			Core-Mark Holding Co., Inc.			270,619
				EQUIPO ELECTRICO – 3.4%
	3.714			TE Connectivity Ltd.			343,174
				JUEGOS, ALOJAMIENTO Y RESTAURANTES – 2.9%
	3,114			Starbucks Corp.			294,865
				SERVICIOS E INSTALACIONES DE ATENCIÓN MÉDICA – 4.7%
	827			Anthem, Inc.			243,642
	901			UnitedHealth Group, Inc.			224,358
							468,000
				PRODUCTOS PARA HOGAR Y OFICINA – 6.7%
	6,904			Fortune Brands Home & Security, Inc.			379,306
	1,960			Snap-on, Inc.			299,115
							678,421
				SEGURO – 3.4%
	1,649			Berkshire Hathaway, Inc. – Clase B * *			338,754
				BIENES FABRICADOS – 4.0%
	13,318			TriMas Corp. * *			399,407
				MEDIOS – 10.3%
	362			Alphabet, Inc. – Clase A * *			440,988
	6.492			Fox Corp.			241,502
	2,446			Walt Disney Co.			349,803
							1,032,293
				EQUIPO MÉDICO Y DISPOSITIVOS – 3.4%
	3,312			Medtronic PLC			337,625
				PETRÓLEO, GAS Y CARBÓN – 3.9%
	3,171			Chevron Corp.			390,382

Asesoría de investigación All Cap Value Fund

CALENDARIO DE INVERSIONES – Continuación

Al 31 de julio de 2019 (sin auditar)

Número de acciones						Valor
				STOCKS COMUNES (Continuación)
				TRANSPORTE DE PASAJEROS – 4.4%
	7,315			Delta Air Lines, Inc.		PS	446,508
				BIENES RAÍCES – 3.7%
	2,753			Howard Hughes Corp. * *			371,655
				VENTA AL POR MENOR – GRAPAS PARA EL CONSUMIDOR – 2.1%
	1,277			Tiendas generales de Casey, Inc.			206,759
				VENTA AL POR MENOR – DISCRECIONARIO – 3.9%
	7,273			TJX Cos., Inc.			396,815
				SOFTWARE – 2.9%
	2,137			Microsoft Corp.			291,209
				FINANCIACIÓN ESPECIALIZADA – 7.1%
	2.923			American Express Co.			363,534
	3.961			Descubra los servicios financieros			355,460
							718,994
				SERVICIOS TECNOLÓGICOS – 2.4%
	2,086			CDW Corp.			246,482
				TRANSPORTE Y LOGÍSTICA – 3.2%
	1,792			Union Pacific Corp.			322,470
				EQUIPO DE TRANSPORTE – 1.4%
	3,161			Allison Transmission Holdings, Inc.			145,248
				Total de acciones comunes
				(Costo $ 6,704,310)			9.542.037

Principal Cantidad
				INVERSIONES A CORTO PLAZO – 5.0%
PS	505,043			UMB Money Market Fiduciary, 0.25% 1			505,043
				Inversiones totales a corto plazo
				(Costo $ 505,043)			505,043
				TOTAL DE INVERSIONES – 99.9%
				(Costo $ 7,209,353)			10,047,080
				Otros activos en exceso de pasivos – 0.1%			9,242
				TOTAL ACTIVO NETO – 100.0%		PS	10,056,322

PLC – Sociedad anónima

* *

Seguridad que no genera ingresos.

1

La tasa es el rendimiento anualizado de siete días al final del período.

Véanse las notas adjuntas al cronograma de inversiones.

Fondo de Oportunidades de Investigación para Mercados Emergentes

CALENDARIO DE INVERSIONES

Al 31 de julio de 2019 (sin auditar)

Número de acciones						Valor
				STOCKS COMUNES – 93.9%
				BRASIL – 10.0%
	82,300			Banco ABC Brasil S.A.		PS	386,657
	24,284			Cosan Ltd. – Clase A * *			356,246
	159,682			Duratex S.A.			525,942
	84,744			Enauta Participacoes S.A.			294,219
	171,600			Grendene S.A.			341,725
	72,100			Iochpe Maxion S.A.			412,416
	67,624			MRV Engenharia e Participacoes S.A.			359,348
							2,676,553
				CANADÁ – 2.8%
	32,113			Fairfax India Holdings Corp. *, 1			409,993
	204,810			Gran Tierra Energy, Inc. * *			332,091
							742,084
				CHILE – 0.9%
	31,720			Salmones Camanchaca S.A.			247,835
				CHINA – 8.2%
	70,000			China Pacific Insurance Group Co., Ltd. – Clase H			298,582
	482,000			China Railway Signal & Communication Corp. Ltd. – Clase H 1			321,789
	23,000			Chlitina Holding Ltd.			180,448
	36,500			ENN Energy Holdings Ltd.			375,451
	311,000			Fosun International Ltd.			406,554
	958,314			Goodbaby International Holdings Ltd. * *			196,665
	465,332			Red Star Macalline Group Corp. Ltd. – Clase H 1			405,675
							2,185,164
				COLOMBIA – 1.0%
	22,320			Bancolombia S.A.			267,356
				FRANCIA – 1.3%
	6.256			Rubis SCA			352,542
				HONG KONG – 8.9%
	777,000			Far East Consortium International Ltd.			368,708
	333,000			Far East Horizon Ltd.			309,723
	39,545			Global Cord Blood Corp.			228,570
	127,000			Haier Electronics Group Co., Ltd.			298,485
	239,000			NWS Holdings Ltd.			443,751
	850,000			Sinopec Kantons Holdings Ltd.			341,967
	382,798			Xinyi Glass Holdings Ltd.			385,874
							2,377,078
				INDIA – 6.1%
	215,004			GAIL India Ltd.			401,396
	326,592			India Grid Trust 1			427,558

Fondo de Oportunidades de Investigación para Mercados Emergentes

CALENDARIO DE INVERSIONES – Continuación

Al 31 de julio de 2019 (sin auditar)

Número de acciones						Valor
				STOCKS COMUNES (Continuación)
				INDIA (Continuación)
	14,863			NIIT Technologies Ltd.		PS	259,248
	346,092			Redington India Ltd.			538,869
							1,627,071
				INDONESIA – 2.8%
	646,900			Banco Mandiri Persero Tbk P.T.			363,942
	216,356			United Tractors Tbk P.T.			383,223
							747,165
				MALASIA – 1.3%
	271,400			CIMB Group Holdings Bhd			333,020
				MÉXICO – 3.4%
	221,000			Concentradora Fibra Danhos S.A. de C.V. – REIT			299,951
	219,400			Crédito Real S.A.B. de C.V. SOFOM ER			253,817
	238,300			Grupo Comercial Chedraui S.A. de C.V.			359,120
							912,888
				FILIPINAS – 2.9%
	1,430,900			Alliance Global Group, Inc.			436,779
	231,590			Metropolitan Bank & Trust Co.			344,245
							781,024
				POLONIA – 1.5%
	37,490			Powszechny Zaklad Ubezpieczen S.A.			403,183
				SINGAPUR – 2.3%
	324,000			Ascendas India Trust			332,465
	32,500			BOC Aviation Ltd. 1			279,998
							612,463
				SUDÁFRICA – 5.1%
	47,713			Barloworld Ltd.			400,364
	57,988			Investec PLC			330,875
	42,067			JSE Ltd.			376,479
	677,804			KAP Industrial Holdings Ltd.			243,831
							1,351,549
				COREA DEL SUR – 13.1%
	19,767			Cheil Worldwide, Inc.			451,111
	16,316			i-SENS, Inc.			340,627
	11,175			KB Financial Group, Inc.			408,355
	6,508			LG Corp.			388,907
	26,822			NICE Information Service Co., Ltd.			351,963
	1,596			POSCO			300,818
	5,511			S-1 Corp.			486,772

Fondo de Oportunidades de Investigación para Mercados Emergentes

CALENDARIO DE INVERSIONES
Continuado

Al 31 de julio de 2019 (sin auditar)

Número de acciones						Valor
				STOCKS COMUNES (Continuación)
				COREA DEL SUR (Continuación)
	2,003			Samsung SDI Co., Ltd.		PS	417,129
	4,858			Woongjin Coway Co., Ltd.			344,507
							3,490,189
				ESPAÑA – 1.3%
	176,321			Prosegur Cash S.A. 1			357,795
				TAIWÁN – 13.1%
	288,000			Fubon Financial Holding Co., Ltd.			398,149
	241,000			Lite-On Technology Corp.			341,157
	35,000			MediaTek, Inc.			350,078
	25,000			Poya International Co., Ltd.			344,711
	93,000			Sinbon Electronics Co., Ltd.			394,919
	121,000			Tripod Technology Corp.			402,234
	348,440			WPG Holdings Ltd.			460,256
	260,398			WT Microelectronics Co., Ltd.			337,947
	839,000			Yuanta Financial Holding Co., Ltd.			470,064
							3,499,515
				TAILANDIA – 2.4%
	342,325			Bangchak Corp. PCL			335,708
	52,200			Bangkok Bank PCL			306,698
							642,406
				TURQUÍA – 1.2%
	98,775			Ulker Biskuvi Sanayi A.S. * *			328,306
				EMIRATOS ÁRABES UNIDOS – 2.5%
	231,038			Aramex PJSC			276,752
	255,767			Emaar Properties PJSC			383,226
							659,978
				REINO UNIDO – 1.8%
	21,795			Mondi PLC			473,042
				Total de acciones comunes
				(Costo $ 25,860,420)			25,068,206

Fondo de Oportunidades de Investigación para Mercados Emergentes

CALENDARIO DE INVERSIONES
Continuado

Al 31 de julio de 2019 (sin auditar)

Principal Cantidad						Valor
				INVERSIONES A CORTO PLAZO – 4.3%
PS	1.156.927			UMB Money Market Fiduciary, 0.25%2		PS	1.156.927
				Inversiones totales a corto plazo
				(Costo $ 1,156,927)			1.156.927
				INVERSIONES TOTALES – 98.2%
				(Costo $ 27,017,347)			26,225,133
				Otros activos en exceso de pasivos – 1.8%			486,363
				TOTAL ACTIVO NETO – 100.0%		PS	26,711,496

PCL – Empresa pública limitada

PJSC – Sociedad anónima pública

PLC – Sociedad anónima

REIT – Fideicomiso de Inversión Inmobiliaria

* *

Seguridad que no genera ingresos.

1

Valores exentos de registro bajo la Regla 144A de la Ley de Valores de 1933. Estos valores están restringidos y pueden revenderse en transacciones exentas de registro normalmente para compradores institucionales calificados. El valor total de estos valores es de $ 2,202,808, lo que representa el 8.25% del activo neto total del Fondo.

2

La tasa es el rendimiento anualizado de siete días al final del período.

Ver las Notas adjuntas al cronograma de inversiones.

Advisory Research International Fondo de valor de pequeña capitalización

CALENDARIO
De inversiones

Al 31 de julio de 2019 (sin auditar)

Número de acciones						Valor
				STOCKS COMUNES – 96.1%
				AUSTRALIA – 4.6%
	132,888			Beach Energy Ltd.		PS	191,558
	109,149			Orora Ltd.			252,215
	70,017			Tassal Group Ltd.			246,431
							690,204
				DINAMARCA – 2.5%
	8.029			ISS A / S			225,170
	1,972			Schouw & Co. A / S			147,042
							372,212
				FINLANDIA – 1.8%
	10,927			Kemira Oyj			161,169
	21,366			Metsa Board Oyj			106,586
							267,755
				FRANCIA – 4.9%
	5,271			Alstom S.A.			227,026
	17,649			Elior Group S.A. 1			230,820
	10,901			Elis S.A.			202,501
	5,796			FIGEAC-AERO * *			76,356
							736,703
				ALEMANIA – 11.8%
	10,177			Deutsche EuroShop A.G.			275,353
	1,950			Krones A.G.			110,830
	3,458			Norma Group S.E.			124,186
	13,522			PATRIZIA A.G.			261,226
	1,379			Rheinmetall A.G.			156,487
	7.738			RIB Software S.E.			166,550
	2,713			Stroeer S.E. & Co. KGaA			213,724
	10,152			TAG Immobilien A.G.			239,002
	5,889			Talanx A.G.			247,129
							1,794,487
				HONG KONG – 0.9%
	138,890			Xinyi Glass Holdings Ltd.			140,006
				IRLANDA – 3.5%
	9.476			Smurfit Kappa Group PLC			298,145
	23,982			UDG Healthcare PLC			232,197
							530,342
				ITALIA – 1.0%
	7,651			Buzzi Unicem S.p.A.			155,498

Advisory Research International Fondo de valor de pequeña capitalización

CALENDARIO DE INVERSIONES – Continuación

Al 31 de julio de 2019 (sin auditar)

Número de acciones						Valor
				STOCKS COMUNES (Continuación)
				JAPÓN – 27.5%
	7,900			Aeon Delight Co., Ltd.		PS	235,391
	9.230			Daiseki Co., Ltd.			219,335
	6.500			Denka Co., Ltd.			187,060
	11,080			DTS Corp.			242,197
	12,100			Fujitec Co., Ltd.			150,840
	3.800			Fukuda Denshi Co., Ltd.			249,747
	9,700			FULLCAST Holdings Co., Ltd.			198,339
	7,968			Hogy Medical Co., Ltd.			221,485
	3,060			Horiba Ltd.			163,756
	10,480			Kinden Corp.			158,537
	2,260			Koito Manufacturing Co., Ltd.			112,985
	5,150			Matsumotokiyoshi Holdings Co., Ltd.			171,428
	11,000			Nichias Corp.			197,018
	8,000			Nikkon Holdings Co., Ltd.			186,942
	7.300			Nohmi Bosai Ltd.			148,703
	10,800			OSG Corp.			214,366
	4,090			Paramount Bed Holdings Co., Ltd.			156,424
	6.713			Ship Healthcare Holdings, Inc.			301,657
	20,400			Sun Frontier Fudousan Co., Ltd.			207,416
	5,300			TKC Corp.			220,317
	5,787			Zenkoku Hosho Co., Ltd.			225,729
							4,169,672
				LUXEMBURGO – 0.8%
	3,471			Corestate Capital Holding S.A.			126,161
				PAÍSES BAJOS – 3.9%
	23,048			Para los agricultores N.V.			181,210
	5,998			GrandVision N.V. 1			179,791
	1,833			Koninklijke DSM N.V.			227,098
							588,099
				NORWAY — 6.0%
	3,840			Aker A.S.A.			202,091
	19,489			Atea A.S.A.			248,651
	29,172			Austevoll Seafood A.S.A.			296,795
	7,343			Norway Royal Salmon A.S.A.			160,495
							908,032
				SPAIN — 1.6%
	12,383			Ebro Foods S.A.			248,838
				SWEDEN — 10.3%
	87,398			Cloetta A.B. – B Shares			260,340
	21,461			Dometic Group A.B. 1			195,785

Advisory Research International Small Cap Value Fund

SCHEDULE OF INVESTMENTS –
Continued

As of July 31, 2019 (Unaudited)

Número of Shares						Valor
				COMMON STOCKS (Continued)
				SWEDEN (Continued)
	19,279			Granges A.B.		$	191,964
	7,535			Industrivarden A.B. – C Shares			163,696
	32,468			Kungsleden A.B.			282,367
	41,649			Nobina A.B. 1			242,731
	33,715			Scandi Standard A.B.			215,314
							1,552,197
				SWITZERLAND — 1.7%
	20,807			EFG International A.G.			134,821
	12,017			OC Oerlikon Corp. A.G.			128,614
							263,435
				UNITED KINGDOM — 13.3%
	10,320			Avon Rubber PLC			168,172
	38,806			Beazley PLC			271,019
	7,551			Clarkson PLC			236,457
	43,451			Clipper Logistics PLC			141,613
	13,059			Close Brothers Group PLC			210,839
	147,863			Coats Group PLC			143,403
	36,791			Domino's Pizza Group PLC			110,561
	174,942			Huntsworth PLC			212,747
	49,293			Ibstock PLC 1			138,336
	20,222			Redrow PLC			137,611
	44,032			Sabre Insurance Group PLC 1			141,633
	13,974			Safestore Holdings PLC – REIT			106,211
							2,018,602
				Total Common Stocks
				(Cost $15,145,636)			14,562,243

Principal Cantidad
				SHORT-TERM INVESTMENTS — 3.1%
$	469,575			UMB Money Market Fiduciary, 0.25%2			469,575
				Total Short-Term Investments
				(Cost $469,575)			469,575
				TOTAL INVESTMENTS — 99.2%
				(Cost $15,615,211)			15,031,818
				Other Assets in Excess of Liabilities — 0.8%			117,825
				TOTAL NET ASSETS — 100.0%		$	15,149,643

PLC – Public Limited Company

REIT – Real Estate Investment Trust

*

Non-income producing security.

1

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 $1,129,096, which represents 7.45% of total net assets of the Fund.

2

The rate is the annualized seven-day yield at period end.

See accompanying Notes to Schedule of Investments.

Advisory Research Strategic Income Fund

SCHEDULE OF INVESTMENTS

As of July 31, 2019 (Unaudited)

Número of Shares						Valor
				COMMON STOCKS — 3.9%
				ENERGY — 0.4%
	340			Chevron Corp.		$	41,857
				FINANCIALS — 2.7%
	2,410			Ares Capital Corp.			44,754
	1,190			Blackstone Group, Inc. – Class A			57,096
	1,530			First Hawaiian, Inc.			40,943
	980			First Interstate BancSystem, Inc. – Class A			39,229
	2,290			Golub Capital BDC, Inc.			41,518
	530			JPMorgan Chase & Co.			61,480
							285,020
				HEALTH CARE — 0.4%
	300			Johnson & Johnson			39,066
				TECHNOLOGY — 0.4%
	370			Texas Instruments, Inc.			46,254
				Total Common Stocks
				(Cost $350,563)			412,197

Principal Cantidad
				CORPORATE BONDS — 48.9%
				COMMUNICATIONS — 3.0%
$	100,000			Pacific Bell Telephone Co. 7.125%, 3/15/2026			121,655
	200,000			TWDC Enterprises 18 Corp. 2.450%, 3/4/2022			201,389
							323,044
				CONSUMER DISCRETIONARY — 2.5%
	150,000			L Brands, Inc. 5.625%, 10/15/2023			155,625
	100,000			Starbucks Corp. 3.500%, 3/1/20281			105,434
							261,059
				CONSUMER STAPLES — 1.5%
	150,000			Kroger Co. 3.700%, 8/1/20271			155,597
				FINANCIALS — 26.8%
	175,000			Apollo Investment Corp. 5.250%, 3/3/2025			176,768
	125,000			Ares Capital Corp. 3.875%, 1/15/20201			125,458
	150,000			Bank of America Corp. 6.500% 1,2,3			166,913

Advisory Research Strategic Income Fund

SCHEDULE OF INVESTMENTS – Continued

As of July 31, 2019 (Unaudited)

Principal Cantidad						Valor
				CORPORATE BONDS (Continued)
				FINANCIALS (Continued)
$	240,000			Charles Schwab Corp. 7.000% 1,2,3		$	264,410
	150,000			Citigroup, Inc. 6.250% 1,2,3			167,438
	128,000			Goldman Sachs Group, Inc. 6.429% (3-Month USD Libor+388 basis points)1,2,4			128,320
	300,000			JPMorgan Chase & Co. 6.750% 1,2,3			332,758
	325,000			M&T Bank Corp. 6.450% 1,2,3			352,625
				MetLife, Inc.
	100,000			5.250% 1,2,3			101,125
	100,000			6.400%, 12/15/20661			115,954
	250,000			Northern Trust Corp. 4.600% 1,2,3			250,625
	150,000			Voya Financial, Inc. 5.650%, 5/15/20531,3			158,229
				Wells Fargo & Co.
	100,000			6.180% (3-Month USD Libor+377 basis points)1,2,4			100,625
	200,000			5.875% 1,2,3			219,000
	145,000			Weyerhaeuser Co. 7.950%, 3/15/2025			176,709
							2,836,957
				HEALTH CARE — 0.9%
	90,000			Thermo Fisher Scientific, Inc. 4.150%, 2/1/20241			96,228
				INDUSTRIALS — 3.9%
	100,000			Actuant Corp. 5.625%, 6/15/20221			100,750
	75,000			Amphenol Corp. 2.200%, 4/1/2020			74,831
	100,000			Caterpillar, Inc. 3.900%, 5/27/2021			102,971
	125,000			Hexcel Corp. 4.700%, 8/15/20251			134,229
							412,781
				TECHNOLOGY — 6.9%
	100,000			Apple, Inc. 3.000%, 2/9/20241			103,183
	175,000			Avnet, Inc. 4.625%, 4/15/20261			185,542

Advisory Research Strategic Income Fund

SCHEDULE OF INVESTMENTS – Continued

As of July 31, 2019 (Unaudited)

Principal Cantidad						Valor
				CORPORATE BONDS (Continued)
				TECHNOLOGY (Continued)
				CDW LLC / CDW Finance Corp.
$	160,000			5.000%, 9/1/20231		$	162,352
	150,000			5.000%, 9/1/20251			156,000
	125,000			Motorola Solutions, Inc. 3.500%, 9/1/2021			126,656
							733,733
				UTILITIES — 3.4%
	150,000			Dominion Energy, Inc. 5.750%, 10/1/20541,3			156,154
	200,000			Southern Co. 5.500%, 3/15/20571,3			207,230
							363,384
				Total Corporate Bonds
				(Cost $5,030,830)			5,182,783

Número of Shares
				EXCHANGE-TRADED FUNDS — 2.4%
	1,430			Vanguard Intermediate-Term Corporate Bond ETF			128,457
	1,550			Vanguard Short-Term Corporate Bond ETF			124,914
				Total Exchange-Traded Funds
				(Cost $241,454)			253,371
				PREFERRED STOCKS — 15.4%
				CONSUMER DISCRETIONARY — 1.2%
	3,000			eBay, Inc. 6.000%, 2/1/20561			81,180
	2,000			Stanley Black & Decker, Inc. 5.750%, 7/25/20521			51,800
							132,980
				CONSUMER STAPLES — 0.8%
				CHS, Inc.
	1,000			7.100%1,2,3			27,030
	2,000			7.500%1,2			54,760
							81,790
				FINANCIALS — 12.9%
	2,000			American Financial Group, Inc. 6.250%, 9/30/20541			51,500
	2,000			American International Group, Inc. 5.850%1,2			54,420
				Bank of America Corp.
	2,000			6.200%1,2			52,740

Advisory Research Strategic Income Fund

SCHEDULE OF INVESTMENTS – Continued

As of July 31, 2019 (Unaudited)

Número of Shares						Valor
				PREFERRED STOCKS (Continued)
				FINANCIALS (Continued)
	2,000			6.625%1,2		$	50,640
	2,000			Capital One Financial Corp. 6.700%1,2			51,160
	2,000			Charles Schwab Corp. 6.000%1,2			54,080
				Citigroup, Inc.
	2,000			6.300%1,2			53,020
	1,500			6.875%1,2,3			42,750
	2,000			Fifth Third Bancorp 6.625%1,2,3			56,340
	2,000			Goldman Sachs Group, Inc. 6.300%1,2			54,380
	2,000			Hartford Financial Services Group, Inc. 7.875%, 4/15/20421,3			57,260
	1,500			JPMorgan Chase & Co. 6.000%1,2			41,715
	2,000			KeyCorp 6.125%1,2,3			58,200
				Morgan Stanley
	2,000			6.625%1,2			51,160
	1,500			7.125%1,2,3			42,735
	4,000			Newtek Business Services Corp. 6.250%, 3/1/20231			103,860
				Oaktree Capital Group LLC
	2,000			6.550%1,2			53,620
	2,000			6.625%1,2			53,640
	2,000			PNC Financial Services Group, Inc. 6.125%1,2,3			53,840
	4,000			Public Storage 5.875%1,2			105,920
	3,000			State Street Corp. 6.000%1,2			76,560
	1,000			U.S. Bancorp 6.500%1,2,3			27,020
	2,000			Wells Fargo & Co. 6.000%1,2			52,160
	2,300			Zions Bancorp N.A. 6.950%, 9/15/20281,3			66,631
							1,365,351

Advisory Research Strategic Income Fund

SCHEDULE OF INVESTMENTS – Continued

As of July 31, 2019 (Unaudited)

Número of Shares						Valor
				PREFERRED STOCKS (Continued)
				UTILITIES — 0.5%
	2,000			Southern Co. 6.250%, 10/15/20751		$	52,560
				Total Preferred Stocks
				(Cost $1,600,846)			1,632,681

Principal Cantidad
				U.S. TREASURY SECURITIES — 25.3%
				United States Treasury Note
$	200,000			1.500%, 5/31/2020			199,000
	100,000			2.125%, 6/30/2021			100,387
	150,000			1.375%, 9/30/2023			147,111
	250,000			2.125%, 9/30/2024			253,144
	200,000			1.625%, 5/15/2026			196,094
	650,000			2.250%, 8/15/2027			663,482
	100,000			2.875%, 5/15/2028			107,055
	200,000			2.625%, 2/15/2029			210,430
	375,000			5.375%, 2/15/2031			502,573
	225,000			United States Treasury Bond 4.375%, 5/15/2041			300,129
				Total U.S. Treasury Securities
				(Cost $2,586,414)			2,679,405
				SHORT-TERM INVESTMENTS — 3.3%
	248,000			UMB Money Market Fiduciary, 0.25% 5 5			248,000
	100,000			United States Treasury Bill, 0.00%, 10/10/2019			99,602
				Total Short-Term Investments
				(Cost $347,588)			347,602
				TOTAL INVESTMENTS — 99.2%
				(Cost $10,157,695)			10,508,039
				Other Assets in Excess of Liabilities — 0.8%			82,180
				TOTAL NET ASSETS — 100.0%		$	10,590,219

2

Perpetual security. Maturity date is not applicable.

3

Variable rate security.

4 4

Floating rate security.

5 5

The rate is the annualized seven-day yield at period end.

See accompanying Notes to Schedule of Investments.

Advisory Research Funds

NOTES TO SCHEDULES OF INVESTMENTS

July 31, 2019 (Unaudited)

Note 1 –
Organization

Advisory Research All Cap Value Fund (the “All Cap Value Fund”), Advisory Research Emerging Markets Opportunities Fund (the
“Emerging Markets Opportunities Fund”), Advisory Research International Small Cap Value Fund (the “International Small Cap Value Fund”), and Advisory Research Strategic Income Fund (the “Strategic Income 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 Advisory Research Funds are diversified funds. The All Cap Value Fund, Emerging Markets Opportunities Fund, and International Small Cap Value
Fund’s primary investment objective is to provide long-term capital appreciation. The Strategic Income Fund’s primary investment objective is to seek high current income and long term capital appreciation. The All Cap Value Fund
commenced investment operations on November 16, 2009, the Emerging Markets Opportunities Fund commenced investment operations on November 1, 2013, the International Small Cap Value Fund commenced investment operations on March 31, 2010, and the
Strategic Income Fund commenced investment operations on December 31, 2012. Each of the Funds is authorized to issue a single class of shares except for the International Small Cap Value Fund. The International Small Cap Value Fund is authorized to
issue two classes of shares: Investor Class shares and Class I shares. Class I shares of the International Small Cap Value Fund commenced operations on December 31, 2013.

The shares of each class represent an interest in the same portfolio
of investments of the International Small Cap Value 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 shares outstanding. 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.

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Strategic Income Fund commenced operations on December 31, 2012, prior to which its only activity was the receipt of a $10,000 investment from principals of the Fund’s advisor and a $116,694,966 transfer of shares of the Fund in exchange for
the net assets of the Advisory Research Value Income Fund, L.P., a Delaware limited partnership (the “Income Partnership”). This exchange was nontaxable, whereby the Strategic Income Fund issued 11,669,376 shares for the net assets of
the Income Partnership on December 31, 2012. The investment portfolio of the Income Partnership with a fair value of $113,501,578 (identified cost of investment transferred were $107,998,531) and cash were the primary assets received by the
Strategic Income Fund. For financial reporting purposes, assets received and shares issued by the Strategic Income Fund were recorded at fair value; however, the cost basis of the investments received from the Partnership was carried forward to
align ongoing reporting of the Strategic Income Fund’s realized and unrealized gains and losses with amount distributable to shareholders for tax purposes. The Strategic Income Fund assumed $150,098 in net liabilities as part of this
exchange.

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.

Advisory Research Funds

NOTES TO SCHEDULES OF INVESTMENTS – Continued

July 31, 2019
(Unaudited)

(a) Valuation of
Inversiones

Each Fund values equity securities at the last reported sale price on the principal exchange or in the principal over the counter
(“OTC”) market in which such securities are traded, as of the close of regular trading on the NYSE on the day the securities are being valued or, if the last-quoted sales price is not readily available, the securities will be valued at
the last bid or the mean between the last available bid and ask price. Securities traded on the NASDAQ are valued at the NASDAQ Official Closing Price (“NOCP”). Investments in open-end investment companies are valued at the daily closing
net asset value of the respective investment company. Debt securities are valued by utilizing a price supplied by independent pricing service providers. The independent pricing service providers may use various valuation methodologies including
matrix pricing and other analytical pricing models as well as market transactions and dealer quotations. These models generally consider such factors as yields or prices of bonds of comparable quality, type of issue, coupon, maturity, ratings and
general market conditions. If a price is not readily available for a portfolio security, the security will be valued at fair value (the amount which 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) Preferred Stocks

Preferred stocks are a class of stock having a preference over common stock as to the payment of dividends and the recovery of investment in the event a company is
liquidated, although preferred stock is usually subordinate to the debt securities of the issuer. Preferred stock typically does not possess voting rights and its market value may change based on changes in interest rates. If interest rates rise,
the fixed dividend on preferred stocks may be less attractive, causing the price of preferred stocks to decline. Preferred stock may have mandatory sinking fund provisions, as well as call/redemption provisions prior to maturity, a negative feature
when interest rates decline.

(d) 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.

Note 3 – Federal Income Taxes

At July 31, 2019, gross unrealized
appreciation and depreciation of investments owned by the Funds, based on cost for federal income tax purposes were as follows:

Advisory Research Funds

NOTES TO SCHEDULES OF
INVESTMENTS – Continued

July 31, 2019 (Unaudited)

		All Cap Value Fund				Emerging Markets Opportunities Fund				International Small Cap Value Fund				Strategic Income Fund
Cost of investments		$	7,262,593			$	27,037,271			$	16,153,470			$	10,163,541
Gross unrealized appreciation		$	2,844,205			$	2,313,338			$	726,119			$	371,908
Gross unrealized depreciation			(59,718	)			(3,125,476	)			(1,847,771	)			(27,410	)
Net unrealized appreciation (depreciation) on investments		$	2,784,487			$	(812,138	)		$	(1,121,652	)		$	344,498

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

Note 4 – 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 each Fund’s 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 Fund has 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 Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

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

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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.

Advisory Research Funds

NOTES TO SCHEDULES OF
INVESTMENTS – Continued

July 31, 2019 (Unaudited)

The inputs or methodology used for
valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the inputs used, as of July 31, 2019, in valuing the Funds’ assets carried at fair value:

All Cap Value Fund		Level 1				Level 2*				Level 3*				Total
Inversiones
Common Stocks1		$	9,542,037			$	–			$	–			$	9,542,037
Short-Term Investments			505,043				–				–				505,043
Total Investments		$	10,047,080			$	–			$	–			$	10,047,080

1

For a detailed break-out of common stocks by major industry classification, please refer to the Schedule of Investments.

*

The Fund did not hold any Level 2 or Level 3 securities at period end.

Emerging Markets Opportunities Fund		Level 1				Level 2				Level 3*				Total
Inversiones
Common Stocks
Comunicaciones		$	451,111			$	–			$	–			$	451,111
Consumer Discretionary			1,457,996				1,197,656				–				2,655,652
Consumer Staples			935,261				180,448				–				1,115,709
Energy			982,556				1,030,217				–				2,012,773
Financials			2,754,276				6,247,776				–				9,002,052
Health Care			228,570				340,627				–				569,197
Industrials			1,552,795				765,540				–				2,318,335
Materials			769,773				1,542,957				–				2,312,730
Tecnología			–				3,853,800				–				3,853,800
Utilidades			–				776,847				–				776,847
Total Common Stocks			9,132,338				15,935,868				–				25,068,206
Short-Term Investments			1,156,927				–				–				1,156,927
Total Investments		$	10,289,265			$	15,935,868			$	–			$	26,225,133

*

The Fund did not hold any Level 3 securities at period end.

Advisory Research Funds

NOTES TO SCHEDULES OF
INVESTMENTS – Continued

July 31, 2019 (Unaudited)

International Small Cap Value Fund		Level 1				Level 2				Level 3*				Total
Inversiones
Common Stocks
Comunicaciones		$	212,747			$	213,724			$	–			$	426,471
Consumer Discretionary			487,518				2,233,087				–				2,720,605
Consumer Staples			362,356				1,565,536				–				1,927,892
Energy			–				191,558				–				191,558
Financials			523,197				2,364,080				–				2,887,277
Health Care			249,747				911,763				–				1,161,510
Industrials			605,171				1,905,966				–				2,511,137
Materials			–				1,858,077				–				1,858,077
Tecnología			248,652				629,064				–				877,716
Total Common Stocks			2,689,388				11,872,855				–				14,562,243
Short-Term Investments			469,575				–				–				469,575
Total Investments		$	3,158,963			$	11,872,855			$	–			$	15,031,818

*

The Fund did not hold any Level 3 securities at period end.

Strategic Income Fund		Level 1				Level 2				Level 3*				Total
Inversiones
Common Stocks1		$	412,197			$	–			$	–			$	412,197
Corporate Bonds1			–				5,182,783				–				5,182,783
Exchange-Traded Funds			253,371				–				–				253,371
Preferred Stocks1			1,632,681				–				–				1,632,681
U.S. Treasury Securities			–				2,679,405				–				2,679,405
Short-Term Investments			248,000				99,602				–				347,602
Total Investments		$	2,546,249			$	7,961,790			$	–			$	10,508,039

1

For a detailed break-out of common stocks, corporate bonds and preferred stocks by major industry classification, please refer to the Schedule of Investments.

*

The Fund did not hold any Level 3 securities at period end.