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.

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